Trading Activities:

6 Months Ended

Jun. 30, 2011

Trading Activities: [Abstract]

Trading Activities:

3.   Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro rata share of the results of the Master’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital.

The customer agreements between the Partnership and CGM and the Master and CGM give the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures and exchange-cleared swap contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and exchange-cleared swap contracts on the Statements of Financial Condition.

Brokerage commissions are based on the number of trades executed by the Advisor and the Partnership’s ownership percentage of the Master.

All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures and exchange-cleared swap contracts traded during the three months ended June 30, 2011 and 2010 were 87,559 and 133,344, respectively. The monthly average number of futures and exchange-cleared swap contracts traded during the six months ended June 30, 2011 and 2010 were 90,712 and 139,785, respectively. The monthly average number of options contracts traded during the three months ended June 30, 2011 and 2010 were 107,081 and 202,097, respectively. The monthly average number of options contracts traded during the six months ended June 30, 2011 and 2010 were 114,608 and 189,331, respectively.

The following tables indicate the gross fair values of derivative instruments of futures and exchange-cleared swaps and options contracts as separate assets and liabilities as of June 30, 2011 and December 31, 2010.

	June 30, 2011
Assets
Futures and Exchange-Cleared Swap Contracts
Energy	$	177,633,422
Lumber		43,967
Softs		435
Total unrealized appreciation on open futures and exchange-cleared swap contracts	$	177,677,824
Liabilities
Futures and Exchange-Cleared Swap Contracts
Energy	$	(149,847,949	)
Lumber		(37,659	)
Softs		(849,265	)
Total unrealized depreciation on open futures and exchange-cleared swap contracts	$	(150,734,873	)
Net unrealized appreciation on open futures and exchange-cleared swap contracts	$	26,942,951	*
Assets
Options Purchased
Energy	$	304,026,927
Total options purchased	$	304,026,927	**
Liabilities
Options Premium Received
Energy	$	(148,184,988	)
Total options premium received	$	(148,184,988	)***

*	This amount is in “Net unrealized appreciation on open futures and exchange-cleared swap contracts” on the Master’s Statements of Financial Condition.
**	This amount is in “Options purchased, at fair value” on the Master’s Statements of Financial Condition.
***	This amount is in “Options premium received, at fair value” on the Master’s Statements of Financial Condition.

	December 31, 2010
Assets
Futures and Exchange-Cleared Swap Contracts
Energy	$	253,480,029
Lumber		38,390
Total unrealized appreciation on open futures and exchange-cleared swap contracts	$	253,518,419
Liabilities
Futures and Exchange-Cleared Swap Contracts
Energy	$	(260,083,699	)
Lumber		(5,830	)
Total unrealized depreciation on open futures and exchange-cleared swap contracts	$	(260,089,529	)
Net unrealized depreciation on open futures and exchange-cleared swap contracts	$	(6,571,110	)*
Assets
Options Purchased
Energy	$	363,802,239
Options purchased	$	363,802,239	**
Liabilities
Options Premium Received
Energy	$	(239,504,355	)
Options premium received	$	(239,504,355	)***

*	This amount is in “Net unrealized depreciation on open futures and exchange-cleared swap contracts” on the Master’s Statements of Financial Condition.
**	This amount is in “Options purchased, at fair value” on the Master’s Statements of Financial Condition.
***	This amount is in “Options premium received, at fair value” on the Master’s Statements of Financial Condition.

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2011 and 2010.

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Sector	Gain (loss) from trading			Gain (loss) from trading			Gain (loss) from trading			Gain (loss) from trading
Energy	$	(27,173,465	)	$	(11,184,961	)	$	(3,338,136	)	$	(44,006,160	)
Grains		(34,875	)		—			(34,875	)		—
Lumber		(99,499	)		23,028			2,104			7,190
Softs		(848,830	)		—			(848,830	)		—
Total	$	(28,156,669	)****	$	(11,161,933	)****	$	(4,219,737	)****	$	(43,998,970	)****

**** This amount is in “Total trading results” on the Master’s Statements of Income and Expenses and Changes in Members’ Capital.