Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

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 September 30, 2019:

Assets	Level 1		Level 2		Level 3		Total
Equity in brokers' trading accounts
U.S. and foreign futures contracts	$	(35,812)	$	—	$	—	$	(35,812)
Forward currency contracts		—		96,101		—		96,101
Swap contracts		—		2,693,923		—		2,693,923
Cash and cash equivalents
U.S. money market fund		7,034,949		—		—		7,034,949
Securities owned
U.S. Government-sponsored enterprises		—		29,544,246		—		29,544,246
U.S. Government securities		—		12,957,197		—		12,957,197
U.S. Exchange-traded funds		5,003,400		—		—		5,003,400
Total	$	12,002,537	$	45,291,467	$	—	$	57,294,004

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, 2018:

Assets	Level 1		Level 2		Level 3		Total
Equity in brokers' trading accounts
U.S. and foreign futures contracts	$	1,727,541	$	—	$	—	$	1,727,541
Forward currency contracts		—		(41,428)		—		(41,428)
Swap contracts		—		1,933,109		—		1,933,109
Cash and cash equivalents
U.S. money market fund		2,518,703		—		—		2,518,703
Securities owned
U.S. Government-sponsored enterprises		—		41,635,179		—		41,635,179
U.S. Government securities		—		14,752,579		—		14,752,579
U.S. Exchange-traded funds		4,348,700		—		—		4,348,700
Total	$	8,594,944	$	58,279,439	$	—	$	66,874,383