10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012

Commission file number: 000-50728

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP

Organized in Maryland IRS Employer Identification No.:  52-1627106

c/o Steben & Company, Inc.

2099 Gaither Road, Suite 200

Rockville, Maryland 20850

(240) 631-7600

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.

Yes x     No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x     No ¨

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

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x	Smaller Reporting Company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨    No x

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Financial Condition

September 30, 2012 (Unaudited) and December 31, 2011 (Audited)

	September 30, 2012			December 31, 2011
Assets
Equity in broker trading accounts
Cash	$	500,130,749		$	371,356,278
Net unrealized gain (loss) on open futures contracts		(1,200,118	)		38,413,627
Net unrealized gain on open forward currency contracts		792,811			271,390
Total equity in broker trading accounts		499,723,442			410,041,295
Cash and cash equivalents		14,557,800			24,490,690
Investments in securities, at fair value		820,178,369			996,835,815
Certificates of deposit, at fair value		92,942,090			94,924,443
General Partner 1% allocation receivable		138,826			1,356,695
Total assets	$	1,427,540,527		$	1,527,648,938
Liabilities and Partners’ Capital (Net Asset Value)
Liabilities
Trading Advisor management fees payable	$	1,798,116		$	2,061,196
Trading Advisor incentive fees payable		40,435			—
Commissions and other trading fees payable on open contracts		273,070			202,327
Cash Manager fees payable		235,491			364,930
General Partner management fee payable		1,765,933			2,199,413
General Partner performance fee payable		944			—
Selling Agent fees payable – General Partner		1,494,064			1,585,090
Administrative expenses payable – General Partner		530,203			576,321
Redemptions payable		18,419,566			22,127,237
Subscriptions received in advance		11,016,014			15,876,320
Total liabilities		35,573,836			44,992,834
Partners’ Capital (Net Asset Value)
Class A Interests – 185,343.3788 and 192,640.4151 units outstanding at September 30, 2012 and December 31, 2011, respectively		826,386,945			872,169,401
Class B Interests – 91,796.4607 and 99,309.8890 units outstanding at September 30, 2012 and December 31, 2011, respectively		563,204,627			610,486,703
Class I Interests – 2,484.3408 and no units outstanding at September 30,  2012 and December 31, 2011, respectively		2,375,119			—
Total partners' capital (net asset value)		1,391,966,691			1,482,656,104
Total liabilities and partners' capital (net asset value)	$	1,427,540,527		$	1,527,648,938

The accompanying notes are an integral part of these consolidated financial statements.

1

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments

September 30, 2012

(Unaudited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
	Face Value	Maturity Date	Name	Yield1
$	4,325,000	10/31/12	U.S. Treasury Notes	3.88	%	$	4,408,351		0.32	%
	5,025,000	11/15/12	U.S. Treasury Notes	1.38	%		5,058,729		0.36	%
	8,620,000	1/15/13	U.S. Treasury Notes	1.38	%		8,676,164		0.63	%
	5,700,000	2/28/13	U.S. Treasury Notes	0.63	%		5,714,460		0.42	%
	500,000	3/31/13	U.S. Treasury Notes	2.50	%		505,855		0.04	%
	4,000,000	4/30/13	U.S. Treasury Notes	3.13	%		4,121,085		0.30	%
	8,100,000	5/31/13	U.S. Treasury Notes	3.50	%		8,373,463		0.61	%
	3,600,000	6/15/13	U.S. Treasury Notes	1.13	%		3,635,858		0.26	%
	3,500,000	6/30/13	U.S. Treasury Notes	3.38	%		3,613,250		0.26	%
	4,500,000	7/31/13	U.S. Treasury Notes	3.38	%		4,644,766		0.33	%
	7,500,000	8/15/13	U.S. Treasury Notes	0.75	%		7,544,099		0.55	%
	3,020,000	8/31/13	U.S. Treasury Notes	0.13	%		3,018,907		0.22	%
	8,000,000	9/30/13	U.S. Treasury Notes	0.13	%		7,994,715		0.58	%
	700,000	10/31/13	U.S. Treasury Notes	2.75	%		727,278		0.05	%
	5,000,000	11/15/13	U.S. Treasury Notes	0.50	%		5,025,848		0.36	%
	750,000	11/30/13	U.S. Treasury Notes	0.25	%		751,011		0.05	%
	Total U.S. Treasury securities (cost:  $74,289,860)						73,813,839		5.34	%
U.S. Government Sponsored Enterprise Notes
	Face Value	Maturity Date	Name	Yield1
$	1,160,000	5/28/13	Federal Farm Credit Bank	0.21	%		1,160,381		0.08	%
	3,250,000	1/16/13	Federal Home Loan Bank	1.50	%		3,272,467		0.24	%
	2,300,000	1/29/13	Federal Home Loan Bank	0.38	%		2,302,953		0.17	%
	3,000,000	3/27/13	Federal Home Loan Bank	1.00	%		3,012,483		0.22	%
	5,000,000	9/4/14	Federal Home Loan Bank	0.45	%		5,001,763		0.36	%
	6,700,000	1/9/13	Federal Home Loan Mortgage Corp.	1.38	%		6,743,128		0.48	%
	5,250,000	10/30/12	Federal National Mortgage Assoc.	0.50	%		5,262,024		0.38	%
	7,750,000	10/30/12	Federal National Mortgage Assoc.	0.50	%		7,768,377		0.56	%
	250,000	8/9/13	Federal National Mortgage Assoc.	0.50	%		250,800		0.02	%
	Total U.S. government sponsored enterprise notes (cost:  $34,946,987)						34,774,376		2.51	%
U.S. Commercial Paper
	Face Value	Maturity Date	Name	Yield1
Automotive
$	250,000	10/4/12	BMW US Capital, LLC	0.15	%		249,995		0.02	%
Banks
	200,000	11/5/12	Credit Suisse (USA), Inc.	0.21	%		199,960		0.01	%
	250,000	11/20/12	HSBC USA Inc.	0.30	%		249,898		0.02	%
	250,000	10/24/12	Mizuho Funding LLC	0.24	%		249,963		0.02	%
	2,000,000	12/3/12	Mizuho Funding LLC	0.33	%		1,998,845		0.14	%
	4,100,000	10/26/12	The Bank of Tokyo-Mitsubishi UFJ, Ltd. (NY)	0.22	%		4,099,366		0.28	%
	250,000	10/12/12	UBOC Insurance Inc	0.29	%		249,979		0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

2

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Commercial Paper (continued)
	Face Value	Maturity Date	Name	Yield1
Beverages
$	3,750,000	11/7/12	Anheuser-Busch InBev Worldwide Inc.	0.25	%	$	3,749,059		0.27	%
	4,250,000	10/17/12	Bacardi Corporation	0.42	%		4,249,243		0.31	%
Charity
	250,000	12/10/12	The Salvation Army	0.18	%		249,913		0.02	%
Diversified Financial Services
	3,850,000	12/14/12	ING (U.S.) Funding LLC	0.30	%		3,847,656		0.28	%
	3,800,000	10/31/12	River Fuel Company #2, Inc.	0.15	%		3,799,525		0.27	%
	250,000	10/31/12	River Fuel Funding Company #3, Inc.	0.19	%		249,962		0.02	%
	4,230,000	11/15/12	Toyota Motor Credit Corporation	0.18	%		4,229,048		0.30	%
	3,250,000	10/25/12	UOB Funding LLC	0.20	%		3,249,623		0.23	%
Energy
	3,500,000	10/4/12	Apache Corporation	0.38	%		3,499,889		0.25	%
	250,000	10/5/12	Apache Corporation	0.42	%		249,990		0.02	%
	3,500,000	10/9/12	Devon Energy Corporation	0.25	%		3,499,806		0.25	%
	4,000,000	10/23/12	Duke Energy Corporation	0.41	%		3,998,998		0.29	%
	3,500,000	10/9/12	Motiva Enterprises LLC	0.18	%		3,499,860		0.25	%
	200,000	10/10/12	Motiva Enterprises LLC	0.18	%		199,991		0.01	%
	4,250,000	10/17/12	Oglethorpe Power Corporation	0.40	%		4,249,279		0.31	%
	3,300,000	10/3/12	ONEOK, Inc.	0.38	%		3,299,930		0.24	%
	250,000	10/10/12	ONEOK, Inc.	0.40	%		249,975		0.02	%
	250,000	10/9/12	The Southern Company	0.16	%		249,992		0.02	%
Food
	3,600,000	10/3/12	General Mills, Inc.	0.25	%		3,599,956		0.26	%
Healthcare
	3,100,000	10/2/12	Roche Holdings, Inc.	0.12	%		3,099,991		0.22	%
Machinery
	3,200,000	10/4/12	Stanley Black & Decker, Inc.	0.35	%		3,199,907		0.23	%
	250,000	10/16/12	Stanley Black & Decker, Inc.	0.33	%		249,967		0.02	%
Total U.S. commercial paper (cost: $64,059,590)							64,069,566		4.60	%
Foreign Commercial Paper
	Face Value	Maturity Date	Name	Yield1
Banks
$	3,900,000	11/30/12	Commonwealth Bank of Australia	0.18	%		3,898,846		0.27	%
	5,300,000	2/1/13	DBS Bank Ltd.	0.89	%		5,295,760		0.37	%
	3,300,000	11/14/12	Oversea-Chinese Banking Corp. Ltd	0.19	%		3,299,234		0.24	%
	250,000	11/20/12	Oversea-Chinese Banking Corp. Ltd	0.22	%		249,925		0.02	%
	2,550,000	10/29/12	Sumitomo Mitsui Banking Corp.	0.21	%		2,549,605		0.18	%
	3,600,000	10/15/12	The Bank of Nova Scotia	0.16	%		3,599,776		0.26	%
Consumer Products
	2,500,000	3/5/13	Reckitt Benckiser Treasury Services PLC	0.75	%		2,496,456		0.18	%
	5,250,000	4/8/13	Reckitt Benckiser Treasury Services PLC	0.80	%		5,240,445		0.37	%

The accompanying notes are an integral part of these consolidated financial statements.

3

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Commercial Paper (continued)
	Face Value	Maturity Date	Name	Yield1
Diversified Financial Services
$	3,550,000	10/3/12	John Deere Bank SA	0.16	%	$	3,549,968		0.26	%
	250,000	10/5/12	John Deere Bank SA	0.18	%		249,996		0.02	%
	4,000,000	3/25/13	Macquarie Bank Limited	0.63	%		3,987,440		0.29	%
Energy
	3,900,000	10/22/12	GDF Suez	0.26	%		3,899,477		0.28	%
Mulinational
	4,250,000	11/16/12	Corporacion Andina de Fomento	0.24	%		4,248,722		0.31	%
Pharmaceutical
	250,000	10/10/12	AstraZeneca PLC	0.15	%		249,991		0.02	%
	3,500,000	10/24/12	AstraZeneca PLC	0.15	%		3,499,620		0.25	%
Telecommunication
	4,250,000	10/15/12	Telstra Corporation Limited	0.22	%		4,249,655		0.31	%
Total foreign commercial paper (cost: $50,467,264)							50,564,916		3.63	%
Total commercial paper (cost: $114,526,854)							114,634,482		8.23	%
U.S. Corporate Notes
	Face Value	Maturity Date	Name	Yield1
Aerospace
$	4,275,000	11/20/12	Boeing	1.88	%		4,313,302		0.31	%
	1,750,000	2/15/13	Boeing	5.13	%		1,792,209		0.13	%
	13,000,000	12/2/13	United Technologies Corporation	0.69	%		13,058,897		0.95	%
Apparel
	2,325,000	8/23/13	V.F. Corporation	1.18	%		2,343,390		0.17	%
Automotive
	4,300,000	7/31/15	Daimler Finance North America LLC	1.30	%		4,326,211		0.31	%
Banks
	2,000,000	4/16/13	American Express Bank, FSB.	5.50	%		2,104,911		0.15	%
	10,450,000	1/30/14	Bank of America Corporation	1.87	%		10,559,358		0.77	%
	2,475,000	9/25/13	BB&T Corporation	3.38	%		2,543,880		0.18	%
	3,273,000	4/1/14	Citigroup Inc.	1.39	%		3,281,127		0.24	%
	2,414,000	5/15/13	Credit Suisse (USA), Inc.	5.00	%		2,524,105		0.18	%
	5,200,000	12/19/12	GMAC Inc.	2.20	%		5,255,325		0.38	%
	10,000,000	5/2/14	JPMorgan Chase & Co.	1.14	%		10,075,729		0.73	%
	10,000,000	1/9/14	Morgan Stanley	0.76	%		9,883,953		0.72	%
	2,200,000	11/1/12	The Bank of New York Mellon	4.95	%		2,253,968		0.16	%
	2,200,000	4/1/13	The Bank of New York Mellon	4.50	%		2,294,582		0.16	%
	2,000,000	8/27/13	The Bank of New York Mellon	5.13	%		2,095,821		0.15	%
	5,000,000	7/28/14	The Bank of New York Mellon	0.72	%		5,016,760		0.36	%
	4,750,000	2/7/14	The Goldman Sachs Group, Inc.	1.44	%		4,758,179		0.34	%
	300,000	6/14/13	U.S. Bancorp	2.00	%		305,277		0.02	%
	2,650,000	10/30/13	U.S. Bancorp	1.13	%		2,681,662		0.19	%
	8,800,000	5/1/13	Wachovia Corporation	5.50	%		9,261,469		0.68	%
	250,000	5/1/13	Wachovia Corporation	2.21	%		253,470		0.02	%
	1,500,000	8/1/13	Wachovia Corporation	5.70	%		1,580,312		0.11	%

The accompanying notes are an integral part of these consolidated financial statements.

4

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Beverages
$	5,000,000	3/26/13	Anheuser-Busch InBev Worldwide Inc.	1.10	%	$	5,019,973		0.36	%
	2,350,000	1/27/14	Anheuser-Busch InBev Worldwide Inc.	1.00	%		2,371,105		0.17	%
	4,000,000	7/14/14	Anheuser-Busch InBev Worldwide Inc.	0.82	%		4,030,252		0.29	%
	6,101,000	8/15/13	Coca-Cola Enterprises, Inc.	5.00	%		6,381,801		0.47	%
Biotechnology
	2,725,000	12/1/14	Gilead Sciences, Inc.	2.40	%		2,839,398		0.20	%
Chemical
	2,645,000	11/15/12	Praxair, Inc.	1.75	%		2,666,642		0.19	%
Computers
	4,575,000	4/1/14	Dell Inc.	1.06	%		4,622,403		0.33	%
	2,800,000	5/24/13	Hewlett-Packard Company	0.71	%		2,802,159		0.20	%
	4,500,000	5/30/14	Hewlett-Packard Company	0.82	%		4,466,558		0.32	%
	3,850,000	9/19/14	Hewlett-Packard Company	1.93	%		3,898,677		0.28	%
	550,000	10/15/13	IBM	6.50	%		601,496		0.04	%
Consumer Products
	4,250,000	8/15/14	Procter & Gamble	0.70	%		4,280,672		0.31	%
Diversified Financial Services
	1,950,000	11/7/12	American Honda Finance Corp.	0.81	%		1,953,101		0.14	%
	3,110,000	4/2/13	American Honda Finance Corp.	4.63	%		3,247,510		0.23	%
	2,075,000	5/8/14	American Honda Finance Corp.	0.89	%		2,082,599		0.15	%
	3,750,000	8/11/15	American Honda Finance Corp.	1.00	%		3,759,658		0.27	%
	1,500,000	12/10/12	BlackRock, Inc.	2.25	%		1,515,920		0.11	%
	6,335,000	5/24/13	BlackRock, Inc.	0.73	%		6,355,211		0.47	%
	4,110,000	4/5/13	Caterpillar Financial Services Corporation	2.00	%		4,167,124		0.30	%
	250,000	2/9/15	Caterpillar Financial Services Corporation	0.79	%		251,497		0.02	%
	4,400,000	10/22/12	Citigroup Funding Inc.	1.88	%		4,440,560		0.32	%
	350,000	12/10/12	Citigroup Funding Inc.	2.25	%		353,832		0.03	%
	3,780,000	8/1/13	CME Group Inc.	5.40	%		3,970,365		0.29	%
	1,300,000	10/15/12	ERAC USA Finance LLC	5.80	%		1,337,320		0.10	%
	5,555,000	12/28/12	General Electric Capital Corporation	2.63	%		5,626,950		0.40	%
	3,400,000	1/7/14	General Electric Capital Corporation	1.31	%		3,421,008		0.25	%
	4,800,000	4/7/14	General Electric Capital Corporation	1.09	%		4,833,078		0.35	%
	5,500,000	1/15/14	HSBC Finance Corporation	0.71	%		5,473,817		0.39	%
	4,500,000	10/1/12	John Deere Capital Corporation	5.25	%		4,618,169		0.33	%
	1,250,000	12/17/12	John Deere Capital Corporation	4.95	%		1,279,881		0.09	%
	157,000	1/15/13	John Deere Capital Corporation	5.10	%		160,793		0.01	%
	2,200,000	4/25/14	John Deere Capital Corporation	0.70	%		2,208,461		0.16	%
	3,714,000	9/27/13	Massmutual Global Funding II	0.86	%		3,732,629		0.27	%
	5,750,000	6/30/13	NYSE Euronext	4.80	%		6,002,494		0.44	%
	6,517,000	4/5/13	PACCAR Financial Corp.	0.68	%		6,535,042		0.48	%
	5,000,000	4/14/14	SSIF Nevada, Limited Partnership	1.16	%		5,034,982		0.36	%
	300,000	10/12/12	Toyota Motor Credit Corporation	0.66	%		300,473		0.02	%
	300,000	10/11/13	Toyota Motor Credit Corporation	0.91	%		301,847		0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

5

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Diversified Financial Services (continued)
$	6,000,000	1/17/14	Toyota Motor Credit Corporation	0.86	%	$	6,028,339		0.44	%
	3,000,000	1/27/14	Toyota Motor Credit Corporation	0.61	%		3,002,739		0.22	%
	8,450,000	2/17/15	Toyota Motor Credit Corporation	1.00	%		8,551,823		0.62	%
Energy
	750,000	8/16/13	Appalachian Power Company	0.81	%		751,256		0.05	%
	1,388,000	3/1/13	Columbus Southern Power Company	5.50	%		1,422,377		0.10	%
	4,500,000	10/15/12	ConocoPhillips	4.75	%		4,605,258		0.33	%
	1,000,000	6/1/13	Northeast Utilities	5.65	%		1,052,155		0.08	%
	1,305,000	10/31/12	Northern Natural Gas Company	5.38	%		1,339,070		0.10	%
	2,191,000	10/15/12	NSTAR Electric Company	4.88	%		2,243,508		0.16	%
	4,275,000	12/13/13	Occidental Petroleum Corporation	1.45	%		4,342,547		0.31	%
	2,300,000	4/15/13	PSEG Power LLC	2.50	%		2,351,897		0.17	%
Food
	2,267,000	8/15/13	General Mills, Inc.	5.25	%		2,376,213		0.17	%
	1,350,000	12/3/12	Kellogg Company	5.13	%		1,383,425		0.10	%
	1,036,000	3/6/13	Kellogg Company	4.25	%		1,055,795		0.08	%
	6,000,000	6/4/15	Kraft Foods Group, Inc.	1.63	%		6,123,442		0.45	%
Healthcare
	7,743,000	3/1/14	Roche Holdings, Inc.	5.00	%		8,242,797		0.60	%
Insurance
	1,980,000	1/10/14	Berkshire Hathaway Finance Corporation	0.79	%		1,993,136		0.14	%
	9,750,000	2/11/13	Berkshire Hathaway Inc.	0.87	%		9,783,148		0.71	%
	3,650,000	5/8/13	Jackson National Life Global Funding	5.38	%		3,835,656		0.28	%
	300,000	4/4/14	MetLife Institutional Funding II	1.36	%		303,375		0.02	%
	2,800,000	1/11/13	Metropolitan Life Global Funding I	2.50	%		2,830,919		0.20	%
	6,000,000	12/12/13	Metropolitan Life Global Funding I	0.80	%		6,010,923		0.43	%
	4,024,000	1/25/13	Monumental Global Funding III	0.62	%		4,022,612		0.29	%
	2,270,000	4/22/13	Monumental Global Funding III	5.50	%		2,374,932		0.17	%
	1,550,000	10/16/12	New York Life Global Funding	5.25	%		1,590,763		0.11	%
	5,140,000	12/14/12	New York Life Global Funding	2.25	%		5,194,435		0.37	%
	3,250,000	5/9/13	New York Life Global Funding	4.65	%		3,392,830		0.24	%
	4,610,000	4/15/13	Pacific Life Global Funding	5.15	%		4,834,379		0.35	%
	650,000	10/18/12	Pricoa Global Funding I	5.40	%		667,130		0.05	%
	1,700,000	9/27/13	Pricoa Global Funding I	0.56	%		1,694,833		0.12	%
	105,000	12/14/12	Principal Life Income Fundings	5.30	%		107,682		0.01	%
	2,700,000	4/24/13	Principal Life Income Fundings	5.30	%		2,836,344		0.20	%
	725,000	3/15/13	The Travelers Companies, Inc.	5.00	%		741,835		0.05	%
Internet
	3,000,000	5/19/14	Google Inc.	1.25	%		3,058,077		0.22	%
Machinery
	3,420,000	5/21/13	Caterpillar Inc.	0.60	%		3,428,093		0.25	%
Manufacturing
	9,035,000	6/21/13	Danaher Corporation	0.63	%		9,053,894		0.66	%
	8,000,000	6/16/14	Eaton Corporation	0.72	%		8,026,624		0.59	%

The accompanying notes are an integral part of these consolidated financial statements.

6

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Media
$	2,400,000	3/15/13	Comcast Corporation	8.38	%	$	2,494,217		0.18	%
	4,600,000	4/30/15	NBCUniversal Media, LLC	3.65	%		4,991,107		0.36	%
	3,700,000	12/1/14	The Walt Disney Company	0.88	%		3,749,457		0.27	%
	1,100,000	7/15/13	Thomson Reuters Corporation	5.95	%		1,160,209		0.08	%
	2,200,000	7/1/13	Time Warner Cable Inc.	6.20	%		2,327,142		0.17	%
Pharmaceutical
	975,000	2/12/15	Express Scripts Holding Company	2.10	%		1,002,992		0.07	%
	2,350,000	3/1/13	McKesson Corporation	5.25	%		2,405,660		0.17	%
	4,275,000	2/10/14	Novartis Capital Corporation	4.13	%		4,512,602		0.32	%
	250,000	3/15/13	Pfizer Inc.	5.50	%		256,539		0.02	%
Retail
	9,075,000	7/18/14	Target Corporation	0.63	%		9,121,233		0.67	%
	2,200,000	8/1/13	Walgreen Co.	4.88	%		2,295,467		0.16	%
	11,000,000	3/13/14	Walgreen Co.	0.90	%		11,018,084		0.80	%
	4,500,000	2/3/14	Wal-Mart Stores, Inc.	3.00	%		4,675,267		0.34	%
	4,775,000	4/15/14	Wal-Mart Stores, Inc.	1.63	%		4,898,818		0.35	%
Semiconductor
	4,275,000	5/15/13	Texas Instruments Incorporated	0.61	%		4,287,493		0.31	%
Steel
	1,579,000	12/1/12	Nucor Corporation	5.00	%		1,616,161		0.12	%
Telecommunication
	6,550,000	2/13/15	AT&T Inc.	0.88	%		6,613,143		0.49	%
	2,250,000	3/14/14	Cisco Systems, Inc.	0.64	%		2,260,401		0.16	%
	5,700,000	3/28/14	Verizon Communications Inc.	0.97	%		5,744,486		0.41	%
	1,530,000	3/15/13	Verizon Virginia Inc.	4.63	%		1,561,291		0.11	%
Transportation
	1,000,000	3/1/13	Ryder System, Inc.	6.00	%		1,024,443		0.07	%
	9,424,000	1/15/13	United Parcel Service, Inc.	4.50	%		9,628,319		0.70	%
Total U.S. corporate notes (cost: $450,173,619)							447,808,146		32.34	%
Foreign Corporate Notes
	Face Value	Maturity Date	Name	Yield1
Automotive
$	3,000,000	3/21/14	Volkswagen International Finance N.V.	1.13	%		3,016,983		0.22	%
	10,370,000	4/1/14	Volkswagen International Finance N.V.	1.07	%		10,439,332		0.75	%
Banks
	3,300,000	6/28/13	Bank of Montreal	2.13	%		3,362,214		0.24	%
	2,000,000	1/23/13	Barclays Bank PLC	2.50	%		2,021,850		0.15	%
	5,000,000	1/10/14	BNP Paribas	1.36	%		5,017,661		0.36	%
	5,000,000	4/14/14	Danske Bank A/S	1.51	%		4,963,396		0.36	%
	600,000	10/12/12	Deutsche Bank Aktiengesellschaft (NY)	5.38	%		615,902		0.04	%
	2,300,000	1/18/13	HSBC Bank PLC	0.86	%		2,306,876		0.17	%
	4,150,000	5/15/13	HSBC Bank PLC	0.86	%		4,166,109		0.30	%
	3,200,000	8/12/13	HSBC Bank PLC	1.63	%		3,227,379		0.23	%

The accompanying notes are an integral part of these consolidated financial statements.

7

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Banks (continued)
$	400,000	1/17/14	HSBC Bank PLC	1.26	%	$	403,127		0.03	%
	9,000,000	3/15/13	ING Bank N.V.	1.44	%		9,034,488		0.65	%
	1,000,000	6/9/14	ING Bank N.V.	1.81	%		1,004,566		0.07	%
	5,000,000	6/17/13	KfW Bankengruppe	0.23	%		5,000,754		0.36	%
	1,000,000	11/16/12	National Australia Bank Limited	2.35	%		1,011,214		0.07	%
	1,500,000	1/8/13	National Australia Bank Limited	2.50	%		1,516,821		0.11	%
	5,000,000	4/11/14	National Australia Bank Limited	1.18	%		5,045,112		0.36	%
	5,000,000	2/4/13	Rabobank Nederland	0.59	%		5,004,128		0.36	%
	5,250,000	7/29/13	Royal Bank of Canada	2.10	%		5,345,039		0.38	%
	6,660,000	7/26/13	The Toronto-Dominion Bank	0.63	%		6,680,286		0.48	%
	4,050,000	8/12/13	UBS AG	2.25	%		4,114,960		0.30	%
	1,100,000	12/14/12	Westpac Banking Corporation	1.90	%		1,109,380		0.08	%
	9,750,000	3/31/14	Westpac Banking Corporation	1.09	%		9,805,758		0.71	%
Chemical
	1,000,000	3/1/13	Potash Corporation of Saskatchewan Inc.	4.88	%		1,021,882		0.07	%
Energy
	5,250,000	11/7/13	BP Capital Markets P.L.C.	5.25	%		5,632,250		0.40	%
	8,600,000	11/14/14	Canadian Natural Resources Limited	1.45	%		8,784,426		0.63	%
	1,076,000	7/15/13	Petro-Canada	4.00	%		1,112,930		0.08	%
	5,146,000	3/25/13	Shell International Finance B.V.	1.88	%		5,188,085		0.37	%
Multinational
	4,750,000	8/1/13	International Finance Corporation	0.33	%		4,761,431		0.34	%
Pharmaceutical
	8,065,000	3/28/13	Sanofi	0.56	%		8,079,221		0.58	%
	4,280,000	3/28/14	Sanofi	0.67	%		4,300,029		0.31	%
	5,950,000	3/17/15	Takeda Pharmaceutical Co Ltd	1.03	%		5,998,796		0.43	%
	10,000,000	3/21/14	Teva Pharmaceutical Finance III BV	0.88	%		10,055,141		0.73	%
Total foreign corporate notes (cost: $149,243,237)							149,147,526		10.72	%
Total corporate notes (cost: $599,416,856)							596,955,672		43.06	%
Total investments in securities (cost: $823,180,557)						$	820,178,369		59.14	%
CERTIFICATES OF DEPOSIT
U.S. Certificates of Deposit
	Face Value	Maturity Date	Name	Yield1
Banks
$	2,250,000	1/28/13	Banco del Estado de Chile (NY)	0.60	%	$	2,253,810		0.16	%
	2,000,000	8/15/13	Bank of Montreal (Chicago)	0.63	%		2,005,037		0.14	%
	2,250,000	10/3/13	Bank of Montreal (Chicago)	0.91	%		2,261,850		0.16	%
	3,000,000	9/27/13	Barclays Bank PLC (NY)	0.94	%		3,000,235		0.22	%
	3,750,000	7/26/13	Branch Banking and Trust Company	0.48	%		3,754,088		0.27	%
	900,000	11/5/12	Canadian Imperial Bank of Commerce (NY)	0.64	%		901,100		0.06	%

The accompanying notes are an integral part of these consolidated financial statements.

8

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Certificates of Deposit (continued)
	Face Value	Maturity Date	Name	Yield1
Banks (continued)
$	2,000,000	4/4/13	Canadian Imperial Bank of Commerce (NY)	0.52	%	$	2,008,010		0.14	%
	2,950,000	7/25/13	Credit Suisse Group AG (NY)	0.94	%		2,954,191		0.21	%
	3,555,000	1/18/13	Deutsche Bank Aktiengesellschaft (NY)	1.11	%		3,569,537		0.26	%
	2,975,000	3/14/13	Deutsche Bank Aktiengesellschaft (NY)	1.06	%		3,000,463		0.22	%
	4,100,000	10/12/12	DZ Bank AG (NY)	0.76	%		4,115,545		0.30	%
	4,700,000	12/7/12	Mizuho Corporate Bank, Ltd. (NY)	0.51	%		4,709,912		0.34	%
	2,000,000	3/1/13	Mizuho Corporate Bank, Ltd. (NY)	0.46	%		2,001,498		0.14	%
	5,300,000	1/9/13	National Bank of Canada (NY)	0.66	%		5,333,371		0.38	%
	1,800,000	6/13/13	National Bank of Canada (NY)	0.58	%		1,806,271		0.13	%
	3,750,000	11/13/12	Nordea Bank Finland PLC (NY)	0.64	%		3,754,491		0.27	%
	2,700,000	2/8/13	Norinchukin Bank (NY)	0.52	%		2,703,060		0.19	%
	4,500,000	4/1/13	Norinchukin Bank (NY)	0.43	%		4,500,000		0.32	%
	250,000	3/1/13	PNC Bank	0.52	%		250,271		0.02	%
	250,000	3/15/13	Royal Bank of Canada (NY)	2.25	%		252,593		0.02	%
	1,500,000	7/30/13	Royal Bank of Canada (NY)	0.50	%		1,501,395		0.11	%
	4,600,000	9/3/13	Royal Bank of Canada (NY)	0.62	%		4,608,481		0.33	%
	4,300,000	1/14/13	Standard Chartered Bank	0.57	%		4,306,525		0.31	%
	7,500,000	2/11/13	The Bank of Tokyo-Mitsubishi UFJ, Ltd. (NY)	0.49	%		7,507,794		0.54	%
	2,500,000	4/12/13	The Bank of Tokyo-Mitsubishi UFJ, Ltd. (NY)	0.83	%		2,514,731		0.18	%
Total U.S. certificates of deposit (cost: $75,399,829)							75,574,259		5.42	%
Foreign Certificates of Deposit
	Face Value	Maturity Date	Name	Yield1
Banks
$	2,050,000	4/9/13	National Australia Bank Limited	0.54	%		2,054,447		0.15	%
	2,250,000	12/3/12	Sumitomo Mitsui Banking Corp.	0.49	%		2,254,467		0.16	%
	2,250,000	4/11/13	Sumitomo Mitsui Banking Corp.	0.80	%		2,262,880		0.16	%
	5,000,000	5/10/13	Sumitomo Mitsui Banking Corp.	0.79	%		5,024,940		0.36	%
	500,000	11/20/12	The Bank of Nova Scotia	0.74	%		503,680		0.04	%
	3,250,000	9/16/13	The Bank of Nova Scotia	0.57	%		3,257,651		0.23	%
	2,000,000	2/10/14	The Bank of Nova Scotia	0.94	%		2,009,766		0.14	%
Total foreign certificates of deposit (cost: $17,303,958)							17,367,831		1.24	%
Total certificates of deposit (cost: $92,703,787)						$	92,942,090		6.66	%

The accompanying notes are an integral part of these consolidated financial statements.

9

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
	Agricultural commodities	$	(2,500,266	)		(0.18	)%
	Currencies		(1,100,228	)		(0.08	)%
	Energy		948,019			0.07	%
	Equity indices		(6,677,208	)		(0.48	)%
	Interest rate instruments		10,746,800			0.77	%
	Metals2		22,935,668			1.65	%
	Single stock futures		(367,147	)		(0.03	)%
Net unrealized gain on open long U.S. futures contracts			23,985,638			1.72	%
Short U.S. Futures Contracts
	Agricultural commodities		(485,545	)		(0.03	)%
	Currencies		320,261			0.02	%
	Energy		(763,700	)		(0.05	)%
	Equity indices		1,211,429			0.09	%
	Interest rate instruments		(725,928	)		(0.05	)%
	Metals2		(25,301,011	)		(1.82	)%
	Single stock futures		(2,339	)		(0.00	)%
Net unrealized loss on open short U.S. futures contracts			(25,746,833	)		(1.84	)%
Total U.S. Futures Contracts - Net unrealized loss on open U.S. futures contracts			(1,761,195	)		(0.12	)%
Long Foreign Futures Contracts
	Agricultural commodities		(76,314	)		(0.01	)%
	Currencies		(136,699	)		(0.01	)%
	Energy		(17,295	)		(0.00	)%
	Equity indices		(12,969,482	)		(0.93	)%
	Interest rate instruments2		13,989,050			1.00	%
	Metals		372,128			0.03	%
Net unrealized gain on open long foreign futures contracts			1,161,388			0.08	%
Short Foreign Futures Contracts
	Agricultural commodities		(4,592	)		(0.00	)%
	Currencies		199,075			0.01	%
	Energy		54,199			0.00	%
	Equity indices		279,858			0.02	%
	Interest rate instruments		(1,052,256	)		(0.08	)%
	Metals		(76,595	)		(0.01	)%
Net unrealized loss on open short foreign futures contracts			(600,311	)		(0.06	)%
Total foreign futures contracts - net unrealized gain on open foreign futures contracts			561,077			0.02	%
Net unrealized loss on open futures contracts		$	(1,200,118	)		(0.10	)%

The accompanying notes are an integral part of these consolidated financial statements.

10

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

September 30, 2012

(Unaudited)

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
OPEN FORWARD CURRENCY CONTRACTS
U.S. Forward Currency Contracts
	Long	$	768,098			0.06	%
	Short		(128,041	)		(0.01	)%
Net unrealized gain on open U.S. forward currency contracts			640,057			0.05	%
Foreign Forward Currency Contracts
	Long		(594,884	)		(0.04	)%
	Short		747,638			0.05	%
Net unrealized gain on open foreign forward currency contracts			152,754			0.01	%
Net unrealized gain on open forward currency contracts		$	792,811			0.06	%

¹ Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

² No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these consolidated financial statements.

11

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments

December 31, 2011

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
	Face Value	Maturity Date	Name	Yield1
$	9,000,000	3/8/12	US Treasury Bills	0.20	%	$	8,999,688		0.61	%
	2,000,000	3/8/12	US Treasury Bills	0.12	%		1,999,930		0.13	%
	1,250,000	2/29/12	US Treasury Note	0.88	%		1,255,377		0.08	%
	500,000	3/31/12	US Treasury Note	4.50	%		511,073		0.03	%
	9,700,000	4/30/12	US Treasury Note	4.50	%		9,914,187		0.67	%
	3,000,000	5/31/12	US Treasury Note	4.75	%		3,069,885		0.21	%
	11,750,000	6/15/12	US Treasury Note	1.88	%		11,856,216		0.80	%
	500,000	7/15/12	US Treasury Note	1.50	%		507,236		0.03	%
	500,000	7/31/12	US Treasury Note	0.63	%		502,856		0.03	%
	925,000	8/31/12	US Treasury Note	0.38	%		927,811		0.06	%
	7,500,000	9/30/12	US Treasury Note	0.38	%		7,521,537		0.51	%
	9,825,000	10/31/12	US Treasury Note	3.88	%		10,192,371		0.69	%
	800,000	11/15/12	US Treasury Note	1.38	%		809,958		0.05	%
	4,600,000	11/30/12	US Treasury Note	0.50	%		4,616,745		0.31	%
	5,670,000	1/15/13	US Treasury Note	1.38	%		5,776,455		0.39	%
	7,000,000	2/15/13	US Treasury Note	1.38	%		7,129,595		0.48	%
	2,500,000	4/15/13	US Treasury Note	1.75	%		2,558,934		0.17	%
Total U.S. Treasury securities (cost: $78,729,280)							78,149,854		5.25	%
U.S. Government Sponsored Enterprise Notes
	Face Value	Maturity Date	Name	Yield1
$	1,160,000	5/28/13	Federal Farm Credit Bank	0.28	%		1,160,902		0.08	%
	500,000	4/2/12	Federal Home Loan Bank	0.17	%		500,071		0.03	%
	3,500,000	5/18/12	Federal Home Loan Bank	1.13	%		3,517,884		0.24	%
	4,500,000	6/20/12	Federal Home Loan Bank	1.88	%		4,538,326		0.31	%
	250,000	6/27/12	Federal Home Loan Bank	0.25	%		250,098		0.02	%
	400,000	7/25/12	Federal Home Loan Bank	0.25	%		400,609		0.03	%
	6,800,000	8/10/12	Federal Home Loan Bank	0.35	%		6,804,988		0.46	%
	6,400,000	8/22/12	Federal Home Loan Bank	1.75	%		6,501,618		0.44	%
	5,250,000	8/28/12	Federal Home Loan Bank	0.44	%		5,254,569		0.35	%
	3,800,000	10/5/12	Federal Home Loan Bank	0.31	%		3,802,799		0.26	%
	3,250,000	1/16/13	Federal Home Loan Bank	1.50	%		3,312,699		0.22	%
	3,000,000	3/27/13	Federal Home Loan Bank	1.00	%		3,033,171		0.20	%
	300,000	8/23/13	Federal Home Loan Bank	0.70	%		300,856		0.02	%
	6,700,000	1/9/13	Federal Home Loan Mortgage Corp.	1.38	%		6,821,306		0.46	%
	3,250,000	8/22/13	Federal Home Loan Mortgage Corp.	0.60	%		3,258,171		0.22	%
	7,300,000	9/23/13	Federal Home Loan Mortgage Corp.	0.55	%		7,301,980		0.49	%
	5,300,000	9/30/13	Federal Home Loan Mortgage Corp.	0.55	%		5,303,028		0.36	%
	5,000,000	10/25/13	Federal Home Loan Mortgage Corp.	0.60	%		5,006,190		0.34	%
	4,250,000	7/30/12	Federal National Mortgage Assoc.	1.13	%		4,292,881		0.29	%
	14,500,000	10/30/12	Federal National Mortgage Assoc.	0.50	%		14,542,565		0.98	%
Total U.S. government sponsored enterprise notes (cost: $86,007,781)							85,904,711		5.80	%

The accompanying notes are an integral part of these consolidated financial statements.

12

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Government Sponsored Enterprise Notes
	Face Value	Maturity Date	Name	Yield1
$	2,800,000	1/23/12	African Development Bank	1.88	%	$	2,825,080		0.19	%
	3,200,000	3/21/12	European Investment Bank	4.63	%		3,267,754		0.22	%
	1,000,000	6/11/12	Soc. de Financement de l'Economie Francaise	2.25	%		1,005,116		0.07	%
Total foreign government sponsored enterprise notes (cost: $7,208,542)							7,097,950		0.48	%
Total government sponsored enterprise notes (cost: $93,216,323)							93,002,661		6.28	%
U.S. Commercial Paper
	Face Value	Maturity Date	Name	Yield1
Automotive
$	3,500,000	1/9/12	BMW US Capital, LLC	0.38	%		3,499,704		0.24	%
	260,000	1/19/12	BMW US Capital, LLC	0.40	%		259,948		0.02	%
Banks
	3,400,000	2/15/12	Credit Suisse (USA), Inc.	0.45	%		3,398,088		0.23	%
	200,000	3/19/12	Goldman Sachs Group, Inc.	0.55	%		199,762		0.01	%
	4,250,000	1/27/12	HSBC USA Inc.	0.20	%		4,249,031		0.29	%
	3,300,000	1/27/12	National Australia Funding (Delaware) Inc.	0.28	%		3,299,357		0.22	%
	250,000	1/4/12	Standard Chartered Bank	0.20	%		249,995		0.02	%
	4,000,000	2/8/12	Standard Chartered Bank	0.36	%		3,998,480		0.27	%
	250,000	2/6/12	Union Bank, National Association	0.18	%		249,955		0.02	%
Beverages
	2,550,000	2/2/12	Anheuser-Busch InBev Worldwide Inc.	0.25	%		2,549,433		0.17	%
	250,000	3/5/12	The Coca-Cola Company	0.20	%		249,933		0.02	%
Charity
	4,000,000	1/19/12	The Salvation Army	0.12	%		3,999,760		0.27	%
	200,000	1/25/12	The Salvation Army	0.10	%		199,987		0.01	%
Computers
	3,550,000	1/9/12	Hewlett-Packard Company	0.45	%		3,549,645		0.24	%
Diversified Financial Services
	3,200,000	1/6/12	American Honda Finance Corporation	0.20	%		3,199,911		0.22	%
	250,000	2/8/12	American Honda Finance Corporation	0.27	%		249,894		0.02	%
	200,000	2/27/12	Caterpillar Financial Services Corporation	0.07	%		199,978		0.01	%
	3,300,000	3/5/12	Caterpillar Financial Services Corporation	0.20	%		3,298,827		0.22	%
	4,000,000	1/11/12	General Electric Capital Corporation	0.14	%		3,999,978		0.27	%
	260,000	1/6/12	ING (U.S.) Funding LLC	0.25	%		259,995		0.02	%
	4,000,000	2/27/12	ING (U.S.) Funding LLC	0.35	%		3,997,783		0.27	%
	2,000,000	1/6/12	National Rural Utilities Coop.	0.09	%		1,999,975		0.13	%
	3,000,000	1/6/12	Nordea Investment Mgmt North America, Inc.	0.32	%		2,999,867		0.20	%
	4,000,000	1/24/12	PACCAR Financial Corp.	0.07	%		3,999,821		0.27	%
	250,000	2/15/12	Private Export Funding Corporation	0.11	%		249,966		0.02	%
	3,232,000	1/13/12	River Fuel Company #2, Inc.	0.28	%		3,231,698		0.22	%
	250,000	1/13/12	River Fuel Trust 1	0.35	%		249,967		0.02	%
	3,400,000	1/20/12	Toyota Motor Credit Corporation	0.20	%		3,399,641		0.23	%
Energy
	4,000,000	1/4/12	NextEra Energy Capital Holdings, Inc.	0.46	%		3,999,847		0.27	%
	280,000	1/11/12	NextEra Energy Capital Holdings, Inc.	0.50	%		279,965		0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

13

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Commercial Paper (continued)
	Face Value	Maturity Date	Name	Yield1
Energy (continued)
$	4,300,000	1/12/12	Oglethorpe Power Corporation	0.17	%	$	4,299,777		0.29	%
	3,500,000	1/4/12	The Southern Company	0.15	%		3,499,956		0.24	%
	260,000	1/11/12	The Southern Company	0.17	%		259,988		0.02	%
	250,000	1/4/12	Questar Corporation	0.18	%		249,996		0.02	%
	3,300,000	1/20/12	Questar Corporation	0.25	%		3,299,565		0.22	%
Food
	4,250,000	1/5/12	Kellogg Company	0.19	%		4,249,910		0.29	%
Insurance
	3,240,000	1/10/12	Metlife Funding, Inc.	0.07	%		3,239,927		0.22	%
	3,500,000	2/13/12	New York Life Capital Corporation	0.13	%		3,499,457		0.24	%
Manufacturing
	3,350,000	1/23/12	Emerson Electric Co.	0.07	%		3,349,857		0.23	%
Mining
	3,000,000	1/17/12	BHP Billiton Finance (USA) Limited	0.16	%		2,999,787		0.20	%
	250,000	1/24/12	BHP Billiton Finance (USA) Limited	0.13	%		249,979		0.02	%
Telecommunication
	4,000,000	1/3/12	Verizon Communications Inc.	0.37	%		3,999,918		0.27	%
Total U.S. commercial paper (cost: $98,744,654)							98,768,308		6.70	%
Foreign Commercial Paper
	Face Value	Maturity Date	Name	Yield1
Banks
$	3,750,000	2/7/12	Australia and New Zealand Banking Group	0.25	%		3,749,036		0.25	%
	4,250,000	1/25/12	Bank of Tokyo-Mitsubishi UFJ, Ltd.	0.29	%		4,249,178		0.29	%
	3,200,000	1/17/12	Commonwealth Bank of Australia	0.30	%		3,199,473		0.22	%
	3,000,000	1/23/12	DNB Bank ASA	0.37	%		2,999,413		0.20	%
	4,000,000	1/12/12	John Deere Credit Inc. (Canada)	0.10	%		3,999,878		0.27	%
	4,250,000	1/17/12	Mizuho Funding LLC	0.20	%		4,249,622		0.29	%
	4,300,000	3/8/12	Oversea-Chinese Banking Corp.	0.53	%		4,295,759		0.29	%
	4,000,000	1/27/12	Sumitomo Mitsui Banking Corp.	0.24	%		3,999,307		0.27	%
Energy
	270,000	1/4/12	BP Capital Markets P.L.C.	0.23	%		269,995		0.02	%
	1,100,000	1/17/12	BP Capital Markets P.L.C.	0.28	%		1,099,853		0.07	%
	3,000,000	2/21/12	BP Capital Markets P.L.C.	0.26	%		2,998,895		0.20	%
	4,000,000	1/11/12	GDF Suez	0.21	%		3,999,767		0.27	%
	4,350,000	1/3/12	Pacific Gas and Electric Company	0.40	%		4,349,903		0.29	%
Government Sponsored Enterprise
	3,750,000	2/14/12	Corporacion Andina de Fomento	0.33	%		3,748,485		0.25	%
Healthcare
	250,000	1/10/12	Covidien International Finance S.A.	0.21	%		249,987		0.02	%
	3,000,000	2/10/12	Covidien International Finance S.A.	0.25	%		2,999,167		0.20	%
Telecommunication
	4,000,000	2/16/12	Telstra Corporation Limited	0.23	%		3,998,824		0.27	%
Total foreign commercial paper (cost: $54,439,767)							54,456,542		3.67	%

The accompanying notes are an integral part of these consolidated financial statements.

14

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
Total commercial paper (cost: $153,184,421)						$	153,224,850		10.37	%
U.S. Corporate Notes
	Face Value	Maturity Date	Name	Yield1
Aerospace
$	4,275,000	11/20/12	Boeing	1.88	%		4,328,732		0.29	%
	1,750,000	2/15/13	Boeing	5.13	%		1,868,615		0.13	%
	2,937,000	4/1/12	McDonnell Douglas Corporation	9.75	%		3,073,320		0.21	%
Agriculture
	5,850,000	8/13/12	Archer-Daniels-Midland Company	0.61	%		5,864,274		0.40	%
Apparel
	2,325,000	8/23/13	V.F. Corporation	1.25	%		2,332,109		0.16	%
Automotive
	1,000,000	9/14/12	PACCAR Inc	1.72	%		1,009,200		0.07	%
Banks
	15,000,000	1/30/14	Bank of America	1.85	%		13,590,732		0.92	%
	190,000	3/23/12	Bank of New York Mellon	0.67	%		189,954		0.01	%
	5,000,000	7/28/14	Bank of New York Mellon	0.69	%		4,922,138		0.33	%
	7,602,000	7/27/12	BB&T Corporation	3.85	%		7,851,227		0.53	%
	4,000,000	12/28/12	Citibank, N.A.	1.75	%		4,061,719		0.27	%
	10,000,000	4/1/14	Citigroup Inc.	1.30	%		9,456,391		0.64	%
	6,525,000	7/2/12	Credit Suisse AG (NY)	3.45	%		6,709,392		0.45	%
	10,000,000	1/14/14	Credit Suisse AG (NY)	1.36	%		9,708,314		0.65	%
	7,000,000	10/30/12	GMAC Inc.	1.75	%		7,111,043		0.48	%
	5,200,000	12/19/12	GMAC Inc.	2.20	%		5,302,977		0.36	%
	10,074,000	1/15/12	Goldman Sachs	6.60	%		10,399,589		0.70	%
	1,200,000	2/14/12	Goldman Sachs	5.30	%		1,228,911		0.08	%
	13,855,000	2/7/14	Goldman Sachs	1.44	%		12,981,083		0.88	%
	10,000,000	5/2/14	JPMorgan Chase & Co.	1.30	%		9,710,982		0.65	%
	3,600,000	6/15/12	KeyBank National Association	3.20	%		3,654,879		0.25	%
	2,800,000	6/20/12	Morgan Stanley	1.95	%		2,824,234		0.19	%
	4,500,000	4/29/13	Morgan Stanley	1.41	%		4,251,895		0.29	%
	10,000,000	1/9/14	Morgan Stanley	0.69	%		9,063,376		0.61	%
	4,200,000	10/26/12	U.S. Bank National Association	0.64	%		4,212,590		0.28	%
	3,000,000	2/23/12	UBS AG (USA)	1.60	%		3,008,944		0.20	%
	1,230,000	3/1/12	Wachovia Corporation	0.68	%		1,231,092		0.08	%
	250,000	5/1/13	Wachovia Corporation	2.20	%		255,174		0.02	%
	5,250,000	10/23/12	Wells Fargo & Company	5.25	%		5,486,217		0.37	%
	5,800,000	1/31/13	Wells Fargo & Company	4.38	%		6,100,740		0.41	%
Beverages
	5,000,000	3/26/13	Anheuser-Busch InBev Worldwide Inc.	1.30	%		5,025,140		0.34	%
	2,350,000	1/27/14	Anheuser-Busch InBev Worldwide Inc.	0.97	%		2,358,879		0.16	%
	4,000,000	7/14/14	Anheuser-Busch InBev Worldwide Inc.	0.76	%		3,987,398		0.27	%
	1,275,000	3/1/12	Coca-Cola Enterprises, Inc.	3.75	%		1,296,595		0.09	%
	6,101,000	8/15/13	Coca-Cola Enterprises, Inc.	5.00	%		6,603,898		0.45	%
	1,000,000	7/31/12	PepsiAmericas, Inc.	5.75	%		1,054,245		0.07	%

The accompanying notes are an integral part of these consolidated financial statements.

15

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Chemicals
$	250,000	8/15/12	Monsanto Company	7.38	%	$	266,699		0.02	%
	2,645,000	11/15/12	Praxair, Inc.	1.75	%		2,673,474		0.18	%
Computers
	9,000,000	4/1/14	Dell Inc.	0.97	%		9,075,707		0.61	%
	3,663,000	3/1/12	Hewlett-Packard Company	5.25	%		3,751,128		0.25	%
	100,000	7/1/12	Hewlett-Packard Company	6.50	%		105,970		0.01	%
	2,800,000	5/24/13	Hewlett-Packard Company	0.79	%		2,774,702		0.19	%
	4,500,000	5/30/14	Hewlett-Packard Company	0.92	%		4,354,514		0.29	%
	3,850,000	9/19/14	Hewlett-Packard Company	2.11	%		3,834,096		0.26	%
	750,000	6/15/12	IBM	0.58	%		750,291		0.05	%
	550,000	10/15/13	IBM	6.50	%		614,082		0.04	%
Construction
	3,420,000	5/21/13	Caterpillar Inc.	0.65	%		3,426,993		0.23	%
Consumer Products
	4,250,000	8/15/14	Procter & Gamble	0.70	%		4,281,968		0.29	%
	335,000	2/15/12	Kimberly-Clark Corporation	5.63	%		343,930		0.02	%
Diversified Financial Services
	4,300,000	6/29/12	American Honda Finance Corporation	0.68	%		4,298,974		0.29	%
	1,950,000	11/7/12	American Honda Finance Corporation	0.81	%		1,955,395		0.13	%
	2,110,000	4/2/13	American Honda Finance Corporation	4.63	%		2,208,666		0.15	%
	1,500,000	12/10/12	BlackRock, Inc.	2.25	%		1,522,241		0.10	%
	6,335,000	5/24/13	BlackRock, Inc.	0.81	%		6,336,536		0.43	%
	250,000	3/15/12	Caterpillar Financial Services Corporation	4.70	%		255,581		0.02	%
	2,510,000	4/5/13	Caterpillar Financial Services Corporation	2.00	%		2,565,847		0.17	%
	1,600,000	4/1/14	Caterpillar Financial Services Corporation	0.66	%		1,600,652		0.11	%
	7,400,000	10/22/12	Citigroup Funding Inc.	1.88	%		7,528,418		0.51	%
	1,350,000	12/10/12	Citigroup Funding Inc.	2.25	%		1,376,843		0.09	%
	100,000	1/15/12	Credit Suisse (USA), Inc.	6.50	%		103,179		0.01	%
	5,555,000	12/28/12	General Electric Capital Corporation	2.63	%		5,689,174		0.38	%
	3,800,000	1/8/13	General Electric Capital Corporation	2.80	%		3,923,331		0.26	%
	3,400,000	6/19/13	General Electric Capital Corporation	1.16	%		3,404,289		0.23	%
	1,000,000	4/7/14	General Electric Capital Corporation	1.01	%		979,780		0.07	%
	10,000,000	1/15/14	HSBC Finance Corporation	0.65	%		9,225,830		0.62	%
	5,509,000	3/15/12	John Deere Capital Corporation	7.00	%		5,697,541		0.38	%
	4,500,000	10/1/12	John Deere Capital Corporation	5.25	%		4,715,832		0.32	%
	1,250,000	12/17/12	John Deere Capital Corporation	4.95	%		1,304,601		0.09	%
	157,000	1/15/13	John Deere Capital Corporation	5.10	%		167,771		0.01	%
	6,960,000	7/16/12	Massmutual Global Funding II	3.63	%		7,180,759		0.48	%
	3,714,000	9/27/13	Massmutual Global Funding II	1.07	%		3,699,264		0.25	%
	1,750,000	12/17/12	PACCAR Financial Corp.	1.95	%		1,773,748		0.12	%
	6,517,000	4/5/13	PACCAR Financial Corp.	0.72	%		6,514,016		0.44	%
	3,828,000	2/15/12	Principal Life Global Funding I	6.25	%		3,941,005		0.27	%
	3,800,000	1/15/13	Principal Life Global Funding I	5.25	%		4,045,006		0.27	%
	5,000,000	4/14/14	SSIF Nevada, Limited Partnership	1.10	%		4,932,841		0.33	%
	3,300,000	10/12/12	Toyota Motor Credit Corporation	0.59	%		3,305,595		0.22	%

The accompanying notes are an integral part of these consolidated financial statements.

16

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Corporate Notes (continued)
Face Value		Maturity Date	Name	Yield1
Energy
$	4,500,000	10/15/12	ConocoPhillips	4.75	%	$	4,679,495		0.32	%
	4,171,000	1/15/12	Duke Energy Carolinas, LLC	6.25	%		4,297,840		0.29	%
	1,305,000	10/31/12	Northern Natural Gas Company	5.38	%		1,365,910		0.09	%
	2,191,000	10/15/12	NSTAR Electric Company	4.88	%		2,284,590		0.15	%
	4,275,000	12/13/13	Occidental Petroleum Corporation	1.45	%		4,352,225		0.29	%
Food
	410,000	6/1/12	Cargill, Incorporated	6.38	%		421,678		0.03	%
	4,725,000	9/15/12	Cargill, Incorporated	5.60	%		4,945,756		0.33	%
Healthcare
	7,743,000	3/1/14	Roche Holdings, Inc.	5.00	%		8,505,438		0.57	%
Insurance
	100,000	1/13/12	Berkshire Hathaway Finance Corporation	0.52	%		100,123		0.01	%
	1,280,000	4/15/12	Berkshire Hathaway Finance Corporation	4.00	%		1,303,645		0.09	%
	1,980,000	1/10/14	Berkshire Hathaway Finance Corporation	0.72	%		1,972,533		0.13	%
	250,000	2/10/12	Berkshire Hathaway Inc.	1.40	%		251,602		0.02	%
	9,750,000	2/11/13	Berkshire Hathaway Inc.	0.88	%		9,794,548		0.66	%
	650,000	5/30/12	Jackson National Life Global Funding	6.13	%		665,616		0.04	%
	350,000	5/8/13	Jackson National Life Global Funding	5.38	%		369,064		0.02	%
	250,000	7/12/12	MetLife Institutional Funding II	0.79	%		250,691		0.02	%
	5,750,000	4/4/14	MetLife Institutional Funding II	1.27	%		5,755,701		0.39	%
	1,000,000	3/15/12	Metropolitan Life Global Funding I	0.80	%		999,812		0.07	%
	7,360,000	9/17/12	Metropolitan Life Global Funding I	2.88	%		7,517,339		0.51	%
	2,800,000	1/11/13	Metropolitan Life Global Funding I	2.50	%		2,866,978		0.19	%
	3,374,000	1/25/13	Monumental Global Funding III	0.59	%		3,328,634		0.22	%
	7,050,000	8/22/12	New York Life Global Funding	0.54	%		7,052,852		0.48	%
	1,550,000	10/16/12	New York Life Global Funding	5.25	%		1,624,441		0.11	%
	5,140,000	12/14/12	New York Life Global Funding	2.25	%		5,213,628		0.35	%
	1,250,000	5/9/13	New York Life Global Funding	4.65	%		1,318,922		0.09	%
	4,610,000	4/15/13	Pacific Life Global Funding	5.15	%		4,865,363		0.33	%
	250,000	1/30/12	Pricoa Global Funding I	0.53	%		250,111		0.02	%
	4,500,000	6/25/12	Pricoa Global Funding I	4.63	%		4,575,136		0.31	%
	2,450,000	6/26/12	Pricoa Global Funding I	0.70	%		2,441,886		0.16	%
	650,000	10/18/12	Pricoa Global Funding I	5.40	%		676,870		0.05	%
	105,000	12/14/12	Principal Life Income Fundings	5.30	%		109,546		0.01	%
Internet
	3,000,000	5/19/14	Google Inc.	1.25	%		3,049,524		0.21	%
Manufacturing
	9,035,000	6/21/13	Danaher Corporation	0.82	%		9,050,435		0.61	%
	8,000,000	6/16/14	Eaton Corporation	0.89	%		8,000,738		0.54	%
Media
	422,000	3/1/12	Walt Disney Company	6.38	%		434,768		0.03	%
	3,700,000	12/1/14	Walt Disney Company	0.88	%		3,719,927		0.25	%
Mining
	250,000	3/29/12	BHP Billiton Finance (USA) Limited	5.13	%		256,031		0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

17

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
U.S. Corporate Notes (continued)
Face Value		Maturity Date	Name	Yield1
Pharmaceutical
$	4,275,000	2/10/14	Novartis Capital Corporation	4.13	%	$	4,643,002		0.31	%
	250,000	3/15/13	Pfizer Inc.	5.50	%		268,324		0.02	%
Retail
	9,075,000	7/18/14	Target Corporation	0.57	%		9,085,393		0.61	%
	4,500,000	2/3/14	Wal-Mart Stores, Inc.	3.00	%		4,795,144		0.32	%
	4,775,000	4/15/14	Wal-Mart Stores, Inc.	1.63	%		4,896,448		0.33	%
Semiconductor
	950,000	6/15/12	National Semiconductor Corporation	6.15	%		975,883		0.07	%
	4,275,000	5/15/13	Texas Instruments Incorporated	0.64	%		4,287,137		0.29	%
Steel
	1,579,000	12/1/12	Nucor Corporation	5.00	%		1,642,453		0.11	%
Telecommunication
	2,250,000	3/14/14	Cisco Systems, Inc.	0.79	%		2,249,238		0.15	%
	5,700,000	3/28/14	Verizon Communications Inc.	1.18	%		5,693,477		0.38	%
Transportation
	5,850,000	1/15/13	United Parcel Service, Inc.	4.50	%		6,212,402		0.42	%
Total U.S. corporate notes (cost:  $490,393,091)							482,040,564		32.50	%
Foreign Corporate Notes
Face Value		Maturity Date	Name	Yield1
Automotive
$	10,370,000	4/1/14	Volkswagen International Finance N.V.	0.98	%		10,188,377		0.69	%
Banks
	2,900,000	12/21/12	ANZ National (Int'l) Limited	2.38	%		2,951,973		0.20	%
	10,000,000	1/10/14	BNP Paribas	1.29	%		9,252,056		0.62	%
	5,250,000	1/12/12	Commonwealth Bank of Australia	2.40	%		5,311,297		0.36	%
	3,000,000	6/29/12	Commonwealth Bank of Australia	0.78	%		2,997,638		0.20	%
	10,000,000	3/17/14	Commonwealth Bank of Australia	1.29	%		9,844,450		0.66	%
	5,000,000	4/14/14	Danske Bank A/S	1.45	%		4,835,163		0.33	%
	1,150,000	8/3/12	HSBC Bank PLC	0.88	%		1,152,390		0.08	%
	4,300,000	1/18/13	HSBC Bank PLC	0.80	%		4,291,209		0.29	%
	4,150,000	5/15/13	HSBC Bank PLC	0.89	%		4,121,105		0.28	%
	7,225,000	1/13/12	ING Bank N.V.	1.03	%		7,240,784		0.49	%
	9,000,000	3/15/13	ING Bank N.V.	1.60	%		8,797,179		0.59	%
	1,000,000	6/9/14	ING Bank N.V.	1.94	%		959,030		0.06	%
	5,000,000	6/17/13	KfW Bankengruppe	0.29	%		4,998,167		0.34	%
	3,080,000	2/1/12	National Australia Bank Limited	0.68	%		3,082,733		0.21	%
	4,930,000	6/15/12	National Australia Bank Limited	0.75	%		4,932,531		0.33	%
	1,000,000	11/16/12	National Australia Bank Limited	2.35	%		1,013,797		0.07	%
	5,000,000	4/11/14	National Australia Bank Limited	1.11	%		4,962,409		0.33	%
	5,000,000	2/4/13	Rabobank Nederland	0.58	%		5,003,317		0.34	%
	6,850,000	12/12/12	Royal Bank of Canada	0.69	%		6,859,674		0.46	%
	5,250,000	3/8/13	Royal Bank of Canada	0.69	%		5,253,531		0.35	%
	5,250,000	9/14/12	Svenska Handelsbanken AB (publ)	2.88	%		5,344,511		0.36	%
	250,000	3/30/12	Royal Bank of Scotland	1.50	%		250,768		0.02	%

The accompanying notes are an integral part of these consolidated financial statements.

18

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

			Description			Fair Value		% of Partners' Capital (Net Asset Value)
Foreign Corporate Notes (continued)
Face Value		Maturity Date	Name	Yield1
Banks (continued)
$	4,600,000	5/11/12	Royal Bank of Scotland	2.63	%	$	4,646,211		0.31	%
	6,660,000	7/26/13	Toronto-Dominion Bank	0.60	%		6,657,777		0.45	%
	1,940,000	11/1/13	Toronto-Dominion Bank	0.89	%		1,946,884		0.13	%
	1,100,000	12/14/12	Westpac Banking Corporation	1.90	%		1,111,112		0.07	%
	9,750,000	3/31/14	Westpac Banking Corporation	1.31	%		9,778,684		0.66	%
Energy
	10,200,000	3/10/12	BP Capital Markets P.L.C.	3.13	%		10,345,153		0.70	%
	5,250,000	11/7/13	BP Capital Markets P.L.C.	5.25	%		5,672,336		0.38	%
	5,146,000	3/25/13	Shell International Finance B.V.	1.88	%		5,267,570		0.36	%
Pharmaceutical
	6,000,000	9/15/12	AstraZeneca PLC	5.40	%		6,302,758		0.43	%
	8,065,000	3/28/13	Sanofi	0.77	%		8,073,367		0.54	%
	4,280,000	3/28/14	Sanofi	0.88	%		4,274,412		0.29	%
	10,000,000	3/21/14	Teva Pharmaceutical Finance III BV	1.07	%		9,945,168		0.67	%
Telecommunication
	2,750,000	2/27/12	Vodafone Group Public Limited Company	0.79	%		2,752,365		0.19	%
Total foreign corporate notes (cost:  $192,839,624)							190,417,886		12.84	%
Total corporate notes (cost:  $683,232,715)							672,458,450		45.34	%
Total investments in securities (cost:  $1,008,362,739)						$	996,835,815		67.24	%
CERTIFICATES OF DEPOSIT
U.S. Certificates of Deposit
Face Value		Maturity Date	Name	Yield1
$	300,000	2/17/12	Barclays Bank PLC (NY)	0.47	%	$	300,581		0.02	%
	250,000	4/26/12	Canadian Imperial Bank of Commerce (NY)	0.37	%		249,983		0.02	%
	4,750,000	11/5/12	Canadian Imperial Bank of Commerce (NY)	0.64	%		4,754,513		0.32	%
	5,950,000	4/4/12	Deutsche Bank Aktiengesellschaft (NY)	0.45	%		5,964,488		0.40	%
	5,000,000	3/5/12	Mizuho Corporate Bank, Ltd. (NY)	0.48	%		5,001,707		0.34	%
	2,000,000	2/6/12	Nordea Bank Finland PLC (NY)	0.38	%		2,003,377		0.14	%
	1,000,000	5/8/12	Nordea Bank Finland PLC (NY)	0.40	%		1,001,824		0.07	%
	7,600,000	11/13/12	Nordea Bank Finland PLC (NY)	0.65	%		7,568,387		0.51	%
	4,650,000	4/5/12	Norinchukin Bank (NY)	0.55	%		4,655,368		0.31	%
	6,250,000	3/1/13	PNC Bank, National Association	0.63	%		6,204,312		0.42	%
	5,250,000	2/3/12	Shizuoka Bank, Ltd. (NY)	0.49	%		5,254,920		0.35	%
	6,900,000	5/3/12	Westpac Banking Corporation (NY)	0.40	%		6,918,477		0.47	%
	2,650,000	6/21/12	Westpac Banking Corporation (NY)	0.41	%		2,654,894		0.18	%
Total U.S. certificates of deposit (cost:  $52,535,773)							52,532,831		3.55	%
Foreign Certficates of Deposit
Face Value		Maturity Date	Name	Yield1
Banks
$	2,250,000	10/3/13	Bank of Montreal	0.82	%		2,254,624		0.15	%
	4,500,000	1/17/12	Bank of Nova Scotia	0.32	%		4,510,802		0.30	%
	4,600,000	6/11/12	Bank of Nova Scotia	0.74	%		4,602,636		0.31	%

The accompanying notes are an integral part of these consolidated financial statements.

19

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

			Description			Fair Value			% of Partners' Capital (Net Asset Value)
Foreign Certificates of Deposit (continued)
Face Value		Maturity Date	Name	Yield1
Banks (continued)
$	2,600,000	10/18/12	Bank of Nova Scotia	0.70	%	$	2,608,055			0.18	%
	2,000,000	11/20/12	Bank of Nova Scotia	0.74	%		2,003,035			0.14	%
	5,050,000	1/17/12	Bank of Tokyo-Mitsubishi UFJ, Ltd.	0.36	%		5,058,937			0.34	%
	2,500,000	3/5/12	Norinchukin Bank	0.54	%		2,500,737			0.17	%
	1,750,000	4/2/12	Rabobank Nederland	0.37	%		1,750,115			0.12	%
	250,000	3/15/13	Royal Bank of Canada	2.25	%		255,138			0.02	%
	5,000,000	6/1/12	Sumitomo Mitsui Banking Corporation	0.65	%		5,001,388			0.34	%
	5,250,000	1/24/12	Svenska Handelsbanken AB	0.38	%		5,253,930			0.35	%
Government Sponsored Enterprise
	6,600,000	5/25/12	Caisse Amortissement de la Dette Socia	0.43	%		6,592,215			0.44	%
Total foreign certificates of deposit (cost:  $42,374,750)							42,391,612			2.86	%
Total certificates of deposit (cost:  $94,910,523)						$	94,924,443			6.41	%
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
			Agricultural commodities			$	427,903			0.03	%
			Currencies				2,763,257			0.19	%
			Energy				123,077			0.01	%
			Equity indices				422,180			0.03	%
			Interest rate instruments				5,715,227			0.39	%
			Metals				(8,991,504	)		(0.61	)%
			Single stock futures				36,323			0.00	%
Net unrealized gain on open long U.S. futures contracts							496,463			0.04	%
Short U.S. Futures Contracts
			Agricultural commodities				(3,414,866	)		(0.23	)%
			Currencies				3,441,210			0.23	%
			Energy				7,238,690			0.49	%
			Equity indices				175,914			0.01	%
			Interest rate instruments				(1,544,262	)		(0.10	)%
			Metals				6,509,575			0.44	%
			Single stock futures				(16,613	)		(0.00	)%
Net unrealized gain on open short U.S. futures contracts							12,389,648			0.84	%
Total U.S. futures contracts - Net unrealized gain on open U.S. futures contracts							12,886,111			0.88	%
Long Foreign Futures Contracts
			Agricultural commodities				196,300			0.01	%
			Currencies				(18,010	)		(0.00	)%
			Energy				31,956			0.00	%
			Equity indices				1,196,625			0.08	%
			Interest rate instruments2				18,859,653			1.27	%
			Metals				(164,515	)		(0.01	)%
Net unrealized gain on open long foreign futures contracts							20,102,009			1.35	%

The accompanying notes are an integral part of these consolidated financial statements.

20

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2011

(Audited)

	Description	Fair Value			% of Partners' Capital (Net Asset Value)
Short Foreign Futures Contracts
	Agricultural commodities		824,214			0.06	%
	Currencies		3,635,127			0.25	%
	Energy		13,933			0.00	%
	Equity indices		508,790			0.03	%
	Interest rate instruments		(234,143	)		(0.02	)%
	Metals		677,586			0.05	%
Net unrealized gain on open short foreign futures contracts			5,425,507			0.37	%
Total foreign futures contracts - net unrealized gain on open foreign futures contracts			25,527,516			1.72	%
Net unrealized gain on open futures contracts		$	38,413,627			2.60	%
FORWARD CURRENCY CONTRACTS
U.S. Forward Currency Contracts
	Long	$	1,455,228			0.10	%
	Short		(973,780	)		(0.07	)%
Net unrealized gain on open U.S. forward currency contracts			481,448			0.03	%
Foreign Forward Currency Contracts
	Long		(1,593,950	)		(0.11	)%
	Short		1,383,892			0.09	%
Net unrealized loss on open foreign forward currency contracts			(210,058	)		(0.02	)%
Net unrealized gain on open forward currency contracts		$	271,390			0.01	%

¹ Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

² No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these consolidated financial statements.

21

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2012 and 2011

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Gain (Loss) from Futures and Forwards Trading
Net realized gain	$	23,054,026		$	34,034,978		$	78,930,082		$	20,897,536
Net change in unrealized gain (loss)		(190,437	)		40,509,413			(39,092,863	)		(24,252,910	)
Brokerage commissions and trading expenses		(1,328,705	)		(1,020,170	)		(3,905,515	)		(3,381,823	)
Net gain (loss) from futures and forwards trading		21,534,884			73,524,221			35,931,704			(6,737,197	)
Income
Interest income		3,992,009			3,807,717			11,835,882			7,125,606
Net realized and change in unrealized gain (loss) on securities and certificates of deposit		(87,777	)		(8,728,255	)		2,458,544			(10,009,373	)
Total income		3,904,232			(4,920,538	)		14,294,426			(2,883,767	)
Expenses
Trading Advisor management fee		5,494,476			6,329,014			16,949,458			17,342,274
Trading Advisor incentive fee		153,581			6,397,570			9,265,699			9,895,806
Cash manager fees		246,813			176,733			737,132			601,356
General Partner management fee		5,427,214			6,782,633			18,124,614			19,600,876
General Partner performance fee		944			—			944			—
General Partner 1% allocation		78,713			421,689			(138,826	)		(766,288	)
Selling Agent fees – General Partner		4,595,538			4,971,998			13,973,800			14,452,571
Administrative expenses – General Partner		1,649,197			1,776,764			5,057,072			5,114,909
Total expenses		17,646,476			26,856,401			63,969,893			66,241,504
Net investment loss		(13,742,244	)		(31,776,939	)		(49,675,467	)		(69,125,271	)
Net Income (Loss)	$	7,792,640		$	41,747,282		$	(13,743,763	)	$	(75,862,468	)

	Three Months Ended September 30,
	2012						2011
	Class A		Class B		Class I		Class A		Class B		Class I
Increase in net asset value per Unit	$	16.34	$	49.69	$	8.24	$	122.01	$	192.39	$	—
Net income per Unit†	$	17.12	$	49.76	$	2.58	$	121.69	$	191.41	$	—
Weighted average number of Units outstanding		186,092.1468		92,537.0337		811.8937		193,538.6140		95,063.3770		—

	Nine Months Ended September 30,
	2012									2011
	Class A			Class B			Class I			Class A			Class B			Class I
Decrease in net asset value per Unit	$	(68.77	)	$	(11.93	)	$	(43.96	)	$	(273.08	)	$	(280.26	)	$	—
Net loss per Unit†	$	(66.83	)	$	(11.55	)	$	(17.22	)	$	(274.46	)	$	(282.39	)	$	—
Weighted average number of Units outstanding		188,992.2833			95,374.1163			649.5150			184,365.9406			89,455.4184			—

 † (based on weighted average number of units outstanding during the period)

The accompanying notes are an integral part of these consolidated financial statements.

22

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2012 and 2011

(Unaudited)

	Nine Months Ended September 30,
	2012			2011
Cash flows from operating activities
Net loss	$	(13,743,763	)	$	(75,862,468	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Net change in unrealized loss from futures and forwards trading		39,092,324			24,252,910
Purchases of securities and certificates of deposit		(1,878,808,585	)		(1,948,527,217	)
Proceeds from disposition of securities and certificates of deposit		2,059,906,928			1,521,565,901
Net realized and change in unrealized (gain) loss on securities and certificates of deposit		(2,458,544	)		10,009,373
Changes in
Due from affiliate		—			(15,228	)
General Partner 1% allocation receivable/payable		1,217,869			(1,783,825	)
Trading Advisor management fee payable		(263,080	)		1,378,942
Trading Advisor incentive fee payable		40,435			(6,653,049	)
Commissions and other trading fees payable on open contracts		70,743			10,442
Cash Manager fees payable		(129,439	)		453,083
General Partner management fee payable		(433,480	)		209,953
General Partner performance fee payable		944			—
Selling Agent fees payable – General Partner		(91,026	)		130,830
Administrative expenses payable – General Partner		(46,118	)		65,087
Net cash provided by (used in) operating activities		204,355,208			(474,765,266	)
Cash flows from financing activities
Subscriptions		94,588,784			279,849,995
Subscriptions received in advance		11,016,014			12,232,044
Redemptions		(191,118,425	)		(82,780,472	)
Net cash provided by (used in) financing activities		(85,513,627	)		209,301,567
Net increase (decrease) in cash and cash equivalents		118,841,581			(265,463,699	)
Cash and cash equivalents, beginning of period		395,846,968			718,738,675
Cash and cash equivalents, end of period	$	514,688,549		$	453,274,976
End of period cash and cash equivalents consists of
Cash in broker trading accounts	$	500,130,749		$	426,753,174
Cash and cash equivalents		14,557,800			26,521,802
Total end of period cash and cash equivalents	$	514,688,549		$	453,274,976
Supplemental disclosure of cash flow information
Prior period redemptions paid	$	22,127,237		$	11,807,236
Prior period subscriptions received in advance	$	15,876,320		$	23,610,336
Supplemental schedule of non-cash financing activities
Redemptions payable	$	18,419,566		$	10,248,563

The accompanying notes are an integral part of these consolidated financial statements.

23

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Changes in Partners’ Capital (Net Asset Value)

For the Nine Months Ended September 30, 2012 and 2011

(Unaudited)

	Class A						Class B						Class I
	Units			Amount			Units			Amount			Units		Amount			Total
Nine Months Ended September 30, 2012
Balance at December 31, 2011		192,640.4151		$	872,169,401			99,309.8890		$	610,486,703			—	$	—		$	1,482,656,104
Net loss					(12,630,733	)					(1,101,845	)				(11,185	)		(13,743,763	)
Subscriptions		14,681.7260			66,954,876			6,921.5021			43,255,817			254.4114		254,411			110,465,104
Redemptions		(21,120.6248	)		(96,190,782	)		(14,713.4302	)		(91,219,972	)		—		—			(187,410,754	)
Transfers		(858.1375	)		(3,915,817	)		278.4998			1,783,924			2,229.9294		2,131,893			—
Balance at September 30, 2012		185,343.3788		$	826,386,945			91,796.4607		$	563,204,627			2,484.3408	$	2,375,119		$	1,391,966,691
Nine Months Ended September 30, 2011
Balance at December 31, 2010		172,138.6872		$	858,255,331			81,701.8729		$	543,372,363			—	$	—		$	1,401,627,694
Net loss					(50,602,156	)					(25,260,312	)				—			(75,862,468	)
Subscriptions		35,518.5407			172,067,918			20,189.4883			131,392,413			—		—			303,460,331
Redemptions		(9,841.2706	)		(47,335,150	)		(5,239.9664	)		(33,886,649	)		—		—			(81,221,799	)
Transfers		(1,187.2726	)		(5,722,527	)		883.9986			5,722,527			—		—			—
Balance at September 30, 2011		196,628.6847		$	926,663,416			97,535.3934		$	621,340,342			—	$	—		$	1,548,003,758

Net Asset Value per Unit

	Class A		Class B		Class I
September 30, 2012	$	4,458.68	$	6,135.36	$	956.04
December 31, 2011		4,527.45		6,147.29		—
September 30, 2011		4,712.76		6,370.41		—
December 31, 2010		4,985.84		6,650.67		—

The accompanying notes are an integral part of these consolidated financial statements.

24

Futures Portfolio Fund, Limited Partnership

Notes to Consolidated Financial Statements

(Unaudited)

1. Organization and Summary of Significant Accounting Policies

Description of the Fund

Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in three classes, Class A, B and I, which represent units of fractional undivided beneficial interest in and ownership of the Fund. Class I Units were made available for purchase on June 1, 2012. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”).

The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally.

The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades.

Steben & Company, Inc. (“General Partner”) is the general partner of the Fund and a Maryland corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

The three classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee and class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner Management Fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Footnote 4).

During 2011, the Fund made investments totaling $90 million in the Steben Institutional Fund LLC (“SIF”), whose manager is the General Partner. Presently, the Fund is the only member in SIF. Similar to the Fund, SIF uses professional commodity trading advisors to engage in the speculative trading of futures and forward currency contracts traded in the U.S. and internationally. SIF trades within six major market sectors: agricultural commodities, currencies, energy, equity indices, interest rate instruments and metals. SIF commenced trading on March 1, 2011. SIF incurs trading advisor management and incentive fees, as well as reimburses its manager for operating expenses incurred on its behalf. During 2012, the General Partner began liquidating SIF. All of the assets of SIF were transferred to the Fund by October 31, 2012.

Significant Accounting Policies

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Consolidation

The accompanying consolidated financial statements include the accounts of the Fund and SIF, for which the Fund is the sole member. All material intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

25

Revenue Recognition

Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis.

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This 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 –    Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds.

Level 2 –    Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, commercial paper, corporate notes, certificates of deposit and U.S. government sponsored enterprise notes.

Level 3 –    Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’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 Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the periods ended September 30, 2012 and December 31, 2011, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are classified within Level 2.

The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2.

Cash and Cash Equivalents

Cash and cash equivalents may include cash, money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

26

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through September 30, 2012. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2009.

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund 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 investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

Reclassification

Certain amounts reported in the 2011 consolidated financial statements have been reclassified to conform to the 2012 presentation without affecting previously reported partners’ capital (net asset value).

Recently Issued Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance to converge the fair value measurement guidance in GAAP and International Financial Reporting Standards.  This new guidance clarifies the application of existing fair value measurement requirements, changes a particular principle of fair value measurement, and requires additional fair value disclosures.  The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. The Fund is currently evaluating the effect that the provisions of this guidance will have on the Fund’s financial statements.

In November 2011, the FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.  This guidance is effective for the Fund’s annual and interim periods beginning January 1, 2013.  When effective, the Fund will provide the disclosures required by those amendments retrospectively for all comparative periods presented.  The adoption of this guidance is not expected to have a material impact on the financial position or results of operations.

2.          Fair Value Disclosures

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At September 30, 2012
	Level 1			Level 2		Total
Equity in broker trading accounts:
Net unrealized loss on open futures contracts*	$	(1,200,118	)	$	—	$	(1,200,118	)
Net unrealized gain on open forward currency contracts*		—			792,811		792,811
Cash and cash equivalents:
Money market fund		3,201,458			—		3,201,458
Investments in securities:
U.S. Treasury securities*		73,813,839			—		73,813,839
U.S. government sponsored enterprise notes*		—			34,774,376		34,774,376
Commercial paper*		—			114,634,482		114,634,482
Corporate notes*		—			596,955,672		596,955,672
Certificates of deposit*		—			92,942,090		92,942,090
Total	$	75,815,179		$	840,099,431	$	915,914,610

*See the consolidated condensed schedule of investments for further description.

27

At December 31, 2011
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain on open futures contracts*	$	38,413,627	$	—	$	38,413,627
Net unrealized gain on open forward currency contracts*		—		271,390		271,390
Cash and cash equivalents:
Money market fund		5,760,099		—		5,760,099
Investments in securities:
U.S. Treasury securities*		78,149,854		—		78,149,854
U.S. government sponsored enterprise notes*		—		85,904,711		85,904,711
Foreign government sponsored enterprise notes*		—		7,097,950		7,097,950
Commercial paper*		—		153,224,850		153,224,850
Corporate notes*		—		672,458,450		672,458,450
Certificates of deposit*		—		94,924,443		94,924,443
Total	$	122,323,580	$	1,013,881,794	$	1,136,205,374

*See the consolidated condensed schedule of investments for further description.

There were no Level 3 holdings at September 30, 2012 or December 31, 2011, or during the periods then ended.

In addition to the financial instruments listed above, substantially all of the Fund’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.

3. Derivative Instruments Disclosures

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At September 30, 2012, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

September 30, 2012	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Assets		Liabilities			Net
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	3,298,855	$	(6,365,572	)	$	(3,066,717	)
Currencies		3,071,507		(3,789,098	)		(717,591	)
Energy		5,644,698		(5,423,475	)		221,223
Equity indices		2,460,179		(20,615,582	)		(18,155,403	)
Interest rate instruments		26,603,508		(3,645,842	)		22,957,666
Metals		24,470,289		(26,540,099	)		(2,069,810	)
Single stock futures		28,985		(398,471	)		(369,486	)
Net unrealized gain (loss) on open futures contracts	$	65,578,021	$	(66,778,139	)	$	(1,200,118	)
Net unrealized gain on open forward currency contracts	$	4,888,508	$	(4,095,697	)	$	792,811

At September 30, 2012, there were 125,472 open futures contracts and 2,179 open forward currency contracts.

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For the three and nine months ended September 30, 2012, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended September 30, 2012						Nine Months Ended September 30, 2012
Types of Exposure	Net realized gain			Net change in unrealized gain (loss)			Net realized gain			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	5,391,845		$	(2,120,838	)	$	(4,219,410	)	$	(1,100,268	)
Currencies		(4,576,353	)		1,192,416			(9,843,927	)		(10,539,175	)
Energy		(19,599,464	)		7,040,125			(6,384,457	)		(7,186,433	)
Equity indices		44,379,354			(22,760,195	)		44,790,826			(20,458,912	)
Interest rate instruments		1,682,102			14,476,681			85,661,046			161,191
Metals		(6,401,025	)		(1,374,941	)		(19,215,555	)		(100,952	)
Single stock futures		2,115,953			(562,826	)		3,098,911			(389,196	)
Total futures contracts		22,992,412			(4,109,578	)		93,887,434			(39,613,745	)
Forward currency contracts		278,355			3,919,661			(15,000,764	)		521,421
Total futures and forward currency contracts	$	23,270,767		$	(189,917	)	$	78,886,670		$	(39,092,324	)

For the three and nine months ended September 30, 2012, the number of futures contracts closed was 357,885 and 1,064,967, respectively, and the number of forward currency contracts closed was 10,445 and 31,196, respectively. At December 31, 2011, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

December 31, 2011	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Assets		Liabilities			Net
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	4,907,935	$	(6,874,384	)	$	(1,966,449	)
Currencies		11,500,940		(1,679,356	)		9,821,584
Energy		9,356,447		(1,948,791	)		7,407,656
Equity indices		4,557,650		(2,254,141	)		2,303,509
Interest rate instruments		27,554,583		(4,758,108	)		22,796,475
Metals		12,182,871		(14,151,729	)		(1,968,858	)
Single stock futures		55,232		(35,522	)		19,710
Net unrealized gain (loss) on open futures contracts	$	70,115,658	$	(31,702,031	)	$	38,413,627
Net unrealized gain on open forward currency contracts	$	5,681,721	$	(5,410,331	)	$	271,390

At December 31, 2011, there were 92,423 open futures contracts and 1,716 open forward currency contracts.

For the three and nine months ended September 30, 2011, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended September 30, 2011						Nine Months Ended September 30, 2011
Types of Exposure	Net realized gain			Net change in unrealized gain (loss)			Net realized gain			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(22,824,221	)	$	5,355,174		$	(35,445,341	)	$	(5,451,675	)
Currencies		(20,848,643	)		1,717,880			(23,147,219	)		(15,117,635	)
Energy		(30,431,271	)		8,967,122			(28,172,942	)		257,567
Equity indices		(26,823,772	)		(3,429,061	)		(70,395,016	)		(2,131,000	)
Interest rate instruments		143,785,277			6,617,039			165,722,951			8,094,015
Metals		122,357			20,820,607			5,753,319			(591,228	)
Single stock futures		(41,191	)		(185,622	)		71,449			(193,438	)
Total futures contracts		42,938,536			39,863,139			14,387,201			(15,133,394	)
Forward currency contracts		(8,718,410	)		646,274			6,977,577			(9,119,516	)
Total futures and forward currency contracts	$	34,220,126		$	40,509,413		$	21,364,778		$	(24,252,910	)

For the three and nine months ended September 30, 2011, the number of futures contracts closed was 266,962 and 854,994, respectively, and the number of forward currency contracts closed was 14,011 and 36,792, respectively.

29

4.          General Partner

At September 30, 2012 and December 31, 2011, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund. However, the beneficiary of the sole shareholder of the General Partner had the following investment:

	September 30, 2012		December 31, 2011
Class I Units
Number of units		254.4114
Value	$	243,226
Class B Units
Number of units				39.6245
Value			$	243,583

The General Partner earns the following compensation:

§ General Partner Management Fee – the Fund incurs a monthly fee on Class A and Class B Units equal to 1/12^th of 1.5% of the month-end net asset value of the Class A and Class B Units, payable in arrears. Prior to June 1, 2012, the general partner management fee was 1.75% per annum. The Fund incurs a monthly fee on Class I Units equal to 1/12^th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears.

§ General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of new profits of the Class I Units calculated monthly. The general partner performance fee is payable quarterly in arrears.

§ Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12^th of 2% of the month-end net asset value of the Class A Units. Selling agent fees amounted to $4,302,121 and $4,663,155 for the three months ended September 30, 2012 and 2011, respectively. For the nine months ended September 30, 2012 and 2011, selling agent fees were $13,072,353 and $13,569,412, respectively. Such amounts are included in selling agent fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner.

§ Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12^th of 0.2% of the month-end net asset value of the Class B Units. Broker dealer servicing fees amounted to $293,417 and $308,843 for the three months ended September 30, 2012 and 2011, respectively. For the nine months ended September 30, 2012 and 2011, broker dealer servicing fees were $901,447 and $883,159, respectively. Such amounts are included in selling agent fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner.

§ Administrative Expenses – the Fund incurs a monthly fee equal to 1/12^th of 0.45% of the month-end net asset value of the fund, payable in arrears to the General Partner. The General Partner, in turn, pays the administrative expenses of the Fund. Administrative expenses include accounting, audit, legal, salary and administrative costs incurred by the General Partner relating to marketing and administration of the Fund; such as, salaries and commissions of General Partner marketing personnel, administrative employee salaries and related costs.

30

Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations.

5. Trading Advisors and Cash Managers

The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly trading advisor management fee that ranges from 0% to 2% per annum of allocated net assets (as defined in each respective advisory agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs trading advisor incentive fees, payable quarterly in arrears, ranging from 10% to 30% of net new trading profits (as defined in each respective advisory agreement).

Effective April 1, 2011, the Fund engaged J.P. Morgan Investment Management, Inc. and Principal Global Investors, LLC (collectively, the “Cash Managers”) to provide cash management services to the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12th of 0.11% of the investments in securities and certificates of deposit.

6. Deposits with Brokers

To meet margin requirements, the Fund deposits funds with its futures brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with brokers. At September 30, 2012 and December 31, 2011, the Fund had margin requirements of $243,955,040 and $175,593,513, respectively.

7. Subscriptions, Distributions and Redemptions

Generally, investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000. Units are sold at the net asset value per unit as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At September 30, 2012 and December 31, 2011, the Fund received advance subscriptions of $11,016,014 and $15,876,320, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to month-end.

The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, B or I Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or self-regulatory organization regulations.

8. Trading Activities and Related Risks

The Fund engages in the speculative trading of futures and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses Newedge USA, LLC and JP Morgan Securities, LLC as its futures brokers and Newedge UK Financial Limited and UBG AG as its forward currency counterparties.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short.

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In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments. Prior to April 2011, the Fund used UBS Financial Services, Inc. and Bank of America Merrill Lynch as its cash management securities brokers.

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.  The following table presents the exposure at September 30, 2012.

			Gov't										% of
	U.S .		Sponsored										Partners'
	Treasury		Enterprise		Commercial				Certificates of				Capital (Net
Country or Region	Securities		Notes		Paper		Corporate Notes		Deposit		Total		Asset Value)
United States	$	73,813,839	$	34,774,376	$	64,069,566	$	447,808,146	$	75,574,259	$	696,040,186		50.02	%
Canada		-		-		3,599,776		26,306,777		5,771,097		35,677,650		2.56	%
Netherlands		-		-		-		33,687,582		-		33,687,582		2.42	%
Australia		-		-		12,135,941		18,488,285		2,054,447		32,678,673		2.35	%
Great Britain		-		-		11,486,512		18,373,493		-		29,860,005		2.15	%
France		-		-		3,899,477		17,396,911		-		21,296,388		1.53	%
Japan		-		-		2,549,605		5,998,796		9,542,287		18,090,688		1.30	%
Netherland Antilles		-		-		-		10,055,141		-		10,055,141		0.72	%
Singapore		-		-		8,844,919		-		-		8,844,919		0.64	%
Germany		-		-		-		5,000,754		-		5,000,754		0.36	%
Denmark		-		-		-		4,963,396		-		4,963,396		0.36	%
Multinational		-		-		-		4,761,431		-		4,761,431		0.34	%
South America multinational		-		-		4,248,722		-		-		4,248,722		0.31	%
Switzerland		-		-		-		4,114,960		-		4,114,960		0.30	%
Luxumberg		-		-		3,799,964		-		-		3,799,964		0.27	%
Total	$	73,813,839	$	34,774,376	$	114,634,482	$	596,955,672	$	92,942,090	$	913,120,459		65.63	%

32

The following table presents the exposure at December 31, 2011.

			Gov't										% of
	U.S .		Sponsored										Partners'
	Treasury		Enterprise		Commercial				Certificates				Capital (Net
Country or Region	Securities		Notes		Paper		Corporate Notes		of Deposit		Total		Asset Value)
United States	$	78,149,854	$	85,904,711	$	98,768,308	$	482,040,564	$	52,532,831	$	797,396,268		53.81	%
Australia		-		-		10,947,333		43,034,651		-		53,981,984		3.64	%
Great Britain		-		-		4,368,743		42,486,268		-		46,855,011		3.16	%
Canada		-		-		3,999,878		20,717,866		16,234,290		40,952,034		2.76	%
Netherlands		-		-		-		37,456,257		1,750,115		39,206,372		2.64	%
France		-		1,005,116		3,999,767		21,599,835		6,592,215		33,196,933		2.24	%
Japan		-		-		12,498,107		-		12,561,062		25,059,169		1.69	%
Netherland Antilles		-		-		4,349,903		9,945,168		-		14,295,071		0.96	%
Sweden		-		-		-		5,344,511		5,253,930		10,598,441		0.71	%
Germany		-		-		-		4,998,167		-		4,998,167		0.34	%
Denmark		-		-		-		4,835,163		-		4,835,163		0.33	%
Singapore		-		-		4,295,759		-		-		4,295,759		0.29	%
South America multi-national		-		-		3,748,485		-		-		3,748,485		0.25	%
Europe multi-national		-		3,267,754		-		-		-		3,267,754		0.22	%
Luxumberg		-		-		3,249,154		-		-		3,249,154		0.22	%
Norway		-		-		2,999,413		-		-		2,999,413		0.20	%
Africa multi-national		-		2,825,080		-		-		-		2,825,080		0.19	%
Total	$	78,149,854	$	93,002,661	$	153,224,850	$	672,458,450	$	94,924,443	$	1,091,760,258		73.65	%

9. Indemnifications

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for such indemnifications.

10. Interim Financial Statements

The consolidated statements of financial condition, including the consolidated condensed schedule of investments, at September 30, 2012, the consolidated statements of operations for the three and nine months ended September 30, 2012 and 2011, the consolidated statements of cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2012 and 2011, and the accompanying notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such consolidated financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at September 30, 2012, results of operations for the three and nine months ended September 30, 2012 and 2011, cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2012 and 2011. The results of operations for the three and nine months ended September 30, 2012 and 2011 are not necessarily indicative of the results to be expected for the full year or any other period. These consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

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11. Financial Highlights

The following information presents per unit operating performance data and other financial ratios for the three and nine months ended September 30, 2012 and 2011, assuming the unit was outstanding throughout the entire period:

	Three Months Ended September 30,
	2012									2011
	Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	4,442.34		$	6,085.67		$	947.80		$	4,590.75		$	6,178.02		$	—
Gain from operations
Gain from trading(1)		68.59			93.10			10.20			229.17			308.50			—
Net investment loss(1)		(52.25	)		(43.41	)		(1.96	)		(107.16	)		(116.11	)		—
Total gain from operations		16.34			49.69			8.24			122.01			192.39			—
Net asset value per Unit at end of period	$	4,458.68		$	6,135.36		$	956.04		$	4,712.76		$	6,370.41		$	—
Total return (4)		0.37	%		0.82	%		0.87	%		2.66	%		3.11	%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)		5.65	%		3.81	%		1.14	%		6.04	%		4.20	%		—
Trading Advisor incentive fees (4)		0.01	%		0.01	%		0.00	%		0.42	%		0.42	%		—
General Partner 1% allocation (4)		0.00	%		0.01	%		0.00	%		0.03	%		0.03	%		—
Total expenses		5.66	%		3.83	%		1.14	%		6.49	%		4.65	%		—
Net investment loss (2) (3) (5)		(4.55	)%		(2.71	)%		(0.79	)%		(7.32	)%		(5.52	)%		—

	Nine Months Ended September 30,
	2012									2011
	Class A			Class B			Class I†			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	4,527.45		$	6,147.29		$	1,000.00		$	4,985.84		$	6,650.67		$	—
Loss from operations
Gain (loss) from trading(1)		112.01			150.67			(41.25	)		(20.56	)		(27.97	)		—
Net investment loss(1)		(180.78	)		(162.60	)		(2.71	)		(252.52	)		(252.29	)		—
Total loss from operations		(68.77	)		(11.93	)		(43.96	)		(273.08	)		(280.26	)		—
Net asset value per Unit at end of period	$	4,458.68		$	6,315.36		$	956.04		$	4,712.76		$	6,370.41		$	—
Total return (4)		(1.52	)%		(0.19	)%		(4.40	)%		(5.48	)%		(4.21	)%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)		5.78	%		3.96	%		1.07	%		5.89	%		4.06	%		—
Trading Advisor incentive fees (4)		0.64	%		0.64	%		0.00	%		0.67	%		0.68	%		—
General Partner 1% allocation (4)		(0.01	)%		0.00	%		(0.02	)%		(0.06	)%		(0.04	)%		—
Total expenses		6.41	%		4.60	%		1.05	%		6.50	%		4.70	%		—
Net investment loss (2) (3) (5)		(4.47	)%		(2.64	)%		(0.73	)%		(6.15	)%		(4.33	)%		—

Total returns are calculated based on the change in value of a Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

† Class I units were introduced on June 1, 2012, therefore the performance for Class I units is for the four month period ended September 30, 2012.

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⁽¹⁾ The net investment loss per Unit is calculated by dividing the net investment loss by the average number of Class A or Class B Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. Such balancing amount may differ from the calculation of gain (loss) from trading per Unit due to the timing of trading gains and losses during the period relative to the number of Units outstanding.

⁽²⁾ The net investment loss includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes Trading Advisor incentive fees and General Partner 1% allocation.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Cash Management

Effective April 1, 2011, the Fund engaged J.P. Morgan Investment Management, Inc. and Principal Global Investors, LLC (collectively, the “Cash Managers”) to provide cash management services to the Fund. The Fund’s objective in retaining the Cash Managers is to enhance the return on its assets not required to be held by the Fund’s brokers to support the Fund’s trading. There is no guarantee that the Cash Managers will achieve returns for the Fund, net of fees payable to the Cash Managers, in excess of the returns previously achieved through the General Partner’s efforts and/or available through the Fund’s brokers, or that the Cash Managers will avoid a loss of principal on amounts placed under their management. Prior to April 1, 2011, the Fund used UBS Financial Services, Inc. and Bank of America Merrill Lynch as its cash management securities brokers.

Fund Investment

During 2012, the Fund began liquidating its investment in Steben Institutional Fund LLC (“SIF”), whose manager is the General Partner.  SIF received its initial funding from the Fund in March 2011, and the Fund made investments totaling $90 million in that year. During 2011 and 2012, the Fund was the only member in SIF.  Similar to the Fund, SIF uses professional commodity trading advisors to engage in the speculative trading of futures and forward currency contracts traded in the U.S. and internationally.  SIF trades within six major market sectors:  agricultural commodities, currencies, energy, equity indices, interest rate instruments and metals.  SIF incurs trading advisor management and incentive fees, as well as reimburses its manager for operating expenses incurred on its behalf. All of the assets of SIF were transferred to the Fund by October 31, 2012.

Liquidity

There are no known material trends, demands, commitments, events, or uncertainties at the present time that are reasonably likely to result in the Fund’s liquidity increasing or decreasing in any material way.

Capital Resources

The Fund intends to raise additional capital only through the sale of Units, and does not intend to raise any capital through borrowing. Due to the nature of the Fund’s business, the Fund does not contemplate making capital expenditures. The Fund does not have, nor does it expect to have, any capital assets. Redemptions, exchanges and sales of Units in the future will affect the amount of funds available for investments in futures contracts, forward currency contracts and other financial instruments in subsequent periods. It is not possible to estimate the amount, and therefore the impact, of future capital inflows and outflows related to the sale and redemption of Units. There are no known material trends, favorable or unfavorable, that would affect, nor any expected material changes to, the Fund’s capital resource arrangements at the present time.

Results of Operations

The returns for Class A and B Units for the nine months ended September 30, 2012 and 2011 were as follows:

Class of Units	2012			2011
Class A		(1.52	)%		(5.48	)%
Class B		(0.19	)%		(4.21	)%

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The return for Class I Units for the four months ended September 30, 2012 (inception to date) was (4.40)%. Past performance is not necessarily indicative of future results. Further analysis of the trading gains and losses is provided below.

2012

January

In January, markets responded positively to supportive monetary policy from central banks around the world. In the U.S., the Fed announced that it expected to keep interest rates low through 2014. Meanwhile, in Europe, the European Central Bank was expected to extend its Long-Term Refinancing Operations program by providing additional loans to the region’s banks later this year, beyond the nearly half trillion euros (approximately $650 billion) already distributed to banks in December. This improved the European credit environment, helping France, Italy and Spain to hold successful bond auctions at reduced yields and allowing them to shrug off Standard & Poor’s sovereign credit downgrades earlier in the month. Positive sentiment fueled by easy monetary policy led to a rally in global equities, industrial commodities, as well as short and medium term interest rate instruments. Among currencies, it also led to a decline in the U.S. dollar, a rebound in the euro, and a surge in commodity currencies.

The Fund profited from long positions in interest rate instruments, particularly Eurodollar and Euribor contracts, as well as from long exposure to U.S. equities and the Australian dollar. In addition, a continued decline in natural gas prices benefited the Fund’s short positions. Short positions in metals, including aluminum and silver, resulted in losses, and a short currency exposure to the euro also caused a loss for the fund. Overall, the Fund returned a net profit for the month, with Class A Units up 0.11% and Class B Units up 0.26%.

February

In February, markets were driven by continued monetary stimulus from central banks around the world. The European Central Bank extended an additional €529 billion (approximately $700 billion) in low interest 3-year loans to 800 of the region’s banks in the second round of its Long Term Refinancing Operation to shore up the balance sheets of the financial sector in Europe. Since December, the ECB has made over €1 trillion (approximately $1.3 trillion) in loans to Europe’s banking sector. Elsewhere, the Bank of Japan and the Bank of England implemented new rounds of quantitative easing in their respective markets. These actions encouraged a greater risk appetite among investors, driving up global equity indices. Meanwhile, the U.S. saw an improvement in labor market data, prompting a rise in U.S. bond yields. In the Middle East, the threat of oil supply disruptions from rising tensions over Iran’s nuclear program led to a rally in energy prices, with Brent crude prices exceeding $125 per barrel.

The Fund’s largest gains came from the energy sector, where it benefited from long positions in both in crude oil and oil-related products. The Fund also profited from its long exposure to equity indices, particularly in the U.S. However, long positions in the fixed income sector caused losses as bonds in the U.S. sold off. There was also a modest decline in currencies, as depreciation of the Japanese yen hurt the Fund’s long positions. Overall, the Fund enjoyed a moderate gain for the month, with Class A Units up 0.54% and Class B Units up 0.69%.

March

In March, markets continued to price in a stronger economic growth outlook for the U.S. Following improved labor and consumption data, the Fed raised its forecast from “modest” to “moderate” growth. Investors interpreted this positive language as a signal that further Fed stimulus in the form of bond purchases was not necessary. As a result U.S. long-term bonds sold off sharply. Meanwhile U.S. equities continued to rally, with the S&P 500 enjoying its best quarter since Q3 of 2009. Elsewhere, the attempt by Chinese authorities to limit domestic inflation through a gradual deceleration of economic growth had a negative impact on commodity currencies such as the Australian dollar. In energy markets, crude oil halted its six month rise due to softer prospective Chinese demand as well as an expected release of strategic oil reserves by the U.S., UK and France.

The Fund made gains in its long equity index positions, particularly in the U.S. The energy sector was also profitable, primarily due to short positions in natural gas where a supply glut and unusually warm weather led to continued price declines. However, the Fund suffered losses in fixed income, as bond prices declined mid-month in the U.S., Europe and Japan, hurting long positions. In currencies, long exposure to the weakening Australian dollar also detracted from performance. Overall, the Fund finished with a loss for the month, with Class A Units down 2.20% and Class B Units down 2.06%.

April

April saw a reversal of the positive equity market sentiment that characterized much of the first quarter of 2012, with renewed worries over global growth and the European debt crisis. Both the U.S. and China reported slowing GDP growth for Q1. Meanwhile in Europe, the UK and Spain posted a second consecutive quarter of negative growth and thus joined Italy, Ireland, Portugal and Greece in falling into a double dip recession. The possibility of a Spanish default became the latest focus for sovereign bond investors, as the effectiveness of its fiscal austerity program came into doubt, with the unemployment rate rising to 24%.

36

The Fund saw profits in April from its long positions in fixed income, as bond yields in major markets declined, with a global swing towards risk aversion. The Fund also made gains in the agricultural sector, as soybeans continued their strong year-to-date rally due to a lack of rain in South America threatening the harvest. These profits were partly offset by losses from long positions in global equities and in oil-related commodities. Overall the Fund finished with a positive return for the month, with Class A Units up 2.19% and Class B Units up 2.34%.

May

In May, the escalating European debt crisis and weak U.S. and Chinese economic data led to a flight to safety in financial markets. In Greece, electoral gains by anti-austerity political parties stoked fears that the country might ultimately exit the Eurozone. Elsewhere, concerns grew over the health of Spain’s banks, as the already debt-laden Spanish government was forced to bail out the country’s third largest lender. Meanwhile, labor market conditions deteriorated in the U.S. and industrial production slowed in China. In response, investors sold global equities, energies and commodity currencies and sought the relative safe harbor of bonds and the U.S. dollar.

The Fund made its largest gains from long positions in U.S., German and UK bonds, as yields trended lower and prices moved higher. In currencies, the Fund profited from a short position in the euro which depreciated over 6% against the U.S. dollar during the month. The Fund had some offsetting losses in long equity index and oil positions, before trimming those exposures by month-end. Overall, the Fund finished May with a positive return, with Class A Units up 3.06% and Class B units up 3.22%.

June

The risk appetite of global investors returned in 5.0% June, as markets anticipated increased central bank intervention to spur weakening economic growth. In Europe, the risk of a splintering of the euro currency union subsided, as Greek parliamentary elections were won by political parties favoring a European bailout with austerity conditions attached, in effect keeping the country in the Eurozone. This was followed by a European summit meeting at month end where EU leaders agreed to ease conditions on loans to Spain and Italy, thereby stemming the surge in borrowing costs in those countries. In response, investors rotated from bonds into equities and sold off the U.S. dollar in favor of the euro and emerging market currencies.

June’s market reversals caused the Fund to give back profits made from trends over the prior two months. In the interest rates sector, the Fund’s long positions caused losses, particularly in the German Bund which saw its largest monthly decline since 1994. In currencies, the Fund’s short euro exposure detracted from performance, as the currency rallied on the positive news out of Europe. Meanwhile, trading in the physical commodities was unprofitable, as sharp reversals in energy and corn prices went against the Fund’s short positions. The Fund generated a positive return in equity indices through long positions in U.S. stock markets. Overall, the Fund finished the month with a loss, with Class A, B and I Units down 5.35%, 5.22% and 5.22%, respectively.

July

The Fund delivered strong returns in July, as more signs emerged of a faltering global economic recovery. U.S. labor market data continued to disappoint and Chinese growth weakened. Europe, however, remained the primary focus of investors. Spain’s credit conditions deteriorated, as the 10-year sovereign bond yield spiked as high as 7.75% during the month, its highest level since the inception of the euro. The European Central Bank (ECB) cut interest rates, but this did little to reverse the depreciation of the euro. The tide of negative sentiment was stanched only later in the month, when the ECB President vowed to use all necessary means to save the currency union.

The largest contribution to the Fund came from the fixed income sector, where long positions profited from the ECB rate cut as well as market speculation of additional future central bank easing in Europe and the U.S. The Fund also made solid gains in currencies through its short euro exposure. Lastly, in the agricultural sector, the Fund profited from a surge in grain prices, as hot, dry weather in the U.S. damaged crop yields. Class A, B and I Units finished the month up 4.86%, 5.02% and 4.78%, respectively.

August

In August, investor sentiment towards the future of the Eurozone turned from pessimistic to mildly optimistic. U.S. economic reports, including non-farm payroll data, also came in better than expected. These factors extended the rally in global equities, caused a rebound in the euro and prompted an initial sell-off in safe haven U.S. and German government bonds. As the month progressed, speculation mounted that global central banks would engage in further quantitative easing, which caused bonds to recover from their earlier declines. Rising tensions between Iran and Israel caused crude oil prices to climb, while the U.S. experienced its most widespread drought since 1956, leading to higher grain prices.

During the month, the Fund gave back some of the profits it made in July. The Fund’s short positions in the euro and long positions in the Australian dollar suffered on market reversals. Long bond exposures were also a negative contributor in the first half of the month. The Fund did see gains in long equity and long oil positions. However, the Fund finished the month with a net loss, with Class A, B and I Units down 1.68%, 1.53% and 1.39%, respectively.

37

September

September saw an increase in the scale of global central bank intervention in an attempt to prevent further deterioration of economic growth. The European Central Bank announced a plan to buy unlimited amounts of government bonds of distressed countries such as Spain, in exchange for their accepting austerity reforms. Meanwhile in the U.S., the Fed announced “QE3”, a third round of quantitative easing, involving the purchase of $40 billion of agency-backed mortgages each month for an indefinite period of time. In response, equities rallied worldwide, as did the euro, gold and industrial metals. There was a corresponding sell-off in perceived safe haven assets such as U.S. bonds and the U.S. dollar.

The Fund entered the month with balanced exposure between long equity and long bond positions. The Fund’s gains from the ensuing stock rally offset losses from the decline in bond prices for a flat net impact across these two sectors. However, the Fund did experience losses in other sectors that were unrelated to macroeconomic policy moves. In the agricultural markets, grain prices corrected after their recent run-up, hurting the Fund’s long positions, after reports that the U.S. drought had not damaged crop yields as much as expected. In energy, natural gas prices climbed with the start of cooler temperatures, causing losses for the Fund’s short positions. Overall, the Fund finished the month with a loss, with Class A, B and I units down 2.65%, 2.51% and 2.37%, respectively.

2011

January

Class A Units of the Fund were down 1.42% for the month of January and Class B Units were down 1.27%. The Fund finished lower this month as losses from foreign currencies, interest rate instruments and metals offset profits from energy, equity indices and agricultural commodities. The most significant losses came from the Fund’s positions in international currencies as several exchange prices reversed direction in response to positive economic news in both the U.S. and Europe. Cross-currency trades in several markets, including the British pound/Japanese yen, euro/Australian dollar, and British pound/Australian dollar all reversed and moved against the Fund’s positions during the month. In equity indices, the Fund saw profits from its long positions in both European and U.S. indices. In interest rates, mixed performance among contracts led to a loss in that sector. Gold prices retreated this month generating losses for the Fund’s long positions, while rising prices in cotton, corn and sugar contributed additional profits in agricultural commodities.

February

Class A Units of the Fund were up 2.16% for the month of February and Class B Units were up 2.31%. The Fund finished higher this month as profits from energy, equity indices, metals, agricultural commodities and currencies offset losses in interest rate instruments. The most significant profits came from the Fund’s positions in energy as tensions in the Middle East, and especially in Libya, pushed oil prices higher benefiting the Funds’ long positions in that sector. Global equity prices were volatile this month, but finished higher by the end of the month which added profits from the Fund’s long positions. Both industrial and precious metals prices trended higher, as did agricultural commodity prices. The rising prices from all three of these sectors generated profits for the Fund’s long positions. Prices were mixed in interest rate instruments, with losses offsetting profits in that sector.

March

Class A Units of the Fund were down 2.75% for the month of March and Class B Units were down 2.61%. The Fund finished lower this month with losses in equity indices, agricultural commodities, interest rate instruments and metals. The most significant profits came from the energy markets as events in Japan and Libya sent energy prices sharply higher benefiting the Fund’s long positions. The same global events also generated reversals in global stock indices that went against the Fund’s long positions. Although equity prices rebounded later in the month it wasn’t enough to offset the earlier losses. Agricultural commodity prices led by corn, sugar and cocoa, experienced significant volatility this month. Prices generally moved against the Fund’s long positions generating losses. Prices in interest rate instruments and foreign currencies were mixed this month with losses offsetting profits in that sector.

April

Class A Units of the Fund were up 3.58% for the month of April and Class B Units were up 3.73%. The Fund finished higher this month with profits from currencies, metals, stock indices and energy offsetting losses from interest rate instruments and agricultural commodities. The most significant profits came from the foreign exchange markets, where the Fund’s long positions benefited from significant price appreciation in the Australian dollar relative to several other currencies including the U.S. dollar. Precious metals, including silver and gold, continued to trend higher generating profits for the Fund, although a reversal in industrial metals offset some of those profits. Oil product prices also pushed higher which benefited the Fund’s long positions, but losses from natural gas dampened gains for the energy sector.

May

Class A Units of the Fund were down 5.65% for the month of May and Class B Units were down 5.52%. The Fund finished lower this month with losses from energy, foreign exchange, metals, equity indices and agricultural commodities offsetting profits from interest rate instruments. An abrupt sell-off in physical commodities early in the month sent energy and precious metals prices sharply lower. The most significant losses in these sectors came from long positions in light crude, Brent crude, silver and aluminum. Reports that Greece was considering leaving the euro zone sparked a flight to safety that drove global indices lower and interest rate instruments and the U.S. dollar sharply higher. While the market moves were profitable for the Fund’s long positions in interest rate instruments, they went against the Fund’s long positions in global indices and several foreign currencies which generated losses. In agricultural commodities, losses were mostly in coffee, corn and sugar.

38

June

Class A Units of the Fund were down 3.80% for the month of June and Class B Units were down 3.65%. The Fund finished lower this month with losses in equity indices, energies, agricultural commodities, metals and currencies offsetting profits from interest rate instruments. The markets were relatively quiet during the month, although concerns over Greece’s debt and the end of the Federal Reserve’s quantitative easing program weighed heavily in the news. A modest flight to quality sent equity prices lower and interest rate instruments higher for the second month in a row. While the rise in interest rate instrument prices benefited the Fund, the fall in equity prices went against the Fund’s long positions. Over the past several weeks, the Fund’s trading advisors reduced their long equity positions, reducing the impact. In commodities, improved supply coupled with weaker confidence in the global economy sent prices lower. The decline in commodity prices was led by a drop in energies prices and agricultural commodities, both of which went against the Fund’s long positions.

July

A Units of the Fund were up 4.31% for the month and B Units were up 4.47%. The Fund finished higher this month with profits in interest rate instruments, metals, currencies and energy offsetting losses from equity indices. The Fund’s most significant gains came from its long positions in interest rate instruments. Concerns over a weak U.S. economy, and persistent debt issues in Europe, helped push global bond prices higher, benefiting the Fund’s long positions. In metals, rising prices generated profits for the Fund’s long gold positions, while a weaker dollar benefited the Fund’s long positions in major foreign currencies, especially the Swiss franc, Japanese yen and Australian dollar. Equity indices continued to move sideways without a strong trend, generating some losses. In the energy sector, the Fund’s short positions in natural gas profited from the sustained downward trend in natural gas prices.

August

A Units of the Fund were down 1.56% for the month of August and B Units were down 1.42%. The Fund finished lower this month with losses in currencies, equity indices and energy offsetting profits in interest rate instruments. Metals and agricultural commodities were essentially unchanged for the month. The Fund’s most significant gains came from its positions in interest rate instruments. Persistent concerns over weak European and U.S. economies coupled with lingering debt concerns in Europe, pushed global bond prices higher, generating profits for the Fund’s long positions. In currencies the largest losses came from a sharp sell-off in the Australian dollar in the first week of the month that went against the Fund’s long positions. Following a sharp sell-off in equity markets during the first week of August, the Fund’s trading advisors exited their remaining long positions and went short. For the remainder of the month however, many equity markets bounced from their lows, moving against the Fund’s new positions that generated losses in that sector. In metals, the Fund generated significant profits from long positions in gold although those profits were offset by losses in industrial metals, especially copper.

September

A Units of the Fund were down 0.03% for the month of September and B Units were up 0.12%. The Fund finished the month virtually un-changed, as profits from interest rate instruments, equities and metals were offset by losses from agricultural commodities, energy and currencies. The Fund’s most significant gains came from its long positions in interest rate instruments. Both the equity and interest rate sectors were impacted by concerns about the global economy and sovereign debt issues that are playing out in Europe and the U.S. By the end of the month, stocks and interest rates were lower, which generated profits for the Fund’s long positions in interest rate instruments and its short positions in equity indices. In metals, profits from short positions in industrial metals offset losses from long positions in precious metals. In agricultural commodities, as well as the energy sector, the Fund’s long positions generated losses as the prices for many of the physical commodities declined during the month.

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 Fund trades in futures and forward currency contracts, and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if the commodity trading advisors were unable to offset futures interest positions of the Fund, the Fund could lose all of its assets and the limited partners would realize a 100% loss. The General Partner minimizes market risk through diversification of the portfolio allocations to multiple trading advisors, and maintenance of a margin-to-equity ratio that rarely exceeds 30%.

39

In addition to subjecting the Fund to market risk, upon entering into futures and forward currency contracts there is a risk that the counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this risk. In cases where the clearinghouse is not backed by the clearing members, as is the case with some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions, thus there may be a greater counterparty risk. The General Partner utilized only those counterparties that it believes to be creditworthy for the Fund. All positions of the Fund are valued each day on a mark-to-market basis. There can be no assurance, however, that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund invests in U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, certificates of deposit, commercial paper and corporate notes. Should an issuing entity default on its obligation to the Fund and such entity is not backed by the full faith and credit of the U.S. government, the Fund bears the risk of loss of the amount expected to be received. The Fund minimizes this risk by only investing in securities and certificates of deposit of firms with high quality debt ratings.

Significant Accounting Estimates

A summary of the Fund’s significant accounting policies are included in Note 1 to the consolidated financial statements.

The Fund’s most significant accounting policy is the valuation of its assets invested in U.S. and foreign futures and forward currency contracts, and fixed income instruments. The Fund’s futures contracts are exchange-traded, with the fair value of these contracts based on exchange settlement prices. The fair values of non-exchange-traded contracts, such as forward currency contracts, are based on third-party quoted dealer values on the interbank market. The fair value of money market funds is based quoted market prices for identical shares. U.S. Treasury securities are stated at fair value based on quoted market prices for identical assets in an active market. Notes of U.S. and foreign government sponsored enterprises, as well as certificates of deposit, commercial paper and corporate notes, are stated at fair value based on quoted market prices for similar assets in an active market. Given the valuation sources, there is little judgment or uncertainty involved in the valuation of these assets, and it is unlikely that materially different amounts would be reported under different valuation methodologies or assumptions.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Introduction

The market-sensitive instruments held by the Fund are acquired for speculative trading purposes, and all or substantially all of the Fund's assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Fund's main line of business.

Market movements result in frequent changes in the fair market value of the Fund's open positions and, consequently, in its earnings and cash flow. The Fund's market risk is influenced by a wide variety of factors, including the level and volatility of exchange rates, interest rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Fund's open positions and the liquidity of the markets in which it trades. The Fund rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Fund's past performance cannot be relied on as indicative of its future results.

Standard of Materiality

Materiality as used in this section, Quantitative and Qualitative Disclosures about Market Risk, is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the Fund's market sensitive instruments.

Quantifying the Fund’s Trading Value at Risk

The following quantitative disclosures regarding the Fund's market risk exposures contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact.

Value at Risk is a measure of the maximum amount which the Fund could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Fund's speculative trading and the recurrence in the markets traded by the Fund to market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Fund's experience to date (i.e., "risk of ruin"). Risk of ruin is defined to be no more than a 5% chance of losing 20% or more on a monthly basis. In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Fund's losses in any market sector will be limited to Value at Risk or by the Fund's attempts to manage its market risk.

40

The Fund's risk exposure in the various market sectors traded by the Fund’s Trading Advisors is quantified below in terms of Value at Risk. Due to mark-to-market accounting, any loss in the fair value of the Fund's open positions is directly reflected in the Fund's earnings.

Exchange margin requirements have been used by the Fund as the measure of its Value at Risk. Margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95% - 99% of any one-day interval. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

In the case of market sensitive instruments that are not exchange-traded (includes currencies, certain energy products and metals), the margin requirements required by the forward counterparty is used as Value at Risk.

In quantifying the Fund's Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category's aggregate Value at Risk. The diversification effects resulting from the fact that the Fund's positions are rarely, if ever, 100% positively correlated, have not been reflected.

Value at Risk as calculated herein may not be comparable to similarly titled measures used by others.

The Fund’s Trading Value at Risk in Different Market Sectors

The following table indicates the trading Value at Risk associated with the Fund's open positions by market sector at September 30, 2012 and December 31, 2011. All open position trading risk exposures of the Fund have been included in calculating the figures set forth below.

	September 30, 2012					December 31, 2011
Market Sector	Value at Risk		% of Total Capitalization			Value at Risk		% of Total Capitalization
Agricultural commodities	$	16,377,144		1.18	%	$	14,326,308		0.97	%
Currencies		59,318,633		4.26			39,181,399		2.64
Energy		11,483,002		0.82			16,421,733		1.11
Equity indices		83,148,974		5.97			29,852,293		2.01
Interest rate instruments		62,597,120		4.50			67,417,861		4.55
Metals		26,063,761		1.87			22,681,640		1.53
Single stock futures		4,123,437		0.30			1,582,289		0.11
Total	$	263,112,071		18.90	%	$	191,463,523		12.92	%

Material Limitations on Value at Risk as an Assessment of Market Risk.

The face value of the market sector instruments held by the Fund is typically many times the applicable margin requirement (margin requirements generally range between 1% and 10% of contract face value) as well as many times the capitalization of the Fund. The magnitude of the Fund's open positions creates a "risk of ruin" not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions - unusual, but historically recurring from time to time - could cause the Fund to incur severe losses over a short period of time. The foregoing Value at Risk table – as well as the past performance of the Fund – gives no indication of this "risk of ruin."

Non-Trading Risk

The Fund has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Fund also has non-trading market risk as a result of investing a substantial portion of its available assets in U.S. Treasury securities, U.S. government sponsored enterprise notes, commercial paper, corporate notes and certificates of deposit. Although these investments are considered to be high quality, some of the securities purchased are neither guaranteed by the U.S. government nor supported by the full faith and credit of the U.S. government. There is some risk that a security issuer may fail to pay the interest and principal in a timely manner, or that negative perceptions about the issuer’s ability to make such payments will cause the price of these instruments to decline in value.

41

Qualitative Disclosures Regarding Primary Trading Risk Exposures.

The following qualitative disclosures regarding the Fund's market risk exposures - except for those disclosures that are statements of historical fact and the descriptions of how the Fund manages its primary market risk exposures - constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, (“1933 Act”) and Section 21E of the Securities Exchange Act of 1934, (“1934 Act”).

The Fund's primary market risk exposures as well as the strategies used and to be used by the Fund’s Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Fund's risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Fund. There can be no assurance that the Fund's current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Fund.

The following were the primary trading risk exposures of the Fund as of September 30, 2012, by market sector.

Agricultural Commodities

The Fund’s primary exposure is due to price movements in agricultural commodities, which are often directly affected by severe or unexpected weather conditions as well as other factors. The Fund's agricultural exposure is primarily to cotton, coffee, cocoa, rubber, corn, soybeans, sugar and wheat.

Currencies

The Fund's currency risk exposure is due to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Fund trades various currencies, including cross-rates (i.e., positions between two currencies other than the U.S. dollar). The General Partner does not anticipate that the risk profile of the Fund's currency sector will change significantly in the future.

Energy

The Fund's primary energy market exposure is due to gas and oil price movements, often resulting from political developments, ongoing conflicts or production disruptions in the Middle East and other oil producing nations. Crude oil, heating oil, unleaded gas and natural gas are the dominant energy market exposures of the Fund. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Equity Indices

The Fund's primary equity exposure is due to equity price risk in many countries other than the U.S. Additionally, the Fund bears the risk that static markets would not cause major market changes but would make it difficult for the Fund to avoid being "whipsawed" into numerous small losses. The equity futures traded by the Fund are limited to futures on broadly based indices. The Fund is primarily exposed to the risk of adverse price trends or static markets in the major Australian, Canadian, European, Hong Kong, Japanese and U.S. indices.

Interest Rate Instruments

Interest rate risk is a significant market exposure of the Fund. Interest rate movements directly affect the price of the sovereign bond futures positions held by the Fund and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries materially impact the Fund's profitability. The Fund's primary interest rate exposure is mainly in, but not limited to, interest rate fluctuations in the U.S., Japan, Great Britain, the European Economic Union, Sweden, Canada, Australia and New Zealand. The General Partner anticipates that interest rates fluctuations will remain the primary market exposure of the Fund for the foreseeable future.

Metals

The Fund's metals market exposure is primarily due to fluctuations in the price of aluminum, copper, gold, silver, nickel, platinum, lead and zinc.

42

Single Stock Futures

The Fund has a very small exposure to Single Stock Futures (“SSF”). The Fund’s SSF exposure is primarily due to adverse price movements in the underlying stock.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only non-trading risk exposures of the Fund as of September 30, 2012.

Foreign Currency Balances

The Fund's primary foreign currency balances are in euros, Japanese yen, British pounds, Australian dollars, Hong Kong dollars and Canadian dollars. The Fund controls the non-trading risk of these balances by regularly converting these balances back into dollars.

U.S. Treasury Securities, U.S. and Foreign Government Sponsored Enterprise Notes, Commercial Paper, Corporate Notes and Certificates of Deposit

Monies in excess of margin requirements are invested in fixed income instruments, including U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, commercial paper, corporate notes and certificates of deposit. Fluctuations in prevailing interest rates could cause mark-to-market gains or losses on the Fund's investments; although substantially all of these investments are held to maturity.

Qualitative Disclosures Regarding Means of Managing Risk Exposure

The means by which the Fund and the Fund’s trading advisors, severally, attempt to manage the risk of the Fund's open positions is essentially the same in all market sectors traded. The Fund’s trading advisors apply risk management policies to their respective trading which generally limit the total exposure that may be taken. In addition, the trading advisors generally follow proprietary diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups).

The Fund is not aware of any (i) anticipated known demands, commitments or capital expenditures, (ii) material trends, favorable or unfavorable, in its capital resources, or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Fund generally uses a small percentage of assets as margin, the Fund does not believe that any proposed increase in margin requirements will have a material effect on the Fund's operations.

Item 4. Controls and Procedures

The General Partner, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Fund’s disclosure controls and procedures at September 30, 2012 (the “Evaluation Date”). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer of the General Partner concluded that, as of the Evaluation Date, the Fund’s disclosure controls and procedures were effective.

There has been no change in internal control over financial reporting that occurred during the period ended September 30, 2012 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

PART II: OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 1A. Risk Factors.

There have been no material changes from risk factors disclosed in the Fund’s Form 10-K for year ended December 31, 2011.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

43

There were no sales of unregistered securities of the Fund during the nine months ended September 30, 2012. Under the Fund’s Partnership Agreement, limited partners may redeem their Units at the end of each calendar month at the then current month-end net asset value per Unit. Redemptions of Units during the third quarter of 2012 were as follows:

	July		August		September		Total
A Units
Units redeemed		1,894.1225		2,099.0513		2,305.1739		6,298.3477
Average net asset value per Unit	$	4,658.31	$	4,580.11	$	4,458.68	$	4,559.18
B Units
Units redeemed		836.2521		1,296.4226		1,326.9845		3,459.6592
Average net asset value per Unit	$	6,391.04	$	6,293.08	$	6,135.36	$	6,256.26

There were no redemptions of Class I Units during the third quarter of 2012.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed herewith of incorporated by reference.

Exhibit No.	Description of Exhibit
1.1 *	Form of Selling Agreement
3.1 *	Maryland Certificate of Limited Partnership
4.1 *	Limited Partnership Agreement
10.1 *	Form of Subscription Agreement
31.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
32.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002

* Filed with the Registrant’s Form 10, filed on April 29, 2004, and incorporated herein by reference.

44

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the General Partner of the Registrant in the capacities and on the date indicated.

Dated:  November 14, 2012		Futures Portfolio Fund, Limited Partnership
	By:	Steben & Company, Inc.
		General Partner
	By:	/s/ Kenneth E. Steben
	Name:	Kenneth E. Steben
	Title:	President, Chief Executive Officer and Director of the General Partner
		(Principal Executive Officer)
	By:	/s/ Carl A. Serger
	Name:	Carl A. Serger
	Title:	Chief Financial Officer and Director of the General Partner
		(Principal Financial and Accounting Officer)

45

EX-31.01

EXHIBIT 31.01

Certification in Accordance with Section 302 of the Sarbanes-Oxley Act of 2002

I, Kenneth E. Steben, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Futures Portfolio Fund, Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 14, 2012
By:	/s/ Kenneth E. Steben
	Kenneth E. Steben
	President, Chief Executive Officer and Director of the General Partner

EX-31.02

EXHIBIT 31.02

Certification in Accordance with Section 302 of the Sarbanes-Oxley Act of 2002

I, Carl A. Serger, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Futures Portfolio Fund, Limited Partnership;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 14, 2012
By:	/s/ Carl A. Serger
	Carl A. Serger
	Chief Financial Officer and Director of the General Partner

EX-32.01

EXHIBIT 32.01

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Futures Portfolio Fund, Limited Partnership (“Fund”), on Form 10-Q for the quarter ended September 30, 2012 as filed with the U.S. Securities and Exchange Commission on the date hereof (“Report”), I, Kenneth E. Steben, President and Chief Executive Officer of Steben & Company, Inc., the General Partner of the Fund, certify, pursuant to §906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the U.S. Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:	November 14, 2012
By:	/s/ Kenneth E. Steben
	Kenneth E. Steben
	President and Chief Executive Officer of the General Partner

EX-32.02

EXHIBIT 32.02

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Futures Portfolio Fund, Limited Partnership (“Fund”), on Form 10-Q for the quarter ended September 30, 2012 as filed with the U.S. Securities and Exchange Commission on the date hereof (“Report”), I, Carl A. Serger, Chief Financial Officer of Steben & Company, Inc., the General Partner of the Fund, certify, pursuant to §906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the U.S. Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:	November 14, 2012
By:	/s/ Carl A. Serger
	Carl A. Serger
	Chief Financial Officer of the General Partner

XML

Derivative Instruments Disclosures (Details Textual)					3 Months Ended		9 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2012 Open Futures Contracts [Member]	Dec. 31, 2011 Open Futures Contracts [Member]	Sep. 30, 2012 Open Forward Contracts [Member]	Dec. 31, 2011 Open Forward Contracts [Member]	Sep. 30, 2012 Future [Member]	Sep. 30, 2011 Future [Member]	Sep. 30, 2012 Future [Member]	Sep. 30, 2011 Future [Member]	Sep. 30, 2012 Forward Contracts [Member]	Sep. 30, 2011 Forward Contracts [Member]	Sep. 30, 2012 Forward Contracts [Member]	Sep. 30, 2011 Forward Contracts [Member]
Derivative, Number of Instruments Held	125,472	92,423	2,179	1,716
Derivative Instrument Closed During Period					357,885	266,962	1,064,967	854,994	10,445	14,011	31,196	36,972

XML

Financial Highlights (Details) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2012		Sep. 30, 2011		Sep. 30, 2012		Sep. 30, 2011
Capital Unit Class A [Member]
Net asset value per Unit at beginning of period	$ 4,442.34		$ 4,590.75		$ 4,527.45		$ 4,985.84
Gain (loss) from trading(1)	$ 68.59	[1]	$ 229.17	[1]	$ 112.01	[1]	$ (20.56)	[1]
Net investment loss(1)	$ (52.25)	[1]	$ (107.16)	[1]	$ (180.78)	[1]	$ (252.52)	[1]
Total loss from operations	$ 16.34		$ 122.01		$ (68.77)		$ (273.08)
Net asset value per Unit at end of period	$ 4,458.68		$ 4,712.76		$ 4,458.68		$ 4,712.76
Total return (4)	0.37%	[2]	2.66%	[2]	(1.52%)	[2]	(5.48%)	[2]
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)	5.65%	[3],[4]	6.04%	[3],[4]	5.78%	[3],[4]	5.89%	[3],[4]
Trading Advisor incentive fees (4)	0.01%	[2]	0.42%	[2]	0.64%	[2]	0.67%	[2]
General Partner 1% allocation (4)	0.00%	[2]	0.03%	[2]	(0.01%)	[2]	(0.06%)	[2]
Total expenses	5.66%		6.49%		6.41%		6.50%
Net investment loss (2) (3) (5)	(4.55%)	[3],[4],[5]	(7.32%)	[3],[4],[5]	(4.47%)	[3],[4],[5]	(6.15%)	[3],[4],[5]
Capital Unit Class B [Member]
Net asset value per Unit at beginning of period	$ 6,085.67		$ 6,178.02		$ 6,147.29		$ 6,650.67
Gain (loss) from trading(1)	$ 93.1	[1]	$ 308.5	[1]	$ 150.67	[1]	$ (27.97)	[1]
Net investment loss(1)	$ (43.41)	[1]	$ (116.11)	[1]	$ (162.6)	[1]	$ (252.29)	[1]
Total loss from operations	$ 49.69		$ 192.39		$ (11.93)		$ (280.26)
Net asset value per Unit at end of period	$ 6,315.36		$ 6,370.41		$ 6,315.36		$ 6,370.41
Total return (4)	0.82%	[2]	3.11%	[2]	(0.19%)	[2]	(4.21%)	[2]
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)	3.81%	[3],[4]	4.20%	[3],[4]	3.96%	[3],[4]	4.06%	[3],[4]
Trading Advisor incentive fees (4)	0.01%	[2]	0.42%	[2]	0.64%	[2]	0.68%	[2]
General Partner 1% allocation (4)	0.01%	[2]	0.03%	[2]	0.00%	[2]	(0.04%)	[2]
Total expenses	3.83%		4.65%		4.60%		4.70%
Net investment loss (2) (3) (5)	(2.71%)	[3],[4],[5]	(5.52%)	[3],[4],[5]	(2.64%)	[3],[4],[5]	(4.33%)	[3],[4],[5]
Capital Unit Class I [Member]
Net asset value per Unit at beginning of period	$ 947.8	[6]	$ 0	[6]	$ 1,000.00	[6]	$ 0	[6]
Gain (loss) from trading(1)	$ 10.2	[1],[6]	$ 0	[1],[6]	$ (41.25)	[1],[6]	$ 0	[1],[6]
Net investment loss(1)	$ (1.96)	[1],[6]	$ 0	[1],[6]	$ (2.71)	[1],[6]	$ 0	[1],[6]
Total loss from operations	$ 8.24	[6]	$ 0	[6]	$ (43.96)	[6]	$ 0	[6]
Net asset value per Unit at end of period	$ 956.04	[6]	$ 0	[6]	$ 956.04	[6]	$ 0	[6]
Total return (4)	0.87%	[2],[6]	0.00%	[2],[6]	(4.40%)	[2],[6]	0.00%	[2],[6]
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)	1.14%	[3],[4],[6]	0.00%	[3],[4],[6]	1.07%	[1],[3],[6]	0.00%	[3],[4],[6]
Trading Advisor incentive fees (4)	0.00%	[2],[6]	0.00%	[2],[6]	0.00%	[2],[6]	0.00%	[2],[6]
General Partner 1% allocation (4)	0.00%	[2],[6]	0.00%	[2],[6]	(0.02%)	[2],[6]	0.00%	[2],[6]
Total expenses	1.14%	[6]	0.00%	[6]	1.05%	[6]	0.00%	[6]
Net investment loss (2) (3) (5)	(0.79%)	[3],[4],[5],[6]	0.00%	[3],[4],[5],[6]	(0.73%)	[3],[4],[5],[6]	0.00%	[3],[4],[5],[6]

[1] The net investment loss per Unit is calculated by dividing the net investment loss by the average number of Class A or Class B Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. Such balancing amount may differ from the calculation ofgain (loss) from trading per Unit due to the timing of trading gains and losses during the period relative to the number of Units outstanding.

[2] Ratios have not been annualized.

[3] Ratios have been annualized.

[4] The net investment loss includes interest income and excludes net realized and net change in unrealized loss from trading activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading loss in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

[5] Ratio excludes Trading Advisor incentive fees and General Partner 1% allocation.

[6] Class I units were introduced on June 1, 2012, therefore the performance for Class I units is for the four month period ended September 30, 2012.

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Trading Activities and Related Risks (Tables)

9 Months Ended

Sep. 30, 2012

Derivatives Trading Activities and Related Risks [Abstract]

Investment Holdings, Schedule of Investments [Table Text Block]

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.  The following table presents the exposure at September 30, 2012.

			Gov't										% of
	U.S .		Sponsored										Partners'
	Treasury		Enterprise		Commercial				Certificates of				Capital (Net
Country or Region	Securities		Notes		Paper		Corporate Notes		Deposit		Total		Asset Value)
United States	$	73,813,839	$	34,774,376	$	64,069,566	$	447,808,146	$	75,574,259	$	696,040,186		50.02	%
Canada		-		-		3,599,776		26,306,777		5,771,097		35,677,650		2.56	%
Netherlands		-		-		-		33,687,582		-		33,687,582		2.42	%
Australia		-		-		12,135,941		18,488,285		2,054,447		32,678,673		2.35	%
Great Britain		-		-		11,486,512		18,373,493		-		29,860,005		2.15	%
France		-		-		3,899,477		17,396,911		-		21,296,388		1.53	%
Japan		-		-		2,549,605		5,998,796		9,542,287		18,090,688		1.30	%
Netherland Antilles		-		-		-		10,055,141		-		10,055,141		0.72	%
Singapore		-		-		8,844,919		-		-		8,844,919		0.64	%
Germany		-		-		-		5,000,754		-		5,000,754		0.36	%
Denmark		-		-		-		4,963,396		-		4,963,396		0.36	%
Multinational		-		-		-		4,761,431		-		4,761,431		0.34	%
South America multinational		-		-		4,248,722		-		-		4,248,722		0.31	%
Switzerland		-		-		-		4,114,960		-		4,114,960		0.30	%
Luxumberg		-		-		3,799,964		-		-		3,799,964		0.27	%
Total	$	73,813,839	$	34,774,376	$	114,634,482	$	596,955,672	$	92,942,090	$	913,120,459		65.63	%

The following table presents the exposure at December 31, 2011.

			Gov't										% of
	U.S .		Sponsored										Partners'
	Treasury		Enterprise		Commercial				Certificates				Capital (Net
Country or Region	Securities		Notes		Paper		Corporate Notes		of Deposit		Total		Asset Value)
United States	$	78,149,854	$	85,904,711	$	98,768,308	$	482,040,564	$	52,532,831	$	797,396,268		53.81	%
Australia		-		-		10,947,333		43,034,651		-		53,981,984		3.64	%
Great Britain		-		-		4,368,743		42,486,268		-		46,855,011		3.16	%
Canada		-		-		3,999,878		20,717,866		16,234,290		40,952,034		2.76	%
Netherlands		-		-		-		37,456,257		1,750,115		39,206,372		2.64	%
France		-		1,005,116		3,999,767		21,599,835		6,592,215		33,196,933		2.24	%
Japan		-		-		12,498,107		-		12,561,062		25,059,169		1.69	%
Netherland Antilles		-		-		4,349,903		9,945,168		-		14,295,071		0.96	%
Sweden		-		-		-		5,344,511		5,253,930		10,598,441		0.71	%
Germany		-		-		-		4,998,167		-		4,998,167		0.34	%
Denmark		-		-		-		4,835,163		-		4,835,163		0.33	%
Singapore		-		-		4,295,759		-		-		4,295,759		0.29	%
South America multi-national		-		-		3,748,485		-		-		3,748,485		0.25	%
Europe multi-national		-		3,267,754		-		-		-		3,267,754		0.22	%
Luxumberg		-		-		3,249,154		-		-		3,249,154		0.22	%
Norway		-		-		2,999,413		-		-		2,999,413		0.20	%
Africa multi-national		-		2,825,080		-		-		-		2,825,080		0.19	%
Total	$	78,149,854	$	93,002,661	$	153,224,850	$	672,458,450	$	94,924,443	$	1,091,760,258		73.65	%

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Trading Activities and Related Risks

9 Months Ended

Sep. 30, 2012

Derivatives Trading Activities and Related Risks [Abstract]

Derivatives Trading Activities and Related Risks [Text Block]

8. Trading Activities and Related Risks

The Fund engages in the speculative trading of futures and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses Newedge USA, LLC and JP Morgan Securities, LLC as its futures brokers and Newedge UK Financial Limited and UBG AG as its forward currency counterparties.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short.

In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments. Prior to April 2011, the Fund used UBS Financial Services, Inc. and Bank of America Merrill Lynch as its cash management securities brokers.

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.  The following table presents the exposure at September 30, 2012.

			Gov't										% of
	U.S .		Sponsored										Partners'
	Treasury		Enterprise		Commercial				Certificates of				Capital (Net
Country or Region	Securities		Notes		Paper		Corporate Notes		Deposit		Total		Asset Value)
United States	$	73,813,839	$	34,774,376	$	64,069,566	$	447,808,146	$	75,574,259	$	696,040,186		50.02	%
Canada		-		-		3,599,776		26,306,777		5,771,097		35,677,650		2.56	%
Netherlands		-		-		-		33,687,582		-		33,687,582		2.42	%
Australia		-		-		12,135,941		18,488,285		2,054,447		32,678,673		2.35	%
Great Britain		-		-		11,486,512		18,373,493		-		29,860,005		2.15	%
France		-		-		3,899,477		17,396,911		-		21,296,388		1.53	%
Japan		-		-		2,549,605		5,998,796		9,542,287		18,090,688		1.30	%
Netherland Antilles		-		-		-		10,055,141		-		10,055,141		0.72	%
Singapore		-		-		8,844,919		-		-		8,844,919		0.64	%
Germany		-		-		-		5,000,754		-		5,000,754		0.36	%
Denmark		-		-		-		4,963,396		-		4,963,396		0.36	%
Multinational		-		-		-		4,761,431		-		4,761,431		0.34	%
South America multinational		-		-		4,248,722		-		-		4,248,722		0.31	%
Switzerland		-		-		-		4,114,960		-		4,114,960		0.30	%
Luxumberg		-		-		3,799,964		-		-		3,799,964		0.27	%
Total	$	73,813,839	$	34,774,376	$	114,634,482	$	596,955,672	$	92,942,090	$	913,120,459		65.63	%

The following table presents the exposure at December 31, 2011.

			Gov't										% of
	U.S .		Sponsored										Partners'
	Treasury		Enterprise		Commercial				Certificates				Capital (Net
Country or Region	Securities		Notes		Paper		Corporate Notes		of Deposit		Total		Asset Value)
United States	$	78,149,854	$	85,904,711	$	98,768,308	$	482,040,564	$	52,532,831	$	797,396,268		53.81	%
Australia		-		-		10,947,333		43,034,651		-		53,981,984		3.64	%
Great Britain		-		-		4,368,743		42,486,268		-		46,855,011		3.16	%
Canada		-		-		3,999,878		20,717,866		16,234,290		40,952,034		2.76	%
Netherlands		-		-		-		37,456,257		1,750,115		39,206,372		2.64	%
France		-		1,005,116		3,999,767		21,599,835		6,592,215		33,196,933		2.24	%
Japan		-		-		12,498,107		-		12,561,062		25,059,169		1.69	%
Netherland Antilles		-		-		4,349,903		9,945,168		-		14,295,071		0.96	%
Sweden		-		-		-		5,344,511		5,253,930		10,598,441		0.71	%
Germany		-		-		-		4,998,167		-		4,998,167		0.34	%
Denmark		-		-		-		4,835,163		-		4,835,163		0.33	%
Singapore		-		-		4,295,759		-		-		4,295,759		0.29	%
South America multi-national		-		-		3,748,485		-		-		3,748,485		0.25	%
Europe multi-national		-		3,267,754		-		-		-		3,267,754		0.22	%
Luxumberg		-		-		3,249,154		-		-		3,249,154		0.22	%
Norway		-		-		2,999,413		-		-		2,999,413		0.20	%
Africa multi-national		-		2,825,080		-		-		-		2,825,080		0.19	%
Total	$	78,149,854	$	93,002,661	$	153,224,850	$	672,458,450	$	94,924,443	$	1,091,760,258		73.65	%

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Trading Advisors and Cash Managers (Details Textual)	9 Months Ended
	Sep. 30, 2012
Cash Manager Payable Description	Equal to approximately 1/12th of 0.11% of the investments in securities and certificates of deposit.
Minimum [Member]
Investment Advisory Fees, Percentage	0.00%
Investment Advisor Incentive Fees, Percentage	10.00%
Maximum [Member]
Investment Advisory Fees, Percentage	2.00%
Investment Advisor Incentive Fees, Percentage	30.00%

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Derivative Instruments Disclosures (Details) (USD $)	Sep. 30, 2012		Dec. 31, 2011
Net unrealized gain (loss) on open futures contracts	$ (1,200,118)	[1]	$ 38,413,627	[1]
Net unrealized gain on open forward currency contracts	792,811	[1]	271,390	[1]
Agricultural Commodities [Member]
Net unrealized gain (loss) on open futures contracts	(3,066,717)		(1,966,449)
Currencies [Member]
Net unrealized gain (loss) on open futures contracts	(717,591)		9,821,584
Energy Related Derivative [Member]
Net unrealized gain (loss) on open futures contracts	221,223		7,407,656
Equity Indices [Member]
Net unrealized gain (loss) on open futures contracts	(18,155,403)		2,303,509
Interest Rate Contract [Member]
Net unrealized gain (loss) on open futures contracts	22,957,666		22,796,475
Metals [Member]
Net unrealized gain (loss) on open futures contracts	(2,069,810)		(1,968,858)
Single-Stock Future [Member]
Net unrealized gain (loss) on open futures contracts	(369,486)		19,710
Derivative Financial Instruments, Assets [Member]
Net unrealized gain (loss) on open futures contracts	65,578,021		70,115,658
Net unrealized gain on open forward currency contracts	4,888,508		5,681,721
Derivative Financial Instruments, Assets [Member] | Agricultural Commodities [Member]
Net unrealized gain (loss) on open futures contracts	3,298,855		4,907,935
Derivative Financial Instruments, Assets [Member] | Currencies [Member]
Net unrealized gain (loss) on open futures contracts	3,071,507		11,500,940
Derivative Financial Instruments, Assets [Member] | Energy Related Derivative [Member]
Net unrealized gain (loss) on open futures contracts	5,644,698		9,356,447
Derivative Financial Instruments, Assets [Member] | Equity Indices [Member]
Net unrealized gain (loss) on open futures contracts	2,460,179		4,557,650
Derivative Financial Instruments, Assets [Member] | Interest Rate Contract [Member]
Net unrealized gain (loss) on open futures contracts	26,603,508		27,554,583
Derivative Financial Instruments, Assets [Member] | Metals [Member]
Net unrealized gain (loss) on open futures contracts	24,470,289		12,182,871
Derivative Financial Instruments, Assets [Member] | Single-Stock Future [Member]
Net unrealized gain (loss) on open futures contracts	28,985		55,232
Derivative Financial Instruments, Liabilities [Member]
Net unrealized gain (loss) on open futures contracts	(66,778,139)		(31,702,031)
Net unrealized gain on open forward currency contracts	4,095,697		(5,410,331)
Derivative Financial Instruments, Liabilities [Member] | Agricultural Commodities [Member]
Net unrealized gain (loss) on open futures contracts	(6,365,572)		(6,874,384)
Derivative Financial Instruments, Liabilities [Member] | Currencies [Member]
Net unrealized gain (loss) on open futures contracts	(3,789,098)		(1,679,356)
Derivative Financial Instruments, Liabilities [Member] | Energy Related Derivative [Member]
Net unrealized gain (loss) on open futures contracts	(5,423,475)		(1,948,791)
Derivative Financial Instruments, Liabilities [Member] | Equity Indices [Member]
Net unrealized gain (loss) on open futures contracts	(20,615,582)		(2,254,141)
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Contract [Member]
Net unrealized gain (loss) on open futures contracts	(3,645,842)		(4,758,108)
Derivative Financial Instruments, Liabilities [Member] | Metals [Member]
Net unrealized gain (loss) on open futures contracts	(26,540,099)		(14,151,729)
Derivative Financial Instruments, Liabilities [Member] | Single-Stock Future [Member]
Net unrealized gain (loss) on open futures contracts	$ (398,471)		$ (35,522)

[1] See the consolidated condensed schedule of investments for further description.

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Financial Highlights (Details Textual)	Sep. 30, 2012
Partnership Net Income Loss Allocation Percentage	1.00%

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Foreign Government Sponsored Enterprise Notes (Foreign [Member] Government Sponsored Enterprise Notes [Member], USD $)		12 Months Ended
	Dec. 31, 2011	Dec. 31, 2011 One Point Eight Eight Percent African Development Bank Maturing At 23-January-2012 [Member]		Dec. 31, 2011 Four Point Six Three Percent European Investment Bank Maturing At 21-March-2012 [Member]		Dec. 31, 2011 Two Point Two Five Percent Soc. De Financement De L'Economie Francaise Maturing At 11-June-2012 [Member]
Face Value		$ 2,800,000		$ 3,200,000		$ 1,000,000
Maturity Date		Jan. 23, 2012		Mar. 21, 2012		Jun. 11, 2012
Yield1		1.88%	[1]	4.63%	[1]	2.25%	[1]
Fair Value	7,097,950	2,825,080		3,267,754		1,005,116
% of Partners' Capital (Net Asset Value)	0.48%	0.19%		0.22%		0.07%
Investment Owned, at Cost	$ 7,208,542

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

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Deposits with Brokers (Details Textual) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Margin Deposit Assets Requirement	$ 243,955,040	$ 175,593,513

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Organization and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Basis Of Accounting, Policy [Policy Text Block]

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Consolidation, Policy [Policy Text Block]

Consolidation

The accompanying consolidated financial statements include the accounts of the Fund and SIF, for which the Fund is the sole member. All material intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This 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 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include exchange-traded derivatives, U.S. Treasury securities and money market funds.

Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, commercial paper, corporate notes, certificates of deposit and U.S. government sponsored enterprise notes.

Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’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 Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the periods ended September 30, 2012 and December 31, 2011, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are classified within Level 2.

The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

Cash and cash equivalents may include cash, money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Commissions, Policy [Policy Text Block]

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable [Policy Text Block]

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Tax, Policy [Policy Text Block]

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through September 30, 2012. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2009.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund 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 investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

Reclassification [Policy Text Block]

Reclassification

Certain amounts reported in the 2011 consolidated financial statements have been reclassified to conform to the 2012 presentation without affecting previously reported partners’ capital (net asset value).

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance to converge the fair value measurement guidance in GAAP and International Financial Reporting Standards.  This new guidance clarifies the application of existing fair value measurement requirements, changes a particular principle of fair value measurement, and requires additional fair value disclosures.  The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. The Fund is currently evaluating the effect that the provisions of this guidance will have on the Fund’s financial statements.

In November 2011, the FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.  This guidance is effective for the Fund’s annual and interim periods beginning January 1, 2013.  When effective, the Fund will provide the disclosures required by those amendments retrospectively for all comparative periods presented.  The adoption of this guidance is not expected to have a material impact on the financial position or results of operations.

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Financial Highlights

9 Months Ended

Sep. 30, 2012

Supplemental Financial Information Disclosure [Abstract]

Supplemental Financial Information Disclosure [Text Block]

11. Financial Highlights

The following information presents per unit operating performance data and other financial ratios for the three and nine months ended September 30, 2012 and 2011, assuming the unit was outstanding throughout the entire period:

	Three Months Ended September 30,
	2012									2011
	Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	4,442.34		$	6,085.67		$	947.80		$	4,590.75		$	6,178.02		$	—
Gain from operations
Gain from trading(1)		68.59			93.10			10.20			229.17			308.50			—
Net investment loss(1)		(52.25	)		(43.41	)		(1.96	)		(107.16	)		(116.11	)		—
Total gain from operations		16.34			49.69			8.24			122.01			192.39			—
Net asset value per Unit at end of period	$	4,458.68		$	6,135.36		$	956.04		$	4,712.76		$	6,370.41		$	—
Total return (4)		0.37	%		0.82	%		0.87	%		2.66	%		3.11	%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)		5.65	%		3.81	%		1.14	%		6.04	%		4.20	%		—
Trading Advisor incentive fees (4)		0.01	%		0.01	%		0.00	%		0.42	%		0.42	%		—
General Partner 1% allocation (4)		0.00	%		0.01	%		0.00	%		0.03	%		0.03	%		—
Total expenses		5.66	%		3.83	%		1.14	%		6.49	%		4.65	%		—
Net investment loss (2) (3) (5)		(4.55	)%		(2.71	)%		(0.79	)%		(7.32	)%		(5.52	)%		—

	Nine Months Ended September 30,
	2012									2011
	Class A			Class B			Class I†			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	4,527.45		$	6,147.29		$	1,000.00		$	4,985.84		$	6,650.67		$	—
Loss from operations
Gain (loss) from trading(1)		112.01			150.67			(41.25	)		(20.56	)		(27.97	)		—
Net investment loss(1)		(180.78	)		(162.60	)		(2.71	)		(252.52	)		(252.29	)		—
Total loss from operations		(68.77	)		(11.93	)		(43.96	)		(273.08	)		(280.26	)		—
Net asset value per Unit at end of period	$	4,458.68		$	6,315.36		$	956.04		$	4,712.76		$	6,370.41		$	—
Total return (4)		(1.52	)%		(0.19	)%		(4.40	)%		(5.48	)%		(4.21	)%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)		5.78	%		3.96	%		1.07	%		5.89	%		4.06	%		—
Trading Advisor incentive fees (4)		0.64	%		0.64	%		0.00	%		0.67	%		0.68	%		—
General Partner 1% allocation (4)		(0.01	)%		0.00	%		(0.02	)%		(0.06	)%		(0.04	)%		—
Total expenses		6.41	%		4.60	%		1.05	%		6.50	%		4.70	%		—
Net investment loss (2) (3) (5)		(4.47	)%		(2.64	)%		(0.73	)%		(6.15	)%		(4.33	)%		—

Total returns are calculated based on the change in value of a Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

† Class I units were introduced on June 1, 2012, therefore the performance for Class I units is for the four month period ended September 30, 2012.

⁽¹⁾ The net investment loss per Unit is calculated by dividing the net investment loss by the average number of Class A or Class B Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. Such balancing amount may differ from the calculation of gain (loss) from trading per Unit due to the timing of trading gains and losses during the period relative to the number of Units outstanding.

⁽²⁾ The net investment loss includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes Trading Advisor incentive fees and General Partner 1% allocation.

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Subscriptions, Distributions and Redemptions (Details Textual) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Common Stock, Value, Subscriptions	$ 10,000
Subscriptions received in advance	$ 11,016,014	$ 15,876,320

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Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At September 30, 2012
	Level 1			Level 2		Total
Equity in broker trading accounts:
Net unrealized loss on open futures contracts*	$	(1,200,118	)	$	—	$	(1,200,118	)
Net unrealized gain on open forward currency contracts*		—			792,811		792,811
Cash and cash equivalents:
Money market fund		3,201,458			—		3,201,458
Investments in securities:
U.S. Treasury securities*		73,813,839			—		73,813,839
U.S. government sponsored enterprise notes*		—			34,774,376		34,774,376
Commercial paper*		—			114,634,482		114,634,482
Corporate notes*		—			596,955,672		596,955,672
Certificates of deposit*		—			92,942,090		92,942,090
Total	$	75,815,179		$	840,099,431	$	915,914,610

*See the consolidated condensed schedule of investments for further description.

At December 31, 2011
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain on open futures contracts*	$	38,413,627	$	—	$	38,413,627
Net unrealized gain on open forward currency contracts*		—		271,390		271,390
Cash and cash equivalents:
Money market fund		5,760,099		—		5,760,099
Investments in securities:
U.S. Treasury securities*		78,149,854		—		78,149,854
U.S. government sponsored enterprise notes*		—		85,904,711		85,904,711
Foreign government sponsored enterprise notes*		—		7,097,950		7,097,950
Commercial paper*		—		153,224,850		153,224,850
Corporate notes*		—		672,458,450		672,458,450
Certificates of deposit*		—		94,924,443		94,924,443
Total	$	122,323,580	$	1,013,881,794	$	1,136,205,374

*See the consolidated condensed schedule of investments for further description.

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Derivative Instruments Disclosures (Tables)

9 Months Ended

Sep. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

At September 30, 2012, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

September 30, 2012	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Assets		Liabilities			Net
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	3,298,855	$	(6,365,572	)	$	(3,066,717	)
Currencies		3,071,507		(3,789,098	)		(717,591	)
Energy		5,644,698		(5,423,475	)		221,223
Equity indices		2,460,179		(20,615,582	)		(18,155,403	)
Interest rate instruments		26,603,508		(3,645,842	)		22,957,666
Metals		24,470,289		(26,540,099	)		(2,069,810	)
Single stock futures		28,985		(398,471	)		(369,486	)
Net unrealized gain (loss) on open futures contracts	$	65,578,021	$	(66,778,139	)	$	(1,200,118	)
Net unrealized gain on open forward currency contracts	$	4,888,508	$	(4,095,697	)	$	792,811

For the three and nine months ended September 30, 2012, the number of futures contracts closed was 357,885 and 1,064,967, respectively, and the number of forward currency contracts closed was 10,445 and 31,196, respectively. At December 31, 2011, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

December 31, 2011	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Assets		Liabilities			Net
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	4,907,935	$	(6,874,384	)	$	(1,966,449	)
Currencies		11,500,940		(1,679,356	)		9,821,584
Energy		9,356,447		(1,948,791	)		7,407,656
Equity indices		4,557,650		(2,254,141	)		2,303,509
Interest rate instruments		27,554,583		(4,758,108	)		22,796,475
Metals		12,182,871		(14,151,729	)		(1,968,858	)
Single stock futures	55,232		(35,522	)		19,710
Net unrealized gain (loss) on open futures contracts	$	70,115,658	$	(31,702,031	)	$	38,413,627
Net unrealized gain on open forward currency contracts	$	5,681,721	$	(5,410,331	)	$	271,390

Schedule Of Derivative Instruments In Statement Of Operations Fair Value [Table Text Block]

For the three and nine months ended September 30, 2012, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended September 30, 2012						Nine Months Ended September 30, 2012
Types of Exposure	Net realized gain			Net change in unrealized gain (loss)			Net realized gain			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	5,391,845		$	(2,120,838	)	$	(4,219,410	)	$	(1,100,268	)
Currencies		(4,576,353	)		1,192,416			(9,843,927	)		(10,539,175	)
Energy		(19,599,464	)		7,040,125			(6,384,457	)		(7,186,433	)
Equity indices		44,379,354			(22,760,195	)		44,790,826			(20,458,912	)
Interest rate instruments		1,682,102			14,476,681			85,661,046			161,191
Metals		(6,401,025	)		(1,374,941	)		(19,215,555	)		(100,952	)
Single stock futures		2,115,953			(562,826	)		3,098,911			(389,196	)
Total futures contracts		22,992,412			(4,109,578	)		93,887,434			(39,613,745	)
Forward currency contracts		278,355			3,919,661			(15,000,764	)		521,421
Total futures and forward currency contracts	$	23,270,767		$	(189,917	)	$	78,886,670		$	(39,092,324	)

For the three and nine months ended September 30, 2011, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended September 30, 2011						Nine Months Ended September 30, 2011
Types of Exposure	Net realized gain			Net change in unrealized gain (loss)			Net realized gain			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(22,824,221	)	$	5,355,174		$	(35,445,341	)	$	(5,451,675	)
Currencies		(20,848,643	)		1,717,880			(23,147,219	)		(15,117,635	)
Energy		(30,431,271	)		8,967,122			(28,172,942	)		257,567
Equity indices		(26,823,772	)		(3,429,061	)		(70,395,016	)		(2,131,000	)
Interest rate instruments		143,785,277			6,617,039			165,722,951			8,094,015
Metals		122,357			20,820,607			5,753,319			(591,228	)
Single stock futures		(41,191	)		(185,622	)		71,449			(193,438	)
Total futures contracts		42,938,536			39,863,139			14,387,201			(15,133,394	)
Forward currency contracts		(8,718,410	)		646,274			6,977,577			(9,119,516	)
Total futures and forward currency contracts	$	34,220,126		$	40,509,413		$	21,364,778		$	(24,252,910	)

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U.S. Government Sponsored Enterprise Notes (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2012		Dec. 31, 2011
% of Partners' Capital (Net Asset Value)	65.63%		73.65%
Government Sponsored Enterprise Notes [Member]
Fair Value	$ 34,774,376		$ 93,002,661
% of Partners' Capital (Net Asset Value)	2.51%		6.28%
Investment Owned, at Cost	34,946,987		93,216,323
U.S [Member] | Government Sponsored Enterprise Notes [Member]
Fair Value	34,774,376		85,904,711
% of Partners' Capital (Net Asset Value)	2.51%		5.80%
Investment Owned, at Cost	34,946,987		86,007,781
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Two One Percent Federal Farm Credit Bank Maturing At 28-May-2013 [Member]
Face Value	1,160,000
Maturity Date	May 28, 2013
Yield1	0.21%	[1]
Fair Value	1,160,381
% of Partners' Capital (Net Asset Value)	0.08%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | One Point Five Percent Federal Home Loan Bank Maturing At 16-January-2013 [Member]
Face Value	3,250,000		3,250,000
Maturity Date	Jan. 16, 2013		Jan. 16, 2013
Yield1	1.50%	[1]	1.50%	[1]
Fair Value	3,272,467		3,312,699
% of Partners' Capital (Net Asset Value)	0.24%		0.22%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Three Eight Percent Federal Home Loan Bank Maturing At 29-January-2013 [Member]
Face Value	2,300,000
Maturity Date	Jan. 29, 2013
Yield1	0.38%	[1]
Fair Value	2,302,953
% of Partners' Capital (Net Asset Value)	0.17%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | One Percent Federal Home Loan Bank Maturing At 27-March-2013 [Member]
Face Value	3,000,000		3,000,000
Maturity Date	Mar. 27, 2013		Mar. 27, 2013
Yield1	1.00%	[1]	1.00%	[1]
Fair Value	3,012,483		3,033,171
% of Partners' Capital (Net Asset Value)	0.22%		0.20%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Four Five Percent Federal Home Loan Bank Maturing At 4-September-2014 [Member]
Face Value	5,000,000
Maturity Date	Sep. 04, 2014
Yield1	0.45%	[1]
Fair Value	5,001,763
% of Partners' Capital (Net Asset Value)	0.36%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | One Point Three Eight Percent Federal Home Loan Mortgage Corp. Maturing At 9-January-2013 [Member]
Face Value	6,700,000		6,700,000
Maturity Date	Jan. 09, 2013		Jan. 09, 2013
Yield1	1.38%	[1]	1.38%	[1]
Fair Value	6,743,128		6,821,306
% of Partners' Capital (Net Asset Value)	0.48%		0.46%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Five Percent Federal National Mortgage Assoc. Maturing At 30-October-2012 [Member]
Face Value	5,250,000
Maturity Date	Oct. 30, 2012
Yield1	0.50%	[1]
Fair Value	5,262,024
% of Partners' Capital (Net Asset Value)	0.38%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Five Percent Federal National Mortgage Assoc. Maturing At 30-October-2012 One [Member]
Face Value	7,750,000
Maturity Date	Oct. 30, 2012
Yield1	0.50%	[1]
Fair Value	7,768,377
% of Partners' Capital (Net Asset Value)	0.56%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Five Percent Federal National Mortgage Assoc. Maturing At 9-August-2013 [Member]
Face Value	250,000		14,500,000
Maturity Date	Aug. 09, 2013		Aug. 09, 2013
Yield1	0.50%	[1]	0.50%	[1]
Fair Value	250,800		14,542,565
% of Partners' Capital (Net Asset Value)	0.02%		0.98%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Two Eight Percent Federal Farm Credit Bank Maturing At 28-May-2013 [Member]
Face Value			1,160,000
Maturity Date			May 28, 2013
Yield1			0.28%	[1]
Fair Value			1,160,902
% of Partners' Capital (Net Asset Value)			0.08%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point One Seven Percent Federal Home Loan Bank Maturing At 2-April-2012 [Member]
Face Value			500,000
Maturity Date			Apr. 02, 2012
Yield1			0.17%	[1]
Fair Value			500,071
% of Partners' Capital (Net Asset Value)			0.03%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | One Point One Three Percent Federal Home Loan Bank Maturing At 18-May-2012 [Member]
Face Value			3,500,000
Maturity Date			May 18, 2012
Yield1			1.13%	[1]
Fair Value			3,517,884
% of Partners' Capital (Net Asset Value)			0.24%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | One Point Eight Eight Percent Federal Home Loan Bank Maturing At 20-June-2012 [Member]
Face Value			4,500,000
Maturity Date			Jun. 20, 2012
Yield1			1.88%	[1]
Fair Value			4,538,326
% of Partners' Capital (Net Asset Value)			0.31%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Two Five Percent Federal Home Loan Bank Maturing At 27-June-2012 [Member]
Face Value			250,000
Maturity Date			Jun. 27, 2012
Yield1			0.25%	[1]
Fair Value			250,098
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Two Five Percent Federal Home Loan Bank Maturing At 25-July-2012 [Member]
Face Value			400,000
Maturity Date			Jul. 25, 2012
Yield1			0.25%	[1]
Fair Value			400,609
% of Partners' Capital (Net Asset Value)			0.03%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Three Five Percent Federal Home Loan Bank Maturing At 10-August-2012 [Member]
Face Value			6,800,000
Maturity Date			Aug. 10, 2012
Yield1			0.35%	[1]
Fair Value			6,804,988
% of Partners' Capital (Net Asset Value)			0.46%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | One Point Seven Five Percent Federal Home Loan Bank Maturing At 22-August-2012 [Member]
Face Value			6,400,000
Maturity Date			Aug. 22, 2012
Yield1			1.75%	[1]
Fair Value			6,501,618
% of Partners' Capital (Net Asset Value)			0.44%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Four Four Percent Federal Home Loan Bank Maturing At 28-August-2012 [Member]
Face Value			5,250,000
Maturity Date			Aug. 28, 2012
Yield1			0.44%	[1]
Fair Value			5,254,569
% of Partners' Capital (Net Asset Value)			0.35%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Three One Percent Federal Home Loan Bank Maturing At 5-October-2012 [Member]
Face Value			3,800,000
Maturity Date			Oct. 05, 2012
Yield1			0.31%	[1]
Fair Value			3,802,799
% of Partners' Capital (Net Asset Value)			0.26%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Seven Percent Federal Home Loan Bank Maturing At 23-August-2013 [Member]
Face Value			300,000
Maturity Date			Aug. 23, 2013
Yield1			0.70%	[1]
Fair Value			300,856
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Six Percent Federal Home Loan Mortgage Corp. Maturing At 22-August-2013 [Member]
Face Value			3,250,000
Maturity Date			Aug. 22, 2013
Yield1			0.60%	[1]
Fair Value			3,258,171
% of Partners' Capital (Net Asset Value)			0.22%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Five Five Percent Federal Home Loan Mortgage Corp. Maturing At 23-September-2013 [Member]
Face Value			7,300,000
Maturity Date			Sep. 23, 2012
Yield1			0.55%	[1]
Fair Value			7,301,980
% of Partners' Capital (Net Asset Value)			0.49%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Five Five Percent Federal Home Loan Mortgage Corp. Maturing At 30-September-2013 [Member]
Face Value			5,300,000
Maturity Date			Sep. 30, 2012
Yield1			0.55%	[1]
Fair Value			5,303,028
% of Partners' Capital (Net Asset Value)			0.36%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | Zero Point Six Percent Federal Home Loan Mortgage Corp. Maturing At 25-October-2013 [Member]
Face Value			5,000,000
Maturity Date			Oct. 25, 2013
Yield1			0.60%	[1]
Fair Value			5,006,190
% of Partners' Capital (Net Asset Value)			0.34%
U.S [Member] | Government Sponsored Enterprise Notes [Member] | One Point One Three Percent Federal National Mortgage Assoc. Maturing At 30-July-2012 [Member]
Face Value			4,250,000
Maturity Date			Jul. 30, 2012
Yield1			1.13%	[1]
Fair Value			$ 4,292,881
% of Partners' Capital (Net Asset Value)			0.29%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

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General Partner (Tables)

9 Months Ended

Sep. 30, 2012

Related Party Transactions [Abstract]

Schedule Of Related Party Transactions [Table Text Block]

At September 30, 2012 and December 31, 2011, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund. However, the beneficiary of the sole shareholder of the General Partner had the following investment:

	September 30, 2012		December 31, 2011
Class I Units
Number of units		254.4114
Value	$	243,226
Class B Units
Number of units				39.6245
Value			$	243,583

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General Partner (Details) (USD $)	Dec. 31, 2011 Capital Unit Class B [Member]	Sep. 30, 2012 Capital Unit Class I [Member]
Number of units	39.6245	254.4114
Value of Units	$ 243,583	$ 243,226

XML

Consolidated Statements of Financial Condition (USD $)	Sep. 30, 2012		Dec. 31, 2011
Assets
Cash	$ 500,130,749		$ 371,356,278
Net unrealized gain (loss) on open futures contracts	(1,200,118)	[1]	38,413,627	[1]
Net unrealized gain on open forward currency contracts	792,811	[1]	271,390	[1]
Total equity in broker trading accounts	499,723,442		410,041,295
Cash and cash equivalents	14,557,800		24,490,690
Investments in securities, at fair value	820,178,369		996,835,815
Certificates of deposit, at fair value	92,942,090	[1]	94,924,443	[1]
General Partner 1% allocation receivable	138,826		1,356,695
Total assets	1,427,540,527		1,527,648,938
Liabilities and Partners' Capital (Net Asset Value)
Trading Advisor management fees payable	1,798,116		2,061,196
Trading Advisor incentive fees payable	40,435		0
Commissions and other trading fees payable on open contracts	273,070		202,327
Cash Manager fees payable	235,491		364,930
General Partner management fee payable	1,765,933		2,199,413
General Partner performance fee payable	944		0
Selling Agent fees payable - General Partner	1,494,064		1,585,090
Administrative expenses payable - General Partner	530,203		576,321
Redemptions payable	18,419,566		22,127,237
Subscriptions received in advance	11,016,014		15,876,320
Total liabilities	35,573,836		44,992,834
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	1,391,966,691		1,482,656,104
Total liabilities and partners' capital (net asset value)	1,427,540,527		1,527,648,938
Class A Interests [Member]
Partners' Capital (Net Asset Value)
Partners' Capital	826,386,945		872,169,401
Total partners' capital (net asset value)	826,386,945		872,169,401
Class B Interests [Member]
Partners' Capital (Net Asset Value)
Partners' Capital	563,204,627		610,486,703
Total partners' capital (net asset value)	563,204,627		610,486,703
Class I Interests [Member]
Partners' Capital (Net Asset Value)
Partners' Capital	2,375,119		0
Total partners' capital (net asset value)	$ 2,375,119		$ 0

[1] See the consolidated condensed schedule of investments for further description.

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Trading Activities and Related Risks (Details) (USD $)	Sep. 30, 2012		Dec. 31, 2011
U.S. Treasury Securities	$ 73,813,839	[1]	$ 78,149,854	[1]
Gov't Sponsored Enterprise Notes	34,774,376		93,002,661
Commercial Paper	114,634,482	[1]	153,224,850	[1]
Corporate Notes	596,955,672	[1]	672,458,450	[1]
Certificates of Deposit	92,942,090	[1]	94,924,443	[1]
Total	913,120,459		1,091,760,258
Face Percentage	65.63%		73.65%
United States [Member]
U.S. Treasury Securities	73,813,839		78,149,854
Gov't Sponsored Enterprise Notes	34,774,376		85,904,711
Commercial Paper	64,069,566		98,768,308
Corporate Notes	447,808,146		482,040,564
Certificates of Deposit	75,574,259		52,532,831
Total	696,040,186		797,396,268
Face Percentage	50.02%		53.81%
Canada [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	3,599,776		3,999,878
Corporate Notes	26,306,777		20,717,866
Certificates of Deposit	5,771,097		16,234,290
Total	35,677,650		40,952,034
Face Percentage	2.56%		2.76%
Netherlands Antilles [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	0		4,349,903
Corporate Notes	10,055,141		9,945,168
Certificates of Deposit	0		0
Total	10,055,141		14,295,071
Face Percentage	0.72%		0.96%
Australia [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	12,135,941		10,947,333
Corporate Notes	18,488,285		43,034,651
Certificates of Deposit	2,054,447		0
Total	32,678,673		53,981,984
Face Percentage	2.35%		3.64%
United Kingdom [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	11,486,512		4,368,743
Corporate Notes	18,373,493		42,486,268
Certificates of Deposit	0		0
Total	29,860,005		46,855,011
Face Percentage	2.15%		3.16%
France [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		1,005,116
Commercial Paper	3,899,477		3,999,767
Corporate Notes	17,396,911		21,599,835
Certificates of Deposit	0		6,592,215
Total	21,296,388		33,196,933
Face Percentage	1.53%		2.24%
Japan [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	2,549,605		12,498,107
Corporate Notes	5,998,796		0
Certificates of Deposit	9,542,287		12,561,062
Total	18,090,688		25,059,169
Face Percentage	1.30%		1.69%
Netherlands [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	0		0
Corporate Notes	33,687,582		37,456,257
Certificates of Deposit	0		1,750,115
Total	33,687,582		39,206,372
Face Percentage	2.42%		2.64%
Singapore [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	8,844,919		4,295,759
Corporate Notes	0		0
Certificates of Deposit	0		0
Total	8,844,919		4,295,759
Face Percentage	0.64%		0.29%
Germany [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	0		0
Corporate Notes	5,000,754		4,998,167
Certificates of Deposit	0		0
Total	5,000,754		4,998,167
Face Percentage	0.36%		0.34%
Denmark [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	0		0
Corporate Notes	4,963,396		4,835,163
Certificates of Deposit	0		0
Total	4,963,396		4,835,163
Face Percentage	0.36%		0.33%
Multinational [Member]
U.S. Treasury Securities	0
Gov't Sponsored Enterprise Notes	0
Commercial Paper	0
Corporate Notes	4,761,431
Certificates of Deposit	0
Total	4,761,431
Face Percentage	0.34%
South America Multi National [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	4,248,722		3,748,485
Corporate Notes	0		0
Certificates of Deposit	0		0
Total	4,248,722		3,748,485
Face Percentage	0.31%		0.25%
Switzerland [Member]
U.S. Treasury Securities	0
Gov't Sponsored Enterprise Notes	0
Commercial Paper	0
Corporate Notes	4,114,960
Certificates of Deposit	0
Total	4,114,960
Face Percentage	0.30%
Luxumberg [Member]
U.S. Treasury Securities	0		0
Gov't Sponsored Enterprise Notes	0		0
Commercial Paper	3,799,964		3,249,154
Corporate Notes	0		0
Certificates of Deposit	0		0
Total	3,799,964		3,249,154
Face Percentage	0.27%		0.22%
Sweden [Member]
U.S. Treasury Securities			0
Gov't Sponsored Enterprise Notes			0
Commercial Paper			0
Corporate Notes			5,344,511
Certificates of Deposit			5,253,930
Total			10,598,441
Face Percentage			0.71%
Norway [Member]
U.S. Treasury Securities			0
Gov't Sponsored Enterprise Notes			0
Commercial Paper			2,999,413
Corporate Notes			0
Certificates of Deposit			0
Total			2,999,413
Face Percentage			0.20%
Europe Multi National [Member]
U.S. Treasury Securities			0
Gov't Sponsored Enterprise Notes			3,267,754
Commercial Paper			0
Corporate Notes			0
Certificates of Deposit			0
Total			3,267,754
Face Percentage			0.22%
Africa Multi National [Member]
U.S. Treasury Securities			0
Gov't Sponsored Enterprise Notes			2,825,080
Commercial Paper			0
Corporate Notes			0
Certificates of Deposit			0
Total			$ 2,825,080
Face Percentage			0.19%

[1] See the consolidated condensed schedule of investments for further description.

XML

Consolidated Statements of Changes in Partners' Capital (Net Asset Value) (USD $)	Class A Interests [Member]	Class B Interests [Member]	Capital Unit Class I [Member]	Total
Beginning Balance at Dec. 31, 2010	$ 858,255,331	$ 543,372,363	$ 0	$ 1,401,627,694
Beginning Balance (in units) at Dec. 31, 2010	172,138.6872	81,701.8729	0
Net Asset Value per Unit (in dollars per unit) at Dec. 31, 2010	$ 4,985.84	$ 6,650.67	$ 0
Net loss	(50,602,156)	(25,260,312)	0	(75,862,468)
Subscriptions	172,067,918	131,392,413	0	303,460,331
Subscriptions (in units)	35,518.5407	20,189.4883	0
Redemptions	(47,335,150)	(33,886,649)	0	(81,221,799)
Redemptions (in units)	(9,841.2706)	(5,239.9664)	0
Transfers	(5,722,527)	5,722,527	0	0
Transfers (in units)	(1,187.2726)	883.9986	0
Ending Balance at Sep. 30, 2011	926,663,416	621,340,342	0	1,548,003,758
Ending Balance (in units) at Sep. 30, 2011	196,628.6847	97,535.3934	0
Net Asset Value per Unit (in dollars per unit) at Sep. 30, 2011	$ 4,712.76	$ 6,370.41	$ 0
Beginning Balance at Dec. 31, 2011	872,169,401	610,486,703	0	1,482,656,104
Beginning Balance (in units) at Dec. 31, 2011	192,640.4151	99,309.8890	0
Net Asset Value per Unit (in dollars per unit) at Dec. 31, 2011	$ 4,527.45	$ 6,147.29	$ 0
Net loss	(12,630,733)	(1,101,845)	(11,185)	(13,743,763)
Subscriptions	66,954,876	43,255,817	254,411	110,465,104
Subscriptions (in units)	14,681.7260	6,921.5021	254.4114
Redemptions	(96,190,782)	(91,219,972)	0	(187,410,754)
Redemptions (in units)	(21,120.6248)	(14,713.4302)	0
Transfers	(3,915,817)	1,783,924	2,131,893	0
Transfers (in units)	(858.1375)	278.4998	2,229.9294
Ending Balance at Sep. 30, 2012	$ 826,386,945	$ 563,204,627	$ 2,375,119	$ 1,391,966,691
Ending Balance (in units) at Sep. 30, 2012	185,343.3788	91,796.4607	2,484.3408
Net Asset Value per Unit (in dollars per unit) at Sep. 30, 2012	$ 4,458.68	$ 6,135.36	$ 956.04

XML

Organization and Summary of Significant Accounting Policies (Details Textual) (USD $)	9 Months Ended
	Sep. 30, 2012
Steben Institutional Fund Llc [Member]
Total Investment Amount	90,000,000
Capital Unit Class [Member]
Selling Agent Fee Percentage	2.00%
Capital Unit Class B [Member]
Broker Dealer Servicing Fee Percentage	0.20%
Capital Unit Class I [Member]
General Partner Management Fees Current Percentage	0.75%
General Partner Management Fees Percentage	1.50%
General Partner Performance Fee Percentage	7.50%

XML

Trading Advisors and Cash Managers

9 Months Ended

Sep. 30, 2012

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

5. Trading Advisors and Cash Managers

The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly trading advisor management fee that ranges from 0% to 2% per annum of allocated net assets (as defined in each respective advisory agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs trading advisor incentive fees, payable quarterly in arrears, ranging from 10% to 30% of net new trading profits (as defined in each respective advisory agreement).

Effective April 1, 2011, the Fund engaged J.P. Morgan Investment Management, Inc. and Principal Global Investors, LLC (collectively, the “Cash Managers”) to provide cash management services to the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12th of 0.11% of the investments in securities and certificates of deposit.

XML

Fair Value Disclosures (Details) (USD $)	Sep. 30, 2012		Dec. 31, 2011
Net unrealized loss on open futures contracts*	$ (1,200,118)	[1]	$ 38,413,627	[1]
Net unrealized gain on open forward currency contracts*	792,811	[1]	271,390	[1]
Money market fund	3,201,458		5,760,099
U.S. Treasury securities*	73,813,839	[1]	78,149,854	[1]
U.S. government sponsored enterprise notes*	34,774,376	[1]	85,904,711	[1]
Foreign government sponsored enterprise notes*			7,097,950	[1]
Commercial paper*	114,634,482	[1]	153,224,850	[1]
Corporate notes*	596,955,672	[1]	672,458,450	[1]
Certificates of deposit*	92,942,090	[1]	94,924,443	[1]
Total	915,914,610	[1]	1,136,205,374	[1]
Fair Value, Inputs, Level 1 [Member]
Net unrealized loss on open futures contracts*	(1,200,118)	[1]	38,413,627	[1]
Net unrealized gain on open forward currency contracts*	0	[1]	0	[1]
Money market fund	3,201,458		5,760,099
U.S. Treasury securities*	73,813,839	[1]	78,149,854	[1]
U.S. government sponsored enterprise notes*	0	[1]	0	[1]
Foreign government sponsored enterprise notes*			0	[1]
Commercial paper*	0	[1]	0	[1]
Corporate notes*	0	[1]	0	[1]
Certificates of deposit*	0	[1]	0	[1]
Total	75,815,179	[1]	122,323,580	[1]
Fair Value, Inputs, Level 2 [Member]
Net unrealized loss on open futures contracts*	0	[1]	0	[1]
Net unrealized gain on open forward currency contracts*	792,811	[1]	271,390	[1]
Money market fund	0		0
U.S. Treasury securities*	0	[1]	0	[1]
U.S. government sponsored enterprise notes*	34,774,376	[1]	85,904,711	[1]
Foreign government sponsored enterprise notes*			7,097,950	[1]
Commercial paper*	114,634,482	[1]	153,224,850	[1]
Corporate notes*	596,955,672	[1]	672,458,450	[1]
Certificates of deposit*	92,942,090	[1]	94,924,443	[1]
Total	$ 840,099,431	[1]	$ 1,013,881,794	[1]

[1] See the consolidated condensed schedule of investments for further description.

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Subscriptions, Distributions and Redemptions

9 Months Ended

Sep. 30, 2012

Partners Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

7. Subscriptions, Distributions and Redemptions

Generally, investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000. Units are sold at the net asset value per unit as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At September 30, 2012 and December 31, 2011, the Fund received advance subscriptions of $11,016,014 and $15,876,320, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to month-end.

The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, B or I Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or self-regulatory organization regulations.

XML

U.S. Treasury Securities (Us Treasury Securities [Member], USD $)			9 Months Ended																																12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2012 Three Point Eight Eight Percent U.S. Treasury Notes Maturing At 31-October-2012 [Member]		Sep. 30, 2012 One Point Three Eight Percent U.S. Treasury Notes Maturing At 15-November-2012 [Member]		Sep. 30, 2012 One Point Three Eight Percent U.S. Treasury Notes Maturing At 15-January-2013 [Member]		Sep. 30, 2012 Zero Point Six Three Percent U.S. Treasury Notes Maturing At 28-February-2013 [Member]		Sep. 30, 2012 Two Point Five Percent U.S. Treasury Notes Maturing At 31-March-2013 [Member]		Sep. 30, 2012 Three Point One Three Percent U.S. Treasury Notes Maturing At 30-April-2013 [Member]		Sep. 30, 2012 Three Point Five Percent U.S. Treasury Notes Maturing At 31-May-2013 [Member]		Sep. 30, 2012 One Point One Three Percent U.S. Treasury Notes Maturing At 15-June-2013 [Member]		Sep. 30, 2012 Three Point Three Eight Percent U.S. Treasury Notes Maturing At 30-June-2013 [Member]		Sep. 30, 2012 Three Point Three Eight Percent U.S. Treasury Notes Maturing At 31-July-2013 [Member]		Sep. 30, 2012 Zero Point Seven Five Percent U.S. Treasury Notes Maturing At 15-August-2013 [Member]		Sep. 30, 2012 Zero Point One Three Percent U.S. Treasury Notes Maturing At 31-August-2013 [Member]		Sep. 30, 2012 Zero Point One Three Percent U.S. Treasury Notes Maturing At 30-September-2013 [Member]		Sep. 30, 2012 Two Point Seven Five Percent U.S. Treasury Notes Maturing At 31-October-2013 [Member]		Sep. 30, 2012 Zero Point Five Percent U.S. Treasury Notes Maturing At 15-November-2013 [Member]		Sep. 30, 2012 Zero Point Two Five Percent U.S. Treasury Notes Maturing At 30-November-2013 [Member]		Dec. 31, 2011 Zero Point Two Percent Us Treasury Bills Maturing At 8-March-2012 [Member]		Dec. 31, 2011 Zero Point One Two Percent Us Treasury Bills Maturing At 8-March-2012 [Member]		Dec. 31, 2011 Zero Point Eight Eight Percent Us Treasury Note Maturing At 29-February-2012 [Member]		Dec. 31, 2011 Four Point Five Percent Us Treasury Note Maturing At 31-March-2012 [Member]		Dec. 31, 2011 Four Point Five Percent Us Treasury Note Maturing At 30-April-2012 [Member]		Dec. 31, 2011 Four Point Seven Five Percent Us Treasury Note Maturing At 31-May-2012 [Member]		Dec. 31, 2011 One Point Eight Eight Percent Us Treasury Note Maturing At 15-June-2012 [Member]		Dec. 31, 2011 One Point Five Percent Us Treasury Note Maturing At 15-July-2012 [Member]		Dec. 31, 2011 Zero Point Six Three Percent Us Treasury Note Maturing At 31-July-2012 [Member]		Dec. 31, 2011 Zero Point Three Eight Percent Us Treasury Note Maturing At 31-August-2012 [Member]		Dec. 31, 2011 Zero Point Three Eight Percent Us Treasury Note Maturing At 30-September-2012 [Member]		Dec. 31, 2011 Three Point Eight Eight Percent Us Treasury Note Maturing At 31-October-2012 [Member]		Dec. 31, 2011 One Point Three Eight Percent Us Treasury Note Maturing At 15-November-2012 [Member]		Dec. 31, 2011 Zero Point Five Percent Us Treasury Note Maturing At 30-November-2012 [Member]		Dec. 31, 2011 One Point Three Eight Percent Us Treasury Note Maturing At 15-January-2013 [Member]		Dec. 31, 2011 One Point Three Eight Percent Us Treasury Note Maturing At 15-February-2013 [Member]		Dec. 31, 2011 One Point Seven Five Percent Us Treasury Note Maturing At 15-April-2013 [Member]
Face Value			$ 4,325,000		$ 5,025,000		$ 8,620,000		$ 5,700,000		$ 500,000		$ 4,000,000		$ 8,100,000		$ 3,600,000		$ 3,500,000		$ 4,500,000		$ 7,500,000		$ 3,020,000		$ 8,000,000		$ 700,000		$ 5,000,000		$ 750,000		$ 9,000,000		$ 2,000,000		$ 1,250,000		$ 500,000		$ 9,700,000		$ 3,000,000		$ 11,750,000		$ 500,000		$ 500,000		$ 925,000		$ 7,500,000		$ 9,825,000		$ 800,000		$ 4,600,000		$ 5,670,000		$ 7,000,000		$ 2,500,000
Maturity Date			Oct. 31, 2012		Oct. 15, 2012		Jan. 15, 2013		Feb. 28, 2013		Mar. 31, 2013		Apr. 30, 2013		May 31, 2013		Jun. 15, 2013		Jun. 30, 2013		Jul. 31, 2013		Aug. 15, 2013		Aug. 31, 2013		Sep. 30, 2013		Oct. 31, 2013		Nov. 15, 2013		Nov. 30, 2013		Mar. 08, 2012		Mar. 08, 2012		Feb. 29, 2012		Mar. 31, 2012		Apr. 30, 2012		May 31, 2012		Jun. 15, 2012		Jul. 15, 2012		Jul. 31, 2012		Aug. 31, 2012		Sep. 30, 2012		Oct. 31, 2012		Nov. 15, 2012		Nov. 30, 2012		Jan. 15, 2013		Feb. 15, 2013		Apr. 15, 2013
Yield1			3.88%	[1]	1.38%	[1]	1.38%	[1]	0.63%	[1]	2.50%	[1]	3.13%	[1]	3.50%	[1]	1.13%	[1]	3.38%	[1]	3.38%	[1]	0.75%	[1]	0.13%	[1]	0.13%	[1]	2.75%	[1]	0.50%	[1]	0.25%	[1]	0.20%	[1]	0.12%	[1]	0.88%	[1]	4.50%	[1]	4.50%	[1]	4.75%	[1]	1.88%	[1]	1.50%	[1]	0.63%	[1]	0.38%	[1]	0.38%	[1]	3.88%	[1]	1.38%	[1]	0.50%	[1]	1.38%	[1]	1.38%	[1]	1.75%	[1]
Fair Value	73,813,839	78,149,854	4,408,351		5,058,729		8,676,164		5,714,460		505,855		4,121,085		8,373,463		3,635,858		3,613,250		4,644,766		7,544,099		3,018,907		7,994,715		727,278		5,025,848		751,011		8,999,688		1,999,930		1,255,377		511,073		9,914,187		3,069,885		11,856,216		507,236		502,856		927,811		7,521,537		10,192,371		809,958		4,616,745		5,776,455		7,129,595		2,558,934
% of Partners' Capital (Net Asset Value)	5.34%	5.25%	0.32%		0.36%		0.63%		0.42%		0.04%		0.30%		0.61%		0.26%		0.26%		0.33%		0.55%		0.22%		0.58%		0.05%		0.36%		0.05%		0.61%		0.13%		0.08%		0.03%		0.67%		0.21%		0.80%		0.03%		0.03%		0.06%		0.51%		0.69%		0.05%		0.31%		0.39%		0.48%		0.17%
Investment Owned, at Cost	$ 74,289,860	$ 78,729,280

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Consolidated Statements of Financial Condition (Parenthetical)	Sep. 30, 2012	Dec. 31, 2011
Class A Interests [Member]
Partners' Capital, units outstanding	185,343.3788	192,640.4151
Class B Interests [Member]
Partners' Capital, units outstanding	91,796.4607	99,309.8890
Capital Unit Class I [Member]
Partners' Capital, units outstanding	2,484.3408	0

XML

FORWARD CURRENCY CONTRACTS (USD $)	Sep. 30, 2012	Dec. 31, 2011
% of Partners' Capital (Net Asset Value)	65.63%	73.65%
Forward Currency [Member]
Fair Value	792,811	271,390
% of Partners' Capital (Net Asset Value)	0.06%	0.01%
U.S [Member] | Forward Currency [Member]
Fair Value	640,057	481,448
% of Partners' Capital (Net Asset Value)	0.05%	0.03%
U.S [Member] | Forward Currency [Member] | Long Forward Currency Contracts [Member]
Fair Value	768,098	1,455,228
% of Partners' Capital (Net Asset Value)	0.06%	0.10%
U.S [Member] | Forward Currency [Member] | Short Forward Currency Contracts [Member]
Fair Value	(128,041)	(973,780)
% of Partners' Capital (Net Asset Value)	(0.01%)	(0.07%)
Foreign [Member] | Forward Currency [Member]
Fair Value	152,754	(210,058)
% of Partners' Capital (Net Asset Value)	0.01%	0.02%
Foreign [Member] | Forward Currency [Member] | Long Forward Currency Contracts [Member]
Fair Value	(594,884)	(1,593,950)
% of Partners' Capital (Net Asset Value)	(0.04%)	(0.11%)
Foreign [Member] | Forward Currency [Member] | Short Forward Currency Contracts [Member]
Fair Value	747,638	1,383,892
% of Partners' Capital (Net Asset Value)	0.05%	0.09%

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2012
Entity Registrant Name	FUTURES PORTFOLIO FUND L.P.
Entity Central Index Key	0000861441
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	fpf
Entity Common Stock Shares Outstanding	0
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

XML

Organization and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

1. Organization and Summary of Significant Accounting Policies

Description of the Fund

Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in three classes, Class A, B and I, which represent units of fractional undivided beneficial interest in and ownership of the Fund. Class I Units were made available for purchase on June 1, 2012. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”).

The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally.

The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades.

Steben & Company, Inc. (“General Partner”) is the general partner of the Fund and a Maryland corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

The three classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee and class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner Management Fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Footnote 4).

During 2011, the Fund made investments totaling $90 million in the Steben Institutional Fund LLC (“SIF”), whose manager is the General Partner. Presently, the Fund is the only member in SIF. Similar to the Fund, SIF uses professional commodity trading advisors to engage in the speculative trading of futures and forward currency contracts traded in the U.S. and internationally. SIF trades within six major market sectors: agricultural commodities, currencies, energy, equity indices, interest rate instruments and metals. SIF commenced trading on March 1, 2011. SIF incurs trading advisor management and incentive fees, as well as reimburses its manager for operating expenses incurred on its behalf. During 2012, the General Partner began liquidating SIF. All of the assets of SIF were transferred to the Fund by October 31, 2012.

Significant Accounting Policies

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Consolidation

The accompanying consolidated financial statements include the accounts of the Fund and SIF, for which the Fund is the sole member. All material intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis.

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This 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 –    Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds.

Level 2 –    Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, commercial paper, corporate notes, certificates of deposit and U.S. government sponsored enterprise notes.

Level 3 –    Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’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 Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the periods ended September 30, 2012 and December 31, 2011, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are classified within Level 2.

The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2.

Cash and Cash Equivalents

Cash and cash equivalents may include cash, money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through September 30, 2012. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2009.

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund 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 investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

Reclassification

Certain amounts reported in the 2011 consolidated financial statements have been reclassified to conform to the 2012 presentation without affecting previously reported partners’ capital (net asset value).

Recently Issued Accounting Pronouncement

In May 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance to converge the fair value measurement guidance in GAAP and International Financial Reporting Standards.  This new guidance clarifies the application of existing fair value measurement requirements, changes a particular principle of fair value measurement, and requires additional fair value disclosures.  The amendments are to be applied prospectively and are effective for annual periods beginning after December 15, 2011. The Fund is currently evaluating the effect that the provisions of this guidance will have on the Fund’s financial statements.

In November 2011, the FASB issued new guidance that requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position.  This guidance is effective for the Fund’s annual and interim periods beginning January 1, 2013.  When effective, the Fund will provide the disclosures required by those amendments retrospectively for all comparative periods presented.  The adoption of this guidance is not expected to have a material impact on the financial position or results of operations.

XML

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Gain (Loss) from Futures and Forwards Trading
Net realized gain	$ 23,054,026	$ 34,034,978	$ 78,930,082	$ 20,897,536
Net change in unrealized gain (loss)	(190,437)	40,509,413	(39,092,863)	(24,252,910)
Brokerage commissions and trading expenses	(1,328,705)	(1,020,170)	(3,905,515)	(3,381,823)
Net gain (loss) from futures and forwards trading	21,534,884	73,524,221	35,931,704	(6,737,197)
Income
Interest income	3,992,009	3,807,717	11,835,882	7,125,606
Net realized and change in unrealized gain (loss) on securities and certificates of deposit	(87,777)	(8,728,255)	2,458,544	(10,009,373)
Total income	3,904,232	(4,920,538)	14,294,426	(2,883,767)
Expenses
Trading Advisor management fee	5,494,476	6,329,014	16,949,458	17,342,274
Trading Advisor incentive fee	153,581	6,397,570	9,265,699	9,895,806
Cash manager fees	246,813	176,733	737,132	601,356
General Partner management fee	5,427,214	6,782,633	18,124,614	19,600,876
General Partner performance fee	944	0	944	0
General Partner 1% allocation	78,713	421,689	(138,826)	(766,288)
Selling Agent fees - General Partner	4,595,538	4,971,998	13,973,800	14,452,571
Administrative expenses - General Partner	1,649,197	1,776,764	5,057,072	5,114,909
Total expenses	17,646,476	26,856,401	63,969,893	66,241,504
Net investment loss	(13,742,244)	(31,776,939)	(49,675,467)	(69,125,271)
Net Income (Loss)	7,792,640	41,747,282	(13,743,763)	(75,862,468)
Class A Interests [Member]
Expenses
Selling Agent fees - General Partner	$ 4,302,121	$ 4,663,155	$ 13,072,353	$ 13,569,412
Increase (Decrease) in net asset value per Unit (in dollars per unit)	$ 16.34	$ 122.01	$ (68.77)	$ (273.08)
Net loss per Unit (in dollars per unit)	$ 17.12	$ 121.69	$ (66.83)	$ (274.46)
Weighted average number of Units outstanding (in unit)	186,092.1468	193,538.6140	188,992.2833	184,365.9406
Class B Interests [Member]
Expenses
Increase (Decrease) in net asset value per Unit (in dollars per unit)	$ 49.69	$ 192.39	$ (11.93)	$ (280.26)
Net loss per Unit (in dollars per unit)	$ 49.76	$ 191.41	$ (11.55)	$ (282.39)
Weighted average number of Units outstanding (in unit)	92,537.0337	95,063.3770	95,374.1163	89,455.4184
Class I Interests [Member]
Expenses
Increase (Decrease) in net asset value per Unit (in dollars per unit)	$ 8.24	$ 0	$ (43.96)	$ 0
Net loss per Unit (in dollars per unit)	$ 2.58	$ 0	$ (17.22)	$ 0
Weighted average number of Units outstanding (in unit)	811.8937	0	649.5150	0

XML

U.S. Corporate Notes (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2012		Dec. 31, 2011
% of Partners' Capital (Net Asset Value)	65.63%		73.65%
Corporate Notes [Member]
Fair Value	$ 596,955,672		$ 672,458,450
% of Partners' Capital (Net Asset Value)	43.06%		45.34%
Investment Owned, at Cost	599,416,856		683,232,715
U.S [Member] | Corporate Notes [Member]
Fair Value	447,808,146		482,040,564
% of Partners' Capital (Net Asset Value)	32.34%		32.50%
Investment Owned, at Cost	450,173,619		490,393,091
U.S [Member] | Corporate Notes [Member] | One Point Eight Eight Percent Boeing Maturing At 20-November-2012 [Member] | Aerospace [Member]
Face Value	4,275,000		4,275,000
Maturity Date	Nov. 20, 2012		Nov. 20, 2012
Yield1	1.88%	[1]	1.88%	[1]
Fair Value	4,313,302		4,328,732
% of Partners' Capital (Net Asset Value)	0.31%		0.29%
U.S [Member] | Corporate Notes [Member] | Five Point One Three Percent Boeing Maturing At 15-February-2013 [Member] | Aerospace [Member]
Face Value	1,750,000		1,750,000
Maturity Date	Feb. 15, 2013		Feb. 15, 2013
Yield1	5.13%	[1]	5.13%	[1]
Fair Value	1,792,209		1,868,615
% of Partners' Capital (Net Asset Value)	0.13%		0.13%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Nine Percent United Technologies Corporation Maturing At 2-December-2013 [Member] | Aerospace [Member]
Face Value	13,000,000
Maturity Date	Feb. 12, 2013
Yield1	0.69%	[1]
Fair Value	13,058,897
% of Partners' Capital (Net Asset Value)	0.95%
U.S [Member] | Corporate Notes [Member] | One Point One Eight Percent V.F. Corporation Maturing At 23-August-2013 [Member] | Apparel [Member]
Face Value	2,325,000
Maturity Date	Aug. 23, 2013
Yield1	1.18%	[1]
Fair Value	2,343,390
% of Partners' Capital (Net Asset Value)	0.17%
U.S [Member] | Corporate Notes [Member] | One Point Three Percent Daimler Finance North America Llc Maturing At 31-July-2015 [Member] | Automotive [Member]
Face Value	4,300,000
Maturity Date	Jul. 31, 2015
Yield1	1.30%	[1]
Fair Value	4,326,211
% of Partners' Capital (Net Asset Value)	0.31%
U.S [Member] | Corporate Notes [Member] | Five Point Five Percent American Express Bank, Fsb. Maturing At 16-April-2013 [Member] | Banks [Member]
Face Value	2,000,000
Maturity Date	Apr. 16, 2013
Yield1	5.50%	[1]
Fair Value	2,104,911
% of Partners' Capital (Net Asset Value)	0.15%
U.S [Member] | Corporate Notes [Member] | One Point Eight Seven Percent Bank Of America Corporation Maturing At 30-January-2014 [Member] | Banks [Member]
Face Value	10,450,000
Maturity Date	Jan. 30, 2014
Yield1	1.87%	[1]
Fair Value	10,559,358
% of Partners' Capital (Net Asset Value)	0.77%
U.S [Member] | Corporate Notes [Member] | Three Point Three Eight Percent Bb&T Corporation Maturing At 25-September-2013 [Member] | Banks [Member]
Face Value	2,475,000
Maturity Date	Sep. 25, 2013
Yield1	3.38%	[1]
Fair Value	2,543,880
% of Partners' Capital (Net Asset Value)	0.18%
U.S [Member] | Corporate Notes [Member] | One Point Three Nine Percent Citigroup Inc. Maturing At 1-April-2014 [Member] | Banks [Member]
Face Value	3,273,000
Maturity Date	Apr. 01, 2014
Yield1	1.39%	[1]
Fair Value	3,281,127
% of Partners' Capital (Net Asset Value)	0.24%
U.S [Member] | Corporate Notes [Member] | Five Percent Credit Suisse (Usa), Inc. Maturing At 15-May-2013 [Member] | Banks [Member]
Face Value	2,414,000
Maturity Date	May 15, 2013
Yield1	5.00%	[1]
Fair Value	2,524,105
% of Partners' Capital (Net Asset Value)	0.18%
U.S [Member] | Corporate Notes [Member] | Two Point Two Percent Gmac Inc. Maturing At 19-December-2012 Series 1 [Member] | Banks [Member]
Face Value	5,200,000		5,200,000
Maturity Date	Dec. 19, 2012		Dec. 19, 2012
Yield1	2.20%	[1]	2.20%	[1]
Fair Value	5,255,325		5,302,977
% of Partners' Capital (Net Asset Value)	0.38%
U.S [Member] | Corporate Notes [Member] | One Point One Four Percent Jpmorgan Chase Co. Maturing At 2-May-2014 [Member] | Banks [Member]
Face Value	10,000,000
Maturity Date	May 02, 2014
Yield1	1.14%	[1]
Fair Value	10,075,729
% of Partners' Capital (Net Asset Value)	0.73%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Six Percent Morgan Stanley Maturing At 9-January-2014 [Member] | Banks [Member]
Face Value	10,000,000
Maturity Date	Jan. 09, 2014
Yield1	0.76%	[1]
Fair Value	9,883,953
% of Partners' Capital (Net Asset Value)	0.72%
U.S [Member] | Corporate Notes [Member] | Four Point Nine Five Percent Bank Of New York Mellon Maturing At 1-November-2012 [Member] | Banks [Member]
Face Value	2,200,000
Maturity Date	Nov. 01, 2012
Yield1	4.95%	[1]
Fair Value	2,253,968
% of Partners' Capital (Net Asset Value)	0.16%
U.S [Member] | Corporate Notes [Member] | Four Point Five Percent Bank Of New York Mellon Maturing At 1-April-2013 [Member] | Banks [Member]
Face Value	2,200,000
Maturity Date	Apr. 01, 2013
Yield1	4.50%	[1]
Fair Value	2,294,582
% of Partners' Capital (Net Asset Value)	0.16%
U.S [Member] | Corporate Notes [Member] | Five Point One Three Percent Bank Of New York Mellon Maturing At 27-August-2013 [Member] | Banks [Member]
Face Value	2,000,000
Maturity Date	Aug. 27, 2013
Yield1	5.13%	[1]
Fair Value	2,095,821
% of Partners' Capital (Net Asset Value)	0.15%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Two Percent Bank Of New York Mellon Maturing At 28-July-2014 [Member] | Banks [Member]
Face Value	5,000,000
Maturity Date	Jul. 28, 2014
Yield1	0.72%	[1]
Fair Value	5,016,760
% of Partners' Capital (Net Asset Value)	0.36%
U.S [Member] | Corporate Notes [Member] | One Point Four Four Percent Goldman Sachs Group, Inc. Maturing At 7-February-2014 [Member] | Banks [Member]
Face Value	4,750,000
Maturity Date	Feb. 07, 2014
Yield1	1.44%	[1]
Fair Value	4,758,179
% of Partners' Capital (Net Asset Value)	0.34%
U.S [Member] | Corporate Notes [Member] | Two Percent U.S. Bancorp Maturing At 14-June-2013 [Member] | Banks [Member]
Face Value	300,000
Maturity Date	Jun. 14, 2013
Yield1	2.00%	[1]
Fair Value	305,277
% of Partners' Capital (Net Asset Value)	0.02%
U.S [Member] | Corporate Notes [Member] | One Point One Three Percent U.S. Bancorp Maturing At 30-October-2013 [Member] | Banks [Member]
Face Value	2,650,000
Maturity Date	Oct. 30, 2013
Yield1	1.13%	[1]
Fair Value	2,681,662
% of Partners' Capital (Net Asset Value)	0.19%
U.S [Member] | Corporate Notes [Member] | Five Point Five Percent Wachovia Corporation Maturing At 1-May-2013 [Member] | Banks [Member]
Face Value	8,800,000
Maturity Date	May 01, 2013
Yield1	5.50%	[1]
Fair Value	9,261,469
% of Partners' Capital (Net Asset Value)	0.68%
U.S [Member] | Corporate Notes [Member] | Two Point Two One Percent Wachovia Corporation Maturing At 1-May-2013 [Member] | Banks [Member]
Face Value	250,000
Maturity Date	May 01, 2013
Yield1	2.21%	[1]
Fair Value	253,470
% of Partners' Capital (Net Asset Value)	0.02%
U.S [Member] | Corporate Notes [Member] | Five Point Seven Percent Wachovia Corporation Maturing At 1-August-2013 [Member] | Banks [Member]
Face Value	1,500,000
Maturity Date	Aug. 01, 2013
Yield1	5.70%	[1]
Fair Value	1,580,312
% of Partners' Capital (Net Asset Value)	0.11%
U.S [Member] | Corporate Notes [Member] | One Point One Percent Anheuser-Busch Inbev Worldwide Inc. Maturing At 26-March-2013 [Member] | Beverages [Member]
Face Value	5,000,000
Maturity Date	Mar. 26, 2013
Yield1	1.10%	[1]
Fair Value	5,019,973
% of Partners' Capital (Net Asset Value)	0.36%
U.S [Member] | Corporate Notes [Member] | One Percent Anheuser-Busch Inbev Worldwide Inc. Maturing At 27-January-2014 [Member] | Beverages [Member]
Face Value	2,350,000
Maturity Date	Jan. 27, 2014
Yield1	1.00%	[1]
Fair Value	2,371,105
% of Partners' Capital (Net Asset Value)	0.17%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Two Percent Anheuser-Busch Inbev Worldwide Inc. Maturing At 14-July-2014 [Member] | Beverages [Member]
Face Value	4,000,000
Maturity Date	Jul. 14, 2014
Yield1	0.82%	[1]
Fair Value	4,030,252
% of Partners' Capital (Net Asset Value)	0.29%
U.S [Member] | Corporate Notes [Member] | Five Percent Coca-Cola Enterprises, Inc. Maturing At 15-August-2013 [Member] | Beverages [Member]
Face Value	6,101,000		6,101,000
Maturity Date	Aug. 15, 2013		Aug. 15, 2013
Yield1	5.00%	[1]	5.00%	[1]
Fair Value	6,381,801		6,603,898
% of Partners' Capital (Net Asset Value)	0.47%		0.45%
U.S [Member] | Corporate Notes [Member] | Two Point Four Percent Gilead Sciences, Inc. Maturing At 1-December-2014 [Member] | Biotechnology [Member]
Face Value	2,725,000
Maturity Date	Dec. 01, 2014
Yield1	2.40%	[1]
Fair Value	2,839,398
% of Partners' Capital (Net Asset Value)	0.20%
U.S [Member] | Corporate Notes [Member] | One Point Seven Five Percent Praxair, Inc. Maturing At 15-November-2012 [Member] | Chemical [Member]
Face Value	2,645,000		2,645,000
Maturity Date	Nov. 15, 2012		Nov. 15, 2012
Yield1	1.75%	[1]	1.75%	[1]
Fair Value	2,666,642		2,673,474
% of Partners' Capital (Net Asset Value)	0.19%		0.18%
U.S [Member] | Corporate Notes [Member] | One Point Zero Six Percent Dell Inc. Maturing At 1-April-2014 [Member] | Computers [Member]
Face Value	4,575,000
Maturity Date	Apr. 01, 2014
Yield1	1.06%	[1]
Fair Value	4,622,403
% of Partners' Capital (Net Asset Value)	0.33%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven One Percent Hewlett-Packard Company Maturing At 24-May-2013 [Member] | Computers [Member]
Face Value	2,800,000
Maturity Date	May 24, 2013
Yield1	0.71%	[1]
Fair Value	2,802,159
% of Partners' Capital (Net Asset Value)	0.20%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Two Percent Hewlett-Packard Company Maturing At 30-May-2014 [Member] | Computers [Member]
Face Value	4,500,000
Maturity Date	May 30, 2014
Yield1	0.82%	[1]
Fair Value	4,466,558
% of Partners' Capital (Net Asset Value)	0.32%
U.S [Member] | Corporate Notes [Member] | One Point Nine Three Percent Hewlett-Packard Company Maturing At 19-September-2014 [Member] | Computers [Member]
Face Value	3,850,000
Maturity Date	Sep. 19, 2014
Yield1	1.93%	[1]
Fair Value	3,898,677
% of Partners' Capital (Net Asset Value)	0.28%
U.S [Member] | Corporate Notes [Member] | Six Point Five Percent Ibm Maturing At 15-October-2013 [Member] | Computers [Member]
Face Value	550,000		550,000
Maturity Date	Oct. 15, 2013		Oct. 15, 2013
Yield1	6.50%	[1]	6.50%	[1]
Fair Value	601,496		614,082
% of Partners' Capital (Net Asset Value)	0.04%		0.04%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Percent Procter Gamble Maturing At 15-August-2014 [Member] | Consumer Products [Member]
Face Value	4,250,000		4,250,000
Maturity Date	Aug. 15, 2014		Aug. 15, 2014
Yield1	0.70%	[1]	0.70%	[1]
Fair Value	4,280,672		4,281,968
% of Partners' Capital (Net Asset Value)	0.31%		0.29%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight One Percent American Honda Finance Corp. Maturing At 7-November-2012 [Member] | Diversified Financial Services [Member]
Face Value	1,950,000
Maturity Date	Nov. 07, 2012
Yield1	0.81%	[1]
Fair Value	1,953,101
% of Partners' Capital (Net Asset Value)	0.14%
U.S [Member] | Corporate Notes [Member] | Four Point Six Three Percent American Honda Finance Corp. Maturing At 2-April-2013 [Member] | Diversified Financial Services [Member]
Face Value	3,110,000
Maturity Date	Apr. 02, 2013
Yield1	4.63%	[1]
Fair Value	3,247,510
% of Partners' Capital (Net Asset Value)	0.23%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Nine Percent American Honda Finance Corp. Maturing At 8-May-2014 [Member] | Diversified Financial Services [Member]
Face Value	2,075,000
Maturity Date	May 08, 2014
Yield1	0.89%	[1]
Fair Value	2,082,599
% of Partners' Capital (Net Asset Value)	0.15%
U.S [Member] | Corporate Notes [Member] | One Percent American Honda Finance Corp. Maturing At 11-August-2015 [Member] | Diversified Financial Services [Member]
Face Value	3,750,000
Maturity Date	Aug. 11, 2015
Yield1	1.00%	[1]
Fair Value	3,759,658
% of Partners' Capital (Net Asset Value)	0.27%
U.S [Member] | Corporate Notes [Member] | Two Point Two Five Percent Blackrock, Inc. Maturing At 10-December-2012 [Member] | Diversified Financial Services [Member]
Face Value	1,500,000		1,500,000
Maturity Date	Dec. 10, 2012		Dec. 10, 2012
Yield1	2.25%	[1]	2.25%	[1]
Fair Value	1,515,920		1,522,241
% of Partners' Capital (Net Asset Value)	0.11%		0.10%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Three Percent Blackrock, Inc. Maturing At 24-May-2013 [Member] | Diversified Financial Services [Member]
Face Value	6,335,000
Maturity Date	May 24, 2013
Yield1	0.73%	[1]
Fair Value	6,355,211
% of Partners' Capital (Net Asset Value)	0.47%
U.S [Member] | Corporate Notes [Member] | Two Percent Caterpillar Financial Services Corporation Maturing At 5-April-2013 [Member] | Diversified Financial Services [Member]
Face Value	4,110,000		2,510,000
Maturity Date	Apr. 05, 2013		Apr. 05, 2013
Yield1	2.00%	[1]	2.00%	[1]
Fair Value	4,167,124		2,565,847
% of Partners' Capital (Net Asset Value)	0.30%		0.17%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Nine Percent Caterpillar Financial Services Corporation Maturing At 9-February-2015 [Member] | Diversified Financial Services [Member]
Face Value	250,000
Maturity Date	Feb. 09, 2015
Yield1	0.79%	[1]
Fair Value	251,497
% of Partners' Capital (Net Asset Value)	0.02%
U.S [Member] | Corporate Notes [Member] | One Point Eight Eight Percent Citigroup Funding Inc. Maturing At 22-October-2012 [Member] | Diversified Financial Services [Member]
Face Value	4,400,000		4,400,000
Maturity Date	Oct. 22, 2012		Oct. 22, 2012
Yield1	1.88%	[1]	1.88%	[1]
Fair Value	4,440,560		4,440,560
% of Partners' Capital (Net Asset Value)	0.32%		0.32%
U.S [Member] | Corporate Notes [Member] | Two Point Two Five Percent Citigroup Funding Inc. Maturing At 10-December-2012 [Member] | Diversified Financial Services [Member]
Face Value	350,000		1,350,000
Maturity Date	Dec. 10, 2012		Dec. 10, 2012
Yield1	2.25%	[1]	2.25%	[1]
Fair Value	353,832		1,376,843
% of Partners' Capital (Net Asset Value)	0.03%		0.09%
U.S [Member] | Corporate Notes [Member] | Five Point Four Percent Cme Group Inc. Maturing At 1-August-2013 [Member] | Diversified Financial Services [Member]
Face Value	3,780,000
Maturity Date	Aug. 01, 2013
Yield1	5.40%	[1]
Fair Value	3,970,365
% of Partners' Capital (Net Asset Value)	0.29%
U.S [Member] | Corporate Notes [Member] | Five Point Eight Percent Erac Usa Finance Llc Maturing At 15-October-2012 [Member] | Diversified Financial Services [Member]
Face Value	1,300,000
Maturity Date	Oct. 15, 2012
Yield1	5.80%	[1]
Fair Value	1,337,320
% of Partners' Capital (Net Asset Value)	0.10%
U.S [Member] | Corporate Notes [Member] | Two Point Six Three Percent General Electric Capital Corporation Maturing At 28-December-2012 [Member] | Diversified Financial Services [Member]
Face Value	5,555,000		5,555,000
Maturity Date	Dec. 28, 2012		Dec. 28, 2012
Yield1	2.63%	[1]	2.63%	[1]
Fair Value	5,626,950		5,689,174
% of Partners' Capital (Net Asset Value)	0.40%		0.38%
U.S [Member] | Corporate Notes [Member] | One Point Three One Percent General Electric Capital Corporation Maturing At 7-January-2014 [Member] | Diversified Financial Services [Member]
Face Value	3,400,000
Maturity Date	Jan. 07, 2014
Yield1	1.31%	[1]
Fair Value	3,421,008
% of Partners' Capital (Net Asset Value)	0.25%
U.S [Member] | Corporate Notes [Member] | One Point Zero Nine Percent General Electric Capital Corporation Maturing At 7-April-2014 [Member] | Diversified Financial Services [Member]
Face Value	4,800,000
Maturity Date	Apr. 07, 2014
Yield1	1.09%	[1]
Fair Value	4,833,078
% of Partners' Capital (Net Asset Value)	0.35%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven One Percent Hsbc Finance Corporation Maturing At 15-January-2014 [Member] | Diversified Financial Services [Member]
Face Value	5,500,000
Maturity Date	Jan. 15, 2014
Yield1	0.71%	[1]
Fair Value	5,473,817
% of Partners' Capital (Net Asset Value)	0.39%
U.S [Member] | Corporate Notes [Member] | Five Point Two Five Percent John Deere Capital Corporation Maturing At 1-October-2012 [Member] | Diversified Financial Services [Member]
Face Value	4,500,000		4,500,000
Maturity Date	Oct. 01, 2012		Oct. 01, 2012
Yield1	5.25%	[1]	5.25%	[1]
Fair Value	4,618,169		4,715,832
% of Partners' Capital (Net Asset Value)	0.33%		0.32%
U.S [Member] | Corporate Notes [Member] | Four Point Nine Five Percent John Deere Capital Corporation Maturing At 17-December-2012 [Member] | Diversified Financial Services [Member]
Face Value	1,250,000		1,250,000
Maturity Date	Dec. 17, 2012		Dec. 17, 2012
Yield1	4.95%	[1]	4.95%	[1]
Fair Value	1,279,881		1,304,601
% of Partners' Capital (Net Asset Value)	0.09%		0.09%
U.S [Member] | Corporate Notes [Member] | Five Point One Percent John Deere Capital Corporation Maturing At 15-January-2013 [Member] | Diversified Financial Services [Member]
Face Value	157,000		157,000
Maturity Date	Jan. 15, 2013		Jan. 15, 2013
Yield1	5.10%	[1]	5.10%	[1]
Fair Value	160,793		167,771
% of Partners' Capital (Net Asset Value)	0.01%		0.01%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Percent John Deere Capital Corporation Maturing At 25-April-2014 [Member] | Diversified Financial Services [Member]
Face Value	2,200,000
Maturity Date	Apr. 25, 2014
Yield1	0.70%	[1]
Fair Value	2,208,461
% of Partners' Capital (Net Asset Value)	0.16%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Six Percent Massmutual Global Funding Ii Maturing At 27-September-2013 [Member] | Diversified Financial Services [Member]
Face Value	3,714,000
Maturity Date	Sep. 27, 2013
Yield1	0.86%	[1]
Fair Value	3,732,629
% of Partners' Capital (Net Asset Value)	0.27%
U.S [Member] | Corporate Notes [Member] | Four Point Eight Percent Nyse Euronext Maturing At 30-June-2013 [Member] | Diversified Financial Services [Member]
Face Value	5,750,000
Maturity Date	Jun. 30, 2013
Yield1	4.80%	[1]
Fair Value	6,002,494
% of Partners' Capital (Net Asset Value)	0.44%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Eight Percent Paccar Financial Corp. Maturing At 5-April-2013 [Member] | Diversified Financial Services [Member]
Face Value	6,517,000
Maturity Date	Apr. 05, 2013
Yield1	0.68%	[1]
Fair Value	6,535,042
% of Partners' Capital (Net Asset Value)	0.48%
U.S [Member] | Corporate Notes [Member] | One Point One Six Percent Ssif Nevada, Limited Partnership Maturing At 14-April-2014 [Member] | Diversified Financial Services [Member]
Face Value	5,000,000
Maturity Date	Apr. 14, 2014
Yield1	1.16%	[1]
Fair Value	5,034,982
% of Partners' Capital (Net Asset Value)	0.36%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Six Percent Toyota Motor Credit Corporation Maturing At 12-October-2012 [Member] | Diversified Financial Services [Member]
Face Value	300,000
Maturity Date	Oct. 12, 2012
Yield1	0.66%	[1]
Fair Value	300,473
% of Partners' Capital (Net Asset Value)	0.02%
U.S [Member] | Corporate Notes [Member] | Zero Point Nine One Percent Toyota Motor Credit Corporation Maturing At 11-October-2013 [Member] | Diversified Financial Services [Member]
Face Value	300,000
Maturity Date	Oct. 11, 2013
Yield1	0.91%	[1]
Fair Value	301,847
% of Partners' Capital (Net Asset Value)	0.02%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Six Percent Toyota Motor Credit Corporation Maturing At 17-January-2014 [Member] | Diversified Financial Services [Member]
Face Value	6,000,000
Maturity Date	Jan. 17, 2014
Yield1	0.86%	[1]
Fair Value	6,028,339
% of Partners' Capital (Net Asset Value)	0.44%
U.S [Member] | Corporate Notes [Member] | Zero Point Six One Percent Toyota Motor Credit Corporation Maturing At 27-January-2014 [Member] | Diversified Financial Services [Member]
Face Value	3,000,000
Maturity Date	Jan. 27, 2014
Yield1	0.61%	[1]
Fair Value	3,002,739
% of Partners' Capital (Net Asset Value)	0.22%
U.S [Member] | Corporate Notes [Member] | One Percent Toyota Motor Credit Corporation Maturing At 17-February-2015 [Member] | Diversified Financial Services [Member]
Face Value	8,450,000
Maturity Date	Feb. 17, 2015
Yield1	1.00%	[1]
Fair Value	8,551,823
% of Partners' Capital (Net Asset Value)	0.62%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight One Percent Appalachian Power Company Maturing At 16-August-2013 [Member] | Energy [Member]
Face Value	750,000
Maturity Date	Aug. 16, 2013
Yield1	0.81%	[1]
Fair Value	751,256
% of Partners' Capital (Net Asset Value)	0.05%
U.S [Member] | Corporate Notes [Member] | Five Point Five Percent Columbus Southern Power Company Maturing At 1-March-2013 [Member] | Energy [Member]
Face Value	1,388,000
Maturity Date	Mar. 01, 2013
Yield1	5.50%	[1]
Fair Value	1,422,377
% of Partners' Capital (Net Asset Value)	0.10%
U.S [Member] | Corporate Notes [Member] | Four Point Seven Five Percent Conocophillips Maturing At 15-October-2012 [Member] | Energy [Member]
Face Value	4,500,000		4,500,000
Maturity Date	Oct. 15, 2012		Oct. 15, 2012
Yield1	4.75%	[1]	4.75%	[1]
Fair Value	4,605,258		4,679,495
% of Partners' Capital (Net Asset Value)	0.33%		0.32%
U.S [Member] | Corporate Notes [Member] | Five Point Six Five Percent Northeast Utilities Maturing At 1-June-2013 [Member] | Energy [Member]
Face Value	1,000,000
Maturity Date	Jun. 01, 2013
Yield1	5.65%	[1]
Fair Value	1,052,155
% of Partners' Capital (Net Asset Value)	0.08%
U.S [Member] | Corporate Notes [Member] | Five Point Three Eight Percent Northern Natural Gas Company Maturing At 31-October-2012 [Member] | Energy [Member]
Face Value	1,305,000		1,305,000
Maturity Date	Oct. 31, 2012		Oct. 31, 2012
Yield1	5.38%	[1]	5.38%	[1]
Fair Value	1,339,070		1,365,910
% of Partners' Capital (Net Asset Value)	0.10%		0.09%
U.S [Member] | Corporate Notes [Member] | Four Point Eight Eight Percent Nstar Electric Company Maturing At 15-October-2012 [Member] | Energy [Member]
Face Value	2,191,000		2,191,000,000
Maturity Date	Oct. 15, 2012		Oct. 15, 2012
Yield1	4.88%	[1]	4.88%	[1]
Fair Value	2,243,508		2,284,590,000
% of Partners' Capital (Net Asset Value)	0.16%		0.15%
U.S [Member] | Corporate Notes [Member] | One Point Four Five Percent Occidental Petroleum Corporation Maturing At 13-December-2013 [Member] | Energy [Member]
Face Value	4,275,000		4,275,000
Maturity Date	Dec. 13, 2013		Dec. 13, 2013
Yield1	1.45%	[1]	1.45%	[1]
Fair Value	4,342,547		4,352,225
% of Partners' Capital (Net Asset Value)	0.31%		0.29%
U.S [Member] | Corporate Notes [Member] | Two Point Five Percent Pseg Power Llc Maturing At 15-April-2013 [Member] | Energy [Member]
Face Value	2,300,000
Maturity Date	Apr. 15, 2013
Yield1	2.50%	[1]
Fair Value	2,351,897
% of Partners' Capital (Net Asset Value)	0.17%
U.S [Member] | Corporate Notes [Member] | Five Point Two Five Percent General Mills, Inc. Maturing At 15-August-2013 [Member] | Food [Member]
Face Value	2,267,000
Maturity Date	Aug. 15, 2013
Yield1	5.25%	[1]
Fair Value	2,376,213
% of Partners' Capital (Net Asset Value)	0.17%
U.S [Member] | Corporate Notes [Member] | Five Point One Three Percent Kellogg Company Maturing At 3-December-2012 [Member] | Food [Member]
Face Value	1,350,000
Maturity Date	Dec. 03, 2013
Yield1	5.13%	[1]
Fair Value	1,383,425
% of Partners' Capital (Net Asset Value)	0.10%
U.S [Member] | Corporate Notes [Member] | Four Point Two Five Percent Kellogg Company Maturing At 6-March-2013 [Member] | Food [Member]
Face Value	1,036,000
Maturity Date	Mar. 06, 2013
Yield1	4.25%	[1]
Fair Value	1,055,795
% of Partners' Capital (Net Asset Value)	0.08%
U.S [Member] | Corporate Notes [Member] | One Point Six Three Percent Kraft Foods Group, Inc. Maturing At 4-June-2015 [Member] | Food [Member]
Face Value	6,000,000
Maturity Date	Jun. 04, 2015
Yield1	1.63%	[1]
Fair Value	6,123,442
% of Partners' Capital (Net Asset Value)	0.45%
U.S [Member] | Corporate Notes [Member] | Five Percent Roche Holdings, Inc. Maturing At 1-March-2014 [Member] | Healthcare [Member]
Face Value	7,743,000		7,743,000
Maturity Date	Mar. 01, 2014		Mar. 01, 2014
Yield1	5.00%	[1]	5.00%	[1]
Fair Value	8,242,797		8,505,438
% of Partners' Capital (Net Asset Value)	0.60%		0.57%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Nine Percent Berkshire Hathaway Finance Corporation Maturing At 10-January-2014 [Member] | Insurance [Member]
Face Value	1,980,000
Maturity Date	Jan. 10, 2014
Yield1	0.79%	[1]
Fair Value	1,993,136
% of Partners' Capital (Net Asset Value)	0.14%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Seven Percent Berkshire Hathaway Inc. Maturing At 11-February-2013 [Member] | Insurance [Member]
Face Value	9,750,000
Maturity Date	Feb. 11, 2013
Yield1	0.87%	[1]
Fair Value	9,783,148
% of Partners' Capital (Net Asset Value)	0.71%
U.S [Member] | Corporate Notes [Member] | Five Point Three Eight Percent Jackson National Life Global Funding Maturing At 8-May-2013 [Member] | Insurance [Member]
Face Value	3,650,000		350,000
Maturity Date	May 08, 2013		May 08, 2013
Yield1	5.38%	[1]	5.38%	[1]
Fair Value	3,835,656		369,064
% of Partners' Capital (Net Asset Value)	0.28%		0.02%
U.S [Member] | Corporate Notes [Member] | One Point Three Six Percent Metlife Institutional Funding Ii Maturing At 4-April-2014 [Member] | Insurance [Member]
Face Value	300,000
Maturity Date	Apr. 04, 2014
Yield1	1.36%	[1]
Fair Value	303,375
% of Partners' Capital (Net Asset Value)	0.02%
U.S [Member] | Corporate Notes [Member] | Two Point Five Percent Metropolitan Life Global Funding I Maturing At 11-January-2013 [Member] | Insurance [Member]
Face Value	2,800,000		2,800,000
Maturity Date	Jan. 11, 2013		Jan. 11, 2013
Yield1	2.50%	[1]	2.50%	[1]
Fair Value	2,830,919		2,866,978
% of Partners' Capital (Net Asset Value)	0.20%		0.19%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Percent Metropolitan Life Global Funding I Maturing At 12-December-2013 [Member] | Insurance [Member]
Face Value	6,000,000
Maturity Date	Dec. 12, 2013
Yield1	0.80%	[1]
Fair Value	6,010,923
% of Partners' Capital (Net Asset Value)	0.43%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Two Percent Monumental Global Funding Iii Maturing At 25-January-2013 [Member] | Insurance [Member]
Face Value	4,024,000
Maturity Date	Jan. 25, 2013
Yield1	0.62%	[1]
Fair Value	4,022,612
% of Partners' Capital (Net Asset Value)	0.29%
U.S [Member] | Corporate Notes [Member] | Five Point Five Percent Monumental Global Funding Iii Maturing At 22-April-2013 [Member] | Insurance [Member]
Face Value	2,270,000
Maturity Date	Apr. 22, 2013
Yield1	5.50%	[1]
Fair Value	2,374,932
% of Partners' Capital (Net Asset Value)	0.17%
U.S [Member] | Corporate Notes [Member] | Five Point Two Five Percent New York Life Global Funding Maturing At 16-October-2012 [Member] | Insurance [Member]
Face Value	1,550,000		1,550,000
Maturity Date	Oct. 16, 2012		Oct. 16, 2012
Yield1	5.25%	[1]	5.25%	[1]
Fair Value	1,590,763		1,624,441
% of Partners' Capital (Net Asset Value)	0.11%		0.11%
U.S [Member] | Corporate Notes [Member] | Two Point Two Five Percent New York Life Global Funding Maturing At 14-December-2012 [Member] | Insurance [Member]
Face Value	5,140,000		5,140,000
Maturity Date	Dec. 14, 2012		Dec. 14, 2012
Yield1	2.25%	[1]	2.25%	[1]
Fair Value	5,194,435		5,213,628
% of Partners' Capital (Net Asset Value)	0.37%		0.35%
U.S [Member] | Corporate Notes [Member] | Four Point Six Five Percent New York Life Global Funding Maturing At 9-May-2013 [Member] | Insurance [Member]
Face Value	3,250,000		1,250,000
Maturity Date	May 09, 2013		May 09, 2013
Yield1	4.65%	[1]	4.65%	[1]
Fair Value	3,392,830		1,318,922
% of Partners' Capital (Net Asset Value)	0.24%		0.09%
U.S [Member] | Corporate Notes [Member] | Five Point One Five Percent Pacific Life Global Funding Maturing At 15-April-2013 [Member] | Insurance [Member]
Face Value	4,610,000		4,610,000
Maturity Date	Apr. 15, 2013		Apr. 15, 2013
Yield1	5.15%	[1]	5.15%	[1]
Fair Value	4,834,379		4,865,363
% of Partners' Capital (Net Asset Value)	0.35%		0.33%
U.S [Member] | Corporate Notes [Member] | Five Point Four Percent Pricoa Global Funding I Maturing At 18-October-2012 [Member] | Insurance [Member]
Face Value	650,000		650,000
Maturity Date	Oct. 18, 2012		Oct. 18, 2012
Yield1	5.40%	[1]	5.40%	[1]
Fair Value	667,130		676,870
% of Partners' Capital (Net Asset Value)	0.05%		0.05%
U.S [Member] | Corporate Notes [Member] | Zero Point Five Six Percent Pricoa Global Funding I Maturing At 27-September-2013 [Member] | Insurance [Member]
Face Value	1,700,000
Maturity Date	Sep. 27, 2013
Yield1	0.56%	[1]
Fair Value	1,694,833
% of Partners' Capital (Net Asset Value)	0.12%
U.S [Member] | Corporate Notes [Member] | Five Point Three Percent Principal Life Income Fundings Maturing At 14-December-2012 [Member] | Insurance [Member]
Face Value	105,000		105,000
Maturity Date	Dec. 14, 2012		Dec. 14, 2012
Yield1	5.30%	[1]	5.30%	[1]
Fair Value	107,682		109,546
% of Partners' Capital (Net Asset Value)	0.01%		0.01%
U.S [Member] | Corporate Notes [Member] | Five Point Three Percent Principal Life Income Fundings Maturing At 24-April-2013 [Member] | Insurance [Member]
Face Value	2,700,000
Maturity Date	Apr. 24, 2013
Yield1	5.30%	[1]
Fair Value	2,836,344
% of Partners' Capital (Net Asset Value)	0.20%
U.S [Member] | Corporate Notes [Member] | Five Percent Travelers Companies, Inc. Maturing At 15-March-2013 [Member] | Insurance [Member]
Face Value	725,000
Maturity Date	Mar. 15, 2013
Yield1	5.00%	[1]
Fair Value	741,835
% of Partners' Capital (Net Asset Value)	0.05%
U.S [Member] | Corporate Notes [Member] | One Point Two Five Percent Google Inc. Maturing At 19-May-2014 [Member] | Insurance [Member]
Maturity Date			May 19, 2014
Yield1			1.25%	[1]
U.S [Member] | Corporate Notes [Member] | One Point Two Five Percent Google Inc. Maturing At 19-May-2014 [Member] | Internet [Member]
Face Value	3,000,000		3,000,000
Maturity Date	May 19, 2014
Yield1	1.25%	[1]
Fair Value	3,058,077		3,049,524
% of Partners' Capital (Net Asset Value)	0.22%		0.21%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Percent Caterpillar Inc. Maturing At 21-May-2013 [Member] | Machinery [Member]
Face Value	3,420,000
Maturity Date	May 21, 2013
Yield1	0.60%	[1]
Fair Value	3,428,093
% of Partners' Capital (Net Asset Value)	0.25%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Three Percent Danaher Corporation Maturing At 21-June-2013 [Member] | Machinery [Member]
Face Value	9,035,000
Maturity Date	Jun. 21, 2013
Yield1	0.63%	[1]
Fair Value	9,053,894
% of Partners' Capital (Net Asset Value)	0.66%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Two Percent Eaton Corporation Maturing At 16-June-2014 [Member] | Machinery [Member]
Face Value	8,000,000
Maturity Date	Jun. 16, 2014
Yield1	0.72%	[1]
Fair Value	8,026,624
% of Partners' Capital (Net Asset Value)	0.59%
U.S [Member] | Corporate Notes [Member] | Eight Point Three Eight Percent Comcast Corporation Maturing At 15-March-2013 [Member] | Media [Member]
Face Value	2,400,000
Maturity Date	Mar. 15, 2013
Yield1	8.38%	[1]
Fair Value	2,494,217
% of Partners' Capital (Net Asset Value)	0.18%
U.S [Member] | Corporate Notes [Member] | Three Point Six Five Percent Nbcuniversal Media, Llc Maturing At 30-April-2015 [Member] | Media [Member]
Face Value	4,600,000
Maturity Date	Apr. 30, 2015
Yield1	3.65%	[1]
Fair Value	4,991,107
% of Partners' Capital (Net Asset Value)	0.36%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Eight Percent Walt Disney Company Maturing At 1-December-2014 [Member] | Media [Member]
Face Value	3,700,000		3,700,000
Maturity Date	Dec. 01, 2014		Dec. 01, 2014
Yield1	0.88%	[1]	0.88%	[1]
Fair Value	3,749,457		3,719,927
% of Partners' Capital (Net Asset Value)	0.27%		0.25%
U.S [Member] | Corporate Notes [Member] | Five Point Nine Five Percent Thomson Reuters Corporation Maturing At 15-July-2013 [Member] | Media [Member]
Face Value	1,100,000
Maturity Date	Jul. 15, 2013
Yield1	5.95%	[1]
Fair Value	1,160,209
% of Partners' Capital (Net Asset Value)	0.08%
U.S [Member] | Corporate Notes [Member] | Six Point Two Percent Time Warner Cable Inc. Maturing At 1-July-2013 [Member] | Media [Member]
Face Value	2,200,000
Maturity Date	Jul. 01, 2013
Yield1	6.20%	[1]
Fair Value	2,327,142
% of Partners' Capital (Net Asset Value)	0.17%
U.S [Member] | Corporate Notes [Member] | Two Point One Percent Express Scripts Holding Company Maturing At 12-February-2015 [Member] | Pharmaceutical [Member]
Face Value	975,000
Maturity Date	Feb. 12, 2015
Yield1	2.10%	[1]
Fair Value	1,002,992
% of Partners' Capital (Net Asset Value)	0.07%
U.S [Member] | Corporate Notes [Member] | Five Point Two Five Percent Mckesson Corporation Maturing At 1-March-2013 [Member] | Pharmaceutical [Member]
Face Value	2,350,000
Maturity Date	Mar. 01, 2013
Yield1	5.25%	[1]
Fair Value	2,405,660
% of Partners' Capital (Net Asset Value)	0.17%
U.S [Member] | Corporate Notes [Member] | Four Point One Three Percent Novartis Capital Corporation Maturing At 10-February-2014 [Member] | Pharmaceutical [Member]
Face Value	4,275,000		4,275,000
Maturity Date	Feb. 10, 2014		Feb. 10, 2014
Yield1	4.13%	[1]	4.13%	[1]
Fair Value	4,512,602		4,643,002
% of Partners' Capital (Net Asset Value)	0.32%		0.31%
U.S [Member] | Corporate Notes [Member] | Five Point Five Percent Pfizer Inc. Maturing At 15-March-2013 [Member] | Pharmaceutical [Member]
Face Value	250,000		250,000
Maturity Date	Mar. 15, 2013		Mar. 15, 2013
Yield1	5.50%	[1]	5.50%	[1]
Fair Value	256,539		268,324
% of Partners' Capital (Net Asset Value)	0.02%		0.02%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Three Percent Target Corporation Maturing At 18-July-2014 [Member] | Retail [Member]
Face Value	9,075,000
Maturity Date	Jul. 18, 2014
Yield1	0.63%	[1]
Fair Value	9,121,233
% of Partners' Capital (Net Asset Value)	0.67%
U.S [Member] | Corporate Notes [Member] | Four Point Eight Eight Percent Walgreen Co. Maturing At 1-August-2013 [Member] | Retail [Member]
Face Value	2,200,000
Maturity Date	Aug. 01, 2013
Yield1	4.88%	[1]
Fair Value	2,295,467
% of Partners' Capital (Net Asset Value)	0.16%
U.S [Member] | Corporate Notes [Member] | Zero Point Nine Percent Walgreen Co. Maturing At 13-March-2014 [Member] | Retail [Member]
Face Value	11,000,000
Maturity Date	Mar. 13, 2014
Yield1	0.90%	[1]
Fair Value	11,018,084
% of Partners' Capital (Net Asset Value)	0.80%
U.S [Member] | Corporate Notes [Member] | Three Percent Wal-Mart Stores, Inc. Maturing At 3-February-2014 [Member] | Retail [Member]
Face Value	4,500,000		4,500,000
Maturity Date	Feb. 03, 2014		Feb. 03, 2014
Yield1	3.00%	[1]	3.00%	[1]
Fair Value	4,675,267		4,795,144
% of Partners' Capital (Net Asset Value)	0.34%		0.32%
U.S [Member] | Corporate Notes [Member] | One Point Six Three Percent Wal-Mart Stores, Inc. Maturing At 15-April-2014 [Member] | Retail [Member]
Face Value	4,775,000		4,775,000
Maturity Date	Apr. 15, 2014		Apr. 15, 2014
Yield1	1.63%	[1]	1.63%	[1]
Fair Value	4,898,818		4,896,448
% of Partners' Capital (Net Asset Value)	0.35%		0.33%
U.S [Member] | Corporate Notes [Member] | Zero Point Six One Percent Texas Instruments Incorporated Maturing At 15-May-2013 [Member] | Semiconductor [Member]
Face Value	4,275,000
Maturity Date	May 15, 2013
Yield1	0.61%	[1]
Fair Value	4,287,493
% of Partners' Capital (Net Asset Value)	0.31%
U.S [Member] | Corporate Notes [Member] | Five Percent Nucor Corporation Maturing At 1-December-2012 [Member] | Steel [Member]
Face Value	1,579,000		1,579,000
Maturity Date	Dec. 01, 2012		Dec. 01, 2012
Yield1	5.00%	[1]	5.00%	[1]
Fair Value	1,616,161		1,642,453
% of Partners' Capital (Net Asset Value)	0.12%		0.11%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Eight Percent At&T Inc. Maturing At 13-February-2015 [Member] | Telecommunication [Member]
Face Value	6,550,000
Maturity Date	Feb. 13, 2015
Yield1	0.88%	[1]
Fair Value	6,613,143
% of Partners' Capital (Net Asset Value)	0.49%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Four Percent Cisco Systems, Inc. Maturing At 14-March-2014 [Member] | Telecommunication [Member]
Face Value	2,250,000
Maturity Date	Mar. 14, 2014
Yield1	0.64%	[1]
Fair Value	2,260,401
% of Partners' Capital (Net Asset Value)	0.16%
U.S [Member] | Corporate Notes [Member] | Zero Point Nine Seven Percent Verizon Communications Inc. Maturing At 28-March-2014 [Member] | Telecommunication [Member]
Face Value	5,700,000
Maturity Date	Mar. 28, 2014
Yield1	0.97%	[1]
Fair Value	5,744,486
% of Partners' Capital (Net Asset Value)	0.41%
U.S [Member] | Corporate Notes [Member] | Four Point Six Three Percent Verizon Virginia Inc. Maturing At 15-March-2013 [Member] | Telecommunication [Member]
Face Value	1,530,000
Maturity Date	Mar. 15, 2013
Yield1	4.63%	[1]
Fair Value	1,561,291
% of Partners' Capital (Net Asset Value)	0.11%
U.S [Member] | Corporate Notes [Member] | Six Percent Ryder System, Inc. Maturing At 1-March-2013 [Member] | Transportation [Member]
Face Value	1,000,000
Maturity Date	Mar. 01, 2013
Yield1	6.00%	[1]
Fair Value	1,024,443
% of Partners' Capital (Net Asset Value)	0.07%
U.S [Member] | Corporate Notes [Member] | Four Point Five Percent United Parcel Service, Inc. Maturing At 15-January-2013 [Member] | Transportation [Member]
Face Value	9,424,000		5,850,000
Maturity Date	Jan. 15, 2013		Jan. 15, 2013
Yield1	4.50%	[1]	4.50%	[1]
Fair Value	9,628,319		6,212,402
% of Partners' Capital (Net Asset Value)	0.70%		0.42%
U.S [Member] | Corporate Notes [Member] | Nine Point Seven Five Percent Mcdonnell Douglas Corporation Maturing At 1-April-2012 [Member] | Aerospace [Member]
Face Value			2,937,000
Maturity Date			Apr. 01, 2012
Yield1			9.75%	[1]
Fair Value			3,073,320
% of Partners' Capital (Net Asset Value)			0.21%
U.S [Member] | Corporate Notes [Member] | One Point Two Five Percent V.F. Corporation Maturing At 23-August-2013 [Member] | Apparel [Member]
Face Value			2,325,000
Maturity Date			Aug. 23, 2013
Yield1			1.25%	[1]
Fair Value			2,332,109
% of Partners' Capital (Net Asset Value)			0.16%
U.S [Member] | Corporate Notes [Member] | One Point Seven Two Percent Paccar Inc Maturing At 14-September-2012 [Member] | Automotive [Member]
Face Value			1,000,000
Maturity Date			Sep. 14, 2012
Yield1			1.72%	[1]
Fair Value			1,009,200
% of Partners' Capital (Net Asset Value)			0.07%
U.S [Member] | Corporate Notes [Member] | One Point Eight Five Percent Bank Of America Maturing At 30-January-2014 [Member] | Banks [Member]
Face Value			15,000,000
Maturity Date			Jan. 30, 2014
Yield1			1.85%	[1]
Fair Value			13,590,732
% of Partners' Capital (Net Asset Value)			0.92%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Seven Percent Bank Of New York Mellon Maturing At 23-March-2012 [Member] | Banks [Member]
Face Value			190,000
Maturity Date			Mar. 23, 2012
Yield1			0.67%	[1]
Fair Value			189,954
% of Partners' Capital (Net Asset Value)			0.01%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Nine Percent Bank Of New York Mellon Maturing At 28-July-2014 [Member] | Banks [Member]
Face Value			5,000,000
Maturity Date			Jul. 28, 2014
Yield1			0.69%	[1]
Fair Value			4,922,138
% of Partners' Capital (Net Asset Value)			0.33%
U.S [Member] | Corporate Notes [Member] | Three Point Eight Five Percent Bb&T Corporation Maturing At 27-July-2012 [Member] | Banks [Member]
Face Value			7,602,000
Maturity Date			Jul. 27, 2012
Yield1			3.85%	[1]
Fair Value			7,851,227
% of Partners' Capital (Net Asset Value)			0.53%
U.S [Member] | Corporate Notes [Member] | One Point Seven Five Percent Citibank N.. Maturingat28december2012member [Member] | Banks [Member]
Face Value			4,000,000
Maturity Date			Dec. 28, 2012
Yield1			1.75%	[1]
Fair Value			4,061,719
% of Partners' Capital (Net Asset Value)			0.27%
U.S [Member] | Corporate Notes [Member] | One Point Three Percent Citigroup Inc. Maturing At 1-April-2014 [Member] | Banks [Member]
Face Value			10,000,000
Maturity Date			Apr. 01, 2014
Yield1			1.30%	[1]
Fair Value			9,456,391
% of Partners' Capital (Net Asset Value)			0.64%
U.S [Member] | Corporate Notes [Member] | Three Point Four Five Percent Credit Suisse Ag (Ny) Maturing At 2-July-2012 [Member] | Banks [Member]
Face Value			6,525,000
Maturity Date			Jul. 02, 2012
Yield1			3.45%	[1]
Fair Value			6,709,392
% of Partners' Capital (Net Asset Value)			0.45%
U.S [Member] | Corporate Notes [Member] | One Point Three Six Percent Credit Suisse Ag (Ny) Maturing At 14-January-2014 [Member] | Banks [Member]
Face Value			10,000,000
Maturity Date			Jan. 14, 2014
Yield1			1.36%	[1]
Fair Value			9,708,314
% of Partners' Capital (Net Asset Value)			0.65%
U.S [Member] | Corporate Notes [Member] | One Point Seven Five Percent Gmac Inc. Maturing At 30-October-2012 [Member] | Banks [Member]
Face Value			7,000,000
Maturity Date			Oct. 30, 2012
Yield1			1.75%	[1]
Fair Value			7,111,043
% of Partners' Capital (Net Asset Value)			0.48%
U.S [Member] | Corporate Notes [Member] | Two Point Two Percent Gmac Inc. Maturing At 19-December-2012 [Member] | Banks [Member]
Face Value			10,074,000
Maturity Date			Dec. 19, 2012
Yield1			2.20%	[1]
Fair Value			10,399,589
% of Partners' Capital (Net Asset Value)			0.70%
U.S [Member] | Corporate Notes [Member] | Six Point Six Percent Goldman Sachs Maturing At 15-January-2012 [Member] | Banks [Member]
Face Value			1,200,000
Maturity Date			Jan. 15, 2012
Yield1			6.60%	[1]
Fair Value			1,228,911
% of Partners' Capital (Net Asset Value)			0.08%
U.S [Member] | Corporate Notes [Member] | Five Point Three Percent Goldman Sachs Maturing At 14-February-2012 [Member] | Banks [Member]
Face Value			13,855,000
Maturity Date			Feb. 14, 2012
Yield1			5.30%	[1]
Fair Value			12,981,083
% of Partners' Capital (Net Asset Value)			0.88%
U.S [Member] | Corporate Notes [Member] | One Point Four Four Percent Goldman Sachs Maturing At 7-February-2014 [Member] | Banks [Member]
Face Value			13,855,000
Maturity Date			Feb. 07, 2014
Yield1			1.44%	[1]
Fair Value			12,981,083
% of Partners' Capital (Net Asset Value)			0.88%
U.S [Member] | Corporate Notes [Member] | One Point Three Percent Jpmorgan Chase Co. Maturing At 2-May-2014 [Member] | Banks [Member]
Face Value			10,000,000
Maturity Date			May 02, 2014
Yield1			1.30%	[1]
Fair Value			9,710,982
% of Partners' Capital (Net Asset Value)			0.65%
U.S [Member] | Corporate Notes [Member] | Three Point Two Percent Keybank National Association Maturing At 15-June-2012 [Member] | Banks [Member]
Face Value			3,600,000
Maturity Date			Jun. 15, 2012
Yield1			3.20%	[1]
Fair Value			3,654,879
% of Partners' Capital (Net Asset Value)			0.25%
U.S [Member] | Corporate Notes [Member] | One Point Nine Five Percent Morgan Stanley Maturing At 20-June-2012 [Member] | Banks [Member]
Face Value			2,800,000
Maturity Date			Jun. 20, 2012
Yield1			1.95%	[1]
Fair Value			2,824,234
% of Partners' Capital (Net Asset Value)			0.19%
U.S [Member] | Corporate Notes [Member] | One Point Four One Percent Morgan Stanley Maturing At 29-April-2013 [Member] | Banks [Member]
Face Value			4,500,000
Maturity Date			Apr. 29, 2013
Yield1			1.41%	[1]
Fair Value			4,251,895
% of Partners' Capital (Net Asset Value)			0.29%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Nine Percent Morgan Stanley Maturing At 9-January-2014 [Member] | Banks [Member]
Face Value			10,000,000
Maturity Date			Jan. 09, 2014
Yield1			0.69%	[1]
Fair Value			9,063,376
% of Partners' Capital (Net Asset Value)			0.61%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Four Percent U.S. Bank National Association Maturing At 26-October-2012 [Member] | Banks [Member]
Face Value			4,200,000
Maturity Date			Oct. 26, 2012
Yield1			0.64%	[1]
Fair Value			4,212,590
% of Partners' Capital (Net Asset Value)			0.28%
U.S [Member] | Corporate Notes [Member] | One Point Six Percent Ubs Ag (Usa) Maturing At 23-February-2012 [Member] | Banks [Member]
Face Value			3,000,000
Maturity Date			Feb. 23, 2012
Yield1			1.60%	[1]
Fair Value			3,008,944
% of Partners' Capital (Net Asset Value)			0.20%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Eight Percent Wachovia Corporation Maturing At 1-March-2012 [Member] | Banks [Member]
Face Value			250,000
Maturity Date			Mar. 01, 2012
Yield1			0.68%	[1]
Fair Value			255,174
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | Two Point Two Percent Wachovia Corporation Maturing At 1-May-2013 [Member] | Banks [Member]
Face Value			250,000
Maturity Date			May 01, 2013
Yield1			2.20%	[1]
Fair Value			255,174
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | Five Point Two Five Percent Wells Fargo Company Maturing At 23-October-2012 [Member] | Banks [Member]
Face Value			5,250,000
Maturity Date			Oct. 23, 2012
Yield1			5.25%	[1]
Fair Value			5,486,217
% of Partners' Capital (Net Asset Value)			0.37%
U.S [Member] | Corporate Notes [Member] | Four Point Three Eight Percent Wells Fargo Company Maturing At 31-January-2013 [Member] | Banks [Member]
Face Value			5,800,000
Maturity Date			Jan. 31, 2013
Yield1			4.38%	[1]
Fair Value			6,100,740
% of Partners' Capital (Net Asset Value)			0.41%
U.S [Member] | Corporate Notes [Member] | One Point Three Percent Anheuser-Busch Inbev Worldwide Inc. Maturing At 26-March-2013 [Member] | Beverages [Member]
Face Value			5,000,000
Maturity Date			Mar. 26, 2013
Yield1			1.30%	[1]
Fair Value			5,025,140
% of Partners' Capital (Net Asset Value)			0.34%
U.S [Member] | Corporate Notes [Member] | Zero Point Nine Seven Percent Anheuser-Busch Inbev Worldwide Inc. Maturing At 27-January-2014 [Member] | Beverages [Member]
Face Value			2,350,000
Maturity Date			Jan. 27, 2014
Yield1			0.97%	[1]
Fair Value			2,358,879
% of Partners' Capital (Net Asset Value)			0.16%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Six Percent Anheuser-Busch Inbev Worldwide Inc. Maturing At 14-July-2014 [Member] | Beverages [Member]
Face Value			4,000,000
Maturity Date			Jul. 14, 2014
Yield1			0.76%	[1]
Fair Value			3,987,398
% of Partners' Capital (Net Asset Value)			0.27%
U.S [Member] | Corporate Notes [Member] | Three Point Seven Five Percent Coca-Cola Enterprises, Inc. Maturing At 1-March-2012 [Member] | Beverages [Member]
Face Value			1,275,000
Maturity Date			Mar. 01, 2012
Yield1			3.75%	[1]
Fair Value			1,296,595
% of Partners' Capital (Net Asset Value)			0.09%
U.S [Member] | Corporate Notes [Member] | Five Point Seven Five Percent Pepsiamericas, Inc. Maturing At 31-July-2012 [Member] | Beverages [Member]
Face Value			1,000,000
Maturity Date			Jul. 31, 2012
Yield1			5.75%	[1]
Fair Value			1,054,245
% of Partners' Capital (Net Asset Value)			0.07%
U.S [Member] | Corporate Notes [Member] | Seven Point Three Eight Percent Monsanto Company Maturing At 15-August-2012 [Member] | Chemical [Member]
Face Value			250,000
Maturity Date			Aug. 15, 2012
Yield1			7.38%	[1]
Fair Value			266,699
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | Zero Point Nine Seven Percent Dell Inc. Maturing At 1-April-2014 [Member] | Computers [Member]
Face Value			9,000,000
Maturity Date			Apr. 01, 2014
Yield1			0.97%	[1]
Fair Value			9,075,707
% of Partners' Capital (Net Asset Value)			0.61%
U.S [Member] | Corporate Notes [Member] | Five Point Two Five Percent Hewlett-Packard Company Maturing At 1-March-2012 [Member] | Computers [Member]
Face Value			3,663,000
Maturity Date			Mar. 01, 2012
Yield1			5.25%	[1]
Fair Value			3,751,128
% of Partners' Capital (Net Asset Value)			0.25%
U.S [Member] | Corporate Notes [Member] | Six Point Five Percent Hewlett-Packard Company Maturing At 1-July-2012 [Member] | Computers [Member]
Face Value			100,000
Maturity Date			Jul. 01, 2012
Yield1			6.50%	[1]
Fair Value			105,970
% of Partners' Capital (Net Asset Value)			0.01%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Nine Percent Hewlett-Packard Company Maturing At 24-May-2013 [Member] | Computers [Member]
Face Value			2,800,000
Maturity Date			May 24, 2013
Yield1			0.79%	[1]
Fair Value			2,774,702
% of Partners' Capital (Net Asset Value)			0.19%
U.S [Member] | Corporate Notes [Member] | Zero Point Nine Two Percent Hewlett-Packard Company Maturing At 30-May-2014 [Member] | Computers [Member]
Face Value			4,500,000
Maturity Date			May 30, 2012
Yield1			0.92%	[1]
Fair Value			4,354,514
% of Partners' Capital (Net Asset Value)			0.29%
U.S [Member] | Corporate Notes [Member] | Two Point One One Percent Hewlett-Packard Company Maturing At 19-September-2014 [Member] | Computers [Member]
Face Value			3,850,000
Maturity Date			Sep. 19, 2014
Yield1			2.11%	[1]
Fair Value			3,834,096
% of Partners' Capital (Net Asset Value)			0.26%
U.S [Member] | Corporate Notes [Member] | Zero Point Five Eight Percent Ibm Maturing At 15-June-2012 [Member] | Computers [Member]
Face Value			750,000
Maturity Date			Jun. 15, 2012
Yield1			0.58%	[1]
Fair Value			750,291
% of Partners' Capital (Net Asset Value)			0.05%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Five Percent Caterpillar Inc. Maturing At 21-May-2013 [Member] | Construction [Member]
Face Value			3,420,000
Maturity Date			May 21, 2013
Yield1			0.65%	[1]
Fair Value			3,426,993
% of Partners' Capital (Net Asset Value)			0.23%
U.S [Member] | Corporate Notes [Member] | Five Point Six Three Percent Kimberly-Clark Corporation Maturing At 15-February-2012 [Member] | Consumer Products [Member]
Face Value			335,000
Maturity Date			Feb. 15, 2012
Yield1			5.63%	[1]
Fair Value			343,930
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Eight Percent American Honda Finance Corporation Maturing At 29-June-2012 [Member] | Diversified Financial Services [Member]
Face Value			1,950,000
Maturity Date			Jun. 29, 2012
Yield1			0.68%	[1]
Fair Value			1,955,395
% of Partners' Capital (Net Asset Value)			0.13%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight One Percent American Honda Finance Corporation Maturing At 7-November-2012 [Member] | Diversified Financial Services [Member]
Face Value			1,950,000
Maturity Date			Nov. 07, 2012
Yield1			0.81%	[1]
Fair Value			1,955,395
% of Partners' Capital (Net Asset Value)			0.13%
U.S [Member] | Corporate Notes [Member] | Four Point Six Three Percent American Honda Finance Corporation Maturing At 2-April-2013 [Member] | Diversified Financial Services [Member]
Face Value			2,110,000
Maturity Date			Apr. 02, 2013
Yield1			4.63%	[1]
Fair Value			2,208,666
% of Partners' Capital (Net Asset Value)			0.15%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight One Percent Blackrock, Inc. Maturing At 24-May-2013 [Member] | Diversified Financial Services [Member]
Face Value			6,335,000
Maturity Date			May 24, 2013
Yield1			0.81%	[1]
Fair Value			6,336,536
% of Partners' Capital (Net Asset Value)			0.43%
U.S [Member] | Corporate Notes [Member] | Four Point Seven Percent Caterpillar Financial Services Corporation Maturing At 15-March-2012 [Member] | Diversified Financial Services [Member]
Face Value			250,000
Maturity Date			Mar. 15, 2012
Yield1			4.70%	[1]
Fair Value			255,581
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Six Percent Caterpillar Financial Services Corporation Maturing At 1-April-2014 [Member] | Diversified Financial Services [Member]
Face Value			1,600,000
Maturity Date			Apr. 01, 2014
Yield1			0.66%	[1]
Fair Value			1,600,652
% of Partners' Capital (Net Asset Value)			0.11%
U.S [Member] | Corporate Notes [Member] | Six Point Five Percent Credit Suisse (Usa), Inc. Maturing At 15-January-2012 [Member] | Diversified Financial Services [Member]
Face Value			100,000
Maturity Date			Jan. 15, 2012
Yield1			6.50%	[1]
Fair Value			103,179
% of Partners' Capital (Net Asset Value)			0.01%
U.S [Member] | Corporate Notes [Member] | Two Point Eight Percent General Electric Capital Corporation Maturing At 8-January-2013 [Member] | Diversified Financial Services [Member]
Face Value			3,800,000
Maturity Date			Jan. 08, 2013
Yield1			2.80%	[1]
Fair Value			3,923,331
% of Partners' Capital (Net Asset Value)			0.26%
U.S [Member] | Corporate Notes [Member] | One Point One Six Percent General Electric Capital Corporation Maturing At 19-June-2013 [Member] | Diversified Financial Services [Member]
Face Value			3,400,000
Maturity Date			Jun. 19, 2012
Yield1			1.16%	[1]
Fair Value			3,404,289
% of Partners' Capital (Net Asset Value)			0.23%
U.S [Member] | Corporate Notes [Member] | One Point Zero One Percent General Electric Capital Corporation Maturing At 7-April-2014 [Member] | Diversified Financial Services [Member]
Face Value			1,000,000
Maturity Date			Apr. 07, 2014
Yield1			1.01%	[1]
Fair Value			979,780
% of Partners' Capital (Net Asset Value)			0.07%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Five Percent Hsbc Finance Corporation Maturing At 15-January-2014 [Member] | Diversified Financial Services [Member]
Face Value			10,000,000
Maturity Date			Jan. 15, 2014
Yield1			0.65%	[1]
Fair Value			9,225,830
% of Partners' Capital (Net Asset Value)			0.62%
U.S [Member] | Corporate Notes [Member] | Seven Percent John Deere Capital Corporation Maturing At 15-March-2012 [Member] | Diversified Financial Services [Member]
Face Value			5,509,000
Maturity Date			Mar. 15, 2012
Yield1			7.00%	[1]
Fair Value			5,697,541
% of Partners' Capital (Net Asset Value)			0.38%
U.S [Member] | Corporate Notes [Member] | Three Point Six Three Percent Massmutual Global Funding Ii Maturing At 16-July-2012 [Member] | Diversified Financial Services [Member]
Face Value			6,960,000
Maturity Date			Jul. 16, 2012
Yield1			3.63%	[1]
Fair Value			7,180,759
% of Partners' Capital (Net Asset Value)			0.48%
U.S [Member] | Corporate Notes [Member] | One Point Zero Seven Percent Massmutual Global Funding Ii Maturing At 27-September-2013 [Member] | Diversified Financial Services [Member]
Face Value			3,714,000
Maturity Date			Sep. 27, 2013
Yield1			1.07%	[1]
Fair Value			3,699,264
% of Partners' Capital (Net Asset Value)			0.25%
U.S [Member] | Corporate Notes [Member] | One Point Nine Five Percent Paccar Financial Corp. Maturing At 17-December-2012 [Member] | Diversified Financial Services [Member]
Face Value			1,750,000
Maturity Date			Dec. 17, 2012
Yield1			1.95%	[1]
Fair Value			1,773,748
% of Partners' Capital (Net Asset Value)			0.12%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Two Percent Paccar Financial Corp. Maturing At 5-April-2013 [Member] | Diversified Financial Services [Member]
Face Value			6,517,000
Maturity Date			Apr. 05, 2013
Yield1			0.72%	[1]
Fair Value			6,514,016
% of Partners' Capital (Net Asset Value)			0.44%
U.S [Member] | Corporate Notes [Member] | Six Point Two Five Percent Principal Life Global Funding I Maturing At 15-February-2012 [Member] | Diversified Financial Services [Member]
Face Value			3,828,000
Maturity Date			Feb. 15, 2012
Yield1			6.25%	[1]
Fair Value			3,941,005
% of Partners' Capital (Net Asset Value)			0.27%
U.S [Member] | Corporate Notes [Member] | Five Point Two Five Percent Principal Life Global Funding I Maturing At 15-January-2013 [Member] | Diversified Financial Services [Member]
Face Value			3,800,000
Maturity Date			Jan. 15, 2013
Yield1			5.25%	[1]
Fair Value			4,045,006
% of Partners' Capital (Net Asset Value)			0.27%
U.S [Member] | Corporate Notes [Member] | One Point One Percent Ssif Nevada, Limited Partnership Maturing At 14-April-2014 [Member] | Diversified Financial Services [Member]
Face Value			5,000,000
Maturity Date			Apr. 14, 2014
Yield1			1.10%	[1]
Fair Value			4,932,841
% of Partners' Capital (Net Asset Value)			0.33%
U.S [Member] | Corporate Notes [Member] | Zero Point Five Nine Percent Toyota Motor Credit Corporation Maturing At 12-October-2012 [Member] | Diversified Financial Services [Member]
Face Value			3,300,000
Maturity Date			Oct. 12, 2012
Yield1			0.59%	[1]
Fair Value			3,305,595
% of Partners' Capital (Net Asset Value)			0.22%
U.S [Member] | Corporate Notes [Member] | Six Point Two Five Percent Duke Energy Carolinas, Llc Maturing At 15-January-2012 [Member] | Energy [Member]
Face Value			4,171,000
Maturity Date			Jan. 15, 2012
Yield1			6.25%	[1]
Fair Value			4,297,840
% of Partners' Capital (Net Asset Value)			0.29%
U.S [Member] | Corporate Notes [Member] | Six Point Three Eight Percent Cargill, Incorporated Maturing At 1-June-2012 [Member] | Food [Member]
Face Value			410,000
Maturity Date			Jun. 01, 2012
Yield1			6.38%	[1]
Fair Value			421,678
% of Partners' Capital (Net Asset Value)			0.03%
U.S [Member] | Corporate Notes [Member] | Five Point Six Percent Cargill, Incorporated Maturing At 15-September-2012 [Member] | Food [Member]
Face Value			4,725,000
Maturity Date			Sep. 15, 2012
Yield1			5.60%	[1]
Fair Value			4,945,756
% of Partners' Capital (Net Asset Value)			0.33%
U.S [Member] | Corporate Notes [Member] | Zero Point Five Two Percent Berkshire Hathaway Finance Corporation Maturing At 13-January-2012 [Member] | Insurance [Member]
Face Value			100,000
Maturity Date			Jan. 13, 2012
Yield1			0.52%	[1]
Fair Value			100,123
% of Partners' Capital (Net Asset Value)			0.01%
U.S [Member] | Corporate Notes [Member] | Four Percent Berkshire Hathaway Finance Corporation Maturing At 15-April-2012 [Member] | Insurance [Member]
Face Value			1,280,000
Maturity Date			Apr. 15, 2012
Yield1			4.00%	[1]
Fair Value			1,303,645
% of Partners' Capital (Net Asset Value)			0.09%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Two Percent Berkshire Hathaway Finance Corporation Maturing At 10-January-2014 [Member] | Insurance [Member]
Face Value			1,980,000
Maturity Date			Jan. 10, 2014
Yield1			0.72%	[1]
Fair Value			1,972,533
% of Partners' Capital (Net Asset Value)			0.13%
U.S [Member] | Corporate Notes [Member] | One Point Four Percent Berkshire Hathaway Inc. Maturing At 10-February-2012 [Member] | Insurance [Member]
Face Value			250,000
Maturity Date			Feb. 10, 2012
Yield1			1.40%	[1]
Fair Value			251,602
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Eight Percent Berkshire Hathaway Inc. Maturing At 11-February-2013 [Member] | Insurance [Member]
Face Value			9,750,000
Maturity Date			Feb. 11, 2013
Yield1			0.88%	[1]
Fair Value			9,794,548
% of Partners' Capital (Net Asset Value)			0.66%
U.S [Member] | Corporate Notes [Member] | Six Point One Three Percent Jackson National Life Global Funding Maturing At 30-May-2012 [Member] | Insurance [Member]
Face Value			650,000
Maturity Date			May 30, 2012
Yield1			6.13%	[1]
Fair Value			665,616
% of Partners' Capital (Net Asset Value)			0.04%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Nine Percent Metlife Institutional Funding Ii Maturing At 12-July-2012 [Member] | Insurance [Member]
Face Value			250,000
Maturity Date			Jul. 12, 2012
Yield1			0.79%	[1]
Fair Value			250,691
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | One Point Two Seven Percent Metlife Institutional Funding Ii Maturing At 4-April-2014 [Member] | Insurance [Member]
Face Value			5,750,000
Maturity Date			Apr. 04, 2014
Yield1			1.27%	[1]
Fair Value			5,755,701
% of Partners' Capital (Net Asset Value)			0.39%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Percent Metropolitan Life Global Funding I Maturing At 15-March-2012 [Member] | Insurance [Member]
Face Value			1,000,000
Maturity Date			Mar. 15, 2012
Yield1			0.80%	[1]
Fair Value			999,812
% of Partners' Capital (Net Asset Value)			0.07%
U.S [Member] | Corporate Notes [Member] | Two Point Eight Eight Percent Metropolitan Life Global Funding I Maturing At 17-September-2012 [Member] | Insurance [Member]
Face Value			7,360,000
Maturity Date			Sep. 17, 2012
Yield1			2.88%	[1]
Fair Value			7,517,339
% of Partners' Capital (Net Asset Value)			0.51%
U.S [Member] | Corporate Notes [Member] | Zero Point Five Nine Percent Monumental Global Funding Iii Maturing At 25-January-2013 [Member] | Insurance [Member]
Face Value			3,374,000
Maturity Date			Jan. 25, 2013
Yield1			0.59%	[1]
Fair Value			3,328,634
% of Partners' Capital (Net Asset Value)			0.22%
U.S [Member] | Corporate Notes [Member] | Zero Point Five Four Percent New York Life Global Funding Maturing At 22-August-2012 [Member] | Insurance [Member]
Face Value			7,050,000
Maturity Date			Aug. 22, 2012
Yield1			0.54%	[1]
Fair Value			7,052,852
% of Partners' Capital (Net Asset Value)			0.48%
U.S [Member] | Corporate Notes [Member] | Zero Point Five Three Percent Pricoa Global Funding I Maturing At 30-January-2012 [Member] | Insurance [Member]
Face Value			250,000
Maturity Date			Jan. 30, 2012
Yield1			0.53%	[1]
Fair Value			250,111
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | Four Point Six Three Percent Pricoa Global Funding I Maturing At 25-June-2012 [Member] | Insurance [Member]
Face Value			4,500,000
Maturity Date			Jun. 25, 2012
Yield1			4.63%	[1]
Fair Value			4,575,136
% of Partners' Capital (Net Asset Value)			0.31%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Percent Pricoa Global Funding I Maturing At 26-June-2012 [Member] | Insurance [Member]
Face Value			2,450,000
Maturity Date			Jun. 26, 2012
Yield1			0.70%	[1]
Fair Value			2,441,886
% of Partners' Capital (Net Asset Value)			0.16%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Two Percent Danaher Corporation Maturing At 21-June-2013 [Member] | Manufacturing [Member]
Face Value			9,035,000
Maturity Date			Jun. 21, 2013
Yield1			0.82%	[1]
Fair Value			9,050,435
% of Partners' Capital (Net Asset Value)			0.61%
U.S [Member] | Corporate Notes [Member] | Zero Point Eight Nine Percent Eaton Corporation Maturing At 16-June-2014 [Member] | Manufacturing [Member]
Face Value			8,000,000
Maturity Date			Jun. 16, 2014
Yield1			0.89%	[1]
Fair Value			8,000,738
% of Partners' Capital (Net Asset Value)			0.54%
U.S [Member] | Corporate Notes [Member] | Six Point Three Eight Percent Walt Disney Company Maturing At 1-March-2012 [Member] | Media [Member]
Face Value			422,000
Maturity Date			Mar. 01, 2012
Yield1			6.38%	[1]
Fair Value			434,768
% of Partners' Capital (Net Asset Value)			0.03%
U.S [Member] | Corporate Notes [Member] | Five Point One Three Percent Bhp Billiton Finance (Usa) Limited Maturing At 29-March-2012 [Member] | Mining [Member]
Face Value			250,000
Maturity Date			Mar. 29, 2012
Yield1			5.13%	[1]
Fair Value			256,031
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Corporate Notes [Member] | Zero Point Five Seven Percent Target Corporation Maturing At 18-July-2014 [Member] | Retail [Member]
Face Value			9,075,000
Maturity Date			Jul. 18, 2014
Yield1			0.57%	[1]
Fair Value			9,085,393
% of Partners' Capital (Net Asset Value)			0.61%
U.S [Member] | Corporate Notes [Member] | Six Point One Five Percent National Semiconductor Corporation Maturing At 15-June-2012 [Member] | Semiconductor [Member]
Face Value			950,000
Maturity Date			Jun. 15, 2012
Yield1			6.15%	[1]
Fair Value			975,883
% of Partners' Capital (Net Asset Value)			0.07%
U.S [Member] | Corporate Notes [Member] | Zero Point Six Four Percent Texas Instruments Incorporated Maturing At 15-May-2013 [Member] | Semiconductor [Member]
Face Value			4,275,000
Maturity Date			May 15, 2013
Yield1			0.64%	[1]
Fair Value			4,287,137
% of Partners' Capital (Net Asset Value)			0.29%
U.S [Member] | Corporate Notes [Member] | Zero Point Seven Nine Percent Cisco Systems, Inc. Maturing At 14-March-2014 [Member] | Telecommunication [Member]
Face Value			2,250,000
Maturity Date			Mar. 14, 2014
Yield1			0.79%	[1]
Fair Value			2,249,238
% of Partners' Capital (Net Asset Value)			0.15%
U.S [Member] | Corporate Notes [Member] | One Point One Eight Percent Verizon Communications Inc. Maturing At 28-March-2014 [Member] | Telecommunication [Member]
Face Value			5,700,000
Maturity Date			Mar. 28, 2014
Yield1			1.18%	[1]
Fair Value			5,693,477
% of Partners' Capital (Net Asset Value)			0.38%
U.S [Member] | Corporate Notes [Member] | Zero Point Six One Percent Archer-Daniels-Midland Company Maturing At 13-August-2012 [Member] | Agriculture [Member]
Face Value			5,850,000
Maturity Date			Aug. 13, 2012
Yield1			0.61%	[1]
Fair Value			$ 5,864,274
% of Partners' Capital (Net Asset Value)			0.40%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

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Foreign Commercial Paper (Commercial Paper [Member], USD $)					9 Months Ended																																12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2012 Foreign [Member]	Dec. 31, 2011 Foreign [Member]	Sep. 30, 2012 Foreign [Member] Zero Point One Eight Percent Commonwealth Bank Of Australia Maturing At 30-November-2012 [Member] Banks [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Eight Nine Percent Dbs Bank Ltd. Maturing At 1-February-2013 [Member] Banks [Member]		Sep. 30, 2012 Foreign [Member] Zero Point One Nine Percent Oversea-Chinese Banking Corp. Ltd Maturing At 14-November-2012 [Member] Banks [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Two Two Percent Oversea-Chinese Banking Corp. Ltd Maturing At 20-November-2012 [Member] Banks [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Two One Percent Sumitomo Mitsui Banking Corp. Maturing At 29-October-2012 [Member] Banks [Member]		Sep. 30, 2012 Foreign [Member] Zero Point One Six Percent Bank Of Nova Scotia Maturing At 15-October-2012 [Member] Banks [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Seven Five Percent Reckitt Benckiser Treasury Services Plc Maturing At 5-March-2013 [Member] Consumer Products [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Eight Percent Reckitt Benckiser Treasury Services Plc Maturing At 8-April-2013 [Member] Consumer Products [Member]		Sep. 30, 2012 Foreign [Member] Zero Point One Six Percent John Deere Bank Sa Maturing At 3-October-2012 [Member] Diversified Financial Services [Member]		Sep. 30, 2012 Foreign [Member] Zero Point One Eight Percent John Deere Bank Sa Maturing At 5-October-2012 [Member] Diversified Financial Services [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Six Three Percent Macquarie Bank Limited Maturing At 25-March-2013 [Member] Diversified Financial Services [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Two Six Percent Gdf Suez Maturing At 22-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Two Four Percent Corporacion Andina De Fomento Maturing At 16-November-2012 [Member] Mulinational [Member]		Sep. 30, 2012 Foreign [Member] Zero Point One Five Percent Astrazeneca Plc Maturing At 10-October-2012 [Member] Pharmaceutical [Member]		Sep. 30, 2012 Foreign [Member] Zero Point One Five Percent Astrazeneca Plc Maturing At 24-October-2012 [Member] Pharmaceutical [Member]		Sep. 30, 2012 Foreign [Member] Zero Point Two Two Percent Telstra Corporation Limited Maturing At 15-October-2012 [Member] Telecommunication [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Five Percent Australia and New Zealand Banking Group Maturing At 7-February-2012 [Member] Banks [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Nine Percent Bank Of Tokyo-Mitsubishi Ufj, Ltd. Maturing At 25-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Three Percent Commonwealth Bank Of Australia Maturing At 17-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Three Seven Percent Dnb Bank Asa Maturing At 23-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Foreign [Member] Zero Point One Percent John Deere Credit Inc. (Canada) Maturing At 12-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Percent Mizuho Funding Llc Maturing At 17-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Five Three Percent Oversea-Chinese Banking Corp. Maturing At 8-March-2012 [Member] Banks [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Four Percent Sumitomo Mitsui Banking Corp. Maturing At 27-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Three Percent Bp Capital Markets P.L.C. Maturing At 4-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Eight Percent Bp Capital Markets P.L.C. Maturing At 17-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Six Percent Bp Capital Markets P.L.C. Maturing At 21-February-2012 [Member] Energy [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two One Percent Gdf Suez Maturing At 11-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Four Percent Pacific Gas and Electric Company Maturing At 3-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Three Three Percent Corporacion Andina De Fomento Maturing At 14-February-2012 [Member] Government Sponsored Enterprise [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two One Percent Covidien International Finance S.. Maturing At 10-January-2012 [Member] Healthcare [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Five Percent Covidien International Finance S.. Maturing At 10-February-2012 [Member] Healthcare [Member]		Dec. 31, 2011 Foreign [Member] Zero Point Two Three Percent Telstra Corporation Limited Maturing At 16-February-2012 [Member] Telecommunication [Member]
Face Value					$ 3,900,000		$ 5,300,000		$ 3,300,000		$ 250,000		$ 2,550,000		$ 3,600,000		$ 2,500,000		$ 5,250,000		$ 3,550,000		$ 250,000		$ 4,000,000		$ 3,900,000		$ 4,250,000		$ 250,000		$ 3,500,000		$ 4,250,000		$ 3,750,000		$ 4,250,000		$ 3,200,000		$ 3,000,000		$ 4,000,000		$ 4,250,000		$ 4,300,000		$ 4,000,000		$ 270,000		$ 1,100,000		$ 3,000,000		$ 4,000,000		$ 4,350,000		$ 3,750,000		$ 250,000		$ 3,000,000		$ 4,000,000
Maturity Date					Nov. 30, 2012		Feb. 01, 2013		Nov. 14, 2012		Nov. 20, 2012		Oct. 29, 2012		Oct. 15, 2012		Mar. 26, 2013		Apr. 08, 2013		Oct. 03, 2012		Oct. 05, 2012		Mar. 26, 2013		Oct. 22, 2012		Nov. 16, 2012		Oct. 10, 2012		Oct. 24, 2012		Oct. 15, 2012		Feb. 07, 2012		Jan. 25, 2012		Jan. 17, 2012		Jan. 23, 2012		Jan. 12, 2012		Jan. 17, 2012		Mar. 08, 2012		Jan. 27, 2012		Jan. 04, 2012		Jan. 17, 2012		Feb. 21, 2012		Jan. 11, 2012		Jan. 03, 2012		Feb. 14, 2012		Jan. 10, 2012		Feb. 10, 2012		Feb. 16, 2012
Yield1					0.18%	[1]	0.89%	[1]	0.19%	[1]	0.22%	[1]	0.21%	[1]	0.16%	[1]	0.75%	[1]	0.80%	[1]	0.16%	[1]	0.18%	[1]	0.63%	[1]	0.26%	[1]	0.24%	[1]	0.15%	[1]	0.15%	[1]	0.22%	[1]	0.25%	[1]	0.29%	[1]	0.30%	[1]	0.37%	[1]	0.10%	[1]	0.20%	[1]	0.53%	[1]	0.24%	[1]	0.23%	[1]	0.28%	[1]	0.26%	[1]	0.21%	[1]	0.40%	[1]	0.33%	[1]	0.21%	[1]	0.25%	[1]	0.23%	[1]
Fair Value	114,634,482	153,224,850	50,564,916	54,456,542	3,898,846		5,295,760		3,299,234		249,925		2,549,605		3,599,776		2,496,456		5,240,445		3,549,968		249,996		3,987,440		3,899,477		4,248,722		249,991		3,499,620		4,249,655		3,749,036		4,249,178		3,199,473		2,999,413		3,999,878		4,249,622		4,295,759		3,999,307		269,995		1,099,853		2,998,895		3,999,767		4,349,903		3,748,485		249,987		2,999,167		3,998,824
% of Partners' Capital (Net Asset Value)	8.23%	10.37%	3.63%	3.67%	0.27%		0.37%		0.24%		0.02%		0.18%		0.26%		0.18%		0.37%		0.26%		0.02%		0.29%		0.28%		0.31%		0.02%		0.25%		0.31%		0.25%		0.29%		0.22%		0.20%		0.27%		0.29%		0.29%		0.27%		0.02%		0.07%		0.20%		0.27%		0.29%		0.25%		0.02%		0.20%		0.27%
Investment Owned, at Cost	$ 114,526,854	$ 153,184,421	$ 50,467,264	$ 54,439,767

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

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Deposits with Brokers

9 Months Ended

Sep. 30, 2012

Brokers and Dealers [Abstract]

Brokers and Dealers Disclosure [Text Block]

6. Deposits with Brokers

To meet margin requirements, the Fund deposits funds with its futures brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with brokers. At September 30, 2012 and December 31, 2011, the Fund had margin requirements of $243,955,040 and $175,593,513, respectively.

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Fair Value Disclosures

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

2.          Fair Value Disclosures

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At September 30, 2012
	Level 1			Level 2		Total
Equity in broker trading accounts:
Net unrealized loss on open futures contracts*	$	(1,200,118	)	$	—	$	(1,200,118	)
Net unrealized gain on open forward currency contracts*		—			792,811		792,811
Cash and cash equivalents:
Money market fund		3,201,458			—		3,201,458
Investments in securities:
U.S. Treasury securities*		73,813,839			—		73,813,839
U.S. government sponsored enterprise notes*		—			34,774,376		34,774,376
Commercial paper*		—			114,634,482		114,634,482
Corporate notes*		—			596,955,672		596,955,672
Certificates of deposit*		—			92,942,090		92,942,090
Total	$	75,815,179		$	840,099,431	$	915,914,610

*See the consolidated condensed schedule of investments for further description.

At December 31, 2011
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain on open futures contracts*	$	38,413,627	$	—	$	38,413,627
Net unrealized gain on open forward currency contracts*		—		271,390		271,390
Cash and cash equivalents:
Money market fund		5,760,099		—		5,760,099
Investments in securities:
U.S. Treasury securities*		78,149,854		—		78,149,854
U.S. government sponsored enterprise notes*		—		85,904,711		85,904,711
Foreign government sponsored enterprise notes*		—		7,097,950		7,097,950
Commercial paper*		—		153,224,850		153,224,850
Corporate notes*		—		672,458,450		672,458,450
Certificates of deposit*		—		94,924,443		94,924,443
Total	$	122,323,580	$	1,013,881,794	$	1,136,205,374

*See the consolidated condensed schedule of investments for further description.

There were no Level 3 holdings at September 30, 2012 or December 31, 2011, or during the periods then ended.

In addition to the financial instruments listed above, substantially all of the Fund’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.

XML

Foreign Certificates of Deposit (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2012		Dec. 31, 2011
% of Partners' Capital (Net Asset Value)	65.63%		73.65%
Certificates Of Deposit [Member]
Fair Value	$ 92,942,090		$ 94,924,443
% of Partners' Capital (Net Asset Value)	6.66%		6.41%
Investment Owned, at Cost	92,703,787		94,910,523
Foreign [Member] | Certificates Of Deposit [Member]
Fair Value	17,367,831		42,391,612
% of Partners' Capital (Net Asset Value)	1.24%		2.86%
Investment Owned, at Cost	17,303,958		42,374,750
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Five Four Percent National Australia Bank Limited Maturing At 9-April-2013 [Member] | Banks [Member]
Face Value	2,050,000
Maturity Date	Apr. 09, 2013
Yield1	0.54%	[1]
Fair Value	2,054,447
% of Partners' Capital (Net Asset Value)	0.15%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Four Nine Percent Sumitomo Mitsui Banking Corp. Maturing At 3-December-2012 [Member] | Banks [Member]
Face Value	2,250,000
Maturity Date	Dec. 03, 2012
Yield1	0.49%	[1]
Fair Value	2,254,467
% of Partners' Capital (Net Asset Value)	0.16%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Eight Percent Sumitomo Mitsui Banking Corp. Maturing At 11-April-2013 [Member] | Banks [Member]
Face Value	2,250,000
Maturity Date	Apr. 11, 2013
Yield1	0.80%	[1]
Fair Value	2,262,880
% of Partners' Capital (Net Asset Value)	0.16%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Seven Nine Percent Sumitomo Mitsui Banking Corp. Maturing At 10-May-2013 [Member] | Banks [Member]
Face Value	5,000,000
Maturity Date	May 10, 2013
Yield1	0.79%	[1]
Fair Value	5,024,940
% of Partners' Capital (Net Asset Value)	0.36%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Seven Four Percent Bank Of Nova Scotia Maturing At 20-November-2012 [Member] | Banks [Member]
Face Value	500,000		2,000,000
Maturity Date	Nov. 20, 2012		Nov. 20, 2012
Yield1	0.74%	[1]	0.74%	[1]
Fair Value	503,680		2,003,035
% of Partners' Capital (Net Asset Value)	0.04%		0.14%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Five Seven Percent Bank Of Nova Scotia Maturing At 16-September-2013 [Member] | Banks [Member]
Face Value	3,250,000
Maturity Date	Sep. 16, 2013
Yield1	0.57%	[1]
Fair Value	3,257,651
% of Partners' Capital (Net Asset Value)	0.23%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Nine Four Percent Bank Of Nova Scotia Maturing At 10-February-2014 [Member] | Banks [Member]
Face Value	2,000,000
Maturity Date	Feb. 10, 2014
Yield1	0.94%	[1]
Fair Value	2,009,766
% of Partners' Capital (Net Asset Value)	0.14%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Eight Two Percent Bank Of Montreal Maturing At 3-October-2013 [Member] | Banks [Member]
Face Value			2,250,000
Maturity Date			Oct. 03, 2013
Yield1			0.82%	[1]
Fair Value			2,254,624
% of Partners' Capital (Net Asset Value)			0.15%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Three Two Percent Bank Of Nova Scotia Maturing At 17-January-2012 [Member] | Banks [Member]
Face Value			4,500,000
Maturity Date			Jan. 17, 2012
Yield1			0.32%	[1]
Fair Value			4,510,802
% of Partners' Capital (Net Asset Value)			0.30%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Seven Four Percent Bank Of Nova Scotia Maturing At 11-June-2012 [Member] | Banks [Member]
Face Value			4,600,000
Maturity Date			Jun. 11, 2012
Yield1			0.74%	[1]
Fair Value			4,602,636
% of Partners' Capital (Net Asset Value)			0.31%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Seven Percent Bank Of Nova Scotia Maturing At 18-October-2012 [Member] | Banks [Member]
Face Value			2,600,000
Maturity Date			Oct. 18, 2012
Yield1			0.70%	[1]
Fair Value			2,608,055
% of Partners' Capital (Net Asset Value)			0.18%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Three Six Percent Bank Of Tokyo-Mitsubishi Ufj, Ltd. Maturing At 17-January-2012 [Member] | Banks [Member]
Face Value			5,050,000
Maturity Date			Jan. 17, 2012
Yield1			0.36%	[1]
Fair Value			5,058,937
% of Partners' Capital (Net Asset Value)			0.34%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Five Four Percent Norinchukin Bank Maturing At 5-March-2012 [Member] | Banks [Member]
Face Value			2,500,000
Maturity Date			Mar. 05, 2012
Yield1			0.54%	[1]
Fair Value			2,500,737
% of Partners' Capital (Net Asset Value)			0.17%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Three Seven Percent Rabobank Nederland Maturing At 2-April-2012 [Member] | Banks [Member]
Face Value			1,750,000
Maturity Date			Apr. 02, 2012
Yield1			0.37%	[1]
Fair Value			1,750,115
% of Partners' Capital (Net Asset Value)			0.12%
Foreign [Member] | Certificates Of Deposit [Member] | Two Point Two Five Percent Royal Bank Of Canada Maturing At 15-March-2013 [Member] | Banks [Member]
Face Value			250,000
Maturity Date			Mar. 15, 2013
Yield1			2.25%	[1]
Fair Value			255,138
% of Partners' Capital (Net Asset Value)			0.02%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Six Five Percent Sumitomo Mitsui Banking Corporation Maturing At 1-June-2012 [Member] | Banks [Member]
Face Value			5,000,000
Maturity Date			Jun. 01, 2012
Yield1			0.65%	[1]
Fair Value			5,001,388
% of Partners' Capital (Net Asset Value)			0.34%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Three Eight Percent Svenska Handelsbanken Ab Maturing At 24-January-2012 [Member] | Banks [Member]
Face Value			5,250,000
Maturity Date			Jan. 24, 2012
Yield1			0.38%	[1]
Fair Value			5,253,930
% of Partners' Capital (Net Asset Value)			0.35%
Foreign [Member] | Certificates Of Deposit [Member] | Zero Point Four Three Percent Caisse Amortissement De La Dette Socia Maturing At 25-May-2012 [Member] | Government Sponsored Enterprise [Member]
Face Value			6,600,000
Maturity Date			May 25, 2012
Yield1			0.43%
Fair Value			$ 6,592,215
% of Partners' Capital (Net Asset Value)			0.44%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Foreign Corporate Notes (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2012		Dec. 31, 2011
% of Partners' Capital (Net Asset Value)	65.63%		73.65%
Corporate Notes [Member]
Fair Value	$ 596,955,672		$ 672,458,450
% of Partners' Capital (Net Asset Value)	43.06%		45.34%
Investment Owned, at Cost	599,416,856		683,232,715
Investments In Securities [Member]
Fair Value	820,178,369		996,835,815
% of Partners' Capital (Net Asset Value)	59.14%		67.24%
Investment Owned, at Cost	823,180,557		1,008,362,739
Foreign [Member] | Corporate Notes [Member]
Fair Value	149,147,526		190,417,886
% of Partners' Capital (Net Asset Value)	10.72%		12.84%
Investment Owned, at Cost	149,243,237		192,839,624
Foreign [Member] | Corporate Notes [Member] | One Point One Three Percent Volkswagen International Finance N.V. Maturing At 21-March-2014 [Member] | Automotive [Member]
Face Value	3,000,000
Maturity Date	Mar. 21, 2014
Yield1	1.13%	[1]
Fair Value	3,016,983
% of Partners' Capital (Net Asset Value)	0.22%
Foreign [Member] | Corporate Notes [Member] | One Point Zero Seven Percent Volkswagen International Finance N.V. Maturing At 1-April-2014 [Member] | Automotive [Member]
Face Value	10,370,000
Maturity Date	Apr. 01, 2014
Yield1	1.07%	[1]
Fair Value	10,439,332
% of Partners' Capital (Net Asset Value)	0.75%
Foreign [Member] | Corporate Notes [Member] | Two Point One Three Percent Bank Of Montreal Maturing At 28-June-2013 [Member] | Banks [Member]
Face Value	3,300,000
Maturity Date	Jun. 28, 2013
Yield1	2.13%	[1]
Fair Value	3,362,214
% of Partners' Capital (Net Asset Value)	0.24%
Foreign [Member] | Corporate Notes [Member] | Two Point Five Percent Barclays Bank Plc Maturing At 23-January-2013 [Member] | Banks [Member]
Face Value	2,000,000
Maturity Date	Jan. 23, 2013
Yield1	2.50%	[1]
Fair Value	2,021,850
% of Partners' Capital (Net Asset Value)	0.15%
Foreign [Member] | Corporate Notes [Member] | One Point Three Six Percent Bnp Paribas Maturing At 10-January-2014 [Member] | Banks [Member]
Face Value	5,000,000
Maturity Date	Jan. 10, 2014
Yield1	1.36%	[1]
Fair Value	5,017,661
% of Partners' Capital (Net Asset Value)	0.36%
Foreign [Member] | Corporate Notes [Member] | One Point Five One Percent Danske Bank /S Maturing At 14-April-2014 [Member] | Banks [Member]
Face Value	5,000,000
Maturity Date	Apr. 14, 2014
Yield1	1.51%	[1]
Fair Value	4,963,396
% of Partners' Capital (Net Asset Value)	0.36%
Foreign [Member] | Corporate Notes [Member] | Five Point Three Eight Percent Deutsche Bank Aktiengesellschaft (Ny) Maturing At 12-October-2012 [Member] | Banks [Member]
Face Value	600,000
Maturity Date	Oct. 12, 2012
Yield1	5.38%	[1]
Fair Value	615,902
% of Partners' Capital (Net Asset Value)	0.04%
Foreign [Member] | Corporate Notes [Member] | Zero Point Eight Six Percent Hsbc Bank Plc Maturing At 18-January-2013 [Member] | Banks [Member]
Face Value	2,300,000
Maturity Date	Jan. 18, 2013
Yield1	0.86%	[1]
Fair Value	2,306,876
% of Partners' Capital (Net Asset Value)	0.17%
Foreign [Member] | Corporate Notes [Member] | Zero Point Eight Six Percent Hsbc Bank Plc Maturing At 15-May-2013 [Member] | Banks [Member]
Face Value	4,150,000
Maturity Date	May 15, 2013
Yield1	0.86%	[1]
Fair Value	4,166,109
% of Partners' Capital (Net Asset Value)	0.30%
Foreign [Member] | Corporate Notes [Member] | One Point Six Three Percent Hsbc Bank Plc Maturing At 12-August-2013 [Member] | Banks [Member]
Face Value	3,200,000
Maturity Date	Aug. 12, 2013
Yield1	1.63%	[1]
Fair Value	3,227,379
% of Partners' Capital (Net Asset Value)	0.23%
Foreign [Member] | Corporate Notes [Member] | One Point Two Six Percent Hsbc Bank Plc Maturing At 17-January-2014 [Member] | Banks [Member]
Face Value	400,000
Maturity Date	Jan. 17, 2014
Yield1	1.26%	[1]
Fair Value	403,127
% of Partners' Capital (Net Asset Value)	0.03%
Foreign [Member] | Corporate Notes [Member] | One Point Four Four Percent Ing Bank N.V. Maturing At 15-March-2013 [Member] | Banks [Member]
Face Value	9,000,000
Maturity Date	Mar. 15, 2013
Yield1	1.44%	[1]
Fair Value	9,034,488
% of Partners' Capital (Net Asset Value)	0.65%
Foreign [Member] | Corporate Notes [Member] | One Point Eight One Percent Ing Bank N.V. Maturing At 9-June-2014 [Member] | Banks [Member]
Face Value	1,000,000
Maturity Date	Jun. 09, 2014
Yield1	1.81%	[1]
Fair Value	1,004,566
% of Partners' Capital (Net Asset Value)	0.07%
Foreign [Member] | Corporate Notes [Member] | Zero Point Two Three Percent Kfw Bankengruppe Maturing At 17-June-2013 [Member] | Banks [Member]
Face Value	5,000,000
Maturity Date	Jun. 17, 2013
Yield1	0.23%	[1]
Fair Value	5,000,754
% of Partners' Capital (Net Asset Value)	0.36%
Foreign [Member] | Corporate Notes [Member] | Two Point Three Five Percent National Australia Bank Limited Maturing At 16-November-2012 [Member] | Banks [Member]
Face Value	1,000,000		1,000,000
Maturity Date	Nov. 16, 2012
Yield1	2.35%	[1]	2.35%
Fair Value	1,011,214		1,013,797
% of Partners' Capital (Net Asset Value)	0.07%		0.07%
Foreign [Member] | Corporate Notes [Member] | Two Point Five Percent National Australia Bank Limited Maturing At 8-January-2013 [Member] | Banks [Member]
Face Value	1,500,000
Maturity Date	Jan. 08, 2013
Yield1	2.50%	[1]
Fair Value	1,516,821
% of Partners' Capital (Net Asset Value)	0.11%
Foreign [Member] | Corporate Notes [Member] | One Point One Eight Percent National Australia Bank Limited Maturing At 11-April-2014 [Member] | Banks [Member]
Face Value	5,000,000
Maturity Date	Apr. 11, 2014
Yield1	1.18%	[1]
Fair Value	5,045,112
% of Partners' Capital (Net Asset Value)	0.36%
Foreign [Member] | Corporate Notes [Member] | Zero Point Five Nine Percent Rabobank Nederland Maturing At 4-February-2013 [Member] | Banks [Member]
Face Value	5,000,000
Maturity Date	Feb. 04, 2014
Yield1	0.59%	[1]
Fair Value	5,004,128
% of Partners' Capital (Net Asset Value)	0.36%
Foreign [Member] | Corporate Notes [Member] | Two Point One Percent Royal Bank Of Canada Maturing At 29-July-2013 [Member] | Banks [Member]
Face Value	5,250,000
Maturity Date	Jul. 29, 2013
Yield1	2.10%	[1]
Fair Value	5,345,039
% of Partners' Capital (Net Asset Value)	0.38%
Foreign [Member] | Corporate Notes [Member] | Zero Point Six Three Percent Toronto-Dominion Bank Maturing At 26-July-2013 [Member] | Banks [Member]
Face Value	6,660,000
Maturity Date	Jul. 26, 2013
Yield1	0.63%	[1]
Fair Value	6,680,286
% of Partners' Capital (Net Asset Value)	0.48%
Foreign [Member] | Corporate Notes [Member] | Two Point Two Five Percent Ubs Ag Maturing At 12-August-2013 [Member] | Banks [Member]
Face Value	4,050,000
Maturity Date	Aug. 12, 2013
Yield1	2.25%	[1]
Fair Value	4,114,960
% of Partners' Capital (Net Asset Value)	0.30%
Foreign [Member] | Corporate Notes [Member] | One Point Nine Percent Westpac Banking Corporation Maturing At 14-December-2012 [Member] | Banks [Member]
Face Value	1,100,000		1,100,000
Maturity Date	Dec. 14, 2012		Dec. 14, 2012
Yield1	1.90%	[1]	1.90%	[1]
Fair Value	1,109,380		1,111,112
% of Partners' Capital (Net Asset Value)	0.08%		0.07%
Foreign [Member] | Corporate Notes [Member] | One Point Zero Nine Percent Westpac Banking Corporation Maturing At 31-March-2014 [Member] | Banks [Member]
Face Value	9,750,000
Maturity Date	Mar. 31, 2014
Yield1	1.09%	[1]
Fair Value	9,805,758
% of Partners' Capital (Net Asset Value)	0.71%
Foreign [Member] | Corporate Notes [Member] | Four Point Eight Eight Percent Potash Corporation Of Saskatchewan Inc. Maturing At 1-March-2013 [Member] | Chemical [Member]
Face Value	1,000,000
Maturity Date	Mar. 01, 2013
Yield1	4.88%	[1]
Fair Value	1,021,882
% of Partners' Capital (Net Asset Value)	0.07%
Foreign [Member] | Corporate Notes [Member] | Five Point Two Five Percent Bp Capital Markets P.L.C. Maturing At 7-November-2013 [Member] | Energy [Member]
Face Value	5,250,000		5,250,000
Maturity Date	Nov. 07, 2013		Nov. 07, 2013
Yield1	5.25%	[1]	5.25%	[1]
Fair Value	5,632,250		5,672,336
% of Partners' Capital (Net Asset Value)	0.40%		0.38%
Foreign [Member] | Corporate Notes [Member] | One Point Four Five Percent Canadian Natural Resources Limited Maturing At 14-November-2014 [Member] | Energy [Member]
Face Value	8,600,000
Maturity Date	Nov. 14, 2014
Yield1	1.45%	[1]
Fair Value	8,784,426
% of Partners' Capital (Net Asset Value)	0.63%
Foreign [Member] | Corporate Notes [Member] | Four Percent Petro-Canada Maturing At 15-July-2013 [Member] | Energy [Member]
Face Value	1,076,000
Maturity Date	Jul. 15, 2013
Yield1	4.00%	[1]
Fair Value	1,112,930
% of Partners' Capital (Net Asset Value)	0.08%
Foreign [Member] | Corporate Notes [Member] | One Point Eight Eight Percent Shell International Finance B.V. Maturing At 25-March-2013 [Member] | Energy [Member]
Face Value	5,146,000		5,146,000
Maturity Date	Mar. 25, 2013		Mar. 25, 2013
Yield1	1.88%	[1]	1.88%	[1]
Fair Value	5,188,085		5,267,570
% of Partners' Capital (Net Asset Value)	0.37%		0.36%
Foreign [Member] | Corporate Notes [Member] | Zero Point Three Three Percent International Finance Corporation Maturing At 1-August-2013 [Member] | Multinational [Member]
Face Value	4,750,000
Maturity Date	Aug. 01, 2013
Yield1	0.33%	[1]
Fair Value	4,761,431
% of Partners' Capital (Net Asset Value)	0.34%
Foreign [Member] | Corporate Notes [Member] | Zero Point Five Six Percent Sanofi Maturing At 28-March-2013 [Member] | Pharmaceutical [Member]
Face Value	8,065,000
Maturity Date	Mar. 28, 2013
Yield1	0.56%	[1]
Fair Value	8,079,221
% of Partners' Capital (Net Asset Value)	0.58%
Foreign [Member] | Corporate Notes [Member] | Zero Point Six Seven Percent Sanofi Maturing At 28-March-2014 [Member] | Pharmaceutical [Member]
Face Value	4,280,000
Maturity Date	Mar. 28, 2014
Yield1	0.67%	[1]
Fair Value	4,300,029
% of Partners' Capital (Net Asset Value)	0.31%
Foreign [Member] | Corporate Notes [Member] | One Point Zero Three Percent Takeda Pharmaceutical Co Ltd Maturing At 17-March-2015 [Member] | Pharmaceutical [Member]
Face Value	5,950,000
Maturity Date	Mar. 17, 2015
Yield1	1.03%	[1]
Fair Value	5,998,796
% of Partners' Capital (Net Asset Value)	0.43%
Foreign [Member] | Corporate Notes [Member] | Zero Point Eight Eight Percent Teva Pharmaceutical Finance Iii Bv Maturing At 21-March-2014 [Member] | Pharmaceutical [Member]
Face Value	10,000,000
Maturity Date	Mar. 21, 2014
Yield1	0.88%	[1]
Fair Value	10,055,141
% of Partners' Capital (Net Asset Value)	0.73%
Foreign [Member] | Corporate Notes [Member] | Zero Point Nine Eight Percent Volkswagen International Finance N.V. Maturing At 1-April-2014 [Member] | Automotive [Member]
Face Value			10,370,000
Maturity Date			Apr. 01, 2014
Yield1			0.98%	[1]
Fair Value			10,188,377
% of Partners' Capital (Net Asset Value)			0.69%
Foreign [Member] | Corporate Notes [Member] | Two Point Three Eight Percent Anz National (Int'L) Limited Maturing At 21-December-2012 [Member] | Banks [Member]
Face Value			2,900,000
Maturity Date			Dec. 21, 2012
Yield1			2.38%	[1]
Fair Value			2,951,973
% of Partners' Capital (Net Asset Value)			0.20%
Foreign [Member] | Corporate Notes [Member] | One Point Two Nine Percent Bnp Paribas Maturing At 10-January-2014 [Member] | Banks [Member]
Face Value			10,000,000
Maturity Date			Jan. 10, 2014
Yield1			1.29%	[1]
Fair Value			9,252,056
% of Partners' Capital (Net Asset Value)			0.62%
Foreign [Member] | Corporate Notes [Member] | Two Point Four Percent Commonwealth Bank Of Australia Maturing At 12-January-2012 [Member] | Banks [Member]
Face Value			5,250,000
Maturity Date			Jan. 12, 2012
Yield1			2.40%	[1]
Fair Value			5,311,297
% of Partners' Capital (Net Asset Value)			0.36%
Foreign [Member] | Corporate Notes [Member] | Zero Point Seven Eight Percent Commonwealth Bank Of Australia Maturing At 29-June-2012 [Member] | Banks [Member]
Face Value			3,000,000
Maturity Date			Jun. 29, 2012
Yield1			0.78%	[1]
Fair Value			2,997,638
% of Partners' Capital (Net Asset Value)			0.20%
Foreign [Member] | Corporate Notes [Member] | One Point Two Nine Percent Commonwealth Bank Of Australia Maturing At 17-March-2014 [Member] | Banks [Member]
Face Value			10,000,000
Maturity Date			Mar. 17, 2014
Yield1			1.29%	[1]
Fair Value			9,844,450
% of Partners' Capital (Net Asset Value)			0.66%
Foreign [Member] | Corporate Notes [Member] | One Point Four Five Percent Danske Bank /S Maturing At 14-April-2014 [Member] | Banks [Member]
Face Value			5,000,000
Maturity Date			Apr. 14, 2014
Yield1			1.45%	[1]
Fair Value			4,835,163
% of Partners' Capital (Net Asset Value)			0.33%
Foreign [Member] | Corporate Notes [Member] | Zero Point Eight Eight Percent Hsbc Bank Plc Maturing At 3-August-2012 [Member] | Banks [Member]
Face Value			1,150,000
Maturity Date			Aug. 03, 2012
Yield1			0.88%	[1]
Fair Value			1,152,390
% of Partners' Capital (Net Asset Value)			0.08%
Foreign [Member] | Corporate Notes [Member] | Zero Point Eight Percent Hsbc Bank Plc Maturing At 18-January-2013 [Member] | Banks [Member]
Face Value			4,300,000
Maturity Date			Jan. 18, 2013
Yield1			0.80%	[1]
Fair Value			4,291,209
% of Partners' Capital (Net Asset Value)			0.29%
Foreign [Member] | Corporate Notes [Member] | Zero Point Eight Nine Percent Hsbc Bank Plc Maturing At 15-May-2013 [Member] | Banks [Member]
Face Value			4,150,000
Maturity Date			May 15, 2013
Yield1			0.89%	[1]
Fair Value			4,121,105
% of Partners' Capital (Net Asset Value)			0.28%
Foreign [Member] | Corporate Notes [Member] | One Point Zero Three Percent Ing Bank N.V. Maturing At 13-January-2012 [Member] | Banks [Member]
Face Value			7,225,000
Maturity Date			Jan. 13, 2012
Yield1			1.03%	[1]
Fair Value			7,240,784
% of Partners' Capital (Net Asset Value)			0.49%
Foreign [Member] | Corporate Notes [Member] | One Point Six Percent Ing Bank N.V. Maturing At 15-March-2013 [Member] | Banks [Member]
Face Value			9,000,000
Maturity Date			Mar. 15, 2013
Yield1			1.60%	[1]
Fair Value			8,797,179
% of Partners' Capital (Net Asset Value)			0.59%
Foreign [Member] | Corporate Notes [Member] | One Point Nine Four Percent Ing Bank N.V. Maturing At 9-June-2014 [Member] | Banks [Member]
Face Value			1,000,000
Maturity Date			Jun. 09, 2014
Yield1			1.94%	[1]
Fair Value			959,030
% of Partners' Capital (Net Asset Value)			0.06%
Foreign [Member] | Corporate Notes [Member] | Zero Point Two Nine Percent Kfw Bankengruppe Maturing At 17-June-2013 [Member] | Banks [Member]
Face Value			5,000,000
Maturity Date			Jun. 17, 2013
Yield1			0.29%	[1]
Fair Value			4,998,167
% of Partners' Capital (Net Asset Value)			0.34%
Foreign [Member] | Corporate Notes [Member] | Zero Point Six Eight Percent National Australia Bank Limited Maturing At 1-February-2012 [Member] | Banks [Member]
Face Value			3,080,000
Maturity Date			Feb. 01, 2012
Yield1			0.68%	[1]
Fair Value			3,082,733
% of Partners' Capital (Net Asset Value)			0.21%
Foreign [Member] | Corporate Notes [Member] | Zero Point Seven Five Percent National Australia Bank Limited Maturing At 15-June-2012 [Member] | Banks [Member]
Face Value			4,930,000
Maturity Date			Jun. 15, 2012
Yield1			0.75%	[1]
Fair Value			4,932,531
% of Partners' Capital (Net Asset Value)			0.33%
Foreign [Member] | Corporate Notes [Member] | One Point One One Percent National Australia Bank Limited Maturing At 11-April-2014 [Member] | Banks [Member]
Face Value			5,000,000
Maturity Date			Apr. 11, 2014
Yield1			1.11%	[1]
Fair Value			4,962,409
% of Partners' Capital (Net Asset Value)			0.33%
Foreign [Member] | Corporate Notes [Member] | Zero Point Five Eight Percent Rabobank Nederland Maturing At 4-February-2013 [Member] | Banks [Member]
Face Value			5,000,000
Maturity Date			Feb. 04, 2013
Yield1			0.58%	[1]
Fair Value			5,003,317
% of Partners' Capital (Net Asset Value)			0.34%
Foreign [Member] | Corporate Notes [Member] | Zero Point Six Nine Percent Royal Bank Of Canada Maturing At 12-December-2012 [Member] | Banks [Member]
Face Value			6,850,000
Maturity Date			Dec. 12, 2012
Yield1			0.69%	[1]
Fair Value			6,859,674
% of Partners' Capital (Net Asset Value)			0.46%
Foreign [Member] | Corporate Notes [Member] | Zero Point Six Nine Percent Royal Bank Of Canada Maturing At 8-March-2013 [Member] | Banks [Member]
Face Value			5,250,000
Maturity Date			Mar. 08, 2013
Yield1			0.69%	[1]
Fair Value			5,253,531
% of Partners' Capital (Net Asset Value)			0.35%
Foreign [Member] | Corporate Notes [Member] | Two Point Eight Eight Percent Svenska Handelsbanken Ab (Publ) Maturing At 14-September-2012 [Member] | Banks [Member]
Face Value			5,250,000
Maturity Date			Sep. 14, 2012
Yield1			2.88%	[1]
Fair Value			5,344,511
% of Partners' Capital (Net Asset Value)			0.36%
Foreign [Member] | Corporate Notes [Member] | One Point Five Percent Royal Bank Of Scotland Maturing At 30-March-2012 [Member] | Banks [Member]
Face Value			250,000
Maturity Date			Mar. 30, 2012
Yield1			1.50%	[1]
Fair Value			250,768
% of Partners' Capital (Net Asset Value)			0.02%
Foreign [Member] | Corporate Notes [Member] | Two Point Six Three Percent Royal Bank Of Scotland Maturing At 11-May-2012 [Member] | Banks [Member]
Face Value			4,600,000
Maturity Date			May 11, 2012
Yield1			2.63%	[1]
Fair Value			4,646,211
% of Partners' Capital (Net Asset Value)			0.31%
Foreign [Member] | Corporate Notes [Member] | Zero Point Six Percent Toronto-Dominion Bank Maturing At 26-July-2013 [Member] | Banks [Member]
Face Value			6,660,000
Maturity Date			Jul. 26, 2013
Yield1			0.60%	[1]
Fair Value			6,657,777
% of Partners' Capital (Net Asset Value)			0.45%
Foreign [Member] | Corporate Notes [Member] | Zero Point Eight Nine Percent Toronto-Dominion Bank Maturing At 1-November-2013 [Member] | Banks [Member]
Face Value			1,940,000
Maturity Date			Nov. 01, 2013
Yield1			0.89%	[1]
Fair Value			1,946,884
% of Partners' Capital (Net Asset Value)			0.13%
Foreign [Member] | Corporate Notes [Member] | One Point Three One Percent Westpac Banking Corporation Maturing At 31-March-2014 [Member] | Banks [Member]
Face Value			9,750,000
Maturity Date			Mar. 31, 2014
Yield1			1.31%	[1]
Fair Value			9,778,684
% of Partners' Capital (Net Asset Value)			0.66%
Foreign [Member] | Corporate Notes [Member] | Three Point One Three Percent Bp Capital Markets P.L.C. Maturing At 10-March-2012 [Member] | Energy [Member]
Face Value			10,200,000
Maturity Date			Mar. 10, 2012
Yield1			3.13%	[1]
Fair Value			10,345,153
% of Partners' Capital (Net Asset Value)			0.70%
Foreign [Member] | Corporate Notes [Member] | Five Point Four Percent Astrazeneca Plc Maturing At 15-September-2012 [Member] | Pharmaceutical [Member]
Face Value			6,000,000
Maturity Date			Sep. 15, 2012
Yield1			5.40%	[1]
Fair Value			6,302,758
% of Partners' Capital (Net Asset Value)			0.43%
Foreign [Member] | Corporate Notes [Member] | Zero Point Seven Seven Percent Sanofi Maturing At 28-March-2013 [Member] | Pharmaceutical [Member]
Face Value			8,065,000
Maturity Date			Mar. 28, 2013
Yield1			0.77%	[1]
Fair Value			8,073,367
% of Partners' Capital (Net Asset Value)			0.54%
Foreign [Member] | Corporate Notes [Member] | Zero Point Eight Eight Percent Sanofi Maturing At 28-March-2014 [Member] | Pharmaceutical [Member]
Face Value			4,280,000
Maturity Date			Mar. 28, 2014
Yield1			0.88%	[1]
Fair Value			4,274,412
% of Partners' Capital (Net Asset Value)			0.29%
Foreign [Member] | Corporate Notes [Member] | One Point Zero Seven Percent Teva Pharmaceutical Finance Iii Bv Maturing At 21-March-2014 [Member] | Pharmaceutical [Member]
Face Value			10,000,000
Maturity Date			Mar. 21, 2014
Yield1			1.07%	[1]
Fair Value			9,945,168
% of Partners' Capital (Net Asset Value)			0.67%
Foreign [Member] | Corporate Notes [Member] | Zero Point Seven Nine Percent Vodafone Group Public Limited Company Maturing At 27-February-2012 [Member] | Telecommunication [Member]
Face Value			2,750,000
Maturity Date			Feb. 27, 2012
Yield1			0.79%	[1]
Fair Value			$ 2,752,365
% of Partners' Capital (Net Asset Value)			0.19%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

U.S. Certificates of Deposit (USD $)	9 Months Ended		12 Months Ended
	Sep. 30, 2012		Dec. 31, 2011
% of Partners' Capital (Net Asset Value)	65.63%		73.65%
Certificates Of Deposit [Member]
Fair Value	$ 92,942,090		$ 94,924,443
% of Partners' Capital (Net Asset Value)	6.66%		6.41%
Investment Owned, at Cost	92,703,787		94,910,523
U.S [Member] | Certificates Of Deposit [Member]
Fair Value	75,574,259		52,532,831
% of Partners' Capital (Net Asset Value)	5.42%		3.55%
Investment Owned, at Cost	75,399,829		52,535,773
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Six Percent Banco Del Estado De Chile (Ny) Maturing At 28-January-2013 [Member] | Banks [Member]
Face Value	2,250,000
Maturity Date	Jan. 28, 2013
Yield1	0.60%	[1]
Fair Value	2,253,810
% of Partners' Capital (Net Asset Value)	0.16%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Six Three Percent Bank Of Montreal (Chicago) Maturing At 15-August-2013 [Member] | Banks [Member]
Face Value	2,000,000
Maturity Date	Aug. 15, 2013
Yield1	0.63%	[1]
Fair Value	2,005,037
% of Partners' Capital (Net Asset Value)	0.14%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Nine One Percent Bank Of Montreal (Chicago) Maturing At 3-October-2013 [Member] | Banks [Member]
Face Value	2,250,000
Maturity Date	Oct. 03, 2013
Yield1	0.91%	[1]
Fair Value	2,261,850
% of Partners' Capital (Net Asset Value)	0.16%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Nine Four Percent Barclays Bank Plc (Ny) Maturing At 27-September-2013 [Member] | Banks [Member]
Face Value	3,000,000
Maturity Date	Sep. 27, 2013
Yield1	0.94%	[1]
Fair Value	3,000,235
% of Partners' Capital (Net Asset Value)	0.22%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Eight Percent Branch Banking and Trust Company Maturing At 26-July-2013 [Member] | Banks [Member]
Face Value	3,750,000
Maturity Date	Jul. 26, 2013
Yield1	0.48%	[1]
Fair Value	3,754,088
% of Partners' Capital (Net Asset Value)	0.27%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Six Four Percent Canadian Imperial Bank Of Commerce (Ny) Maturing At 5-November-2012 [Member] | Banks [Member]
Face Value	900,000		4,750,000
Maturity Date	Nov. 05, 2012		Nov. 05, 2012
Yield1	0.64%	[1]	0.64%	[1]
Fair Value	901,100		4,754,513
% of Partners' Capital (Net Asset Value)	0.06%		0.32%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Five Two Percent Canadian Imperial Bank Of Commerce (Ny) Maturing At 4-April-2013 [Member] | Banks [Member]
Face Value	2,000,000
Maturity Date	Apr. 04, 2013
Yield1	0.52%	[1]
Fair Value	2,008,010
% of Partners' Capital (Net Asset Value)	0.14%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Nine Four Percent Credit Suisse Group Ag (Ny) Maturing At 25-July-2013 [Member] | Banks [Member]
Face Value	2,950,000
Maturity Date	Jul. 25, 2012
Yield1	0.94%	[1]
Fair Value	2,954,191
% of Partners' Capital (Net Asset Value)	0.21%
U.S [Member] | Certificates Of Deposit [Member] | One Point One One Percent Deutsche Bank Aktiengesellschaft (Ny) Maturing At 18-January-2013 [Member] | Banks [Member]
Face Value	3,555,000
Maturity Date	Jan. 18, 2013
Yield1	1.11%	[1]
Fair Value	3,569,537
% of Partners' Capital (Net Asset Value)	0.26%
U.S [Member] | Certificates Of Deposit [Member] | One Point Zero Six Percent Deutsche Bank Aktiengesellschaft (Ny) Maturing At 14-March-2013 [Member] | Banks [Member]
Face Value	2,975,000
Maturity Date	Mar. 14, 2013
Yield1	1.06%	[1]
Fair Value	3,000,463
% of Partners' Capital (Net Asset Value)	0.22%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Seven Six Percent Dz Bank Ag (Ny) Maturing At 12-October-2012 [Member] | Banks [Member]
Face Value	4,100,000
Maturity Date	Oct. 12, 2012
Yield1	0.76%	[1]
Fair Value	4,115,545
% of Partners' Capital (Net Asset Value)	0.30%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Five One Percent Mizuho Corporate Bank, Ltd. (Ny) Maturing At 7-December-2012 [Member] | Banks [Member]
Face Value	4,700,000
Maturity Date	Dec. 07, 2012
Yield1	0.51%	[1]
Fair Value	4,709,912
% of Partners' Capital (Net Asset Value)	0.34%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Six Percent Mizuho Corporate Bank, Ltd. (Ny) Maturing At 1-March-2013 [Member] | Banks [Member]
Face Value	2,000,000
Maturity Date	Mar. 01, 2013
Yield1	0.46%	[1]
Fair Value	2,001,498
% of Partners' Capital (Net Asset Value)	0.14%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Six Six Percent National Bank Of Canada (Ny) Maturing At 9-January-2013 [Member] | Banks [Member]
Face Value	5,300,000
Maturity Date	Jan. 09, 2013
Yield1	0.66%	[1]
Fair Value	5,333,371
% of Partners' Capital (Net Asset Value)	0.38%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Five Eight Percent National Bank Of Canada (Ny) Maturing At 13-June-2013 [Member] | Banks [Member]
Face Value	1,800,000
Maturity Date	Jun. 13, 2013
Yield1	0.58%	[1]
Fair Value	1,806,271
% of Partners' Capital (Net Asset Value)	0.13%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Six Four Percent Nordea Bank Finland Plc (Ny) Maturing At 13-November-2012 [Member] | Banks [Member]
Face Value	3,750,000
Maturity Date	Nov. 13, 2012
Yield1	0.64%	[1]
Fair Value	3,754,491
% of Partners' Capital (Net Asset Value)	0.27%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Five Two Percent Norinchukin Bank (Ny) Maturing At 8-February-2013 [Member] | Banks [Member]
Face Value	2,700,000
Maturity Date	Feb. 08, 2013
Yield1	0.52%	[1]
Fair Value	2,703,060
% of Partners' Capital (Net Asset Value)	0.19%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Three Percent Norinchukin Bank (Ny) Maturing At 1-April-2013 [Member] | Banks [Member]
Face Value	4,500,000
Maturity Date	Apr. 01, 2013
Yield1	0.43%	[1]
Fair Value	4,500,000
% of Partners' Capital (Net Asset Value)	0.32%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Five Two Percent Pnc Bank Maturing At 1-March-2013 [Member] | Banks [Member]
Face Value	250,000
Maturity Date	Mar. 01, 2013
Yield1	0.52%	[1]
Fair Value	250,271
% of Partners' Capital (Net Asset Value)	0.02%
U.S [Member] | Certificates Of Deposit [Member] | Two Point Two Five Percent Royal Bank Of Canada (Ny) Maturing At 15-March-2013 [Member] | Banks [Member]
Face Value	250,000
Maturity Date	Mar. 15, 2013
Yield1	2.25%	[1]
Fair Value	252,593
% of Partners' Capital (Net Asset Value)	0.02%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Five Percent Royal Bank Of Canada (Ny) Maturing At 30-July-2013 [Member] | Banks [Member]
Face Value	1,500,000
Maturity Date	Jul. 30, 2013
Yield1	0.50%	[1]
Fair Value	1,501,395
% of Partners' Capital (Net Asset Value)	0.11%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Six Two Percent Royal Bank Of Canada (Ny) Maturing At 3-September-2013 [Member] | Banks [Member]
Face Value	4,600,000
Maturity Date	Sep. 03, 2012
Yield1	0.62%	[1]
Fair Value	4,608,481
% of Partners' Capital (Net Asset Value)	0.33%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Five Seven Percent Standard Chartered Bank Maturing At 14-January-2013 [Member] | Banks [Member]
Face Value	4,300,000
Maturity Date	Jan. 14, 2012
Yield1	0.57%	[1]
Fair Value	4,306,525
% of Partners' Capital (Net Asset Value)	0.31%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Nine Percent Bank Of Tokyo-Mitsubishi Ufj, Ltd. (Ny) Maturing At 11-February-2013 [Member] | Banks [Member]
Face Value	7,500,000
Maturity Date	Feb. 11, 2013
Yield1	0.49%	[1]
Fair Value	7,507,794
% of Partners' Capital (Net Asset Value)	0.54%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Eight Three Percent Bank Of Tokyo-Mitsubishi Ufj, Ltd. (Ny) Maturing At 12-April-2013 [Member] | Banks [Member]
Face Value	2,500,000
Maturity Date	Apr. 12, 2013
Yield1	0.83%	[1]
Fair Value	2,514,731
% of Partners' Capital (Net Asset Value)	0.18%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Seven Percent Barclays Bank Plc (Ny) Maturing At 17-February-2012 [Member]
Face Value			300,000
Maturity Date			Feb. 17, 2012
Yield1			0.47%	[1]
Fair Value			300,581
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Three Seven Percent Canadian Imperial Bank Of Commerce (Ny) Maturing At 26-April-2012 [Member]
Face Value			250,000
Maturity Date			Apr. 26, 2012
Yield1			0.37%	[1]
Fair Value			249,983
% of Partners' Capital (Net Asset Value)			0.02%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Five Percent Deutsche Bank Aktiengesellschaft (Ny) Maturing At 4-April-2012 [Member]
Face Value			5,950,000
Maturity Date			Apr. 04, 2012
Yield1			0.45%	[1]
Fair Value			5,964,488
% of Partners' Capital (Net Asset Value)			0.40%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Eight Percent Mizuho Corporate Bank, Ltd. (Ny) Maturing At 5-March-2012 [Member]
Face Value			5,000,000
Maturity Date			Mar. 05, 2012
Yield1			0.48%	[1]
Fair Value			5,001,707
% of Partners' Capital (Net Asset Value)			0.34%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Three Eight Percent Nordea Bank Finland Plc (Ny) Maturing At 6-February-2012 [Member]
Face Value			2,000,000
Maturity Date			Feb. 06, 2012
Yield1			0.38%	[1]
Fair Value			2,003,377
% of Partners' Capital (Net Asset Value)			0.14%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Percent Nordea Bank Finland Plc (Ny) Maturing At 8-May-2012 [Member]
Face Value			1,000,000
Maturity Date			May 08, 2012
Yield1			0.40%	[1]
Fair Value			1,001,824
% of Partners' Capital (Net Asset Value)			0.07%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Six Five Percent Nordea Bank Finland Plc (Ny) Maturing At 13-November-2012 [Member]
Face Value			7,600,000
Maturity Date			Nov. 13, 2012
Yield1			0.65%	[1]
Fair Value			7,568,387
% of Partners' Capital (Net Asset Value)			0.51%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Five Five Percent Norinchukin Bank (Ny) Maturing At 5-April-2012 [Member]
Face Value			4,650,000
Maturity Date			Apr. 05, 2012
Yield1			0.55%	[1]
Fair Value			4,655,368
% of Partners' Capital (Net Asset Value)			0.31%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Six Three Percent Pnc Bank, National Association Maturing At 1-March-2013 [Member]
Face Value			6,250,000
Maturity Date			Mar. 01, 2013
Yield1			0.63%	[1]
Fair Value			6,204,312
% of Partners' Capital (Net Asset Value)			0.42%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Nine Percent Shizuoka Bank, Ltd. (Ny) Maturing At 3-February-2012 [Member]
Face Value			5,250,000
Maturity Date			Feb. 03, 2012
Yield1			0.49%	[1]
Fair Value			5,254,920
% of Partners' Capital (Net Asset Value)			0.35%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four Percent Westpac Banking Corporation (Ny) Maturing At 3-May-2012 [Member]
Face Value			6,900,000
Maturity Date			May 03, 2012
Yield1			0.40%	[1]
Fair Value			6,918,477
% of Partners' Capital (Net Asset Value)			0.47%
U.S [Member] | Certificates Of Deposit [Member] | Zero Point Four One Percent Westpac Banking Corporation (Ny) Maturing At 21-June-2012 [Member]
Face Value			2,650,000
Maturity Date			Jun. 21, 2012
Yield1			0.41%	[1]
Fair Value			$ 2,654,894
% of Partners' Capital (Net Asset Value)			0.18%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

OPEN FUTURES CONTRACTS (USD $)	Sep. 30, 2012		Dec. 31, 2011
% of Partners' Capital (Net Asset Value)	65.63%		73.65%
Open Futures Contracts [Member]
Fair Value	(1,200,118)		38,413,627
% of Partners' Capital (Net Asset Value)	(0.10%)		2.60%
Open Futures Contracts [Member] | U.S [Member] | Future [Member]
Fair Value	(1,761,195)		12,886,111
% of Partners' Capital (Net Asset Value)	(0.12%)		0.88%
Open Futures Contracts [Member] | U.S [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	23,985,638		496,463
% of Partners' Capital (Net Asset Value)	1.72%		0.04%
Open Futures Contracts [Member] | U.S [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(25,746,833)		12,389,648
% of Partners' Capital (Net Asset Value)	(1.84%)		0.84%
Open Futures Contracts [Member] | U.S [Member] | Agricultural Commodities [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	(2,500,266)		427,903
% of Partners' Capital (Net Asset Value)	(0.18%)		0.03%
Open Futures Contracts [Member] | U.S [Member] | Agricultural Commodities [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(485,545)		(3,414,866)
% of Partners' Capital (Net Asset Value)	(0.03%)		(0.23%)
Open Futures Contracts [Member] | U.S [Member] | Currencies [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	(1,100,228)		2,763,257
% of Partners' Capital (Net Asset Value)	(0.08%)		0.19%
Open Futures Contracts [Member] | U.S [Member] | Currencies [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	320,261		3,441,210
% of Partners' Capital (Net Asset Value)	0.02%		0.23%
Open Futures Contracts [Member] | U.S [Member] | Energy Related Derivative [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	948,019		123,077
% of Partners' Capital (Net Asset Value)	0.07%		0.01%
Open Futures Contracts [Member] | U.S [Member] | Energy Related Derivative [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(763,700)		7,238,690
% of Partners' Capital (Net Asset Value)	(0.05%)		0.49%
Open Futures Contracts [Member] | U.S [Member] | Equity Indices [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	(6,677,208)		422,180
% of Partners' Capital (Net Asset Value)	(0.48%)		0.03%
Open Futures Contracts [Member] | U.S [Member] | Equity Indices [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	1,211,429		175,914
% of Partners' Capital (Net Asset Value)	0.09%		0.01%
Open Futures Contracts [Member] | U.S [Member] | Interest Rate Instruments [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	10,746,800		5,715,227
% of Partners' Capital (Net Asset Value)	0.77%		0.39%
Open Futures Contracts [Member] | U.S [Member] | Interest Rate Instruments [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(725,928)		(1,544,262)
% of Partners' Capital (Net Asset Value)	(0.05%)		(0.10%)
Open Futures Contracts [Member] | U.S [Member] | Metals [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	22,935,668	[1]	(8,991,504)
% of Partners' Capital (Net Asset Value)	1.65%	[1]	(0.61%)
Open Futures Contracts [Member] | U.S [Member] | Metals [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(25,301,011)	[1]	6,509,575
% of Partners' Capital (Net Asset Value)	(1.82%)	[1]	0.44%
Open Futures Contracts [Member] | U.S [Member] | Single-Stock Future [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	(367,147)		36,323
% of Partners' Capital (Net Asset Value)	(0.03%)		0.00%
Open Futures Contracts [Member] | U.S [Member] | Single-Stock Future [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(2,339)		(16,613)
% of Partners' Capital (Net Asset Value)	0.00%		0.00%
Open Futures Contracts [Member] | Foreign [Member] | Future [Member]
Fair Value	561,077		25,527,516
% of Partners' Capital (Net Asset Value)	0.02%		1.72%
Open Futures Contracts [Member] | Foreign [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	1,161,388		20,102,009
% of Partners' Capital (Net Asset Value)	0.08%		1.35%
Open Futures Contracts [Member] | Foreign [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(600,311)		5,425,507
% of Partners' Capital (Net Asset Value)	(0.06%)		0.37%
Open Futures Contracts [Member] | Foreign [Member] | Agricultural Commodities [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	(76,314)		196,300
% of Partners' Capital (Net Asset Value)	(0.01%)		0.01%
Open Futures Contracts [Member] | Foreign [Member] | Agricultural Commodities [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(4,592)		824,214
% of Partners' Capital (Net Asset Value)	0.00%		0.06%
Open Futures Contracts [Member] | Foreign [Member] | Currencies [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	(136,699)		(18,010)
% of Partners' Capital (Net Asset Value)	(0.01%)		0.00%
Open Futures Contracts [Member] | Foreign [Member] | Currencies [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	199,075		3,635,127
% of Partners' Capital (Net Asset Value)	0.01%		0.25%
Open Futures Contracts [Member] | Foreign [Member] | Energy Related Derivative [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	(17,295)		31,956
% of Partners' Capital (Net Asset Value)	0.00%		0.00%
Open Futures Contracts [Member] | Foreign [Member] | Energy Related Derivative [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	54,199		13,933
% of Partners' Capital (Net Asset Value)	0.00%		0.00%
Open Futures Contracts [Member] | Foreign [Member] | Equity Indices [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	(12,969,482)		1,196,625
% of Partners' Capital (Net Asset Value)	(0.93%)		0.08%
Open Futures Contracts [Member] | Foreign [Member] | Equity Indices [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	279,858		508,790
% of Partners' Capital (Net Asset Value)	0.02%		0.03%
Open Futures Contracts [Member] | Foreign [Member] | Interest Rate Instruments [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	13,989,050	[1]	18,859,653	[1]
% of Partners' Capital (Net Asset Value)	1.00%	[1]	1.27%	[1]
Open Futures Contracts [Member] | Foreign [Member] | Interest Rate Instruments [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(1,052,256)		(234,143)
% of Partners' Capital (Net Asset Value)	(0.08%)		(0.02%)
Open Futures Contracts [Member] | Foreign [Member] | Metals [Member] | Long Futures Contracts [Member] | Future [Member]
Fair Value	372,128		(164,515)
% of Partners' Capital (Net Asset Value)	0.03%		(0.01%)
Open Futures Contracts [Member] | Foreign [Member] | Metals [Member] | Short Futures Contracts [Member] | Future [Member]
Fair Value	(76,595)		677,586
% of Partners' Capital (Net Asset Value)	(0.01%)		0.05%

[1] No individual futures or forward currency contract position constituted one percent or greater of partners' capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

XML

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2012

Supplemental Financial Information Disclosure [Abstract]

Per Share Operating Performance [Table Text Block]

The following information presents per unit operating performance data and other financial ratios for the three and nine months ended September 30, 2012 and 2011, assuming the unit was outstanding throughout the entire period:

	Three Months Ended September 30,
	2012									2011
	Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	4,442.34		$	6,085.67		$	947.80		$	4,590.75		$	6,178.02		$	—
Gain from operations
Gain from trading(1)		68.59			93.10			10.20			229.17			308.50			—
Net investment loss(1)		(52.25	)		(43.41	)		(1.96	)		(107.16	)		(116.11	)		—
Total gain from operations		16.34			49.69			8.24			122.01			192.39			—
Net asset value per Unit at end of period	$	4,458.68		$	6,135.36		$	956.04		$	4,712.76		$	6,370.41		$	—
Total return (4)		0.37	%		0.82	%		0.87	%		2.66	%		3.11	%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)		5.65	%		3.81	%		1.14	%		6.04	%		4.20	%		—
Trading Advisor incentive fees (4)		0.01	%		0.01	%		0.00	%		0.42	%		0.42	%		—
General Partner 1% allocation (4)		0.00	%		0.01	%		0.00	%		0.03	%		0.03	%		—
Total expenses		5.66	%		3.83	%		1.14	%		6.49	%		4.65	%		—
Net investment loss (2) (3) (5)		(4.55	)%		(2.71	)%		(0.79	)%		(7.32	)%		(5.52	)%		—

	Nine Months Ended September 30,
	2012									2011
	Class A			Class B			Class I†			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	4,527.45		$	6,147.29		$	1,000.00		$	4,985.84		$	6,650.67		$	—
Loss from operations
Gain (loss) from trading(1)		112.01			150.67			(41.25	)		(20.56	)		(27.97	)		—
Net investment loss(1)		(180.78	)		(162.60	)		(2.71	)		(252.52	)		(252.29	)		—
Total loss from operations		(68.77	)		(11.93	)		(43.96	)		(273.08	)		(280.26	)		—
Net asset value per Unit at end of period	$	4,458.68		$	6,315.36		$	956.04		$	4,712.76		$	6,370.41		$	—
Total return (4)		(1.52	)%		(0.19	)%		(4.40	)%		(5.48	)%		(4.21	)%		—
Other Financial Ratios
Ratios to average net asset value
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)		5.78	%		3.96	%		1.07	%		5.89	%		4.06	%		—
Trading Advisor incentive fees (4)		0.64	%		0.64	%		0.00	%		0.67	%		0.68	%		—
General Partner 1% allocation (4)		(0.01	)%		0.00	%		(0.02	)%		(0.06	)%		(0.04	)%		—
Total expenses		6.41	%		4.60	%		1.05	%		6.50	%		4.70	%		—
Net investment loss (2) (3) (5)		(4.47	)%		(2.64	)%		(0.73	)%		(6.15	)%		(4.33	)%		—

Total returns are calculated based on the change in value of a Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

† Class I units were introduced on June 1, 2012, therefore the performance for Class I units is for the four month period ended September 30, 2012.

⁽¹⁾ The net investment loss per Unit is calculated by dividing the net investment loss by the average number of Class A or Class B Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. Such balancing amount may differ from the calculation of gain (loss) from trading per Unit due to the timing of trading gains and losses during the period relative to the number of Units outstanding.

⁽²⁾ The net investment loss includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes Trading Advisor incentive fees and General Partner 1% allocation.

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General Partner

9 Months Ended

Sep. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

4.          General Partner

At September 30, 2012 and December 31, 2011, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund. However, the beneficiary of the sole shareholder of the General Partner had the following investment:

	September 30, 2012		December 31, 2011
Class I Units
Number of units		254.4114
Value	$	243,226
Class B Units
Number of units				39.6245
Value			$	243,583

The General Partner earns the following compensation:

§ General Partner Management Fee – the Fund incurs a monthly fee on Class A and Class B Units equal to 1/12^th of 1.5% of the month-end net asset value of the Class A and Class B Units, payable in arrears. Prior to June 1, 2012, the general partner management fee was 1.75% per annum. The Fund incurs a monthly fee on Class I Units equal to 1/12^th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears.

§ General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of new profits of the Class I Units calculated monthly. The general partner performance fee is payable quarterly in arrears.

§ Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12^th of 2% of the month-end net asset value of the Class A Units. Selling agent fees amounted to $4,302,121 and $4,663,155 for the three months ended September 30, 2012 and 2011, respectively. For the nine months ended September 30, 2012 and 2011, selling agent fees were $13,072,353 and $13,569,412, respectively. Such amounts are included in selling agent fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner.

§ Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12^th of 0.2% of the month-end net asset value of the Class B Units. Broker dealer servicing fees amounted to $293,417 and $308,843 for the three months ended September 30, 2012 and 2011, respectively. For the nine months ended September 30, 2012 and 2011, broker dealer servicing fees were $901,447 and $883,159, respectively. Such amounts are included in selling agent fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner.

§ Administrative Expenses – the Fund incurs a monthly fee equal to 1/12^th of 0.45% of the month-end net asset value of the fund, payable in arrears to the General Partner. The General Partner, in turn, pays the administrative expenses of the Fund. Administrative expenses include accounting, audit, legal, salary and administrative costs incurred by the General Partner relating to marketing and administration of the Fund; such as, salaries and commissions of General Partner marketing personnel, administrative employee salaries and related costs.

Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations.

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Indemnifications

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments Contingencies and Guarantees [Text Block]

9. Indemnifications

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for such indemnifications.

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General Partner (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Management Fee, Description			The Fund incurs a monthly fee on Class A and Class B Units equal to 1/12th of 1.5% of the month-end net asset value of the Class A and Class B Units, payable in arrears. Prior to June 1, 2012, the general partner management fee was 1.75% per annum. The Fund incurs a monthly fee on Class I Units equal to 1/12th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears.
Selling Agent Fees Description			Class A Units incur a monthly fee equal to 1/12th of 2% of the month-end net asset value
Broker Dealer Servicing Fees Description			Class B Units incur a monthly fee equal to 1/12th of 0.2% of the month-end net asset value
Administrative Fees, Description			Monthly fee equal to 1/12th of 0.45% of the month-end net asset value of the fund
Selling Agent fees - General Partner	$ 4,595,538	$ 4,971,998	$ 13,973,800	$ 14,452,571
Managing Member or General Partner, Related Party Fees and Other Arrangements			monthly fee on Class I Units equal to 7.5% of net new profits
General Partner Interest Percentage	1.00%		1.00%
Class A Units
Selling Agent fees - General Partner	4,302,121	4,663,155	13,072,353	13,569,412
Class B Units
Broker Dealer Servicing Fees	$ 293,417	$ 308,843	$ 901,447	$ 883,159

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Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities
Net loss	$ (13,743,763)	$ (75,862,468)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Net change in unrealized loss from futures and forwards trading	39,092,324	24,252,910
Purchases of securities and certificates of deposit	(1,878,808,585)	(1,948,527,217)
Proceeds from disposition of securities and certificates of deposit	2,059,906,928	1,521,565,901
Net realized and change in unrealized (gain) loss on securities and certificates of deposit	(2,458,544)	10,009,373
Changes in
Due from affiliate	0	(15,228)
General Partner 1% allocation receivable/payable	1,217,869	(1,783,825)
Trading Advisor management fee payable	(263,080)	1,378,942
Trading Advisor incentive fee payable	40,435	(6,653,049)
Commissions and other trading fees payable on open contracts	70,743	10,442
Cash Manager fees payable	(129,439)	453,083
General Partner management fee payable	(433,480)	209,953
General Partner performance fee payable	944	0
Selling Agent fees payable - General Partner	(91,026)	130,830
Administrative expenses payable - General Partner	(46,118)	65,087
Net cash provided by (used in) operating activities	204,355,208	(474,765,266)
Cash flows from financing activities
Subscriptions	94,588,784	279,849,995
Subscriptions received in advance	11,016,014	12,232,044
Redemptions	(191,118,425)	(82,780,472)
Net cash provided by (used in) financing activities	(85,513,627)	209,301,567
Net increase (decrease) in cash and cash equivalents	118,841,581	(265,463,699)
Cash and cash equivalents, beginning of period	395,846,968	718,738,675
Cash and cash equivalents, end of period	514,688,549	453,274,976
End of period cash and cash equivalents consists of
Cash in broker trading accounts	500,130,749	426,753,174
Cash and cash equivalents	14,557,800	26,521,802
Total end of period cash and cash equivalents	514,688,549	453,274,976
Supplemental disclosure of cash flow information
Prior period redemptions paid	22,127,237	11,807,236
Prior period subscriptions received in advance	15,876,320	23,610,336
Supplemental schedule of non-cash financing activities
Redemptions payable	$ 18,419,566	$ 10,248,563

XML

U.S. Commercial Paper (U.S [Member] Commercial Paper [Member], USD $)			9 Months Ended																																																										12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2012 Zero Point One Five Percent Bmw Us Capital, Llc Maturing At 4-October-2012 [Member] Automotive [Member]		Sep. 30, 2012 Zero Point Two One Percent Credit Suisse (Usa), Inc. Maturing At 5-November-2012 [Member] Banks [Member]		Sep. 30, 2012 Zero Point Three Percent Hsbc Usa Inc. Maturing At 20-November-2012 [Member] Banks [Member]		Sep. 30, 2012 Zero Point Two Four Percent Mizuho Funding Llc Maturing At 24-October-2012 [Member] Banks [Member]		Sep. 30, 2012 Zero Point Three Three Percent Mizuho Funding Llc Maturing At 3-December-2012 [Member] Banks [Member]		Sep. 30, 2012 Zero Point Two Two Percent Bank Of Tokyo-Mitsubishi Ufj, Ltd. (Ny) Maturing At 26-October-2012 [Member] Banks [Member]		Sep. 30, 2012 Zero Point Two Nine Percent Uboc Insurance Inc Maturing At 12-October-2012 [Member] Banks [Member]		Sep. 30, 2012 Zero Point Two Five Percent Anheuser-Busch Inbev Worldwide Inc. Maturing At 7-November-2012 [Member] Beverages [Member]		Sep. 30, 2012 Zero Point Four Two Percent Bacardi Corporation Maturing At 17-October-2012 [Member] Beverages [Member]		Sep. 30, 2012 Zero Point One Eight Percent Salvation Army Maturing At 10-December-2012 [Member] Charity [Member]		Sep. 30, 2012 Zero Point Three Percent Ing (U.S.) Funding Llc Maturing At 14-December-2012 [Member] Diversified Financial Services [Member]		Sep. 30, 2012 Zero Point One Five Percent River Fuel Company #2, Inc. Maturing At 31-October-2012 [Member] Diversified Financial Services [Member]		Sep. 30, 2012 Zero Point One Nine Percent River Fuel Funding Company #3, Inc. Maturing At 31-October-2012 [Member] Diversified Financial Services [Member]		Sep. 30, 2012 Zero Point One Eight Percent Toyota Motor Credit Corporation Maturing At 15-November-2012 [Member] Diversified Financial Services [Member]		Sep. 30, 2012 Zero Point Two Percent Uob Funding Llc Maturing At 25-October-2012 [Member] Diversified Financial Services [Member]		Sep. 30, 2012 Zero Point Three Eight Percent Apache Corporation Maturing At 4-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point Four Two Percent Apache Corporation Maturing At 5-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point Two Five Percent Devon Energy Corporation Maturing At 9-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point Four One Percent Duke Energy Corporation Maturing At 23-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point One Eight Percent Motiva Enterprises Llc Maturing At 9-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point One Eight Percent Motiva Enterprises Llc Maturing At 10-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point Four Percent Oglethorpe Power Corporation Maturing At 17-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point Three Eight Percent Oneok, Inc. Maturing At 3-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point Four Percent Oneok, Inc. Maturing At 10-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point One Six Percent Southern Company Maturing At 9-October-2012 [Member] Energy [Member]		Sep. 30, 2012 Zero Point Two Five Percent General Mills, Inc. Maturing At 3-October-2012 [Member] Food [Member]		Sep. 30, 2012 Zero Point One Two Percent Roche Holdings, Inc. Maturing At 2-October-2012 [Member] Healthcare [Member]		Sep. 30, 2012 Zero Point Three Five Percent Stanley Black Decker, Inc. Maturing At 4-October-2012 [Member] Machinery [Member]		Sep. 30, 2012 Zero Point Three Three Percent Stanley Black Decker, Inc. Maturing At 16-October-2012 [Member] Machinery [Member]		Dec. 31, 2011 Zero Point Three Eight Percent Bmw Us Capital, Llc Maturing At 9-January-2012 [Member] Automotive [Member]		Dec. 31, 2011 Zero Point Four Percent Bmw Us Capital, Llc Maturing At 19-January-2012 [Member] Automotive [Member]		Dec. 31, 2011 Zero Point Four Five Percent Credit Suisse (Usa), Inc. Maturing At 15-February-2012 [Member] Banks [Member]		Dec. 31, 2011 Zero Point Five Five Percent Goldman Sachs Group, Inc. Maturing At 19-March-2012 [Member] Banks [Member]		Dec. 31, 2011 Zero Point Two Percent Hsbc Usa Inc. Maturing At 27-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Zero Point Two Eight Percent National Australia Funding (Delaware) Inc. Maturing At 27-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Zero Point Two Percent Standard Chartered Bank Maturing At 4-January-2012 [Member] Banks [Member]		Dec. 31, 2011 Zero Point Three Six Percent Standard Chartered Bank Maturing At 8-February-2012 [Member] Banks [Member]		Dec. 31, 2011 Zero Point One Eight Percent Union Bank, National Association Maturing At 6-February-2012 [Member] Banks [Member]		Dec. 31, 2011 Zero Point Two Five Percent Anheuser-Busch Inbev Worldwide Inc. Maturing At 2-February-2012 [Member] Beverages [Member]		Dec. 31, 2011 Zero Point Two Percent Coca-Cola Company Maturing At 5-March-2012 [Member] Beverages [Member]		Dec. 31, 2011 Zero Point One Two Percent Salvation Army Maturing At 19-January-2012 [Member] Charity [Member]		Dec. 31, 2011 Zero Point One Percent Salvation Army Maturing At 25-January-2012 [Member] Charity [Member]		Dec. 31, 2011 Zero Point Four Five Percent Hewlett-Packard Company Maturing At 9-January-2012 [Member] Computers [Member]		Dec. 31, 2011 Zero Point Two Percent American Honda Finance Corporation Maturing At 6-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Two Seven Percent American Honda Finance Corporation Maturing At 8-February-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Zero Seven Percent Caterpillar Financial Services Corporation Maturing At 27-February-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Two Percent Caterpillar Financial Services Corporation Maturing At 5-March-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point One Four Percent General Electric Capital Corporation Maturing At 11-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Two Five Percent Ing (U.S.) Funding Llc Maturing At 6-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Three Five Percent Ing (U.S.) Funding Llc Maturing At 27-February-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Zero Nine Percent National Rural Utilities Coop. Maturing At 6-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Three Two Percent Nordea Investment Mgmt North America, Inc. Maturing At 6-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Zero Seven Percent Paccar Financial Corp. Maturing At 24-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point One One Percent Private Export Funding Corporation Maturing At 15-February-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Two Eight Percent River Fuel Company #2, Inc. Maturing At 13-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Three Five Percent River Fuel Trust 1 Maturing At 13-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Two Percent Toyota Motor Credit Corporation Maturing At 20-January-2012 [Member] Diversified Financial Services [Member]		Dec. 31, 2011 Zero Point Four Six Percent Nextera Energy Capital Holdings, Inc. Maturing At 4-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Zero Point Five Percent Nextera Energy Capital Holdings, Inc. Maturing At 11-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Zero Point One Seven Percent Oglethorpe Power Corporation Maturing At 12-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Zero Point One Five Percent Southern Company Maturing At 4-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Zero Point One Seven Percent Southern Company Maturing At 11-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Zero Point One Eight Percent Questar Corporation Maturing At 4-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Zero Point Two Five Percent Questar Corporation Maturing At 20-January-2012 [Member] Energy [Member]		Dec. 31, 2011 Zero Point One Nine Percent Kellogg Company Maturing At 5-January-2012 [Member] Food [Member]		Dec. 31, 2011 Zero Point Zero Seven Percent Metlife Funding, Inc. Maturing At 10-January-2012 [Member] Insurance [Member]		Dec. 31, 2011 Zero Point One Three Percent New York Life Capital Corporation Maturing At 13-February-2012 [Member] Insurance [Member]		Dec. 31, 2011 Zero Point Zero Seven Percent Emerson Electric Co. Maturing At 23-January-2012 [Member] Manufacturing [Member]		Dec. 31, 2011 Zero Point One Six Percent Bhp Billiton Finance (Usa) Limited Maturing At 17-January-2012 [Member] Mining [Member]		Dec. 31, 2011 Zero Point One Three Percent Bhp Billiton Finance (Usa) Limited Maturing At 24-January-2012 [Member] Mining [Member]		Dec. 31, 2011 Zero Point Three Seven Percent Verizon Communications Inc. Maturing At 3-January-2012 [Member] Telecommunication [Member]
Face Value			$ 250,000		$ 200,000		$ 250,000		$ 250,000		$ 2,000,000		$ 4,100,000		$ 250,000		$ 3,750,000		$ 4,250,000		$ 250,000		$ 3,850,000		$ 3,800,000		$ 250,000		$ 4,230,000		$ 3,250,000		$ 3,500,000		$ 250,000		$ 3,500,000		$ 4,000,000		$ 3,500,000		$ 200,000		$ 4,250,000		$ 3,300,000		$ 250,000		$ 250,000		$ 3,600,000		$ 3,100,000		$ 3,200,000		$ 250,000		$ 3,500,000		$ 260,000		$ 3,400,000		$ 200,000		$ 4,250,000		$ 3,300,000		$ 250,000		$ 4,000,000		$ 250,000		$ 2,550,000		$ 250,000		$ 4,000,000		$ 200,000		$ 3,550,000		$ 3,200,000		$ 250,000		$ 200,000		$ 3,300,000		$ 4,000,000		$ 260,000		$ 4,000,000		$ 2,000,000		$ 3,000,000		$ 4,000,000		$ 250,000		$ 3,232,000		$ 250,000		$ 3,400,000		$ 4,000,000		$ 280,000		$ 4,300,000		$ 3,500,000		$ 260,000		$ 250,000		$ 3,300,000		$ 4,250,000		$ 3,240,000		$ 3,500,000		$ 3,350,000		$ 3,000,000		$ 250,000		$ 4,000,000
Maturity Date			Oct. 04, 2012		Nov. 05, 2012		Nov. 20, 2012		Oct. 24, 2012		Dec. 03, 2012		Oct. 26, 2012		Oct. 12, 2012		Nov. 07, 2012		Oct. 17, 2012		Dec. 10, 2012		Dec. 14, 2012		Oct. 31, 2012		Oct. 31, 2012		Oct. 15, 2012		Oct. 25, 2012		Oct. 04, 2012		Oct. 05, 2012		Oct. 09, 2012		Oct. 23, 2012		Oct. 09, 2012		Oct. 10, 2012		Oct. 17, 2012		Oct. 03, 2012		Oct. 10, 2012		Oct. 09, 2012		Oct. 03, 2012		Oct. 02, 2012		Oct. 04, 2012		Oct. 16, 2012		Jan. 09, 2012		Jan. 19, 2012		Feb. 15, 2012		Mar. 19, 2012		Jan. 27, 2012		Jan. 27, 2012		Jan. 04, 2012		Feb. 08, 2012		Feb. 06, 2012		Feb. 02, 2012		Mar. 05, 2012		Jan. 19, 2012		Jan. 25, 2012		Jan. 09, 2012		Jan. 06, 2012		Feb. 08, 2012		Feb. 27, 2012		Mar. 05, 2012		Jan. 11, 2012		Jan. 06, 2012		Feb. 27, 2012		Jan. 06, 2012		Jan. 06, 2012		Jan. 24, 2012		Feb. 15, 2012		Jan. 13, 2012		Jan. 13, 2012		Jan. 20, 2012		Jan. 04, 2012		Jan. 11, 2012		Jan. 12, 2012		Jan. 04, 2012		Jan. 11, 2012		Jan. 04, 2012		Jan. 20, 2012		Jan. 05, 2012		Jan. 10, 2012		Feb. 13, 2012		Jan. 23, 2012		Jan. 17, 2012		Jan. 24, 2012		Jan. 03, 2012
Yield1			0.15%	[1]	0.21%	[1]	0.30%	[1]	0.24%	[1]	0.33%	[1]	0.22%	[1]	0.29%	[1]	0.25%	[1]	0.42%	[1]	0.18%	[1]	0.30%	[1]	0.15%	[1]	0.19%	[1]	0.18%	[1]	0.20%	[1]	0.38%	[1]	0.42%	[1]	0.25%	[1]	0.41%	[1]	0.18%	[1]	0.18%	[1]	0.40%	[1]	0.38%	[1]	0.40%	[1]	0.16%	[1]	0.25%	[1]	0.12%	[1]	0.35%	[1]	0.33%	[1]	0.38%	[1]	0.40%	[1]	0.45%	[1]	0.55%	[1]	0.20%	[1]	0.28%	[1]	0.20%	[1]	0.36%	[1]	0.18%	[1]	0.25%	[1]	0.20%	[1]	0.12%	[1]	0.10%	[1]	0.45%	[1]	0.20%	[1]	0.27%	[1]	0.07%	[1]	0.20%	[1]	0.14%	[1]	0.25%	[1]	0.35%	[1]	0.09%	[1]	0.32%	[1]	0.07%	[1]	0.11%	[1]	0.28%	[1]	0.35%	[1]	0.20%	[1]	0.46%	[1]	0.50%	[1]	0.17%	[1]	0.15%	[1]	0.17%	[1]	0.18%	[1]	0.25%	[1]	0.19%	[1]	0.07%	[1]	0.13%	[1]	0.07%	[1]	0.16%	[1]	0.13%	[1]	0.37%	[1]
Fair Value	64,069,566	98,768,308	249,995		199,960		249,898		249,963		1,998,845		4,099,366		249,979		3,749,059		4,249,243		249,913		3,847,656		3,799,525		249,962		4,229,048		3,249,623		3,499,889		249,990		3,499,806		3,998,998		3,499,860		199,991		4,249,279		3,299,930		249,975		249,992		3,599,956		3,099,991		3,199,907		249,967		3,499,704		259,948		3,398,088		199,762		4,249,031		3,299,357		249,995		3,998,480		249,955		2,549,433		249,933		3,999,760		199,987		3,549,645		3,199,911		249,894		199,978		3,298,827		3,999,978		259,995		3,997,783		1,999,975		2,999,867		3,999,821		249,966		3,231,698		249,967		3,399,641		3,999,847		279,965		4,299,777		3,499,956		259,988		249,996		3,299,565		4,249,910		3,239,927		3,499,457		3,349,857		2,999,787		249,979		3,999,918
% of Partners' Capital (Net Asset Value)	4.60%	6.70%	0.02%		0.01%		0.02%		0.02%		0.14%		0.28%		0.02%		0.27%		0.31%		0.02%		0.28%		0.27%		0.02%		0.30%		0.23%		0.25%		0.02%		0.25%		0.29%		0.25%		0.01%		0.31%		0.24%		0.02%		0.02%		0.26%		0.22%		0.23%		0.02%		0.24%		0.02%		0.23%		0.01%		0.29%		0.22%		0.02%		0.27%		0.02%		0.17%		0.02%		0.27%		0.01%		0.24%		0.22%		0.02%		0.01%		0.22%		0.27%		0.02%		0.27%		0.13%		0.20%		0.27%		0.02%		0.22%		0.02%		0.23%		0.27%		0.02%		0.29%		0.24%		0.02%		0.02%		0.22%		0.29%		0.22%		0.24%		0.23%		0.20%		0.02%		0.27%
Investment Owned, at Cost	$ 64,059,590	$ 98,744,654

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

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Interim Financial Statements

9 Months Ended

Sep. 30, 2012

Related Interim Financial Reports [Abstract]

Related Interim Financial Reports [Text Block]

10. Interim Financial Statements

The consolidated statements of financial condition, including the consolidated condensed schedule of investments, at September 30, 2012, the consolidated statements of operations for the three and nine months ended September 30, 2012 and 2011, the consolidated statements of cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2012 and 2011, and the accompanying notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such consolidated financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at September 30, 2012, results of operations for the three and nine months ended September 30, 2012 and 2011, cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2012 and 2011. The results of operations for the three and nine months ended September 30, 2012 and 2011 are not necessarily indicative of the results to be expected for the full year or any other period. These consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

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Derivative Instruments Disclosures (Details 1) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net realized gain	$ 22,992,412	$ 34,220,126	$ 93,887,434	$ 21,364,778
Net change in unrealized loss	(4,109,578)	40,509,413	(39,613,745)	(24,252,910)
Future [Member]
Net realized gain	23,270,767	42,938,536	78,886,670	14,387,201
Net change in unrealized loss	(189,917)	39,863,139	(39,092,324)	(15,133,394)
Forward Contracts [Member]
Net realized gain	278,355	(8,718,410)	(15,000,764)	6,977,577
Net change in unrealized loss	3,919,661	646,274	521,421	(9,119,516)
Agricultural Commodities [Member] | Future [Member]
Net realized gain	5,391,845	(22,824,221)	(4,219,410)	(35,445,341)
Net change in unrealized loss	(2,120,838)	5,355,174	(1,100,268)	(5,451,675)
Currencies [Member] | Future [Member]
Net realized gain	(4,576,353)	(20,848,643)	(9,843,927)	(23,147,219)
Net change in unrealized loss	1,192,416	1,717,880	(10,539,175)	(15,117,635)
Energy Related Derivative [Member] | Future [Member]
Net realized gain	(19,599,464)	(30,431,271)	(6,384,457)	(28,172,942)
Net change in unrealized loss	7,040,125	8,967,122	(7,186,433)	257,567
Equity Indices [Member] | Future [Member]
Net realized gain	44,379,354	(26,823,772)	44,790,826	(70,395,016)
Net change in unrealized loss	(22,760,195)	(3,429,061)	(20,458,912)	(2,131,000)
Interest Rate Contract [Member] | Future [Member]
Net realized gain	1,682,102	143,785,277	85,661,046	165,722,951
Net change in unrealized loss	14,476,681	6,617,039	161,191	8,094,015
Metals [Member] | Future [Member]
Net realized gain	(6,401,025)	122,357	(19,215,555)	5,753,319
Net change in unrealized loss	(1,374,941)	20,820,607	(100,952)	(591,228)
Single-Stock Future [Member] | Future [Member]
Net realized gain	2,115,953	(41,191)	3,098,911	71,449
Net change in unrealized loss	$ (562,826)	$ (185,622)	$ (389,196)	$ (193,438)

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Derivative Instruments Disclosures

9 Months Ended

Sep. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

3. Derivative Instruments Disclosures

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At September 30, 2012, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

September 30, 2012	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Assets		Liabilities			Net
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	3,298,855	$	(6,365,572	)	$	(3,066,717	)
Currencies		3,071,507		(3,789,098	)		(717,591	)
Energy		5,644,698		(5,423,475	)		221,223
Equity indices		2,460,179		(20,615,582	)		(18,155,403	)
Interest rate instruments		26,603,508		(3,645,842	)		22,957,666
Metals		24,470,289		(26,540,099	)		(2,069,810	)
Single stock futures		28,985		(398,471	)		(369,486	)
Net unrealized gain (loss) on open futures contracts	$	65,578,021	$	(66,778,139	)	$	(1,200,118	)
Net unrealized gain on open forward currency contracts	$	4,888,508	$	(4,095,697	)	$	792,811

At September 30, 2012, there were 125,472 open futures contracts and 2,179 open forward currency contracts.

For the three and nine months ended September 30, 2012, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended September 30, 2012						Nine Months Ended September 30, 2012
Types of Exposure	Net realized gain			Net change in unrealized gain (loss)			Net realized gain			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	5,391,845		$	(2,120,838	)	$	(4,219,410	)	$	(1,100,268	)
Currencies		(4,576,353	)		1,192,416			(9,843,927	)		(10,539,175	)
Energy		(19,599,464	)		7,040,125			(6,384,457	)		(7,186,433	)
Equity indices		44,379,354			(22,760,195	)		44,790,826			(20,458,912	)
Interest rate instruments		1,682,102			14,476,681			85,661,046			161,191
Metals		(6,401,025	)		(1,374,941	)		(19,215,555	)		(100,952	)
Single stock futures		2,115,953			(562,826	)		3,098,911			(389,196	)
Total futures contracts		22,992,412			(4,109,578	)		93,887,434			(39,613,745	)
Forward currency contracts		278,355			3,919,661			(15,000,764	)		521,421
Total futures and forward currency contracts	$	23,270,767		$	(189,917	)	$	78,886,670		$	(39,092,324	)

For the three and nine months ended September 30, 2012, the number of futures contracts closed was 357,885 and 1,064,967, respectively, and the number of forward currency contracts closed was 10,445 and 31,196, respectively. At December 31, 2011, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

December 31, 2011	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Assets		Liabilities			Net
Equity in broker trading accounts
Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	4,907,935	$	(6,874,384	)	$	(1,966,449	)
Currencies		11,500,940		(1,679,356	)		9,821,584
Energy		9,356,447		(1,948,791	)		7,407,656
Equity indices		4,557,650		(2,254,141	)		2,303,509
Interest rate instruments		27,554,583		(4,758,108	)		22,796,475
Metals		12,182,871		(14,151,729	)		(1,968,858	)
Single stock futures		55,232		(35,522	)		19,710
Net unrealized gain (loss) on open futures contracts	$	70,115,658	$	(31,702,031	)	$	38,413,627
Net unrealized gain on open forward currency contracts	$	5,681,721	$	(5,410,331	)	$	271,390

At December 31, 2011, there were 92,423 open futures contracts and 1,716 open forward currency contracts.

For the three and nine months ended September 30, 2011, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended September 30, 2011						Nine Months Ended September 30, 2011
Types of Exposure	Net realized gain			Net change in unrealized gain (loss)			Net realized gain			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(22,824,221	)	$	5,355,174		$	(35,445,341	)	$	(5,451,675	)
Currencies		(20,848,643	)		1,717,880			(23,147,219	)		(15,117,635	)
Energy		(30,431,271	)		8,967,122			(28,172,942	)		257,567
Equity indices		(26,823,772	)		(3,429,061	)		(70,395,016	)		(2,131,000	)
Interest rate instruments		143,785,277			6,617,039			165,722,951			8,094,015
Metals		122,357			20,820,607			5,753,319			(591,228	)
Single stock futures		(41,191	)		(185,622	)		71,449			(193,438	)
Total futures contracts		42,938,536			39,863,139			14,387,201			(15,133,394	)
Forward currency contracts		(8,718,410	)		646,274			6,977,577			(9,119,516	)
Total futures and forward currency contracts	$	34,220,126		$	40,509,413		$	21,364,778		$	(24,252,910	)

For the three and nine months ended September 30, 2011, the number of futures contracts closed was 266,962 and 854,994, respectively, and the number of forward currency contracts closed was 14,011 and 36,792, respectively.