Trading Activities

6 Months Ended

Jun. 30, 2011

Trading Activities [Abstract]

Trading Activities

4. Trading Activities:

     The Partnership’s pro rata share of the results of the Trading Company’s trading activities are shown in the Statement of Income and Expenses and Changes in Partners’ Capital.

     The Partnership and Trading Company in the normal course of business, enter into various contracts with MSSB, MS&Co., and MSIP acting as their commodity brokers. Pursuant to the brokerage agreement with MSSB, MS&Co., gives the Partnership and the Trading Company, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts. The Trading Company nets, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts on the Statements of Financial Condition.

     The following tables summarize the valuation of the Trading Company’s investments as of June 30, 2011 and December 31, 2010, respectively.

June 30, 2011

														Average
														number of
														contracts
														outstanding
														for
	Long		Long			Short		Short			Net			six months
	Unrealized		Unrealized			Unrealized		Unrealized			Unrealized			(absolute
Futures and Forward Contracts	Gain		Loss			Gain		Loss			Gain/(Loss)			quantity)
Commodity	$	11,002,023	$	(20,386,882	)	$	3,375,939	$	(7,675,427	)	$	(13,684,347	)		6,124
Equity		685,350		—			—		—			685,350			49
Foreign currency		487,010		(38,113	)		—		—			448,897			555
Interest rate		46,840		(72,850	)		698,618		(1,897,472	)		(1,224,864	)		2,840
Total	$	12,221,223	$	(20,497,845	)	$	4,074,557	$	(9,572,899	)	$	(13,774,964	)
Unrealized currency loss												(745,656	)
Total net unrealized loss on open contracts											$	(14,520,620	)*

				Average number of
				contracts outstanding
				for six months
				(absolute quantity)
Option Contracts at Fair Value
Options purchased	$	7,861,876	**		2,640
Options written	$	(5,251,498	)***		2,012

*	This amount is in “Net unrealized gain (loss) on open contracts” on the Trading Company’s Statements of Financial Condition.
**	This amount is in “Options purchased,” on the Trading Company’s Statements of Financial Condition.
***	This amount is in “Options written,” on the Trading Company’s Statements of Financial Condition.

December 31, 2010

														Average number of
														contracts
						Short					Net			outstanding for the
	Long Unrealized		Long Unrealized			Unrealized		Short Unrealized			Unrealized			year (absolute
Futures and Forward Contracts	Gain		Loss			Gain		Loss			Gain/(Loss)			quantity)
Commodity	$	27,015,590	$	(4,293,660	)	$	2,332,149	$	(6,699,370	)	$	18,354,709			2,653
Equity		3,128		—			—		—			3,128			25
Foreign currency		380,069		(5,216	)		—		(148,064	)		226,789			446
Interest rate		206,346		(21,138	)		697,388		(329,147	)		553,449			1,112
Total	$	27,605,133	$	(4,320,014	)	$	3,029,537	$	(7,176,581	)	$	19,138,075
Unrealized currency loss												(737,699	)
Total net unrealized gain on open contracts												18,400,376	*

				Average number of
				contracts
				outstanding for the
				year (absolute
Option Contracts at Fair Value				quantity)
Options purchased	$	6,144,949	**		1,791
Options written	$	(3,209,454)	***		1,275

*	This amount is in “Net unrealized gain on open contracts” on the Trading Company’s Statements of Financial Condition.
**	This amount is in “Options purchased,” on the Trading Company’s Statements of Financial Condition.
***	This amount is in “Options written,” on the Trading Company’s Statements of Financial Condition.

     The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2011.

	For the Three Months			For the Six Months			For the Three Months			For the Six Months
Sector	Ended June 30, 2011			Ended June 30, 2011			Ended June 30, 2010			Ended June 30, 2010
Commodity	$	(19,839,836	)	$	(14,755,458	)	$	(10,347,186	)	$	(12,547,080	)
Equity		2,886,367			5,087,324			(20,456	)		(12,245	)
Foreign currency		623,332			650,606			1,022,770			1,945,928
Interest rate		(12,901,567	)		(16,004,123	)		(2,755,502	)		(5,076,165	)
Unrealized currency loss		(10,671	)		(7,957	)		(787,961	)		(1,886,154	)
Total	$	(29,242,375	)****	$	(25,029,608	)****	$	(12,888,335	)****	$	(17,575,716	)****

**** This amount is in “Total trading results” on the Trading Company’s Statements of Income and Expenses and Changes in Members’ Capital.