Derivatives and Hedging

6 Months Ended

Jun. 30, 2012

Derivatives and Hedging [Abstract]

Derivatives and Hedging

5.  Derivatives and Hedging

The Partnership's objective is to profit from speculative trading in Futures Interests.  Therefore, the Trading Advisor for the Partnership will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategy.  As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention.

The following tables summarize the valuation of the Partnership's investments as of June 30, 2012 and December 31, 2011, respectively.

The Effect of Trading Activities on the Statements of Financial Condition as of June 30, 2012:

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short  Unrealized  Loss			Net Unrealized Loss			Average number of contracts outstanding for the six months (absolute quantity)
	$		$			$		$						$
Commodity		388,058		-			127,898		(750,010	)		(234,054	)		593
Equity		108,754		-			-		(259,978	)		(151,224	)		401
Foreign currency		-		(285,656	)		-		(639,675	)		(925,331	)		3,681
Interest rate		22,028		(323,181	)		-		(1,317	)		(302,470	)		1,981
Total		518,840		(608,837	)		127,898		(1,650,980	)		(1,613,079	)
Unrealized currency loss												(2,404,698	)
Total net unrealized loss on open contracts												(4,017,777	)

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2011:

Futures and Forward Contracts	Long Unrealized Gain		Long Unrealized Loss			Short Unrealized Gain		Short  Unrealized Loss			Net Unrealized  Gain/(Loss)			Average number of contracts outstanding  for the year (absolute quantity)
	$		$			$		$						$
Commodity		27,760		(35,100	)		554,382		(553,530	)		(6,488	)		530
Equity		153,472		(2,078	)		75,465		(5,440	)		221,419			383
Foreign currency		183,838		(32,663	)		1,202,671		(23,414	)		1,330,432			7,864
Interest rate		1,031,489		(86,417	)		13,978		(21,713	)		937,337			2,111
Total		1,396,559		(156,258	)		1,846,496		(604,097	)		2,482,700
Unrealized currency loss												(2,392,751	)
Total net unrealized gain on open contracts												89,949

		Average number of
		contracts outstanding
		for the year
		(absolute quantity)
Option Contracts at Fair Value		$
Options purchased	-		2
Options written	-		1

The following tables summarize the net trading results of the Partnership for the three and six months ended June 30, 2012 and 2011, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2012 included in Total Trading Results:

	For the Three Months			For the Six Months
	Ended June 30, 2012			Ended June 30, 2012
Type of Instrument	$			$
Commodity		(711,417	)		1,298,701
Equity		(1,848,987	)		283,012
Foreign currency		(1,050,411	)		(650,436	)
Interest rate		4,629,540			2,755,176
Unrealized currency loss		(7,370	)		(11,947	)
Total		1,011,355			3,674,506

Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2012:

	For the Three Months			For the Six Months
	Ended June 30, 2012			Ended June 30, 2012
Trading Results	$			$
Net realized		3,366,851			7,782,232
Net change in unrealized		(2,355,496	)		(4,107,726	)
Total Trading Results		1,011,355			3,674,506

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2011 included in Total Trading Results:

	For the Three Months			For the Six Months
	Ended June 30, 2011			Ended June 30, 2011
Type of Instrument	$			$
Commodity		(2,527,960	)		(1,187,025	)
Equity		(1,321,211	)		(2,806,462	)
Foreign currency		2,430,643			973,572
Interest rate		2,448,519			1,119,120
Unrealized currency loss		(11,275	)		(15,222	)
Total		1,018,716			(1,916,017	)

Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2011:

	For the Three Months			For the Six Months
	Ended June 30, 2011			Ended June 30, 2011
Trading Results	$			$
Net realized		2,207,513			2,026,983
Net change in unrealized		(1,188,797	)		(3,943,000	)
Total Trading Results		1,018,716			(1,916,017	)