Financial Highlights

3 Months Ended

Mar. 31, 2014

Financial Highlights

Financial Highlights

11. Financial Highlights

The following information presents per unit operating performance data and other financial ratios for the three months ended March 31, 2014 and 2013, assuming the unit was outstanding throughout the entire period:

	Three Months Ended March 31,
	2014									2013
	Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per Unit at beginning of period	$	4,114.51		$	5,789.73		$	910.42		$	4,228.83		$	5,845.11		$	912.75
Gain (loss) from operations
Gain (loss) from trading(1)		(96.96	)		(136.40	)		(21.41	)		136.46			188.31			29.86
Net investment loss(1)		(51.97	)		(48.17	)		(5.38	)		(57.59	)		(52.64	)		(6.71	)
Total gain (loss) from operations		(148.93	)		(184.57	)		(26.79	)		78.87			135.67			23.15
Net asset value per Unit at end of period	$	3,965.58		$	5,605.16		$	883.63		$	4,307.70		$	5,980.78		$	935.90
Total return (4)		(3.62	)%		(3.19	)%		(2.94	)%		1.87	%		2.32	%		2.54	%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3)		5.60	%		3.82	%		2.86	%		5.67	%		3.82	%		3.19	%
Trading Advisor incentive fees (4)		0.02	%		0.02	%		0.02	%		0.00	%		0.00	%		0.00	%
General Partner 1% allocation (4)		(0.04	)%		(0.03	)%		(0.03	)%		0.02	%		0.02	%		0.03	%
Total expenses		5.58	%		3.81	%		2.85	%		5.69	%		3.84	%		3.22	%
Net investment loss (2) (3) (5)		(5.23	)%		(3.44	)%		(2.45	)%		(5.31	)%		(3.46	)%		(2.79	)%

Total returns are calculated based on the change in value of a Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions.

⁽¹⁾ The net investment loss per unit is calculated by dividing the net investment loss by the average number of Class A, B or I Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of gain (loss) from trading per unit due to the timing of trading gains and losses during the period relative to the number of units outstanding.

⁽²⁾ The net investment loss includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period.

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes Trading Advisor incentive fees and General Partner 1% allocation.