4.	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 interests. The Partnership’s investments are in other funds which trade these instruments. The results of the Partnership’s trading activities from its investment in the Funds are shown in the Statements of Income and Expenses.

The Customer Agreements between the Partnership/Funds and CGM gives the Partnership and the Funds the legal right to net unrealized gains and losses on open futures and open forward contracts. The Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts on the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” have been met.

Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance and redemptions.

The following table indicates the Partnership trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the year ended December 31, 2010.


Sector	2010
Currencies	$	(273,403	)
Energy		1,530
Grains		(26,600	)
Indices		(97,392	)
Interest Rates U.S.		(93,556	)
Interest Rates Non-U.S.		37,570
Metals		(9,250	)
Softs		11,156

Total	$	(449,945	)***

***	This amount is included in “Total trading results” on the Statements of Income and Expenses.