Fair Value Measurements and Disclosures

12 Months Ended

Dec. 31, 2012

Fair Value Measurements and Disclosures [Abstract]

Fair Value Measurements and Disclosures

7.  Fair Value Measurements and Disclosures

Effective January 1, 2012, the Partnerships adopted ASU 2011-04, "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS."  The amendments within this ASU change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to eliminate unnecessary wording differences between U.S. GAAP and IFRS.  However, some of the amendments clarify the FASB's intent about the application of existing fair value measurement requirements and other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements.  This new guidance did not have a material impact on the Partnerships' financial statements.

Financial instruments are carried at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified and disclosed in the following three levels: Level 1 — unadjusted quoted market prices in active markets for identical assets and liabilities; Level 2 — inputs other than unadjusted quoted market prices that are observable for the asset or liability, either directly or indirectly (including unadjusted quoted market prices for similar investments, interest rates, credit risk); and Level 3 — unobservable inputs for the asset or liability (including the Partnerships' own assumptions used in determining the fair value of investments).

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnerships' assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The Partnerships' assets and liabilities measured at fair value on a recurring basis are summarized in the following tables by the type of inputs applicable to the fair value measurements.

Charter Campbell

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		799,204		–		n/a		799,204
Forwards		–		1,179,980		n/a		1,179,980
Total Assets		799,204		1,179,980		n/a		1,979,184
Liabilities
Futures		420,203		–		n/a		420,203
Forwards		–		274,802		n/a		274,802
Total Liabilities		420,203		274,802		n/a		695,005
Unrealized currency loss								(2,389,680	)
*Net fair value		379,001		905,178		n/a		(1,105,501	)

December 31, 2011	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		1,856,568		–		n/a		1,856,568
Forwards		–		1,386,487		n/a		1,386,487
Total Assets		1,856,568		1,386,487		n/a		3,243,055
Liabilities
Futures		704,278		–		n/a		704,278
Forwards		–		56,077		n/a		56,077
Total Liabilities		704,278		56,077		n/a		760,355
Unrealized currency loss								(2,392,751	)
*Net fair value		1,152,290		1,330,410		n/a		89,949

* This amount comprises of the "Total net unrealized gain (loss) on open contracts" on the Statements of Financial Condition.    During the twelve months ended December 31, 2012 and 2011, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.

Charter Aspect

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		1,817,113		–		n/a		1,817,113
Forwards		–		634,871		n/a		634,871
Total Assets		1,817,113		634,871		n/a		2,451,984
Liabilities
Futures		1,102,329		–		n/a		1,102,329
Forwards		–		535,154		n/a		535,154
Total Liabilities		1,102,329		535,154		n/a		1,637,483
Unrealized currency gain								802,973
*Net fair value		714,784		99,717		n/a		1,617,474

December 31, 2011	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		3,027,158		–		n/a		3,027,158
Forwards		–		220,966		n/a		220,966
Total Assets		3,027,158		220,966		n/a		3,248,124
Liabilities
Futures		977,762		–		n/a		977,762
Forwards		–		142,891		n/a		142,891
Total Liabilities		977,762		142,891		n/a		1,120,653
Unrealized currency gain								848,606
*Net fair value		2,049,396		78,075		n/a		2,976,077

* This amount comprises of the "Total net unrealized gain on open contracts" on the Statements of Financial Condition.   During the twelve months ended December 31, 2012 and 2011, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.

Charter WNT

December 31, 2012	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		1,843,698		–		n/a		1,843,698
Forwards		–		134,205		n/a		134,205
Total Assets		1,843,698		134,205		n/a		1,977,903
Liabilities
Futures		1,188,296		–		n/a		1,188,296
Forwards		–		58,704		n/a		58,704
Total Liabilities		1,188,296		58,704		n/a		1,247,000
Unrealized currency loss								(43,191	)
*Net fair value		655,402		75,501		n/a		687,712

December 31, 2011	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
	$		$		$		$
Assets
Futures		2,222,818		–		n/a		2,222,818
Forwards		–		31,450		n/a		31,450
Options Purchased		1,720		–		n/a		1,720
Total Assets		2,224,538		31,450		n/a		2,255,988
Liabilities
Futures		705,532		–		n/a		705,532
Forwards		–		22,302		n/a		22,302
Options Written		3,973		–		n/a		3,973
Total Liabilities		709,505		22,302		n/a		731,807
Unrealized currency loss								(49,877	)
*Net fair value		1,515,033		9,148		n/a		1,474,304

* This amount comprises of the "Total net unrealized gain on open contracts" and "Options purchased" and "Options written" on the Statements of Financial Condition.   During the twelve months ended December 31, 2012 and 2011, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2.