Derivatives and Hedging

9 Months Ended

Sep. 30, 2011

Derivatives and Hedging [Abstract]

Derivatives and Hedging

5.  Derivatives and Hedging

The Partnership's objective is to profit from speculative trading in Futures Interests.  Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategy.  As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.  In regards to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention. The following tables summarize the valuation of the Partnership's investments as of September 30, 2011 and December 31, 2010, respectively.

The Effect of Trading Activities on the Statements of Financial Condition as of September 30, 2011:

Futures and Forward Contracts	Long                             Unrealized                                Gain	Long                       Unrealized                            Loss	Short Unrealized Gain	Short Unrealized Loss	Net   Unrealized  Gain/(Loss)	Average number of contracts outstanding for the nine months (absolute quantity)
	$	$	$	$	$
Commodity	447,086	(1,623,899)	10,599,317	(311,852)	9,110,652	4,134
Equity	4,300	(489,848)	553,866	(204,352)	(136,034)	1,601
Foreign currency	132,340	(857,046)	3,748,287	(1,325,768)	1,697,813	8,377
Interest rate	2,484,860	(556,852)	58,249	(1,856)	1,984,401	7,495
Total	3,068,586	(3,527,645)	14,959,719	(1,843,828)	12,656,832
Unrealized currency loss					(1,457,444)
Total net unrealized gain on open contracts					11,199,388

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2010:

Futures and Forward Contracts	Long                       Unrealized                      Gain	Long                     Unrealized                             Loss	Short Unrealized Gain	Short Unrealized Loss	Net   Unrealized  Gain/(Loss)	Average number of contracts outstanding for the year (absolute quantity)
	$	$	$	$	$
Commodity	13,583,270	(1,631,233)	-	(1,310,915)	10,641,122	5,409
Equity	762,962	(500,929)	239,908	(5,232)	496,709	2,069
Foreign currency	6,060,140	(193,557)	3,957,095	(524,581)	9,299,097	7,961
Interest rate	662,741	(58,143)	330,713	(833,248)	102,063	7,714
Total	21,069,113	(2,383,862)	4,527,716	(2,673,976)	20,538,991
Unrealized currency loss					(735,824)
Total net unrealized gain on open contracts					19,803,167

The following tables summarize the net trading results of the Partnership for the three and nine months ended September 30, 2011 and 2010, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2011 included in Total Trading Results:

	For the Three Months	For the Nine Months
	Ended September 30, 2011	Ended September 30, 2011
Type of Instrument	$	$
Commodity	(4,803,775)	(9,488,240)
Equity	(5,063,523)	(22,393,783)
Foreign currency	(5,517,929)	(6,552,739)
Interest rate	20,302,012	20,444,948
Unrealized currency loss	(410,625)	(721,619)
Total	4,506,160	(18,711,433)

Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2011:

	For the Three Months	For the Nine Months
	Ended September 30, 2011	Ended September 30, 2011
Trading Results	$	$
Realized	(7,054,552)	(10,107,654)
Net change in unrealized	11,560,712	(8,603,779)
Total Trading Results	4,506,160	(18,711,433)

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2010 included in Total Trading Results:

	For the Three Months	For the Nine Months
	Ended September 30, 2010	Ended September 30, 2010
Type of Instrument	$
Commodity	11,155,422	(19,614,728)
Equity	(1,198,363)	(23,910,360)
Foreign currency	7,407,672	3,102,048
Interest rate	10,818,047	35,355,792
Unrealized currency gain	1,820,572	107,344
Proceeds from Litigation Settlement	337,120	337,120
Total	30,340,470	(4,622,784)

Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2010:

	For the Three Months	For the Nine Months
	Ended September 30, 2010	Ended September 30, 2010
Trading Results	$	$
Realized	12,037,792	(11,467,958)
Net change in unrealized	17,965,558	6,508,054
Proceeds from Litigation Settlement	337,120	337,120
Total Trading Results	30,340,470	(4,622,784)