Fair Value Measurements and Disclosures

12 Months Ended

Dec. 31, 2012

Fair Value Measurements and Disclosures [Abstract]

Fair Value Measurements and Disclosures

8. Fair Value Measurements and Disclosures

Effective January 1, 2012, the Partnership 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 Partnership's 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, and credit risk); and Level 3 — unobservable inputs for the asset or liability (including the Partnership's 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 Partnership's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of the factors specific to the investment.

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.

LV

Assets	Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
December 31, 2012	$		$		$		$
Investment in TT II, LLC		—		12,246,448		—		12,246,448
Investment in WNT I, LLC		—		7,072,401		—		7,072,401
Investment in Chesapeake I, LLC		—		4,408,930		—		4,408,930
Investment in Rotella I, LLC		—		3,383,788		—		3,383,788
Investment in Kaiser I, LLC		—		3,186,918		—		3,186,918
Investment in Augustus I, LLC		—		2,433,314		—		2,433,314
Investment in GLC I, LLC		—		2,359,140		—		2,359,140
December 31, 2011
Investment in TT II, LLC		—		14,111,867		—		14,111,867
Investment in Kaiser I, LLC		—		10,573,213		—		10,573,213
Investment in WNT I, LLC		—		8,959,457		—		8,959,457
Investment in Augustus I, LLC		—		5,112,295		—		5,112,295
Investment in Rotella I, LLC		—		5,082,011		—		5,082,011
Investment in Chesapeake I, LLC		—		4,910,449		—		4,910,449
Investment in GLC I, LLC		—		3,942,919		—		3,942,919

At December 31, 2012, LV's investment in the Trading Companies represented approximately: TT II, LLC 34.90%; WNT I, LLC 20.15%; Kaiser I, LLC 9.10%; Rotella I, LLC 9.65%; Augustus I, LLC 6.95%; GLC I, LLC 6.70%; and Chesapeake I, LLC 12.55% of the total investments of LV, respectively.

At December 31, 2011, LV's investment in the Trading Companies represented approximately: TT II, LLC 26.80%; Kaiser I, LLC 20.05%; WNT I, LLC 17.00%; Rotella I LLC 9.65%; Augustus I L.L.C. 9.70%; GLC I, LLC 7.50%; and Chesapeake I, LLC 9.30% of the total investments of LV, respectively.