Financial Highlights

6 Months Ended

Jun. 30, 2015

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Financial Highlights

3.    Financial Highlights:

Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2015 and 2014 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Net realized and unrealized gains (losses)	$	(86.75	)	$	(93.35	)	$	(122.29	)	$	(117.39	)
Net investment loss		(108.15	)		(60.32	)		(176.93	)		(114.84	)
Increase (decrease) for the period		(194.90	)		(153.67	)		(299.22	)		(232.23	)
Net asset value per unit, beginning of period		8,657.13			9,014.56			8,761.45			9,093.12
Net asset value per unit, end of period	$	8,462.23		$	8,860.89		$	8,462.23		$	8,860.89

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Ratios to average net assets:*
Net investment loss**		(5.1	)%		(2.7	)%		(4.1	)%		(2.6	)%
Operating expenses		5.1	%		2.7	%		4.1	%		2.6	%
Allocation to Special Limited Partner		—	%		—	%		—	%		—	%
Total expenses and allocation to Special Limited Partner		5.1	%		2.7	%		4.1	%		2.6	%
Total return:
Total return before allocation to Special Limited Partner		(2.3	)%		(1.7	)%		(3.4	)%		(2.6	)%
Allocation to Special Limited Partner		—	%		—	%		—	%		—	%
Total return after allocation to Special Limited Partner		(2.3	)%		(1.7	)%		(3.4	)%		(2.6	)%

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

** Interest income less total expenses.

The above ratios and total return 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 of the Partnership and includes the income and expenses allocated from the Master as applicable.

Financial Highlights of the Master:

	Three Months Ended June 30,			Six Months Ended June 30,
	2014			2014
Net realized and unrealized gains (losses)	$	(96.99	)	$	(121.75	)
Net investment loss		(5.67	)		(10.26	)
Increase (decrease) for the period		(102.66	)		(132.01	)
Distribution of interest income to feeder funds		(0.33	)		(0.98	)
Net asset value per unit, beginning of period		9,287.63			9,317.63
Net asset value per unit, end of period	$	9,184.64		$	9,184.64

	Three Months Ended June 30,			Six Months Ended June 30,
	2014			2014
Ratios to average net assets:*
Net investment loss**		(0.2	)%		(0.2	)%
Operating expenses		0.3	%		0.2	%
Total return		(1.1	)%		(1.4	)%

*   Annualized.

**   Interest income less total expenses.

The above ratios and total return 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 each non-managing members’ share of income, expenses and average net assets.