Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Measurements

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2013:

Assets	Level 1		Level 2			Level 3		Total
Equity in brokers’ trading accounts
U.S. and foreign futures contracts	$	4,390,480	$	—		$	—	$	4,390,480
Forward contracts	—		285,382			—		285,382
Options on futures contracts	20,797		—			—		20,797
Options on forward contracts			(152,674		)			(152,674		)
Cash and cash equivalents
Bank deposits	88,526		—			—		88,526
U.S. Commercial paper	—		127,379,820			—		127,379,820
Securities owned
U.S. Commercial paper	—		36,692,006			—		36,692,006
U.S. Government-sponsored enterprises	—		248,728,397			—		248,728,397
Corporate bonds	—		81,950,380			—		81,950,380
Total	$	4,499,803	$	494,883,311		$	—	$	499,383,114

The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:

Assets	Level 1		Level 2		Level 3		Total
Equity in brokers’ trading accounts
U.S. and foreign futures contracts	$	2,225,736	$	—	$	—	$	2,225,736
Forward contracts	—		1,444,845		—		1,444,845
Options on forward contracts	—		10,638		—		10,638
Cash and cash equivalents
Bank deposits	—		17,348,124		—		17,348,124
U.S. Commercial paper	183,847,222		—		—		183,847,222
Securities owned
U.S. Commercial paper	25,782,069		—		—		25,782,069
U.S. Government-sponsored enterprises	266,282,515		—		—		266,282,515
Corporate bonds	—		56,629,696		—		56,629,696
U.S. Government securities	9,985,550		—		—		9,985,550
Total	$	488,123,092	$	75,433,303	$	—	$	563,556,395