Derivatives and Hedging

3 Months Ended

Mar. 31, 2012

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.  With regard 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 March 31, 2012 and December 31, 2011, respectively.

The Effect of Trading Activities on the Statements of Financial Condition as of March 31, 2012:

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               three months           (absolute           quantity)
	$	$	$	$	$
Commodity	3,377,775	(2,045,280)	2,775,792	(1,080,439)	3,027,848	4,302
Equity	2,556,709	(725,692)	319,938	(17,166)	2,133,789	2,446
Foreign currency	427,497	(793,142)	234,552	(993,051)	(1,124,144)	7,125
Interest rate	1,233,871	(349,830)	171,255	(222,310)	832,986	9,105
Total	7,595,852	(3,913,944)	3,501,537	(2,312,966)	4,870,479
Unrealized currency loss					(1,315,206)
Total net unrealized gain on open contracts					3,555,273

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 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 year (absolute quantity)
	$	$	$	$	$
Commodity	418,029	(822,942)	4,381,649	(2,417,431)	1,559,305	4,077
Equity	307,762	(7,656)	94,660	(143,961)	250,805	1,386
Foreign currency	739,841	(106,865)	2,115,906	(300,292)	2,448,590	7,744
Interest rate	3,538,706	(109,261)	139,283	(121,941)	3,446,787	7,073
Total	5,004,338	(1,046,724)	6,731,498	(2,983,625)	7,705,487
					(1,303,588)
Unrealized currency loss					6,401,899
Total net unrealized gain on open contracts

The following tables summarize the net trading results of the Partnership for the quarters ended March 31, 2012 and 2011, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the Quarter Ended March 31, 2012 included in Total Trading Results:

Type of Instrument	$
Commodity		4,284,224
Equity		11,205,332
Foreign currency		(4,820,324	)
Interest rate		(6,451,062	)
Unrealized currency loss		(11,618	)
Total		4,206,552

Line Items on the Statements of Income and Expenses for the Quarter Ended March 31, 2012:

Trading Results	$
Net realized		7,053,178
Net change in unrealized		(2,846,626	)
Total Trading Results		4,206,552

The Effect of Trading Activities on the Statements of Income and Expenses for the Quarter Ended March 31, 2011 included in Total Trading Results:

Type of Instrument	$
Commodity		13,675,858
Equity		(6,231,267	)
Foreign currency		(9,190,128	)
Interest rate		(5,813,273	)
Unrealized currency loss		(163,715	)
Total		(7,722,525	)

Line Items on the Statements of Income and Expenses for the Quarter Ended March 31, 2011:

Trading Results	$
Net realized		4,959,877
Net change in unrealized		(12,682,402	)
Total Trading Results		(7,722,525	)