Financial Highlights

6 Months Ended

Jun. 30, 2013

Financial Highlights

2.    Financial Highlights:

Changes in the net asset value per unit for the three and six months ended June 30, 2013 and 2012 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net realized and unrealized gains (losses) *	$	31.78		$	(346.64	)	$	(701.26	)	$	(395.72
Interest income allocated from Master		0.41			0.92			1.42			1.55
Expenses **		(41.23	)		(53.57	)		(80.94	)		(109.72	)
Increase (decrease) for the period		(9.04	)		(399.29	)		(780.78	)		(503.89	)
Net asset value per unit, beginning of period		9,499.57			10,419.54			10,271.31			10,524.14
Net asset value per unit, end of period	$	9,490.53		$	10,020.25		$	9,490.53		$	10,020.25

* Includes brokerage commissions and clearing fees allocated from the Master.

** Excludes brokerage commissions, clearing fees allocated from the Master and includes allocation to Special Limited Partner in the three and six months ended June 30, 2013 and 2012, if any.

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Ratios to average net assets:***
Net investment income (loss)		(3.9	)%		(3.7	)%		(4.0	)%		(3.7	)%
Allocation to Special Limited Partner		—	%		—	%		—	%		—	%
Net investment income (loss) before allocation to Special Limited Partner****		(3.9	)%		(3.7	)%		(4.0	)%		(3.7	)%
Operating expenses		4.0	%		3.7	%		4.0	%		3.7	%
Allocation to Special Limited Partner		—	%		—	%		—	%		—	%
Total expenses and allocation to Special Limited Partner		4.0	%		3.7	%		4.0	%		3.7	%
Total return:
Total return before allocation to Special Limited Partner		(0.1	)%		(3.8	)%		(7.6	)%		(4.8	)%
Allocation to Special Limited Partner		—	%		—	%		—	%		—	%
Total return after allocation to Special Limited Partner		(0.1	)%		(3.8	)%		(7.6	)%		(4.8	)%

*** Annualized (except for allocation to Special Limited Partner, if applicable).

**** Interest income allocated from Master less total expenses (exclusive of allocation to Special Limited Partner, if applicable).

The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

Financial Highlights of the Master:

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Net realized and unrealized gains (losses)*	$	69.57		$	(306.31	)	$	(617.92	)	$	(322.86	)
Interest income		0.45			0.99			1.59			1.67
Expenses **		(1.62	)		(0.80	)		(2.75	)		(1.87	)
Increase (decrease) for the period		68.40			(306.12	)		(619.08	)		(323.06	)
Distribution of interest income to feeder funds		(0.45	)		(0.99	)		(1.59	)		(1.67	)
Net asset value per unit, beginning of period		9,532.18			10,111.99			10,220.80			10,129.61
Net asset value per unit, end of period	$	9,600.13		$	9,804.88		$	9,600.13		$	9,804.88

*   Includes clearing fees.

**   Excludes clearing fees.

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Ratios to average net assets:***
Net investment income (loss)****		(0.6	)%		(0.3	)%		(0.6	)%		(0.4	)%
Operating expenses		0.6	%		0.4	%		0.6	%		0.4	%
Total return		0.7	%		(3.0	)%		(6.1	)%		(3.2	)%

***   Annualized.

****   Interest income less total expenses.

The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the non-managing member class using the non-managing member’s share of income, expenses and average net assets.