Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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 December 31, 2016:


Assets	Level 1		Level 2		Level 3		Total
Equity in brokers' trading accounts
U.S. and foreign futures contracts	$	2,279,924	$	—	$	—	$	2,279,924
Forward currency contracts		—		705		—		705
Swap contracts		—		(734,698)		—		(734,698)
Cash and cash equivalents
U.S. money market fund		3,965,046						3,965,046
Foreign commercial paper		—		1,328,590		—		1,328,590
U.S. commercial paper		—		44,381,818		—		44,381,818
Securities owned
U.S. commercial paper		—		7,144,238		—		7,144,238
U.S. Government-sponsored enterprises		—		69,209,493		—		69,209,493
U.S. corporate bonds		—		11,158,232		—		11,158,232
Total	$	6,244,970	$	132,488,378	$	—	$	138,733,348

The gross presentation of the fair value of the Partnership’s derivatives by contract type is shown in Note 11. See the consolidated condensed schedule of investments for detail by sector.

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, 2015:


Assets	Level 1		Level 2		Level 3		Total
Equity in brokers' trading accounts
U.S. and foreign futures contracts	$	827,595	$	—	$	—	$	827,595
Forward currency contracts		—		(240,659)		—		(240,659)
Swap contracts		—		1,168,100		—		1,168,100
Cash and cash equivalents
Bank deposits		1,101,389		—		—		1,101,389
Foreign commercial paper		—		5,547,926		—		5,547,926
U.S. commercial paper		—		57,976,698		—		57,976,698
Securities owned
Foreign commercial paper		—		4,008,509		—		4,008,509
U.S. commercial paper		—		15,173,266		—		15,173,266
U.S. Government-sponsored enterprises		—		82,472,451		—		82,472,451
U.S. corporate bonds		—		14,643,428		—		14,643,428
Total	$	1,928,984	$	180,749,719	$	—	$	182,678,703