Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

Assets and Liabilities Measured at Fair Value on Recurring Basis

The Partnership’s 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.


March 31, 2016	Total		Level 1		Level 2		Level 3
Assets
U.S. Treasury bills	$	8,499,734	$	-	$	8,499,734	$	-
Futures		566,916		566,916		-		-
Forwards		1,366,917		55,289		1,311,628		-

Total Assets	$	10,433,567	$	622,205	$	9,811,362	$	-

Liabilities
Futures	$	187,609	$	187,609	$	-	$	-
Forwards		1,363,598		44,741		1,318,857		-

Total Liabilities	$	1,551,207	$	232,350	$	1,318,857	$	-


December 31, 2015	Total		Level 1		Level 2		Level 3
Assets
U.S. Treasury bills	$	15,498,983	$	-	$	15,498,983	$	-
Futures		269,891		269,891		-		-
Forwards		1,264,408		26,108		1,238,300		-

Total Assets	$	17,033,282	$	295,999	$	16,737,283	$	-

Liabilities
Futures	$	460,830	$	460,830	$	-	$	-
Forwards		1,322,225		135,773		1,186,452		-

Total Liabilities	$	1,783,055	$	596,603	$	1,186,452	$	-