Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Value of Partnership's Investment in Master

During the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.


	June 30, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investment in Master	$	109,551,060	$	—	$	109,551,060	$	—

Net fair value	$	109,551,060	$	—	$	109,551,060	$	—


	December 31, 2012		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Investment in Master	$	145,802,728	$	—	$	145,802,728	$	—

Net fair value	$	145,802,728	$	—	$	145,802,728	$	—

Derivative Instruments, Fair Value Based on Hierarchy

During the six months ended June 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2.


	June 30, 2013		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)



Assets
Futures and Exchange-Cleared Swaps	$	62,232,394	$	62,232,394	$	—	$	—
Options purchased		97,288,719		97,288,719		—		—

Total assets		159,521,113		159,521,113		—		—


Liabilities
Futures and Exchange-Cleared Swaps	$	75,408,741	$	75,408,741	$	—	$	—
Options premium received		32,987,494		32,987,494		—		—

Total liabilities		108,396,235		108,396,235		—		—

Net fair value	$	51,124,878	$	51,124,878	$	—	$	—


	December 31, 2012		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)



Assets
Futures and Exchange-Cleared Swaps	$	54,683,502	$	54,683,502	$	—	$	—
Options purchased		160,438,693		160,438,693		—		—

Total assets		215,122,195		215,122,195		—		—


Liabilities
Futures and Exchange-Cleared Swaps	$	84,404,729	$	84,404,729	$	—	$	—
Options premium received		37,237,413		37,237,413		—		—

Total liabilities		121,642,142		121,642,142		—		—

Net fair value	$	93,480,053	$	93,480,053	$	—	$	—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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