e10vq

0000950123-11-077497.txt : 20110815 0000950123-11-077497.hdr.sgml : 20110815 20110815153118 ACCESSION NUMBER: 0000950123-11-077497 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110630 FILED AS OF DATE: 20110815 DATE AS OF CHANGE: 20110815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIDEWATER FUTURES FUND LP CENTRAL INDEX KEY: 0001140509 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 133811113 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52604 FILM NUMBER: 111035815 BUSINESS ADDRESS: STREET 1: C/O CERES MANAGED FUTURES LLC STREET 2: 55 EAST 59TH STREET - 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-559-2011 MAIL ADDRESS: STREET 1: C/O CERES MANAGED FUTURES LLC STREET 2: 55 EAST 59TH STREET - 10TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BARNEY TIDEWATER FUTURES FUND LP DATE OF NAME CHANGE: 20010511 10-Q 1 y05034e10vq.htm FORM 10-Q e10vq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

For the quarterly period ended June 30, 2011

OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-52604

TIDEWATER FUTURES FUND L.P.

(Exact name of registrant as specified in its charter)


New York		13-3811113

(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o Ceres Managed Futures LLC

522 5th Ave - 14th Floor

New York, New York 10036

(Address of principal executive offices) (Zip Code)

(212) 296-1999

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of the chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes X No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	Accelerated filer	Non-accelerated filer X	Smaller reporting company
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No X

As of July 31, 2011, 15,703.2163 Limited Partnership Redeemable Units were outstanding.

TIDEWATER FUTURES FUND L.P.

FORM 10-Q

INDEX


	Page
	Number
PART I — Financial Information:
Item 1. Financial Statements:
Statements of Financial Condition at June 30, 2011 (unaudited) and December 31, 2010		3
Condensed Schedules of Investments at June 30, 2011 (unaudited) and December 31, 2010		4 – 5
Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2011 and 2010 (unaudited)		6
Notes to Financial Statements (unaudited)		7 – 14
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations		15 – 16
Item 3. Quantitative and Qualitative Disclosures about Market Risk		17 – 18
Item 4. Controls and Procedures		19
PART II — Other Information		20 – 22
Exhibits
Ex 31.1 Certification
Ex 31.2 Certification
Ex 32.1 Certification
Ex 32.2 Certification
EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT


101.INS	XBRL	Instance Document.
101.SCH	XBRL	Taxonomy Extension Schema Document.
101.CAL	XBRL	Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL	Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL	Taxonomy Extension Presentation Linkbase Document.

PART I

Item 1. Financial Statements

Tidewater Futures Fund L.P.

Statements of Financial Condition


	(Unaudited)
	June 30,		December 31,
	2011		2010
Assets:
Equity in trading account:
Cash	$	21,546,076	$	25,519,706
Cash margin		7,969,099		10,943,883
Net unrealized appreciation on open futures contracts		—		6,452,412
Net unrealized appreciation on open forward contracts		192,408		—

Total trading equity		29,707,583		42,916,001
Interest receivable		300		2,566

Total assets	$	29,707,883	$	42,918,567

Liabilities and Partners’ Capital:
Liabilities:
Net unrealized depreciation on open futures contracts	$	132,076	$	—
Net unrealized depreciation on open forward contracts		—		56,461
Accrued expenses:
Brokerage fees		123,233		232,170
Management fees		48,969		70,888
Other		70,878		97,200
Redemptions payable		1,115,825		789,804

Total liabilities		1,490,981		1,246,523

Partners’ Capital:
General Partner, 184.9703 and 281.2556 unit equivalents outstanding at June 30, 2011 and December 31, 2010, respectively		330,864		557,570
Limited Partners, 15,589.7874 and 20,739.3934 Redeemable Units outstanding at June 30, 2011 and December 31, 2010, respectively		27,886,038		41,114,474

Total partners’ capital		28,216,902		41,672,044

Total liabilities and partners’ capital	$	29,707,883	$	42,918,567

Net asset value per unit	$	1,788.74	$	1,982.43

See accompanying notes to financial statements.

Tidewater Futures Fund L.P.

Condensed Schedule of Investments
June 30, 2011
(Unaudited)


	Number of					% of Partners’
	Contracts		Fair Value			Capital
Futures Contracts Purchased
Currencies		327	$	(25,128	)		(0.09	)%
Energy		116		(109,844	)		(0.39	)
Grains		313		(677,559	)		(2.40	)
Indices		480		782,397			2.77
Interest Rates U.S.		68		(28,258	)		(0.10	)
Interest Rates Non-U.S.		636		5,776			0.02
Livestock		14		(24,150	)		(0.08	)
Metals		30		(16,680	)		(0.06	)
Softs		300		173,497			0.61

Total futures contracts purchased				80,051			0.28

Futures Contracts Sold
Currencies		186		113,219			0.40
Indices		24		(4,032	)		(0.01	)
Interest Rates Non-U.S.		104		26,558			0.09
Livestock		86		(137,150	)		(0.48	)
Softs		73		(210,722	)		(0.75	)

Total futures contracts sold				(212,127	)		(0.75	)

Unrealized Appreciation on Open Forward Contracts
Metals		37		426,715			1.51

Total unrealized appreciation on open forward contracts				426,715			1.51

Unrealized Depreciation on Open Forward Contracts
Metals		65		(234,307	)		(0.83	)

Total unrealized depreciation on open forward contracts				(234,307	)		(0.83	)

Net fair value			$	60,332			0.21	%

See accompanying notes to financial statements.

Tidewater Futures Fund L.P.
Condensed Schedule of Investments
December 31, 2010


	Number of					% of Partners’
	Contracts		Fair Value			Capital
Futures Contracts Purchased
Currencies		251	$	672,219			1.61	%
Energy		239		200,124			0.48
Grains		562		2,286,361			5.49
Indices		782		392,394			0.94
Interest Rates U.S.		58		(227,140	)		(0.54	)
Interest Rates Non-U.S.		700		(2,789	)		(0.01	)
Livestock		201		421,367			1.01
Metals		57		749,650			1.80
Softs		353		1,766,647			4.24

Total futures contracts purchased				6,258,833			15.02

Futures Contracts Sold
Currencies		238		718,098			1.72
Indices		2		6,214			0.02
Interest Rates Non-U.S.		92		(14,145	)		(0.03	)
Softs		259		(516,588	)		(1.24	)

Total futures contracts sold				193,579			0.47

Unrealized Appreciation on Open Forward Contracts
Metals		133		1,063,713			2.55

Total unrealized appreciation on open forward contracts				1,063,713			2.55

Unrealized Depreciation on Open Forward Contracts
Metals		121		(1,120,174	)		(2.69	)

Total unrealized depreciation on open forward contracts				(1,120,174	)		(2.69	)

Net fair value			$	6,395,951			15.35	%

See accompanying notes to financial statements.

Tidewater Futures Fund L.P.

Statements of Income and Expenses and Changes in Partners’ Capital
(Unaudited)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Investment Income:
Interest income	$	1,305		$	10,748		$	8,983		$	16,198


Expenses:
Brokerage fees including clearing fees		465,892			691,709			1,054,399			1,468,844
Management fees		176,603			198,525			380,019			424,976
Other		44,423			40,090			76,414			76,788

Total expenses		686,918			930,324			1,510,832			1,970,608

Net investment income (loss)		(685,613	)		(919,576	)		(1,501,849	)		(1,954,410	)


Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(2,869,725	)		(3,659,833	)		5,232,412			(3,547,315	)
Change in net unrealized gains/losses on open contracts		(4,042,686	)		(9,091,599	)		(6,335,619	)		(8,571,141	)

Total trading results		(6,912,411	)		(12,751,432	)		(1,103,207	)		(12,118,456	)

Net income (loss)		(7,598,024	)		(13,671,008	)		(2,605,056	)		(14,072,866	)
Subscriptions - Limited Partners		287,500			455,000			672,500			580,000
Redemptions - Limited Partners		(2,363,874	)		(2,065,757	)		(11,322,586	)		(3,421,170	)
Redemptions - General Partner		(200,000	)		(250,000	)		(200,000	)		(250,000	)

Net increase (decrease) in Partners’ Capital		(9,874,398	)		(15,531,765	)		(13,455,142	)		(17,164,036	)
Partners’ Capital, beginning of period		38,091,300			48,096,380			41,672,044			49,728,651

Partners’ Capital, end of period		28,216,902		$	32,564,615			28,216,902		$	32,564,615

Net asset value per unit (15,774.7577 and 22,675.9367 Units outstanding at June 30, 2011 and 2010, respectively)	$	1,788.74		$	1,436.09		$	1,788.74		$	1,436.09

Net income (loss) per unit *	$	(464.26	)	$	(587.85	)	$	(193.69	)	$	(599.74	)

Weighted average units outstanding		16,695.4484			23,354.9972			17,713.1717			23,787.6458


*		Based on change in net asset value per unit.

See accompanying notes to financial statements.

Tidewater Futures Fund L.P.
Notes to Financial Statements
June 30, 2011
(Unaudited)

1. General:

Tidewater Futures Fund L.P. (the “Partnership”) is a limited partnership organized on February 23, 1995 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures contracts, options, swaps and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, lumber, metals and softs. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). Morgan Stanley, indirectly through various subsidiaries, owns a majority equity interest in MSSB Holdings. Citigroup Global Markets Inc. (“CGM”), the commodity broker and a selling agent for the Partnership, owns a minority equity interest in MSSB Holdings. Citigroup Inc. (“Citigroup”), indirectly through various subsidiaries, wholly owns CGM. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup.

As of June 30, 2011, all trading decisions for the Partnership are made by Chesapeake Capital Corporation (the “Advisor”). The Partnership’s trading of futures, forwards and options contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. It engages in such trading through a commodity brokerage account maintained with CGM.

The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except that no limited partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions.

The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at June 30, 2011 and December 31, 2010 and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2011 and 2010. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2010.

The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Tidewater Futures Fund L.P.
Notes to Financial Statements
June 30, 2011
(Unaudited)

2. Financial Highlights:

Changes in the net asset value per unit for the three and six months ended June 30, 2011 and 2010 were as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Net realized and unrealized gains (losses) *	$	(451.10	)	$	(578.12	)	$	(168.21	)	$	(579.36	)
Interest income		0.08			0.46			0.49			0.69
Expenses **		(13.24	)		(10.19	)		(25.97	)		(21.07	)

Increase (decrease) for the period		(464.26	)		(587.85	)		(193.69	)		(599.74	)
Net asset value per unit, beginning of period		2,253.00			2,023.94			1,982.43			2,035.83

Net asset value per unit, end of period	$	1,788.74		$	1,436.09		$	1,788.74		$	1,436.09


*		Includes brokerage fees.

**		Excludes brokerage fees.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Ratios to average net assets:***
Net investment income (loss) ****		(7.8	)%		(9.0	)%		(8.2	)%		(9.2	)%

Operating expenses		7.8	%		9.1	%		8.3	%		9.3	%
Incentive fees		—	%		—	%		—	%		—	%

Total expenses and incentive fee		7.8	%		9.1	%		8.3	%		9.3	%

Total return:
Total return before incentive fees		(20.6	)%		(29.0	)%		(9.8	)%		(29.5	)%
Incentive fees		—	%		—	%		—	%		—	%

Total return after incentive fees		(20.6	)%		(29.0	)%		(9.8	)%		(29.5	)%


***		Annualized (other than incentive fees).

****		Interest income less total expenses.

The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

3. Trading Activities:

The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital.

The customer agreement between the Partnership and CGM gives the Partnership the legal right to net unrealized gains and losses on open futures and open forward contracts. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts on the Statements of Financial Condition.

All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended June 30, 2011 and 2010 were 3,079 and 4,824, respectively. The average number of futures contracts traded during the six months ended June 30, 2011 and 2010 were 3,178 and 4,618, respectively. The monthly average number of metals forward contracts traded during the three months ended June 30, 2011 and 2010 were 104 and 361, respectively. The average number of metal forward contracts traded during the six months ended June 30, 2011 and 2010 were 134 and 316, respectively.

Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions.

Tidewater Futures Fund L.P.
Notes to Financial Statements
June 30, 2011
(Unaudited)

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of June 30, 2011 and December 31, 2010.


	June 30, 2011
Assets
Futures Contracts
Currencies	$	346,984
Energy		97,801
Indices		783,441
Interest Rates U.S.		4,062
Interest Rates Non-U.S.		158,213
Livestock		10,500
Metals		37,880
Softs		354,432

Total unrealized appreciation on open futures contracts	$	1,793,313

Liabilities
Futures Contracts
Currencies	$	(258,893	)
Energy		(207,645	)
Grains		(677,559	)
Indices		(5,076	)
Interest Rates U.S.		(32,320	)
Interest Rates Non-U.S.		(125,879	)
Livestock		(171,800	)
Metals		(54,560	)
Softs		(391,657	)

Total unrealized depreciation on open futures contracts	$	(1,925,389	)

Net unrealized depreciation on open futures contracts	$	(132,076	)*

Assets
Forward Contracts
Metals	$	426,715

Total unrealized appreciation on open forward contracts	$	426,715

Liabilities
Forward Contracts
Metals	$	(234,307	)

Total unrealized depreciation on open forward contracts	$	(234,307	)

Net unrealized appreciation on open forward contracts	$	192,408	**


*		This amount is in “Net unrealized depreciation on open futures contracts” on the Statements of Financial Condition.

**		This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.

Tidewater Futures Fund L.P.
Notes to Financial Statements
June 30, 2011
(Unaudited)


	December 31, 2010
Assets
Futures Contracts
Currencies	$	1,561,451
Energy		296,607
Grains		2,286,361
Indices		538,181
Interest Rates Non-U.S.		77,000
Livestock		421,367
Metals		749,650
Softs		1,788,112

Total unrealized appreciation on open futures contracts	$	7,718,729

Liabilities
Futures Contracts
Currencies	$	(171,134	)
Energy		(96,483	)
Indices		(139,573	)
Interest Rates U.S.		(227,140	)
Interest Rates Non-U.S.		(93,934	)
Softs		(538,053	)

Total unrealized depreciation on open futures contracts	$	(1,266,317	)

Net unrealized appreciation on open futures contracts	$	6,452,412	*

Assets
Forward Contracts
Metals	$	1,063,713

Total unrealized appreciation on open forward contracts	$	1,063,713

Liabilities
Forward Contracts
Metals	$	(1,120,174	)

Total unrealized depreciation on open forward contracts	$	(1,120,174	)

Net unrealized depreciation on open forward contracts	$	(56,461	)**


*		This amount is in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.

**		This amount is in “Net unrealized depreciation on open forward contracts” on the Statements of Financial Condition.

The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2011 and 2010.


	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	June 30, 2011			June 30, 2010			June 30, 2011			June 30, 2010
Sector	Gain (loss) from trading			Gain (loss) from trading			Gain (loss) from trading			Gain (loss) from trading
Currencies	$	1,089,123		$	(1,857,550	)	$	1,511,335		$	(1,145,684	)
Energy		(1,219,733	)		(3,374,162	)		1,558,112			(2,734,865	)
Grains		(1,632,543	)		(731,569	)		(1,434,430	)		(518,227	)
Indices		(864,511	)		(5,872,488	)		(103,530	)		(4,754,553	)
Interest Rates U.S.		46,523			634,086			(54,485	)		821,438
Interest Rates Non-U.S.		(993,537	)		2,414,754			(1,363,605	)		3,370,249
Livestock		(1,692,385	)		(812,420	)		(1,059,392	)		(1,141,188	)
Metals		(655,317	)		(3,104,632	)		461,336			(1,835,393	)
Softs		(990,031	)		(47,451	)		(618,548	)		(4,180,233	)

Total	$	(6,912,411)	***	$	(12,751,432)	***	$	(1,103,207)	***	$	(12,118,456)	***


***		This amount is in “Total trading results” on the Statements of Income and Expenses and Changes in Partners’ Capital.

Tidewater Futures Fund L.P.
Notes to Financial Statements
June 30, 2011
(Unaudited)

4. Fair Value Measurements:

Partnership’s Investments. All commodity interests (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. GAAP also requires the need to use judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded.

The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

The Partnership considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). As of and for the periods ended June 30, 2011 and December 31, 2010, the Partnership did not hold any derivative instruments for which market quotations are not readily available and that are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2 ) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).


			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable Inputs		Unobservable
	06/30/2011		Assets (Level 1)		(Level 2)		Inputs (Level 3)
Assets
Futures	$	1,793,313	$	1,793,313	$	—	$	—
Forwards		426,715		426,715		—		—

Total assets		2,220,028		2,220,028		—		—

Liabilities
Futures		1,925,389		1,925,389		—		—
Forwards		234,307		234,307		—		—

Total liabilities		2,159,696		2,159,696		—		—

Net fair value	$	60,332	$	60,332	$	—	$	—


			Quoted Prices in
			Active Markets		Significant Other		Significant
			for Identical		Observable Inputs		Unobservable
	12/31/2010*		Assets (Level 1)		(Level 2)		Inputs (Level 3)
Assets
Futures	$	7,718,729	$	7,718,729	$	—	$	—
Forwards		1,063,713		1,063,713		—		—

Total assets		8,782,442		8,782,442		—		—

Liabilities
Futures		1,266,317		1,266,317		—		—
Forwards		1,120,174		1,120,174		—		—

Total liabilities		2,386,491		2,386,491		—		—

Net fair value	$	6,395,951	$	6,395,951	$	—	$	—


*		The amounts have been reclassified from December 31, 2010 prior year financial statements to conform to current year presentation.

Tidewater Futures Fund L.P.
Notes to Financial Statements
June 30, 2011
(Unaudited)

5. Financial Instrument Risks:

In the normal course of business, the Partnership is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specified terms on specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forwards and option contracts. OTC contracts are negotiated between contracting parties and include swaps and certain forwards and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

The risk to the limited partners that have purchased interests in the Partnership is limited to the amount of their capital contributions to the Partnership and their share of the Partnership’s assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under applicable law.

Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has credit risk and concentration risk as the sole counterparty or broker with respect to the Partnership’s assets is CGM or a CGM affiliate. Credit risk with respect to exchange-traded instruments is reduced to the extent that through CGM, the Partnership’s counterparty is an exchange or clearing organization.

The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions.

The majority of these instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity.

6. Critical Accounting Policies:

Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

Tidewater Futures Fund L.P.
Notes to Financial Statements
June 30, 2011
(Unaudited)

liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

The Partnership considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). As of and for the periods ended June 30, 2011 and December 31, 2010, the Partnership did not hold any derivative instruments for which market quotations are not readily available and that are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.

Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.

GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded

Tidewater Futures Fund L.P.
Notes to Financial Statements
June 30, 2011
(Unaudited)

as a tax benefit or expense in the current year. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements.

The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Generally, the 2007 through 2010 tax years remain subject to examination by U.S. federal and most state tax authorities. Management does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are filed. The General Partner has assessed the subsequent events through the date of filing and determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Recent Accounting Pronouncements. In May 2011, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU ”) 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards” (“IFRS”). The amendments within this ASU change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to eliminate unnecessary wording differences between U.S. GAAP and IFRS. However, some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements and other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The ASU is effective for annual and interim periods beginning after December 15, 2011 for public entities. This new guidance is not expected to have a material impact on the Partnership’s financial statements.

Net Income (Loss) per Unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

The Partnership does not engage in sales of goods or services. Its only assets are its equity in its trading account, consisting of cash and cash equivalents, net unrealized appreciation on open futures contracts, net unrealized appreciation on open forward contracts, and interest receivable. Because of the low margin deposits normally required in commodity futures trading, relatively small price movements may result in substantial losses to the Partnership. While substantial losses could lead to a material decrease in liquidity, no such illiquidity occurred in the second quarter of 2011.

The Partnership’s capital consists of the capital contributions of the partners as increased or decreased by gains or losses on trading, and by expenses, interest income, redemptions of Redeemable Units and distributions of profits, if any.

For the six months ended June 30, 2011, Partnership capital decreased 32.3% from $41,672,044 to $28,216,902. This decrease was attributable to a net loss from operations of $2,605,056, coupled with redemptions of 5,465.3364 Redeemable Units totaling $11,322,586 and 96.2853 General Partner unit equivalents totaling $200,000, which was partially offset by the subscriptions of 315.7304 Redeemable Units totaling $672,500. Future redemptions can impact the amount of funds available for investment in commodity contract positions in subsequent periods.

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Management believes that the estimates utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. The Partnership’s significant accounting policies are described in detail in Note 6 of the Financial Statements.

The Partnership records all investments at fair value in its financial statements, with changes in fair value reported as a component of net realized gains (losses) and change in net unrealized gains (losses) in the Statements of Income and Expenses and Changes in Partners’ Capital.

Results of Operations

During the Partnership’s second quarter of 2011, the net asset value per unit decreased 20.6% from $2,253.00 to $1,788.74 as compared to a decrease of 29.0% in the second quarter of 2010. The Partnership experienced a net trading loss before brokerage fees and related fees in the second quarter of 2011 of $6,912,411. Losses were primarily attributable to the trading of commodity futures in energy, grains, non-U.S. interest rates, livestock, metals, softs and indices and were partially offset by gains in currencies and U.S. interest rates. The Partnership experienced a net trading loss before brokerage fees and related fees in the second quarter of 2010 of $12,751,432. Losses were primarily attributable to the trading of commodity futures in currencies, energy, grains, livestock, metals, softs and indices and were partially offset by gains in U.S. and non-U.S. interest rates.

The most significant losses were incurred within the agricultural markets, primarily during June, from long positions in wheat futures as prices fell on speculation that warm weather would aid U.S. crops. Losses were incurred in the energy markets primarily during May, from long futures positions in crude oil and its related products, as prices moved lower on speculation that a weakening global economy and the European debt crisis may lead to reduced energy demand. Within the global interest rate markets, losses were incurred primarily during April from short positions in European fixed-income futures as prices moved higher after Standard & Poor’s put a “negative” outlook on the United States’ AAA credit rating, prompting demand for an alternative to U.S. Treasuries. Within the global stock index markets, losses were incurred primarily during June from long positions in Pacific Rim and U.S. equity index futures as prices moved lower on concerns about the overall pace of the global economic recovery. Within the metals markets, losses were incurred primarily during May from long positions in silver futures as prices fell sharply from a 31-year high. A portion of the Partnership’s losses for the quarter was offset by gains achieved within the currency markets, primarily during April, from long positions in the Swiss franc, Norwegian krone, and Australian dollar versus the U.S. dollar as the value of these currencies rose against the U.S. dollar after better-than-expected corporate earnings reports and signs of global growth spurred demand for higher-yielding currencies.

During the Partnership’s six months ended June 30, 2011, the net asset value per unit decreased 9.8% from $1,982.43 to $1,788.74 as compared to a decrease of 29.5% during the six months ended June 30, 2010. The Partnership experienced a net trading loss before brokerage fees and related fees for the six months ended June 30, 2011 of $1,103,207. Losses were primarily attributable to the trading of commodity futures in grains, U.S. and non-U.S. interest rates, livestock, softs and indices and were partially offset by gains in currencies, energy and metals. The Partnership experienced a net trading loss before brokerage fees and related fees for the six months ended June 30, 2010 of $12,118,456. Losses were primarily attributable to the trading of commodity futures in currencies, energy, grains, livestock, metals, softs and indices and were partially offset by gains in U.S. and non-U.S. interest rates.

The most significant losses were incurred within the agricultural markets, primarily during June, from long positions in wheat futures as prices fell on speculation that warm weather would aid U.S. crops. Within the global interest rate markets, losses were incurred primarily during January from long positions in European fixed-income futures as prices declined after European Central Bank President Jean-Claude Trichet said inflationary pressures in the euro region may increase. Within the global stock index sector, losses were incurred primarily during June from long positions in Pacific Rim and U.S. equity index futures as prices moved lower on concerns about the overall pace of the global economic recovery. A portion of the Partnership’s losses during the first half of the year was offset by gains recorded within the energy markets during the first four months of the year from long futures positions in crude oil and its related products as prices rose amid an escalation in political instability in the Middle East and North Africa, prompting concerns that crude supplies may be disrupted. Within the currency markets, gains were achieved primarily during April from long futures positions in the Swiss franc, Norwegian krone, and Australian dollar versus the U.S. dollar as the value of these currencies rose against the U.S. dollar after better-than-expected corporate earnings reports and signs of global growth spurred demand for higher-yielding currencies. Within the metals markets, gains were achieved primarily during February and April from long futures positions in silver and gold as silver futures prices ultimately advanced to a 31-year high and gold futures prices reached an all-time high.

Commodity futures markets are highly volatile. The potential for broad price fluctuations and rapid inflation increase the risks involved in commodity trading, but also increases the possibility of profit. The profitability of the Partnership depends on the existence of major price trends and the ability of the Advisor to identify those price trends correctly. Price trends are influenced by, among other things, changing supply and demand relationships, weather, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and changes in interest rates. To the extent that market trends exist and the Advisor is able to identify them, the Partnership expects to increase capital through operations.

Interest income on 80% of the average daily equity maintained in cash in the Partnership’s brokerage account was earned at a 30-day U.S. Treasury bill rate determined weekly by CGM based on the average non-competitive yield on 3-month U.S. Treasury bills maturing in 30 days. Interest income for the three and six months ended June 30, 2011 decreased by $9,443 and $7,215, respectively, as compared to the corresponding periods in 2010. The decrease in interest income is primarily due to lower U.S. Treasury bill rates during the three and six months ended June 30, 2011 as compared to the corresponding periods in 2010. Interest earned by the Partnership will increase the net asset value of the Partnership. The amount of interest income earned by the Partnership depends on the average daily equity in the Partnership’s account and upon interest rates over which neither the Partnership nor CGM has control.

Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Accordingly, they must be compared in relation to the fluctuations in the monthly net asset values. Brokerage fees for the three and six months ended June 30, 2011 decreased by $225,817 and $414,445, respectively, as compared to the corresponding periods in 2010. The decrease in brokerage fees is due to lower average adjusted net assets during the three and six months ended June 30, 2011 as compared to the corresponding periods in 2010.

Management fees are calculated as a percentage of the Partnership’s adjusted net asset value as of the end of each month and are affected by trading performance, subscriptions and redemptions. Management fees for the three and six months ended June 30, 2011 decreased by $21,922 and $44,957, respectively, as compared to the corresponding periods in 2010. The decrease in management fees is due to lower average adjusted net assets during the three and six months ended June 30, 2011 as compared to the corresponding periods in 2010.

Incentive fees are based on the new trading profits generated by the Advisor at the end of the quarter, as defined in the management agreement among the Partnership, the General Partner and the Advisor. There were no incentive fees earned for the three and six months ended June 30, 2011 or 2010. The Advisor will not be paid incentive fees until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership.

In allocating the assets of the Partnership to the Advisor, the General Partner considers the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets to the Advisor at any time.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The Partnership is a speculative commodity pool. The market sensitive instruments held by it are acquired for speculative trading purposes, and all or substantially all of the Partnership’s assets are subject to the risk of trading loss. Unlike an operating company, the risk of market sensitive instruments is integral, not incidental, to the Partnership’s main line of business.

Market movements result in frequent changes in the fair value of the Partnership’s open positions and, consequently, in its earnings and cash balances. The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open contracts and the liquidity of the markets in which it trades.

The Partnership rapidly acquires and liquidates both long and short positions in a wide range of different markets. Consequently, it is not possible to predict how a particular future market scenario will affect performance, and the Partnership’s past performance is not necessarily indicative of its future results.

“Value at Risk” is a measure of the maximum amount which the Partnership could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Partnership’s speculative trading and the recurrence in the markets traded by the Partnership of market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Partnership’s experience to date (i.e., “risk of ruin”). In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification in this section should not be considered to constitute any assurance or representation that the Partnership’s losses in any market sector will be limited to Value at Risk or by the Partnership’s attempts to manage its market risk.

Exchange maintenance margin requirements have been used by the Partnership as the measure of its Value at Risk. Maintenance margin requirements are set by exchanges to equal or exceed the maximum losses reasonably expected to be incurred in the fair value of any given contract in 95%-99% of any one-day interval. Maintenance margin has been used rather than the more generally available initial margin, because initial margin includes a credit risk component, which is not relevant to Value at Risk.

Value at Risk tables represent a probabilistic assessment of the risk of loss in market risk sensitive instruments. The following tables indicate the trading Value at Risk associated with the Partnership’s open positions by market category as of June 30, 2011 and December 31, 2010, and the highest, lowest and average values during the three months ended June 30, 2011 and the twelve months ended December 31, 2010. All open position trading risk exposures of the Partnership have been included in calculating the figures set forth below. As of June 30, 2011, the Partnership’s total capitalization was $28,216,902. There has been no material change in the trading Value at Risk information previously disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2010.

June 30, 2011


						Three Months Ended June 30, 2011
			% of Total			High		Low		Average
Market Sector	Value at Risk		Capitalization			Value at Risk		Value at Risk		Value at Risk*
Currencies	$	1,072,722		3.80	%	$	1,376,843	$	1,013,526	$	1,140,963
Energy		730,508		2.59	%		863,083		712,367		777,257
Grains		591,950		2.10	%		913,800		591,950		800,900
Indices		1,860,894		6.60	%		2,419,379		1,828,866		2,105,983
Interest Rates U.S.		80,200		0.28	%		109,300		27,900		63,400
Interest Rates Non-U.S.		793,917		2.81	%		882,746		565,670		668,169
Livestock		95,520		0.34	%		260,300		48,187		175,030
Metals		800,404		2.84	%		1,185,915		800,359		956,254
Softs		849,050		3.01	%		1,117,936		811,330		907,802

Total	$	6,875,165		24.37	%


*		Average of month-end Values at Risk.

As of December 31, 2010, the Partnership’s total capitalization was $41,672,044.

December 31, 2010


						Twelve Months Ended December 31, 2010
			% of Total			High Value		Low Value		Average
Market Sector	Value at Risk		Capitalization			at Risk		at Risk		Value at Risk*
Currencies	$	1,249,666		3.00	%	$	2,057,069	$	867,991	$	1,472,045
Energy		661,702		1.59	%		1,012,471		173,691		554,668
Grains		1,104,950		2.65	%		1,637,000		163,960		815,322
Indices		2,432,046		5.84	%		14,744,438		1,055,959		3,158,056
Interest Rates U.S.		108,900		0.26	%		196,300		58,400		123,815
Interest Rates Non-U.S.		697,780		1.67	%		1,302,981		634,429		888,963
Livestock		208,500		0.50	%		495,950		23,373		257,388
Metals		1,124,452		2.70	%		2,458,619		601,999		1,466,625
Softs		1,513,817		3.63	%		2,103,301		309,772		1,229,004

Total	$	9,101,813		21.84	%


*		Average of month-end Values at Risk.

Item 4. Controls and Procedures

The Partnership’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Partnership on the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods expected in the SEC’s rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Partnership in the reports it files is accumulated and communicated to management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) of the General Partner, to allow for timely decisions regarding required disclosure and appropriate SEC filings.

The General Partner is responsible for ensuring that there is an adequate and effective process for establishing, maintaining and evaluating disclosure controls and procedures for the Partnership’s external disclosures.

The General Partner’s CEO and CFO have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2011 and, based on that evaluation, the General Partner’s CEO and CFO have concluded that, at that date, the Partnership’s disclosure controls and procedures were effective.

The Partnership’s internal control over financial reporting is a process under the supervision of the General Partner’s CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. These controls include policies and procedures that:

	•		pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Partnership;

	•		provide reasonable assurance that (i) transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and (ii) the Partnership’s receipts are handled and expenditures are made only pursuant to authorizations of the General Partner; and

	•		provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Partnership’s assets that could have a material effect on the financial statements.

There were no changes in the Partnership’s internal control over financial reporting process during the fiscal quarter ended June 30, 2011 that materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

There are no material changes to the discussion set forth under Part I, Item 3, “Legal Proceedings” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as updated by the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011.

Item 1A. Risk Factors

There have been no material changes to the risk factors set forth under Part I, Item 1A. “Risk Factors” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and under Part II, Item 1A. “Risk Factors” in the Partnership’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2011.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

For the three months ended June 30, 2011, there were additional subscriptions of 128.3800 Redeemable Units totaling $287,500. The Redeemable Units were issued in reliance upon applicable exemptions from registration under Section 4(2) of the Securities Act of 1933, as amended, and Section 506 of Regulation D promulgated thereunder. The Redeemable Units were purchased by accredited investors as defined in Regulation D.

Proceeds of net offering were used for the trading of commodity interests, including futures contracts, options, forwards and swap contracts.

The following chart sets forth the purchases of Redeemable Units by the Partnership.

(d) Maximum Number

(or Approximate

(c) Total Number

Dollar Value) of Shares

of Shares (or Units)

(or Units) that

(a) Total Number

(b) Average

Purchased as Part

May Yet Be

of Shares

Price Paid per

of Publicly Announced

Purchased Under the

Period

(or Units) Purchased*

Share (or Unit)**

Plans or Programs

April 1, 2011 - April 30, 2011

318.2329

2,471.52

N/A

May 1, 2011 - May 31, 2011

222.1927

2,077.16

N/A

June 1, 2011 - June 30, 2011

623.8051

1,788.74

N/A

1,164.2307

2,030.42


*		Generally, limited partners are permitted to redeem their Redeemable Units as of the end of each month on three business days’ notice to the General Partner. Under certain circumstances, the General Partner can compel redemption, although to date the General Partner has not exercised this right. Purchases of Redeemable Units by the Partnership reflected in the chart above were made in the ordinary course of the Partnership’s business in connection with effecting redemptions for limited partners.

**		Redemptions of Redeemable Units are effected as of the last day of each month at the net asset value per Redeemable Unit as of that day.

Item 3. Defaults Upon Senior Securities — None

Item 4. [Removed and Reserved]

Item 5. Other Information— None

Item 6. Exhibits


3.1		Second Amended and Restated Limited Partnership Agreement (filed as Exhibit 3.2 to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).

3.2		Certificate of Limited Partnership of the Partnership as filed in the office of the Secretary of State of the State of the State of New York (filed as Exhibit 3.1 to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).

	(a)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated February 26, 1999 (filed as Exhibit 3.1(a) to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).

	(b)	Certificate of Change of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated January 31, 2000 (filed as Exhibit 3.2(g) to the quarterly report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

	(c)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated April 1, 2001 (filed as Exhibit 3.1(b) to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).

	(d)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated May 21, 2003 (filed as Exhibit 3.2(c) to the quarterly report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

	(e)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 21, 2005 (filed as Exhibit 3.1(c) to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).

	(f)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 19, 2008 (filed as Exhibit 3.2(e) to the quarterly report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

	(g)	Certificate of Amendment of the Certificate of Limited Partnership as filed in the office of the Secretary of State of the State of New York, dated September 30, 2009 (filed as Exhibit 99.1(a) to current report on Form 8-K filed on September 30, 2009 and incorporated herein by reference).

	(h)	Certificate of Amendment of the Certificate of Limited Partnership dated June 30, 2010 (filed as Exhibit 3.2(h) to the Current Report on Form 8-K filed on July 2, 2010 and incorporated herein by reference).

10.1		Amended and Restated Management Agreement among the Partnership, the General Partner and Chesapeake Capital Corporation (filed as Exhibit 10.1 to the current report on Form 8-K filed on September 16, 2010 and incorporated herein by reference).

10.1(a)		Letter extending the Management Agreement between the General Partner and Chesapeake Capital Corporation (filed as Exhibit 10.1 (c) to the annual report on Form 10-K, filed March 31, 2011 and incorporated herein by reference).

10.2		Second Amended and Restated Customer Agreement between the Partnership and Salomon Smith Barney Inc. (filed as Exhibit 10.2 to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).

10.3		Amended and Restated Agency Agreement between the Partnership, Smith Barney Futures Management LLC and Salomon Smith Barney Inc. (filed as Exhibit 10.3 to the general form for registration of securities on Form 10 filed on April 30, 2007 and incorporated herein by reference).

10.4		Form of Subscription Agreement (filed as Exhibit 10.4 to the quarterly report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).

10.5		Joinder Agreement among Citigroup Managed Futures LLC (the former name of the General Partner), Citigroup Global Markets Inc. and Morgan Stanley Smith Barney LLC (filed as Exhibit 10 to the quarterly report on Form 10-Q filed on August 14, 2009 and in corporated herein by reference).

Exhibit 31.1 — Rule 13a-14(a)/15d-14(a) Certification (Certification of President and Director)

Exhibit 31.2 — Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial Officer and Director)

Exhibit 32.1 — Section 1350 Certification (Certification of President and Director)

Exhibit 32.2 — Section 1350 Certification (Certification of Chief Financial Officer and Director)


101.INS	XBRL	Instance Document.

101.SCH	XBRL	Taxonomy Extension Schema Document.

101.CAL	XBRL	Taxonomy Extension Calculation Linkbase Document.

101.LAB	XBRL	Taxonomy Extension Label Linkbase Document.

101.PRE	XBRL	Taxonomy Extension Presentation Linkbase Document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	TIDEWATER FUTURES FUND L.P. By: Ceres Managed Futures LLC (General Partner)
	By:	/s/ Walter Davis
		Walter Davis
		President and Director

	Date: August 15, 2011
	By:	/s/ Jennifer Magro
		Jennifer Magro
		Chief Financial Officer and Director (Principal Accounting Officer)

Date: August 15, 2011

EX-31.1 2 y05034exv31w1.htm EX-31.1 exv31w1

Exhibit 31.1

CERTIFICATION

I, Walter Davis, certify that:

1.		I have reviewed this Quarterly Report on Form 10-Q of Tidewater Futures Fund L.P. (the “registrant”);

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 15, 2011



	/s/ Walter Davis
	Walter Davis
	Ceres Managed Futures LLC President and Director

EX-31.2 3 y05034exv31w2.htm EX-31.2 exv31w2

Exhibit 31.2

CERTIFICATION

I, Jennifer Magro, certify that:

1.		I have reviewed this Quarterly Report on Form 10-Q of Tidewater Futures Fund L.P. (the “registrant”);

2.		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented in this report;

4.		The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)		Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)		Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 15, 2011



	/s/ Jennifer Magro
	Jennifer Magro
	Ceres Managed Futures LLC Chief Financial Officer and Director

EX-32.1 4 y05034exv32w1.htm EX-32.1 exv32w1

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Tidewater Futures Fund L.P. (the “Partnership”) on Form 10-Q for the period ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Walter Davis, President and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)		The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)		The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.


	/s/ Walter Davis
	Walter Davis
	Ceres Managed Futures LLC President and Director

Date: August 15, 2011

EX-32.2 5 y05034exv32w2.htm EX-32.2 exv32w2

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Tidewater Futures Fund L.P. (the “Partnership”) on Form 10-Q for the period ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jennifer Magro, Chief Financial Officer and Director of Ceres Managed Futures LLC, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)		The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)		The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.


/s/ Jennifer Magro
Jennifer Magro
Ceres Managed Futures LLC Chief Financial Officer and Director

Date: August 15, 2011

EX-101.INS 6 tdwf-20110630.xml EX-101 INSTANCE DOCUMENT 0001140509 2011-03-31 0001140509 2010-06-30 0001140509 2010-03-31 0001140509 2009-12-31 0001140509 tdwf:InterestRatesOutsideDomecileMember tdwf:FuturesContractsSoldMember 2011-06-30 0001140509 tdwf:GrainsMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:UnrealizedDepreciationOnOpenForwardContractsMember tdwf:MetalsMember 2011-06-30 0001140509 tdwf:EnergyMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:MetalsMember tdwf:UnrealizedAppreciationOnOpenForwardContractsMember 2011-06-30 0001140509 tdwf:MetalsMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:CurrenciesMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:CurrenciesMember tdwf:FuturesContractsSoldMember 2011-06-30 0001140509 tdwf:SoftMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:InterestRatesDomesticMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:IndicesMember tdwf:FuturesContractsSoldMember 2011-06-30 0001140509 tdwf:IndicesMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:InterestRatesOutsideDomecileMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:LivestockMember tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:SoftMember tdwf:FuturesContractsSoldMember 2011-06-30 0001140509 tdwf:LivestockMember tdwf:FuturesContractsSoldMember 2011-06-30 0001140509 tdwf:FuturesContractsSoldMember 2011-06-30 0001140509 tdwf:UnrealizedDepreciationOnOpenForwardContractsMember 2011-06-30 0001140509 tdwf:UnrealizedAppreciationOnOpenForwardContractsMember 2011-06-30 0001140509 tdwf:FuturesContractsPurchasedMember 2011-06-30 0001140509 tdwf:CurrenciesMember tdwf:FuturesContractsSoldMember 2010-12-31 0001140509 tdwf:LivestockMember tdwf:FuturesContractsSoldMember 2010-12-31 0001140509 tdwf:MetalsMember tdwf:UnrealizedAppreciationOnOpenForwardContractsMember 2010-12-31 0001140509 tdwf:InterestRatesOutsideDomecileMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:MetalsMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:IndicesMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:CurrenciesMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:InterestRatesDomesticMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:SoftMember tdwf:FuturesContractsSoldMember 2010-12-31 0001140509 tdwf:LivestockMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:EnergyMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:InterestRatesOutsideDomecileMember tdwf:FuturesContractsSoldMember 2010-12-31 0001140509 tdwf:UnrealizedDepreciationOnOpenForwardContractsMember tdwf:MetalsMember 2010-12-31 0001140509 tdwf:IndicesMember tdwf:FuturesContractsSoldMember 2010-12-31 0001140509 tdwf:SoftMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:GrainsMember tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:UnrealizedAppreciationOnOpenForwardContractsMember 2010-12-31 0001140509 tdwf:UnrealizedDepreciationOnOpenForwardContractsMember 2010-12-31 0001140509 tdwf:FuturesContractsPurchasedMember 2010-12-31 0001140509 tdwf:FuturesContractsSoldMember 2010-12-31 0001140509 2011-04-01 2011-06-30 0001140509 2010-04-01 2010-06-30 0001140509 2010-01-01 2010-06-30 0001140509 2011-06-30 0001140509 2010-12-31 0001140509 2011-02-28 0001140509 2011-01-01 2011-06-30 xbrli:pure iso4217:USD xbrli:shares xbrli:shares iso4217:USD

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left"> </div> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>1. General:</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Tidewater Futures Fund L.P. (the “Partnership”) is a limited partnership organized on February 23, 1995 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures contracts, options, swaps and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, lumber, metals and softs. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). Morgan Stanley, indirectly through various subsidiaries, owns a majority equity interest in MSSB Holdings. Citigroup Global Markets Inc. (“CGM”), the commodity broker and a selling agent for the Partnership, owns a minority equity interest in MSSB Holdings. Citigroup Inc. (“Citigroup”), indirectly through various subsidiaries, wholly owns CGM. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     As of June 30, 2011, all trading decisions for the Partnership are made by Chesapeake Capital Corporation (the “Advisor”). The Partnership’s trading of futures, forwards and options contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. It engages in such trading through a commodity brokerage account maintained with CGM. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except that no limited partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at June 30, 2011 and December 31, 2010 and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2011 and 2010. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2010. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>2. Financial Highlights:</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Changes in the net asset value per unit for the three and six months ended June 30, 2011 and 2010 were as follows: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Six Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>June 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>June 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net realized and unrealized gains (losses) * </div></td> <td> </td> <td align="left">$</td> <td align="right">(451.10</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">(578.12</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">(168.21</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">(579.36</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest income </div></td> <td> </td> <td> </td> <td align="right">0.08</td> <td> </td> <td> </td> <td> </td> <td align="right">0.46</td> <td> </td> <td> </td> <td> </td> <td align="right">0.49</td> <td> </td> <td> </td> <td> </td> <td align="right">0.69</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expenses ** </div></td> <td> </td> <td> </td> <td align="right">(13.24</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(10.19</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(25.97</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(21.07</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Increase (decrease) for the period </div></td> <td> </td> <td> </td> <td align="right">(464.26</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(587.85</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(193.69</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(599.74</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net asset value per unit, beginning of period </div></td> <td> </td> <td> </td> <td align="right">2,253.00</td> <td> </td> <td> </td> <td> </td> <td align="right">2,023.94</td> <td> </td> <td> </td> <td> </td> <td align="right">1,982.43</td> <td> </td> <td> </td> <td> </td> <td align="right">2,035.83</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net asset value per unit, end of period </div></td> <td> </td> <td align="right">$</td> <td align="right">1,788.74</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">1,436.09</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">1,788.74</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">1,436.09</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">*</td> <td> </td> <td>Includes brokerage fees.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">**</td> <td> </td> <td>Excludes brokerage fees.</td> </tr> </table> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6"><b>Six Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>June 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>June 30,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Ratios to average net assets:*** </div></td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net investment income (loss) **** </div></td> <td> </td> <td> </td> <td align="right">(7.8</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(9.0</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(8.2</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(9.2</td> <td nowrap="nowrap">)%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td> </td> <td align="right">7.8</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">9.1</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">8.3</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">9.3</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Incentive fees </div></td> <td> </td> <td> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total expenses and incentive fee </div></td> <td> </td> <td> </td> <td align="right">7.8</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">9.1</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">8.3</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">9.3</td> <td nowrap="nowrap">%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total return: </div></td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> <td> </td> <td> </td> <td align="right"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total return before incentive fees </div></td> <td> </td> <td> </td> <td align="right">(20.6</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(29.0</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(9.8</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(29.5</td> <td nowrap="nowrap">)%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Incentive fees </div></td> <td> </td> <td> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> <td> </td> <td> </td> <td align="right">—</td> <td nowrap="nowrap">%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Total return after incentive fees </div></td> <td> </td> <td> </td> <td align="right">(20.6</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(29.0</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(9.8</td> <td nowrap="nowrap">)%</td> <td> </td> <td> </td> <td align="right">(29.5</td> <td nowrap="nowrap">)%</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">***</td> <td> </td> <td>Annualized (other than incentive fees).</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">****</td> <td> </td> <td>Interest income less total expenses.</td> </tr> </table> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets. </div> </div>   <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>3. Trading Activities:</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The customer agreement between the Partnership and CGM gives the Partnership the legal right to net unrealized gains and losses on open futures and open forward contracts. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts on the Statements of Financial Condition. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended June 30, 2011 and 2010 were 3,079 and 4,824, respectively. The average number of futures contracts traded during the six months ended June 30, 2011 and 2010 were 3,178 and 4,618, respectively. The monthly average number of metals forward contracts traded during the three months ended June 30, 2011 and 2010 were 104 and 361, respectively. The average number of metal forward contracts traded during the six months ended June 30, 2011 and 2010 were 134 and 316, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of June 30, 2011 and December 31, 2010. </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>June 30, 2011</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><u>Futures Contracts</u> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Currencies </div></td> <td> </td> <td align="left">$</td> <td align="right">346,984</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Energy </div></td> <td> </td> <td> </td> <td align="right">97,801</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Indices </div></td> <td> </td> <td> </td> <td align="right">783,441</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates U.S. </div></td> <td> </td> <td> </td> <td align="right">4,062</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates Non-U.S. </div></td> <td> </td> <td> </td> <td align="right">158,213</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Livestock </div></td> <td> </td> <td> </td> <td align="right">10,500</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Metals </div></td> <td> </td> <td> </td> <td align="right">37,880</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Softs </div></td> <td> </td> <td> </td> <td align="right">354,432</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total unrealized appreciation on open futures contracts </div></td> <td> </td> <td align="left">$</td> <td align="right">1,793,313</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><u>Futures Contracts</u> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currencies </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(258,893</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Energy </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(207,645</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Grains </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(677,559</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Indices </div></td> <td> </td> <td> </td> <td align="right">(5,076</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates U.S. </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(32,320</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates Non-U.S. </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(125,879</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Livestock </div></td> <td> </td> <td> </td> <td align="right">(171,800</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Metals </div></td> <td> </td> <td> </td> <td align="right">(54,560</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Softs </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(391,657</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total unrealized depreciation on open futures contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,925,389</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net unrealized depreciation on open futures contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(132,076</td> <td nowrap="nowrap">)*</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><u>Forward Contracts</u> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Metals </div></td> <td> </td> <td align="left">$</td> <td align="right">426,715</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total unrealized appreciation on open forward contracts </div></td> <td> </td> <td align="left">$</td> <td align="right">426,715</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><u>Forward Contracts</u> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Metals </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(234,307</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total unrealized depreciation on open forward contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(234,307</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net unrealized appreciation on open forward contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">192,408</td> <td nowrap="nowrap">**</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">*</td> <td> </td> <td>This amount is in “Net unrealized depreciation on open futures contracts” on the Statements of Financial Condition.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">**</td> <td> </td> <td>This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.</td> </tr> </table>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><u>Futures Contracts</u> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Currencies </div></td> <td> </td> <td align="left">$</td> <td align="right">1,561,451</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Energy </div></td> <td> </td> <td> </td> <td align="right">296,607</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Grains </div></td> <td> </td> <td> </td> <td align="right">2,286,361</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Indices </div></td> <td> </td> <td> </td> <td align="right">538,181</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates Non-U.S. </div></td> <td> </td> <td> </td> <td align="right">77,000</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Livestock </div></td> <td> </td> <td> </td> <td align="right">421,367</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Metals </div></td> <td> </td> <td> </td> <td align="right">749,650</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Softs </div></td> <td> </td> <td> </td> <td align="right">1,788,112</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total unrealized appreciation on open futures contracts </div></td> <td> </td> <td align="left">$</td> <td align="right">7,718,729</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><u>Futures Contracts</u> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Currencies </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(171,134</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Energy </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(96,483</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Indices </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(139,573</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates U.S. </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(227,140</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates Non-U.S. </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(93,934</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Softs </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(538,053</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total unrealized depreciation on open futures contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,266,317</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net unrealized appreciation on open futures contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">6,452,412</td> <td nowrap="nowrap">*</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><u>Forward Contracts</u> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Metals </div></td> <td> </td> <td align="left">$</td> <td align="right">1,063,713</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total unrealized appreciation on open forward contracts </div></td> <td> </td> <td align="left">$</td> <td align="right">1,063,713</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px"><u>Forward Contracts</u> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Metals </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,120,174</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Total unrealized depreciation on open forward contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,120,174</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net unrealized depreciation on open forward contracts </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(56,461</td> <td nowrap="nowrap">)**</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">*</td> <td> </td> <td>This amount is in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">**</td> <td> </td> <td>This amount is in “Net unrealized depreciation on open forward contracts” on the Statements of Financial Condition.</td> </tr> </table> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2011 and 2010. </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Six Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Six Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30, 2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30, 2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 30, 2010</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Sector</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Gain (loss) from trading</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Gain (loss) from trading</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Gain (loss) from trading</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Gain (loss) from trading</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Currencies </div></td> <td> </td> <td align="left">$</td> <td align="right">1,089,123</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,857,550</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">1,511,335</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,145,684</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Energy </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,219,733</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,374,162</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,558,112</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,734,865</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Grains </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,632,543</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(731,569</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,434,430</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(518,227</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Indices </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(864,511</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(5,872,488</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">(103,530</td> <td>)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,754,553</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates U.S. </div></td> <td> </td> <td> </td> <td align="right">46,523</td> <td> </td> <td> </td> <td> </td> <td align="right">634,086</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(54,485</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">821,438</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest Rates Non-U.S. </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(993,537</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">2,414,754</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,363,605</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3,370,249</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Livestock </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,692,385</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(812,420</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,059,392</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,141,188</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Metals </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(655,317</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3,104,632</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">461,336</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,835,393</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Softs </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(990,031</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(47,451</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(618,548</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,180,233</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total </div></td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(6,912,411)</td> <td nowrap="nowrap">***</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(12,751,432)</td> <td nowrap="nowrap">***</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1,103,207)</td> <td nowrap="nowrap">***</td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(12,118,456)</td> <td nowrap="nowrap">***</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left">***</td> <td> </td> <td>This amount is in “Total trading results” on the Statements of Income and Expenses and Changes in Partners’ Capital.</td> </tr> </table>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>4. Fair Value Measurements:</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Partnership’s Investments. </i>All commodity interests (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Partnership’s Fair Value Measurements. </i>Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. GAAP also requires the need to use judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Partnership considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). As of and for the periods ended June 30, 2011 and December 31, 2010, the Partnership did not hold any derivative instruments for which market quotations are not readily available and that are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2 ) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Quoted Prices in</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Active Markets</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Significant Other</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Significant</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>for Identical</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Observable Inputs</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unobservable</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>06/30/2011</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Assets (Level 1)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Level 2)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Inputs (Level 3)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td align="center"> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Futures </div></td> <td> </td> <td align="left">$</td> <td align="right">1,793,313</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,793,313</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forwards </div></td> <td> </td> <td> </td> <td align="right">426,715</td> <td> </td> <td> </td> <td> </td> <td align="right">426,715</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total assets </div></td> <td> </td> <td> </td> <td align="right">2,220,028</td> <td> </td> <td> </td> <td> </td> <td align="right">2,220,028</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="center"> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Futures </div></td> <td> </td> <td> </td> <td align="right">1,925,389</td> <td> </td> <td> </td> <td> </td> <td align="right">1,925,389</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forwards </div></td> <td> </td> <td> </td> <td align="right">234,307</td> <td> </td> <td> </td> <td> </td> <td align="right">234,307</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total liabilities </div></td> <td> </td> <td> </td> <td align="right">2,159,696</td> <td> </td> <td> </td> <td> </td> <td align="right">2,159,696</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net fair value </div></td> <td> </td> <td align="left">$</td> <td align="right">60,332</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">60,332</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Quoted Prices in</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"> </td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Active Markets</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Significant Other</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Significant</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>for Identical</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Observable Inputs</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Unobservable</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>12/31/2010*</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Assets (Level 1)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>(Level 2)</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Inputs (Level 3)</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td align="center"> <div style="margin-left:15px; text-indent:-15px"><b>Assets</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Futures </div></td> <td> </td> <td align="left">$</td> <td align="right">7,718,729</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,718,729</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forwards </div></td> <td> </td> <td> </td> <td align="right">1,063,713</td> <td> </td> <td> </td> <td> </td> <td align="right">1,063,713</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total assets </div></td> <td> </td> <td> </td> <td align="right">8,782,442</td> <td> </td> <td> </td> <td> </td> <td align="right">8,782,442</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td align="center"> <div style="margin-left:15px; text-indent:-15px"><b>Liabilities</b> </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Futures </div></td> <td> </td> <td> </td> <td align="right">1,266,317</td> <td> </td> <td> </td> <td> </td> <td align="right">1,266,317</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Forwards </div></td> <td> </td> <td> </td> <td align="right">1,120,174</td> <td> </td> <td> </td> <td> </td> <td align="right">1,120,174</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total liabilities </div></td> <td> </td> <td> </td> <td align="right">2,386,491</td> <td> </td> <td> </td> <td> </td> <td align="right">2,386,491</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net fair value </div></td> <td> </td> <td align="left">$</td> <td align="right">6,395,951</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">6,395,951</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #ffffff; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr> <td valign="top">* </td> <td> </td> <td valign="bottom">The amounts have been reclassified from December 31, 2010 prior year financial statements to conform to current year presentation.</td> </tr> </table>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>5. Financial Instrument Risks:</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     In the normal course of business, the Partnership is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specified terms on specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forwards and option contracts. OTC contracts are negotiated between contracting parties and include swaps and certain forwards and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The risk to the limited partners that have purchased interests in the Partnership is limited to the amount of their capital contributions to the Partnership and their share of the Partnership’s assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under applicable law. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has credit risk and concentration risk as the sole counterparty or broker with respect to the Partnership’s assets is CGM or a CGM affiliate. Credit risk with respect to exchange-traded instruments is reduced to the extent that through CGM, the Partnership’s counterparty is an exchange or clearing organization. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The majority of these instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity. </div> </div>

<div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>6. Critical Accounting Policies:</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Use of Estimates. </i>The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Partnership’s Investments. </i>All commodity interests (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Partnership’s Fair Value Measurements. </i>Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. GAAP also requires the need to use judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Partnership considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). As of and for the periods ended June 30, 2011 and December 31, 2010, the Partnership did not hold any derivative instruments for which market quotations are not readily available and that are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Futures Contracts. </i>The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>London Metals Exchange Forward Contracts. </i>Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Income Taxes. </i>Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Generally, the 2007 through 2010 tax years remain subject to examination by U.S. federal and most state tax authorities. Management does not believe that there are any uncertain tax positions that require recognition of a tax liability. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">     <i>Subsequent Events</i>. The General Partner evaluates events that occur after the balance sheet date but before financial statements are filed. The General Partner has assessed the subsequent events through the date of filing and determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt">     <i>Recent Accounting Pronouncements</i>. In May 2011, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU ”) 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards” (“IFRS”). The amendments within this ASU change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to eliminate unnecessary wording differences between U.S. GAAP and IFRS. However, some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements and other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The ASU is effective for annual and interim periods beginning after December 15, 2011 for public entities. This new guidance is not expected to have a material impact on the Partnership’s financial statements. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt">     <i>Net Income (Loss) per Unit</i>. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.” </div> </div>

false --12-31 Q2 2011 2011-06-30 10-Q 0001140509 Yes Non-accelerated Filer 38124904 TIDEWATER FUTURES FUND LP No No 42916001 29707583 250000 250000 200000 200000 424976 198525 380019 176603 70888 48969 1982.43 1788.74 1436.09 1436.09 1788.74 1788.74 -1954410 -919576 -1501849 -685613 0 192408 0 132076

42918567

29707883

25519706

21546076

232170

123233

-3547315

-3659833

5232412

-2869725

557570

330864

281.2556

184.9703

16198

10748

8983

1305

2566

300

6395951

193579

6258833

-1120174

1063713

2286361

1766647

6214

-1120174

-14145

200124

421367

-516588

-227140

672219

392394

749650

-2789

1063713

718098

60332

80051

426715

-234307

-212127

-137150

-210722

-24150

5776

782397

-4032

-28258

173497

113219

-25128

-16680

426715

-109844

-234307

-677559

26558

133

201

353

239

259

562

782

121

238

700

251

327

104

480

116

300

636

313

186

0.1535

-0.0269

0.0047

0.1502

0.0255

0.0048

0.0255

0.0180

-0.0003

0.0549

-0.0054

0.0424

0.0161

0.0000

0.0101

0.0094

0.0002

-0.0269

-0.0001

0.0172

-0.0124

0.0021

-0.0083

0.0151

-0.0075

0.0028

0.0040

-0.0039

0.0009

-0.0075

-0.0240

-0.0083

-0.0001

0.0277

0.0061

-0.0048

-0.0010

-0.0006

0.0002

-0.0009

-0.0008

0.0151

6452412

56461

1246523

1490981

42918567

29707883

41114474

27886038

20739.3934

15589.7874

10943883

7969099

-14072866

-13671008

-2605056

-7598024

-599.74

-587.85

-193.69

-464.26

1970608

930324

1510832

686918

76788

40090

76414

44423

97200

70878

49728651

48096380

32564615

41672044

38091300

28216902

580000

455000

672500

287500

-17164036

-15531765

-13455142

-9874398

3421170

2065757

11322586

2363874

22675.9367

15774.7577

789804

1115825

1468844

691709

1054399

465892

-12118456

-12751432

-1103207

-6912411

-8571141

-9091599

-6335619

-4042686

23787.6458

23354.9972

17713.1717

16695.4484

Based on change in net asset value per unit. EX-101.SCH 7 tdwf-20110630.xsd EX-101 SCHEMA DOCUMENT 0206 - Disclosure - Critical Accounting Policies link:presentationLink link:calculationLink link:definitionLink 0205 - Disclosure - Financial Instrument Risks link:presentationLink link:calculationLink link:definitionLink 0204 - Disclosure - Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 0203 - Disclosure - Trading Activities link:presentationLink link:calculationLink link:definitionLink 0202 - Disclosure - Financial Highlights link:presentationLink link:calculationLink link:definitionLink 0201 - Disclosure - General link:presentationLink link:calculationLink link:definitionLink 0131 - Statement - Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0130 - Statement - Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0120 - Statement - Condensed Schedule of Investments link:presentationLink link:calculationLink link:definitionLink 0111 - Statement - Statements of Financial Condition (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0110 - Statement - Statements of Financial Condition link:presentationLink link:calculationLink link:definitionLink 00 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 tdwf-20110630_cal.xml EX-101 CALCULATION LINKBASE DOCUMENT EX-101.LAB 9 tdwf-20110630_lab.xml EX-101 LABELS LINKBASE DOCUMENT Document and Entity Information [Abstract] Document and Entity Information Abstract. Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Document Fiscal Year Focus Document Fiscal Period Focus Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Filer Category Assets: Assets [Abstract] Equity In Trading Account [Abstract] Equity in trading account: Equity in trading account. Cash Cash, Beginning Balance Cash, Ending Balance Cash Cash margin Margin Deposit Assets Net unrealized appreciation on open futures contracts Investment Owned, Unrecognized Unrealized Appreciation Equity In Trading Account Total trading equity Cash and unrealized appreciation. Interest Receivable Interest receivable Interest receivable Liabilities and Partners' Capital: Liabilities and Equity [Abstract] Liabilities: Liabilities [Abstract] Investment Owned, Unrecognized Unrealized Depreciation Net unrealized depreciation on open forward contracts Accrued Expenses [Abstract] Accrued expenses: Accrued expenses. Management Fees Payable Management fees Management fees payable. Other Other Liabilities, Total Other Liabilities Partners' Capital: Partners' Capital [Abstract] Limited Partners, 15,589.7874 and 20,739.3934 Redeemable Units outstanding at June 30, 2011 and December 31, 2010, respectively Total partners' capital Partners' Capital, beginning of period Partners' Capital, end of period Partners' Capital Liabilities and Equity Net Assets Value Per Unit Net asset value per unit Net assets value per unit. General Partner, unit equivalents outstanding General Partners' Capital Account, Units Outstanding Limited Partners, Redeemable Units outstanding Limited Partners' Capital Account, Units Outstanding Condensed Schedule of Investments [Abstract] Condensed Schedule of Investments. Investment Holdings [Table] Investment Type [Axis] Investment Type Categorization [Domain] Currencies Member Currencies [Member] Currencies. Energy [Member] Energy [Member] Energy. Grains [Member] Grains [Member] Grains. Indices [Member] Indices [Member] Indices. Interest Rates Domestic [Member] Interest Rates U.S. [Member] Interest Rates Domestic. Interest Rates Outside Domecile [Member] Interest Rates Non-U.S. [Member] Interest rates outside domecile. Livestock [Member] Livestock [Member] Livestock. Metals [Member] Metals [Member] Metals. Soft [Member] Softs [Member] Soft. Derivative Instrument Risk [Axis] Derivative Contract Type [Domain] Futures Contracts Purchased [Member] Futures Contracts Purchased [Member] Futures contracts purchased. Futures Contracts Sold [Member] Futures Contracts Sold [Member] Futures Contracts Sold. Unrealized Appreciation on Open Forward Contracts [Member] Unrealized Appreciation on Open Forward Contracts [Member] Unrealized Appreciation on Open Forward Contracts. Investment Holdings [Line Items] Number of Contracts Investment Owned, Balance, Contracts Fair Value Total futures contracts purchased Investment, Owned, at Fair Value, Beginning Balance Investment, Owned, at Fair Value, Ending Balance Investment Owned, at Fair Value % of Partners' Capital Statements of Income and Expenses and Changes in Partners' Capital [Abstract] Statements of Income and Expenses and Changes in Partners' Capital [Abstract] Statements of Income and Expenses and Changes in Partners Capital. Investment Income: Interest and Dividend Income, Operating [Abstract] Interest income Interest Income, Operating Expenses: Operating Expenses [Abstract] Other Other Expenses, Total Other Expenses Net Investment Income Loss Net investment income (loss) Interest less fees. Net investment income (loss). Trading Results [Abstract] Trading Results: Trading Results. Net gains (losses) on trading of commodity interests: Gain (Loss) on Investments [Abstract] Subscriptions- Limited Partners Partners' Capital Account, Contributions Increase (Decrease) in Partners' Capital Net increase (decrease) in Partners' Capital Net increase (decrease) in Partners' Capital Net asset value per unit Net asset value per unit (16,906.8937 and 23,763.7602 units outstanding at March 31, 2011 and 2010 respectively) Net asset value per unit (15774.7577 and 22675.9367 units outstanding at June 30, 2011 and 2010 respectively) Net asset value per unit. General [Abstract] General Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Financial Highlights [Text Block] Financial Highlights Financial highlights. Trading Activities [Abstract] Trading activities. Trading Activities [Text Block] Trading Activities Trading activities. Fair Value Measurements Fair Value Disclosures [Text Block] Financial Instrument Risks [Abstract] Financial Instrument Risks Derivative Instruments and Hedging Activities Disclosure [Text Block] Operating Expenses Total expenses Total expenses Gain (Loss) on Sale of Commodity Contracts Net realized gains (losses) on closed contracts Net realized gains (losses) on closed contracts Unrealized Gain (Loss) on Commodity Contracts Change in net unrealized gains (losses) on open contracts Management Fees Management fees Management Fees. Statements of Financial Condition [Abstract] Investment Owned, Percent of Net Assets Critical Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Financial Highlights [Abstract] Financial highlights. Liabilities Total liabilities Trading Activity, Gains and Losses, Net Total trading results Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Total Weighted Average Limited Partnership and General Partnership Units Outstanding, Basic Weighted average units outstanding Commissions Payable to Broker-Dealers and Clearing Organizations Brokerage fees Payables to Customers Redemptions payable Net Income (Loss) Attributable to Parent Net income (loss) Net income (loss) Partners' Capital Account, Redemptions Redemptions- Limited Partners Redemptions- Limited Partners Assets General Partners' Capital Account General Partners' Capital Account, Total General Partner, 184.9703 and 281.2556 unit equivalents outstanding at June 30, 2011 and December 31, 2010, respectively Limited Partners' Capital Account Limited Partners' Capital Account, Total Net Unrealized Appreciation on Open Forward Contracts Net unrealized appreciation on open forward contracts. Net unrealized appreciation on open forward contracts Net Unrealized Depreciation on Open Futures Contracts Net unrealized depreciation on open futures contracts. Net unrealized depreciation on open futures contracts General Partners Capital Account Redemptions Redemptions- General Partner Redemptions- General Partners General partners capital account redemptions. Fair Value Measurements [Abstract] Unrealized Depreciation on Open Forward Contracts [Member] Unrealized Depreciation on Open Forward Contracts [Member] Unrealized depreciation on open forward contracts. Change in net unrealized gains/losses on open contracts Net income (loss) per unit Total liabilities and partners' capital Critical Accounting Policies Total assets Partners' Capital Account, Units Partners' Capital Account, Units, Ending Balance Partners' Capital Account, Units, Beginning Balance Net asset value units outstanding Selling Expense Brokerage fees including clearing fees Entity Public Float EX-101.PRE 10 tdwf-20110630_pre.xml EX-101 PRESENTATION LINKBASE DOCUMENT EX-101.DEF 11 tdwf-20110630_def.xml EX-101 DEFINITION LINKBASE DOCUMENT XML 12 R3.htm IDEA: XBRL DOCUMENT

Statements of Financial Condition (Parenthetical)	Jun. 30, 2011	Dec. 31, 2010
Partners' Capital:
General Partner, unit equivalents outstanding	184.9703	281.2556
Limited Partners, Redeemable Units outstanding	15,589.7874	20,739.3934

- Definition

The number of general partner units outstanding.

+ References+ Details

- Definition

The number of limited partner units outstanding.

+ References+ Details

XML 13 R4.htm IDEA: XBRL DOCUMENT

Condensed Schedule of Investments (USD $)	Jun. 30, 2011	Dec. 31, 2010
Investment Holdings [Line Items]
Fair Value	$ 60,332	$ 6,395,951
% of Partners' Capital	0.21%	15.35%
Currencies [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	327	251
Fair Value	(25,128)	672,219
% of Partners' Capital	(0.09%)	1.61%
Currencies [Member] \| Futures Contracts Sold [Member]
Investment Holdings [Line Items]
Number of Contracts	186	238
Fair Value	113,219	718,098
% of Partners' Capital	0.40%	1.72%
Energy [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	116	239
Fair Value	(109,844)	200,124
% of Partners' Capital	(0.39%)	0.48%
Grains [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	313	562
Fair Value	(677,559)	2,286,361
% of Partners' Capital	(2.40%)	5.49%
Indices [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	480	782
Fair Value	782,397	392,394
% of Partners' Capital	2.77%	0.94%
Indices [Member] \| Futures Contracts Sold [Member]
Investment Holdings [Line Items]
Number of Contracts	24	2
Fair Value	(4,032)	6,214
% of Partners' Capital	(0.01%)	0.02%
Interest Rates U.S. [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	68	58
Fair Value	(28,258)	(227,140)
% of Partners' Capital	(0.10%)	(0.54%)
Interest Rates Non-U.S. [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	636	700
Fair Value	5,776	(2,789)
% of Partners' Capital	0.02%	(0.01%)
Interest Rates Non-U.S. [Member] \| Futures Contracts Sold [Member]
Investment Holdings [Line Items]
Number of Contracts	104	92
Fair Value	26,558	(14,145)
% of Partners' Capital	0.09%	(0.03%)
Livestock [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	14	201
Fair Value	(24,150)	421,367
% of Partners' Capital	(0.08%)	1.01%
Livestock [Member] \| Futures Contracts Sold [Member]
Investment Holdings [Line Items]
Number of Contracts	86	0
Fair Value	(137,150)	0
% of Partners' Capital	(0.48%)	0.00%
Metals [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	30	57
Fair Value	(16,680)	749,650
% of Partners' Capital	(0.06%)	1.80%
Metals [Member] \| Unrealized Appreciation on Open Forward Contracts [Member]
Investment Holdings [Line Items]
Number of Contracts	37	133
Fair Value	426,715	1,063,713
% of Partners' Capital	1.51%	2.55%
Metals [Member] \| Unrealized Depreciation on Open Forward Contracts [Member]
Investment Holdings [Line Items]
Number of Contracts	65	121
Fair Value	(234,307)	(1,120,174)
% of Partners' Capital	(0.83%)	(2.69%)
Softs [Member] \| Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Number of Contracts	300	353
Fair Value	173,497	1,766,647
% of Partners' Capital	0.61%	4.24%
Softs [Member] \| Futures Contracts Sold [Member]
Investment Holdings [Line Items]
Number of Contracts	73	259
Fair Value	(210,722)	(516,588)
% of Partners' Capital	(0.75%)	(1.24%)
Futures Contracts Purchased [Member]
Investment Holdings [Line Items]
Fair Value	80,051	6,258,833
% of Partners' Capital	0.28%	15.02%
Futures Contracts Sold [Member]
Investment Holdings [Line Items]
Fair Value	(212,127)	193,579
% of Partners' Capital	(0.75%)	0.47%
Unrealized Appreciation on Open Forward Contracts [Member]
Investment Holdings [Line Items]
Fair Value	426,715	1,063,713
% of Partners' Capital	1.51%	2.55%
Unrealized Depreciation on Open Forward Contracts [Member]
Investment Holdings [Line Items]
Fair Value	$ (234,307)	$ (1,120,174)
% of Partners' Capital	(0.83%)	(2.69%)

- Definition

Value of the investment at close of period. For schedules of investments that are categorized, the value would be aggregated by category. For investment in and advances to affiliates, if operations of any controlled companies are different in character from those of the company, group such affiliates within divisions and by type of activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 12
-Section 12
-Paragraph 3, 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 14
-Paragraph 2, 3
-Article 12

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13.Column C.6)
-URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611282-123010

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 13
-Paragraph Column C
-Article 12

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12.Column C.3,4)
-URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611133-123010

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 13
-Paragraph 6
-Article 12

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14.Column E.2,3)
-URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611322-123010

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Paragraph Column C
-Article 12

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 14
-Paragraph Column E
-Article 12

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12C
-Paragraph 7
-Article 12

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-Section S99
-Paragraph 4
-Subparagraph (SX 210.12-12C.Column C.7)
-URI http://asc.fasb.org/extlink&oid=6955306&loc=d3e611225-123010

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 12C
-Paragraph Column C
-Article 12

+ Details

- Definition

Balance held at close of period in number of contracts.

+ References+ Details

XML 14 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information (USD $)	6 Months Ended
Document and Entity Information (USD $)	Jun. 30, 2011	Feb. 28, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	TIDEWATER FUTURES FUND LP
Entity Central Index Key	0001140509
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float		$ 38,124,904

XML 15 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'

'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'

'+ "\n"+' '+ "\n"+'

'+ "\n"+'

'+raw+'

'+ "\n"+'

'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 16 R12.htm IDEA: XBRL DOCUMENT

Critical Accounting Policies	6 Months Ended
Critical Accounting Policies	Jun. 30, 2011
Critical Accounting Policies [Abstract]
Critical Accounting Policies	6. Critical Accounting Policies: Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. Partnership’s Investments. All commodity interests (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital. Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. GAAP also requires the need to use judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded. The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP. The Partnership considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). As of and for the periods ended June 30, 2011 and December 31, 2010, the Partnership did not hold any derivative instruments for which market quotations are not readily available and that are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. Generally, the 2007 through 2010 tax years remain subject to examination by U.S. federal and most state tax authorities. Management does not believe that there are any uncertain tax positions that require recognition of a tax liability. Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are filed. The General Partner has assessed the subsequent events through the date of filing and determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements. Recent Accounting Pronouncements. In May 2011, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU ”) 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards” (“IFRS”). The amendments within this ASU change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to eliminate unnecessary wording differences between U.S. GAAP and IFRS. However, some of the amendments clarify the FASB’s intent about the application of existing fair value measurement requirements and other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The ASU is effective for annual and interim periods beginning after December 15, 2011 for public entities. This new guidance is not expected to have a material impact on the Partnership’s financial statements. Net Income (Loss) per Unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

ZIP 17 0000950123-11-077497-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000950123-11-077497-xbrl.zip M4$L#!!0````(`/-[#S^N06O32TH```AI`P`1`!P`=&1W9BTR,#$Q,#8S,"YX M;6Q55`D``QIT24X:=$E.=7@+``$$)0X```0Y`0``[%UM<^(XMOY^J^Y_T&;N M[*:GC+%Y"9!.SU8Z2?=DIM.=2M)U9S]U"5N`)WY;RPYA?_V>(]G&@"&00##$ M6[/5P9:E\RK9.OGGHV.3!Q9PRW,_'.BJ=D"8:WBFY?8_'$2\0KEA60?_ M_/5__^?D;Y4*^?/CS1?RF;DLH"$SR=`*!^+:%0WNR9GGCP*K/PC)X=D[TAV1 MFQMR[KDNLVTV(I5*TLE'RN%9SY6]U50]OO?8#6P"]+C\P\$@#/WC:G4X'*IX M6?6"?K6F:?6JY?*0N@8[D"V/;5-PY+,/!]QR?!OI%M<& M`0/1XP14<&CMJ*ZIC]P\(%79$:+HS'-#]AB26V:$`%Z)(;AGQ-08F^2&&C)W-`*1_$O^&V9>*5GL8`((MD$AXD\SB[_./A5`S[U MAM;4.B?5\6-)Q]6)GD]\%EB>F1E'2"7\54JU#E(]J2;7DAXRSYQ48Y:>X$_[ M/7*A2ZU(_&E21];"7SQ_1>-O;?.GGS,#]*=3(/ZT3D6OK1F?^H]+:!`P'OZX M`2?"?WR+0@XT_CCW'&98-OMQQ9PN"WY\BL((FOU`10^H$?(?MYYMQGQ25I,X_9HV];AA5*6HAI03OI06/;?7SI/@"'^/@=V+?31XL?_(KV M[#AA7O`>LYYP+KL[J>:.\BPRSF&:'FAH/;!+F,`@0H)N+'Z?(2@6&[A-0Z(&5:QK[[JYC) M0N!E=YW5DU#9(VM3'+SLO'UYYK+7'H&IX&M?.XZP+Q8*WC/NWP"64EY+X+P< M.(N3KWV(>PJ3=^UNT+.$==D'I!3+L.PN7'8:'6]JIIZ["6(/)G']VQX*/+E[ MM8A!E+;&[=(I8,JXNX3+"G`I]Y"5>\@V MA:VRA%V6L%_3>NTQD-[D+L4-&:5R,;8$S0:RL+W!3<%2L1V'3KGU["UO/=L( MI,KUUS*Q7T<=:&\L3;&*03MN7%K/+OKP\KO+93?6]A: M'6@_;%-Q2D"[:X;*EPW+:&@%N)0?EBHA\_Q`9Z_6WYDT;JW'W9"%OGE9Y.[LW[H@ M-KP+ODC\K=$CU=J?6+>`\U>KU-K/Y>]WZJ(>B/=-`)V`A$HA.)PVXLNHZC., M^-\JE>^NE1XSD)PR$.$U%`]$3BR5A<,HA]^_HD^VCGWX\Z2:7)-]XW-3/7R_ M/;^XODW[,*T'D,68?&SW%8*"@(;>1/:==!P?*W$,_4R.)EG+?UYT>\Y1U++OB`0N@QK^?9+DZJ&0YR&;X5/%S@T.^OB]!+6MUSRT?:,>W)'^WUFDJ]>R-(NDK#N6]"G MKO4?\3P$;MRS+5/\.'7-:V`1AI"Y4^\3R,^%3,J^A2N"+GYN<@(S^W@_?BTF+"9DK3IU4R+9$F4,F@E-Q M>1X'\M;C]"W0`L+#D0WVKPY#LF"S7CAY$]5L7FN#X1+FP<3X')+V8Z)K?OB>.#0`J5="SS\F M<$%TC%UT)T?H+CV@(&^IX?3:]'BZ&I\H9!]O;-2C9%#J^.]_TH^TI?^Z`U,V M!"P%)$["X%_7)%_4:Y46G5_7W[XC%"26VY5AX M9I(_;D0\"6QY&A*$#D%$@Y'@M%97B-[I-`D,!F/C0-D';3KDQ.N)ZP+J^`,A M]2\ON">A1YC;IWVF0+X9@(FS1S`4L=SDEP)_BV'P>>XS([)%`DI`9?'H)^R- MPK/B8"CPR4"U%X0]T!,/;QF>XW@F^&;H1BZ5<_C+L"/Q;$_*2?1O)!FK0CP? M513^X$/J@T!`B#U9,!JW4LD=$@0T>@$7Q,#0LF=&C'07JT*8V.FAB#'ZHFBM M"/8,O/E=O55%_RY8;O$C(9/@L570PDZV%\&?$>;+"G'$RJ=XC'N]F)28AUEN MPP$-"3BJA,;N2(@R`P!Q]\%#N=I,=&NY\!-D3,G`Z@^(R?J0$H(XQ2``UGL& M]$'>+X60[`X0Z?Q*\[PQU`[-\1J*$`AR76$V#*!.F!%!N`WO6`KT?+B1SB"C$C M>*9'DK)TZ(AT8>H].T^8:F',P1F*CEQ1EZ*G2DS"ER]G"LSK.0.]Q'E/Q&Y; MM&O9"!T`D4]=4#R$.:%<<-B79B^9'<'3M$V)36,BC8EYD6A(T.E[G@U:)@.] MQ#ADA2AP-=4?3),8=CCP;(33T)5HOA*F"6V+BX>WW>+Q9^2C./^,_`:3!(HN MV)X`T=7M[P2D!EX$2O%`(0Z/..%1EUNF!;]078$JM*`. M_#13U(*)CH7*IS-<&`9@TFB06<- MZL0*CV8'\!/(!Z>!-H1.IE$VYC@-W(`JSXR,>)90J^1#8@CY8,H6FK],'U.S MG-(H.Q*NS@.K(V@<\P-V*NVB.';F5$@<0G>6F1@-)T:'Z:&VG;IJDQD6%I1Y M'A:%%W+`10EI#QBG/J/WC)Q1WP)_)[@[\P+P[B*`GK$^I^8#Y%3!I"Y/N:?D MIMYZS[,!1!P'*(F;E\XU#@,RD8$$#P0A(P3Q M6@@A=^SFH7\&$Y-16/9H#*C;9Z!4EV$<"_'8Y@!\8-83.A.UH3/J#H^`L18Y M`D@0U!;^GQQYB>I3&*CD6744"Z/`YU0`0$1ZG3AT/_!ZJ+78&E(DSI*84K!R M/1$S8&,,`A$E8#+P<>H(X<`CUWGA1:KE@A"8$N:'TMF[7EYP@K0!KKM,N$U0 M5,2SUP5!4@F969>&=(FNL'."&FP,R6)N&6?,"74_"N2^T5`:B!/#I(22NZ*"!2&"1P@!SP1A.C"-V8? MM0*QJ0GD6JXP*B,.8;!34O.9#C'.@HIG,.8&'!.>S5=$[=Q M,,!H9(\C9>&]1/`DL"9"*VE#!/ACRC)D)2!+S6Z(2SPR@;`>B2/6-\#V8'JP M@%*D28(-)IJS_-GU99%CBFZI:I9#9/52$FUZ..MIT@33)SHWTRH(CZ<+I@XT M`2MU&,##LVZ$S.0,KT)6&8%V>A$$YP&C0GY94F6P,28W]/H,F@326"+1N5S) M%"UD2?(H"5D$!$FD&"Y@:(U$W@SL@,95_H!1[,1"B\08\2@="`YU$3L%<'B. M8W&>Y^]N+\XF(NQD;D>,RO!!7+;@!N`+G2M:-'GC<+.4;#0G\J*J#H M$H5,:5HQ$SR!,X;.?!L:QXD,)J@&FOGQ3&**![]$C4)@]M0!L!IT(KK]?'IZ M/2'V`*-EA.K8*J'3<2!TD;,`]L<1/0KJ.8^<.*R0B3DDQ4:B+0@3H$`Z*T$" MM&>)UXL3-!$@`SN>(S0X]BD^P)8!Y';83U:11"E$"`0)S.\V$42>[!<8 M;96<8LHCE5UDC9&PL%+W#:&*IH7)/^D%GA-K9"J7XL#P/&))O.!2#`@G"TAQ M'*9,F[:,*4YT<,K:Q1@4AA&3`FF>T/9UF712)L0AIBP+R>I6'$`DPV0+#SC9 M!O:3C(:+3W$E`Y5_@4"Q!OQ)E,9RBL/5W#NY?5R??K[X>'-Q^L=F*\G/J0VG M_:Q6(!Y?.*ENJY:?6?,!19N_;+/,TH[KL'42(4\R?/F MESV>N:Y04S-5A3'A15QD.(LCS21%%=:2Q2Z%/%`;C"B8/5';74.\289@&:%S M,5S/LVUOR(]765B:N!V*9&V>@%`=*N+I8R)%:3#;YCXU0%L_'&@'I.L%8*G% MGWC+IZ:9W!I:9CCX<*!KVL\'_!='QD>&BEX,+1I%L1.SF)W+Y(Q/[%L4-Y.56;IOX67,5Z:=^C>4Z( MEAZI(FD$1^8_$A&GDI\T\;])D,&)'(HE]#>D5]F4JDU M`&!Z'^#_/=TVP'Q7-#YL-'4UGN"E\(5-WFV=ZF:KK>JU7:-:/VJK-7W7J&ZV M.FK]Z(54S_'HR[GNEVCGY7A7#=;P-Z"`JT[#6+2:JK5?;_R7T-E8,/^%HK.S M&W0>/9O.Y13IE5W@1;P@1G[9A(=[OJ`/];I::[RZP7T)P9JJ+\!&\0BN-=5. M:Z<(UE7MI03/4<*<2G>L(&O6MS'KFP@HIS.*;`HQ(<^IA$*NMN1G$]NPNR4? M)1]K\J<;"4P-2!,YDTM[AR:3/\<[B^1NAF+YT\910ZV]-!=X58J;[9;:;NX2 MQ7JGOC`^+![%S4Y';;TTS"ID8/MUSE*[0KI8EG+C#>T%5-6:4FO656U!9:E-M/YO6,LPMPZJ2C[W@8VMA[GP/ MRO"=KPWZSEE[N%+=6U=:[?;"L&;S!GQ%@AOU(U5[Q0IH*>'2GZ[)[M7![IE> MA(N\NVW`2T;>#"-YZCRYIR%OOT)5[(J>O/34)O-YBI\Q&?69;>]'>$7LR80? M[9_?DU7BC/FTS5R0N[RS&[(7;=R>WN.]].[P*:N9!Y.8AOK/Z0Z6.7B:VJGZ M9,/.47[+)Z(JD'3NSO(Y6W92-G]9CVI=RG>:U]1YC7'VV6ZI/O_3SPJCS MV?)9DX`N'I\OH!PU+M^&F//,SNY4+T M!I=[@YQR;WWY-L3N,U:^#;&HQGB#WVC`#_T0^B!3JO1U=7[\2\'VAVZCF%52 MNY_4SO'2ZUEAJVN+5]C$\U9Z>%_RP2+QXM$[\DO1].ZPI2YX\2%WN]#/6Z6W MHZ[ZBM1VZ6VKJ[XI:/D?%U&XMG+UT,5G'CS+B6ERA M]$L^U:[IM17LZ=:Q4%*]BU27X6RYU[?D8R_X*&0H>^?A%^J3,#8^ABKC>0OE M>,O`M@QL-QS8EHZUK$J4C.P>(\LYUPWHL72@`0NCP)W]1/;VDY"WL_)64KLY M:@L&`NE.1U[M]^(;&NB0V M=<(&0(_C^U_9[05K^*+&:QV,3KL>3'(@WV+#(Z`?:#`2WV3&XZ(?+!-/VY9O MVG@!)UW*`2F>/)@UM)SX@[`&]2T4@#ADEQKBN&K!E1D%V&3\?6>5G(*FRV-X M[9$2']<=CT\#!EW91B1/&$^^#&W#./C;IT'H`D(-FX+((YZ@B.NLP2>C>7X4^!Z7Y\7'/"'0 M`E!QCL1A$XEAS MH9"91FF7V48@WX'$,W.61Z?+0Z]G8I M33M2HT\P>2=P\CZAE3XU/34"6)KW5CFDZTMMY-,T7F,/`4/!9'9!:]3+996C4 MM8:X4C_2EY.9G&BXP29!<,NC+C<"RQ=!N'@L8"9SY.\%H%;-O9/;Q_7IYXN/ M-Q>G?TRW7F^(EGSB9)G9UZ:3T*E`K'AQ6<^S;6\H-`RS1"ZR,0,@)R#2#\"= MD1ZU`@D?X90R85,VHLK8P,2DSBHUP)@S2)UP`)D#2:]IT:YEQQ&3Z&J!5I\S M@Z$%R=S6Q6UM.67>VV](MMO%^/+>ZXRR=&5H7[_>E:\B8SNSN5KRSGY$*97= MJ;`]"VSRZZTH;&X!X%6V:^-C$?[Q*3;^9XFQ%R1%;TBZKPSFLR@(&&2'&]FP M\+*SK>N-(Z73?O8!%%L#\P7$TOW1%N&:\V)62VEK"]Y[VT'@7F*(6;!M-JUV M76DT-BSGC<@R7B2Z@9":D^_J[6P0O$VY-A3M:,$GJ'82O1,2_^JYE<))76^V ME9J^[O/I-H_F+Y98_S/NBR5-36D^_\#'0H+X2E0$"R7E.CBZ]H:EO`%)WGJ] ML&"";#:41GW=1K?<&;B'VZ2??@\WL\A%?3]@AH4[*-R9!:[)-84BY2*ZTNK4 ME?K:O6&I$-M6B$W(VHX+1%_&%6E!S%NJ$FVA*%=6D#:%Z,U6B9[:#;F2I3ZL M0=K2[JSX(9K=./!^8Y6E)Z?@V:\=M92CQJKOF10&]I\#W)*S0_(^:K649G/! M$;B[B_TBUOL.FXK66O6]NL*@^W6J?IN">KVFU&NKOB*X(TA_K=K@IN9&KS65 M=NMUS-`&)J"8!<1#O:4K[44EQ-V%?`$KB8?-AM(\>AUI;T"BFZHH;LR<=W3E MJ-G:C+C+*LNVJRS;+CN:;%MEQ_4FM[K2`=]:;V_(MY:*LFU%V8"LOTZ^[K(W MJ@`9P.K9U\QKM:4F%.-#`UOW&?A8N:US[2*51?EX#__;+ M_=K?GBK)NA2E_`9J^0W4_(:%_0;J>H+\NX'U7_:N_;EM&PG_*QC/W#2YH251 MU#/I=<:QG32])/6ESCU^NH$H2&)#D2I!6O']];>[`!]Z5K$MB91Q,[W8$@CL M+G:_W07)SY+Q*8!SS#RB=5-7]IK-QL/N]&37VZ]7^<-(@@T<8@^&K/*PK!Y^ M3W;+QGK$6:VFKV. MY72JY[-E?)NJ[?0LNW=J+%7EY_GI=JW&OIEI]F#:T![MJ&ZF>G9MSYY14;$Q"5#(A] MV-HWC^49JI^C67X/UJT2U0^^$6\[6QBBJ_M&?.6H?OH=J]4[#.O2'LR]O_.0 MO7%L.'VKW3U)FJMJ$],TFUW+;E66.*+Z[#-]Q^J?9E*H&JD'GN@VVGO"*--/ MG6`_=<+$'KUR80`_1;EJM;8?1:Q^?-U%2SB?G#WL& M]TR?T#K:\=NS?V-V#]8M*7&';34ZCM4U?__`U"U/7.!7E-;#!,2I!L0^*Q1S ME]"4*:9,.>BQB]UL6'9W3\?!!JV/C=;'+E].A=K#!,J)!\H>;+W3Z^;5"X5V MQVIM>Z5C/:^P.8,LZ1FD8>\P[!U59._8[99.=KUA[SC`GNR6XO:Z)VO`:AF; M=N+%Z,Q6'NW8\:=;T&<4^GXX!\1@"FL\?'Z.'AA";<$,B"YLC&]L,@[@ZX=2 M"FFQP3T*\16L*H4;AY&%!@)@\N[`IG>"5()KXB@A8Z%MU8R32`B:27K?V!04 MFT@F(.4-V2])('+AG`9Q&M@T%LD-5I]<6F>WD^7V:#?+P;IA5C&KG,8J.R?* M\O/'I`740.5!A-B/"EJO$5IIC<'3-`Q&^FW2_P9)STKN M:$99H^QAE%T'.R=""UAJ)K5&KV_9S0<_FO1T/OK@FY&]=M=J;^-WV>EFY.$M MW[9MRW$>_->>2F!YN]6V.KW#O#ZWA[BLW'O3MM6T^U;7>>Q;JP7N=%E9^I^-` M5J_;M%J][_PK1D?-X"_LAF.UMT5QR8W>LKIM<*-]T24\!TJ7AUN_U;':AVR8 M'RYI!Y)5H]>I?IT*SM[J/;9(/:3E>TTL%;9@XO:ICYA/*\_HTT=H?VQ!VY4/M'BGW7X";JORZ.-8 M=J.%)W<5RGFM#MYZ.H'&P+9Z#KA3_R0;X:I1./;[#:OAG,[15JN[_6^,54R= MCMVSVJW#G]/M[Q#,[D'A_NB[H1MBW[Q\N;_7D(T>1H^3>KV=N!Z.D:J_[Y&= MCM7'CM2VM\#Z6M+,IWB!\JD?/VI:W3:>LC9/01D+;TDU&]U3T*5IV5!JM-J= MQRMC< M*D*"ZV\S$4A!/`>T^.6$!V-!Z]SP*`Y$E,UG=U^S2S[S8,F'DCU@:+T%EPW7 MO3917_O-BJ_BT)N+=]=O/E]?_'UY]')@C?C4\^]?L1]NO2G>/A9S]CF<\N`' MBSZPI(B\T6IL+KVEL@LE16.9662PJ,9@NU;Y!S^"7>>C5[=J4R_=CSF>OWG(O^B?W M$W'E2=6WNU,)H7+_]7/^&<]EXL?[Q/"Y<61O&P[/-K^&L MZMYBYVPGO??J6[N3G=C-E.TD]:I6C:'@C"1G'P5'N2F\7^WB:P>F7,$E/;PT M!92)-RM@B@0\PEO#)']-24S#+WP?/&\Z#8=>?`^`I!X$D>R%%[A^0HB7DZ^P M449)4Z!@(941YPH#BU-F`U\R'@DV$?Y0L;9H1)TET2P$>*PQY(U9)PQ<1HM$ MPL6$.23$A:L%&P+DTMK$LY/QZ]!"V6@>LQ'NY!WMY`LN05+I1MX`OAL(/YR_ MQ"$`X;3(--]IFKY6-!U"]CH)H8$(IV"<&*;TB/!'P-8S-WL'+-.!HLK7`^.0 M'G2#LLOW>22U&$Q\QYE%XHY[/MI*#UB5\1T1Z801K:&X=+01-#'1 M?+)B(-_[(_'P\F&-??!/=/6@L6"13:FY0O4RXNP.I(T">5] MX+2A2LO*7K,PTKNX5A```V*$]0]O5"+R+(U$/%<@'\JVBA:9@9J>:X'K4\L-\4,^`G,I4,T3DFGW-3]-!P5@&/B MB8A'[D2].S;&1VUHX@ET5/CP'.@<1B@JJ)`$?/A[(M&1_DA"_("^Y/QL@#.6<#9R\^B#OA,_LE>1PN#,BUO&XNKE1P#"N3TR=! M.(!<>:>YN&:)QFT]J_-2J>O3;]KWU^D.E7X\@>_G$\^=+(\JFAC&>'H-U"T2 M(."(0T_#Y`3^@5T#`0$^I^0V`RXUK.=ZI;*`K,J3P,TDA(@W`DO!"N@I>GU: M9I,,V?J`DA<7-Q!G,@1'!("*]`X&0GED(@7[/1F.TXM3`1$GO!'CM`SLUY1\ M<&$?V00\?R`('@#+U%>X44O3%#>(()E<,YN"5EB:IL8^\H"/E4JX#/BHQETR M2V8[CEE";S!*J4CHO.(:,Y^[PE*)"#[<%/[:U5)O)'ZV@BLB4"K95"B"*.7! M-G1C6KN@''@MN)P4@`L0^2`TX+]$!.2W04IBXJD!)*J$/QSSDA:YPKJ MF.E`1(4AMJ+BL9:!%4)O2/I.0E^5JX4^:9G)\H%V"W0J>(`!TYRFC+BC`=E+ M1E5\G[?LT;JO?44%5)^"^%?O#T8V?O[)R-3MUI MU"O`7_PP]2Z6#JU.4LGL9.HDM7N_<'KD/(&2ZX*^)+RQVXZ2'O.7@54?^OY;Q5MU;V$""/)?_M]AW+>?A?A#<"_XG`V0V#YB'3 MY[%%WBW0#OP:N_ZCZON(PN_=F`(#0K-C=>T#DF\_"U&/$G5'%7=#Q)D7U,S+ MRD:/:NEQM"I5O5:DGKU]#A:5:I.2`LO'IC1R7UV"U;'KC5_"2*KV;O(\8?]0Q4IV$YV_Z2RKXP_#E( M>Y1D>G213S2A/A7XE8*SV"ACE'G"\'YR1FG#!5*\IK(\#685L\J^5]FYW##O M;^_6RADND$J+:.+A./%@N$".+?SCQ3:Q%'L:R8#?K MCHT\((V_EMP##!&((0(Q1""&",2,>Q;C-F3E*C_6_K@;7%VK:_>L;O.`3XL_ M,X'-7<\G2V./#L(R/N9N6XV.`TY]0&:;9R+L42+OJ.)NB+JJ/VN@+5;*AZR, M'D:/$WS4O81D(%#U]9I6JW7`Y]V>B;`F49I$:8#9Z%%)/79+E"4Y,#5D(&9< M]<8=K18M)QE(L].Q'+L2;_M72EA3ACY)[GITT)7SE-1N-BR[VZJ"9U1*6!-U M.NI,\V>:#:-'M?0X6F5:=D(0I]>Q6GV["HA>*6%-MC39TJ"ST:.2>NR6+0TA MR`+%AN7TVU:_?<#L],P$/DI*/;K()YI6GPH"#?F$4:;*RJP+[R>G!R6>2% M$;L7/&(C+^"!ZW$?]IW'8BIP[CB$;0Q&833%'VDV-XDB^$Y=-(N$A%]X[(5! M;1>SK0DQC,NWX._ANG>SZFN_67%T''IS\>[ZS>?KB[\OCUZ.RLVN2Q]84D3> M:#6PEUZ!VQ0=Q4"'#Q;G67K@8/WS!VL^^+&>R/,QY[-7;Z%6_R>6ZE>>=/U0 MX@W:6PBB-W[H?OT)+_TQ!3KZ".!N/`9W^!3&`@R3CU!OO6T>DRYX!=:XX\@F M\#Z0<9208UP$PY_%$"88$]$`'<'E`F7RH/-@A'\6H[^=_<*#\X9]CG^>_K^_ M),&YTZ"?SW[2&WCUZ^7M?VZNV22>^NSFRYL/[R_9V7F]_B_GLEZ_NKUB__[Y M]N,'9M<:[#;B@?30Z;A?KU]_.F-GDSB>O:K7Y_-Y;>[4PFABF=O%.NZG=,_/,=HV]S6`@UXM] M]N17^6H7EWV0()U9O)SW=_SI?(Y[ED.?E>PC)()Z0/N%H=#[@/@P13$X$-,H1V,&"P:Z? M8-9DP\P)-LS%(0P+@]QP.@V'7GQ/\Q<&UA@@NMPTRY3?ZT5AA+X];+&1>CK# M8N$,_5DM)N=\!A_-)Z%4S3RU]?!=!#F"2_#D9!8&,)1!'A:1?X]JT-/&J-=0 M?&.0#R(Q$H#QH'8$F<"BB<<"+,A]_QZ^U:BO)5!9`33SXBQIB&_NA`=CH;.% M"W&`$[M<3I@V*0H>X=A9$L%@W#?HOZ`$82&R?N2F6+85XS&3,^&J-`=8/(6Y M@\)'2BPV!-EI$=2,_,#ERCMVV1$+1:/4RD%C+@$PL)::A9!?Z:8#>=``/$/$ ML0^KPAJH'GH<%#GC"9M-[B4R2,!R/BP5W8,HM`HZ&-AT29K_9KU_6V+6^^ES/N6#B M"+GM8-_!U2!HA^0"F0LJQ\//U-Z+*.:@?NJ:-%@Y)26`B+OHX2!`_BNM$(AQ M&'LHDUF.BN@V6(5 MZBD4H6U`-R'118)U.41/0CKI>54]KBWH(=C-O)BR$EC$&R0*I/7@XG3H!^H2 M.<'M5#/0U(5AV:%7][74[X?0E>"!GE0+H%)1./)4/LFES&Z4WJ/HB&<2-[.P M#M1+//#^1W5\Z@,+(N)ERX;#+\C_&9_-?(`Z!$B?S\NS]8K^2NV^)TFK&11R M08Q1BC0_*B"R3:9DF>J_/A?KV!FHA+%LIR%<#CNL@CR=O1C^J5_1UH$$`FR1 MXSBF6S8%&,^J!UIEY"=NG'#E0)AGTJ2E4B;D6/QY1MQW-;:D]-"#MC"&O.U- MH;WZ=#'THE29A5"*8NLPS0>ZKA6(#00IB$#ZB6B!T8=M3?R-WY9Z?*/3@R^!, M.LU$1(T\=]TP&A9RF"ZAU'4:O9>W;P%]TJQ`PFA/$7="@1]?S0YI]D"U[F=8 M$X$[IONT@)X2SS#"<4`UAY[YM_PX`J9_NU`67H:`?@1:5*!(Z`3BO$#-?3W5 M"P,&AE#[ERVIXWVY'-\*P(LF0+&'B8O:Z.*/:@.53WTQ)H4%GJ.X@E!RRB6F MUP!J1]@(%7^0@10MB$40[3]L(1AM!77`A-"K0`2"^T/B]LEZ8RB,5-R@ MC/H)&:J/J.XL9)#"8S1J:1TM"^M3VX`+D^.I[@"42RLPVGZIHFDY\B%"BW6. MJGO"``]2(I5QU,?*Z2$VQ:+[P)X-HO`K")VU9K"_,U6T+1MC79J$_;E\]Q'G MX?0#'XU`7_"J&BM&'>F>SZSA:G/-5-QV)0I)\""*UUH4P7931L+R06">4OV`"B2(3@)6A)Q< MFD*:DVG%F*?38JCH+D_W)&D?N"I]H1V'_POG-)'>@B)NX4IXG`L5HH9=L(E_ M_S_`6ZPH?,K6.*\J"77\HZ#G?/A[(JG<4WF#CD$\@%N7X[[F'4P8J:8(TVRZ ME*1F!N\MX.?0A$-:#M8J`A:]\X:"=@++9Y(/-S@58T^-)S)">^@F` M'BJA&+M]Y=2@$A0SD=`=&,)AAH:,C@&QS81+"YKX6-B@%V?SEBO(IOSWD&J] MMF,/DMOKE"=\9"0[^=P#HX.YAKJQSXTA@5JEM4F8"%" M%P[8UAQ58!X&1YX(?Z@*XIB*U"WF7'?8_9A#UGV^D55D]<`KU,\V:PI M\;ST=B#4O%`^9!W\VMMY:\]A?O>+RM"0=A*%RZ>D%8K%K6XHOL,T"J_817YJ8J69,\V8X$4^R@/* M1NJFJT+$S#CE22&9+VU"]?.Y@>K,U@K#]9T(;"`C?49.13OE.UTU%$Z8U6E%-IH7 M'X-D+Z#J&PKI1MZ`#J>AQ'K)J*A7BTP%1]^C:%#IM&"ZQ2.:7,*A",(I&"=6 MO6UZ^E.X19+J0'CMZX$0;5]JO]78$,N32&HQ%@^-L(Z"8A0<'4M1-6!5QG?4 M$NJ;!:HKU$;0/>-\LFP@'4-X+(3BU-B7Y0X3-DE/A<"S:F%]:C]49X@88%"9 MJ*,"A);LSDNVU6DE&&YM__/6O\;P&=:-4E%@!VH5;3%8+%C7+.<7I7&,9H6" MGSP0'#<<:GMI-%LYH=#W#<$;,ORZUOA%OUSFYXUI#!8"D%VJ(^,*(08^CL#H M>03V,?>W!?1XFX<5'D<*P`?E#4;V.>5)0)"1B30$:@K2D_?6; M60=0(`$21P&@'3,Q'E-DY5%9>7R9!3#/CIOT/`MYR8W'!-WN3$6X66N,33E! MN:,D^FF/26G!,'1C'H+/WR1EYT9@W'+N16*[TOR$2U*PQY M.8F?/RX1^F5#-Z*!N(W2.NO?_!4FS_(5)AAHT$U*#!;=82@?2R_#G#S,2I1+ M'XLM&PM@U"^[=#-V$^Z2Y<305GD,.S"!3VEF%-(G-7-Q5^S?9$`MD%V6(5F= MJWQ+53%\)Q0T4+9U``P^0*F:8#<$-AZJB$6`$"4S&][#%JY!R"5Y`5Y%V8Z- MN^PM$AE`NLY:X@4\I/0G//69K9(XRW]8;11PBT1D[W^WBT?Y8\D@0_@E!(KY M%+/!W#XR0.$^8.X!?!G_$^^NYI91-XBYY0R.QR4$6)%;!J'_-$=CH%LL?2]3 M2ZJ[&48*L<&LM&?'(P?Y/Z]F\^!=48\C=_R%J96AB>@L.6_\*&)CX&1\VRY, M^1*"M24\B49^Y92#;#)`!IK,5BP[A4R7C3#PD0LV`)!&?FG,F%E`I$*<4:3D MX@25'`1,IR;!A,T=2-(,B`T93H+;-GI<(WC!`#!.8\:P7-;W95_`L,;^_.,[ M@3Q!FJ[FRNO@<2;`__048W\W3*#BPS^F8+I,=;@/8!\)M`M/7S!?1I`5(#`L MNCE"%%4Z]%@Y"9D9XN&6WB$(40!&1SSN'OV[5)1LQ!6YEUDBCZ9H1+$S>[K6 M!<:0@/=>)]+!,_QP!UW.LL:#L)>`C&66Q>=0TM/=-J2D\2-#\X4?@OV(XFB/ MZVPD:7\R0P)U&;=(DP<%)0XCHZ*_R09#6!<'TD'TGJFSPK\P45A;A[<$Q@M( MX5"K+\M8!+* M\,*F<.)%L%)>/W$Z?B/-N,7#E[#.D7-,><`GUP'$DYBDW7)E]NEB[T,^`_(0 MKI]V)O>8(]F^I7-X,V6F[M\0\#8">0ZS4O>=K%[?>'7Q"B1=L1&#^P!+;/:-=`2/ M)?3H]1[RGZ?R8>X(215&IT=,O-"`=P?YN-YF$1XWWH?_@45J4=-,^6X2T_NO M;R.;$*@&%\'KC^_X*#5F`'%@$4JBPUX.FUTG+;'4#9FY511D%2VQ,= MMAS(DNP5W6+\2!;>^ZQ.1K_)]%=5&=_C?7?*:7&\3J&CDLF/FG#DCO6S98&X M)UY*6)2(FQ#3;BA902"$/,2`I%0:_VW!=SG3$X[DB_83@X)VSZW,;?(%JL!= M>>X?;R`UC$(VRB0Z7K"#V+?BB"B.VH+`>]W^70O*?I5."J5M]AS.%*O%7![C MD3,_!4#,#WQC?\P\'$L/,APD$J%L#XW9_V5EAQU&!?5A/'=)@8E5:\XIX'^OSE8\[I9./@/*@T""AP M7*#JW3Y!-(F?G[$GN8(DAE>?43C_/C("'?3$*O!S:!CL( MTL&F2?(S9##/'-_A+NAY>[\*DV6V#M#(_'!G/IB?Y8-^6(L/SD/C!7[XB`^^ MR#M?4 M\CNV:8H>DME3(#9.Q"8$M0]$!^F"E8[#( MKCD@R[R4X`L?A\ M@Y_S(\EG-()(SN`PO\`20S'AC2<))W[@CULQL\F2]P=Q-IBUXGKO&.H9O>&@ M#T-2U4'V4O"PH,E[.OID"+!03#)ZQ/X7GG@LA9?Q"YBE1#A``:K/6HHNAC+( M^DZ"8"*D9=.IK"'*T;G,1DO;TSDH.LC`.%2SR@3?&SC[+&*B:N=BT!8O$+'/ MY86H],(;G7H+T&`L$+!GL:`>-0@FD3U">C3$(K-[&B&&. MP2*58"HO6&T35'060[/;!D+2U]%LNUFRWL8$#5^AN#/3R;^\/T'+@5`\$`L< MPA6`9I`U?.MPO01Z#,UY46T!`Z\`H2#6(!_W$`<>PHWY8\W[+ M[GCE#K0?B1%OM-<$;8(A>^F)YZ.J`BW=O]!R=(]/YUCN`A\/X0H.!.N//P0+ MIB(9M_`6%Q-!C/UA!8^Z6`=00F#;[FNLJ$@D2.Q//&_D>P!>C\/+P>N,->]9 MQ_E7.7[)\PF#$#<-B.QB/1+"W4.]/Z&;$".=D^`ISC9".Y5^P[Y M!8^TR[.(@T3X<3:WRJQ!^N8UATP14RQS5\QX9/H@/);T*=Q(T\;JZ=A`&NJF MV_L$>$=%\,J.#:%G(:_XZ`C/"8KC0^M<"1S'F3ULA.,2MU39NOSR+X..[K<; MB2L5^VGVAY6\`+-+&[MRF%XEK&FR9).^4@3.C=B\++?BB!4.=*WDG+'2#Q6C MYKC7+P%#@/>7%!O,?LTZ`\BJG%0`/Y'UAPZ%(-W[GTWG-3>`FV">;KXZS[>. MHQA-_FG7'CY!?3M[RU9"U)X?X6RP1%EH*N#,T?L8_G>O%+ZZF+[/%7_8&(1- M*5@!?-0SVTGU]Q?3[Z/<[Y&=,;'>J>'F`H18I!>K+^9+=LXO$3F-V/@%8VMO M!(,92C86.[I1IJ%QFYG'X6UN^.(G#I>+BS&9+F[8I(N$ZE-AU'"G"O3IZF:J M"L0/P2R30+3]-G@Y$:47J`5NP(NXE"3[B7+\"A'_-PDB\UG",DFR?F.^@YXV M=[=A]O-P?F`_B5=ISNC_@\2`1VER2S]5O*=584)MP#%!;X]LQ$9;E=L4>^0-`,GU<"WDB72*N"PAV`[U;:@`+E M?8=L076O^"V14K$R72G2\>M;^#I#9V8KM"4Q0_BX7.%#QY*)XHWJ73VH-NE>]9+!(@A_2AWYU6KV6.V. MP,-LE00_G^_].EOTDF>I5W"N9JM_0<()?'Q`)U5I_?&8&F.3<@IE2V7$/L1S MUHSF7_G&3MD5?)94H_9/@Q,J7::,$C)3@P[^;Q&E=)E].IR)6KKCL=J!#_*T MZY(@)+Q/_-+XV^S%3\R_/R2W:)M+T.)CO*XHV-"'S+VP M)53*N35W"7YC`>!J%<\V.7+O>2UPD5P_W!G>57#/B#%WQO[^??KA#/*5>?@$ MYQ4?G?>+Z5'#\HFEDE96WR5\`X$JP5'5S5?$N"N)>OOIP\??+FX_WHRNOM]^ MO_DXA7]^_3#Z_$VEF5]XE^S_Q"OP:Y#&,*U4W,JOL4I@9XE="K\%J]4_HO@E MFK)'Z`2+3Y@AKYM0*EF*4]PL7AY^^LC&R3]%MWR07+CMTITT*>0#6*R7[^2G MKU=GOUB&#P&,@$LY0*4%&P2$/FQ0C`W#=XEK>V95-D3I*9,/`5B+[]T$B^!) M&!6=5";?E]7:Y#H(_#;=E5GZ$57)* MBNV:VPS8N@H"+89I@1=V'<%1?OEJ=!L;&?4]V[!;4&YF,*8'GLKO0N!CE*GK M.,2L1_G;[(TUE-JZ:)=XGE=(6E!HSD%%Z2W/=XK5OL\!5$D7K,7*0!O(%[&, MJJN#C]^F*A,&LSAC8LD=*"32G(EB-10PX7K>Q+5J,E'*0[5C7\"&93H3XN^P MT92+JDZ@:SXJN82J>Z)=&=KYR*Y4\N,E'5ZZCZ^<@$H-Q MZ5QHA8I$YR^D#G?;?R>#<9]X%=L+J+%I7B0U[7R'*_VVVN8!G6)PEM3 M3CH7J.H!`HE,4[M`^/P#C!K7T11^=?UP*:^?%!_]INF%:5NN2>V,_>-T6_'9 M//4P'=OW5$5WS&FSO,0&:["H,;P^CZ8LAN?XKM%FYP^!)JW]A&V[MNHG#E+3 MPEA%Q9DF\1Q+/V-84R37VPV[EB8'XZMJ<(HSK,F^L_7H!.*.4Y';718ZX;Y` MS27<0WX_@8AI:N'^DWBT#<_'(9M9\VQ@\;;2)@6\BQW)Y%^(3/*0X.;$1U MS^08=,`C4>N`W_&[NR=]W&54O+O!$?P[S"W#17#W`1*%>;@*=.S8F%K4LGN6 MZR,DSX]O^DX^(=3H>V\^XZ/J-O'\=VUB6`8UG;X/_V'_5<..;.K8GC?L`<&# M@4]4U[8E8\-PJ45ZENHR?"Q/M97`M MW['[-JC&<:3V<7&]OHTLOS]_J02Y0HBI[J!/T8E5Y]ZE'O%[BBX5\0N'F*;1 M+T?M3ZA'2%]01\IT1V?2,AR7]I2Y%LFB%4XP3,LD/>5^!ZRI1KYG4/A/WQQK M]8AC"CZ]KUB8?><#>E&.DVK=ZO2FY)2:O964M<2H;8QV=3HVY@T5]5C MZCA>WT&DE\ISD"Q7,SX[IE"[63T!-ZU3]7J-@4$2=\V=L['CNK;=MROKH;EA M.+:&,"G8KS&DK=\UP(X&!8,DY8C4+M.Z)6Q7"!2*8Y!R9*)K<1HG-X62F/9P M&]/"=Q?OBEGN&+J6I6$94"S'B=I6'1$.^.BNA6@1<@IEL9WA-D1SY"F4SQ]2 MO.8(0*$LKC><,-JSN.)(:@P7>II7I27^NCSC.8&DH(8DY?7+#"=D M2RBA)$(-=XYT@F[%(6NX@]4"+BD6I;QB[4@470A6<;Y]H!'5M3S]E'KF<`+V MD2U14HX.=2V?MO3<[;WHT]+T*93%.H"F=BV,[@J6TO(>7,^'1W]0KO]42$ZU;JHNLN<=?8+F5#; M+#_$^P2U\Z=C^K%`L#&9$,,IA[;[D*RIT;!](>3`G;UAN*_AB81ID7*,MV?3 MTE4X\[TQ[&'/C,9J1AI;>(VH`$OF/6@72T#W$T(]S">QQXLD$? M0FFKX400.X#VG(@X];?HP/Q2/YY"'P@L=NG`;=N3D*B>R9U,AML-S',BI50? MF%V:;`Q[XO2!#\*#N,.:J(Y6F-B:0P_DZ%"4@KN[)=[@P,1/#_QU"*40;Y`, M7.=UWY+3<6"XI`_!VE9&[B`%;;.[XV6'9A#HH0.P5T(I@V2A772ZI9$=F-;N M0Z+N0086]H<54F.8'-HIZ(5+6/HY\)GJ*\T>.LSJJXT&S*0[&6`2^+$[2$]& M_W2,\'G#X#_Z>_C2X(;I8O0RF"5%I,-Z0KT=#.XERKOC)YU=U#]NPX!%74U) MI_LW;.*D'77E0@WK27KJAVJL?I''>?P8(9?%[[5J_U!UR\Z_AJ0V"YU)4/'Q M;N6^NQ/>U5RU_;M+'.M`NG"<@<[X[TCWY;Q_#F?WX2KM7%F]`M>K;(BR?^!ZM1_4B6DS1SRXA)0O6"7__=6L%[+\9[1A)70PV?IM: M70:?P@VXTV[>*&112BU+?8CX07I:6*NJ.-":0]2;H[I8^QYU\%8AXIK^Q/3- MJJK<9:(3_FN\5\BV/7_B>I5-X3#_7V;KQS`"'Q@G89-9T^('WOJ6F3M)!51: ML%'1+EW?`>_GU^""O?M4[PMP+>(:GOJRG!R-JN2;OW@.GPI/S]+PCG\]4.X MVL)/1N$">-D$3V-BG#6PJ/UW.X]MWY^X92+IXKM?U5AGC:R]2#F>._'LOY1R MS+/Z)[%`,]0W)^IPQU]`,[2BV1Q7CN58$Z/,376CG/1E;1]?H;1/`BWQAKVC M5W7V>U3J,-$XZO@F,56OVXJ+9J&'VI1XZK-;N]'$T>>\>PZ4/=6YV"R#M4Z# MT[F.BK>*<.Q2:DH>JH8JM>\1W3/66 MAA[R%8^::3#8SM8N?55TP@'+4Y_2JE7Y1]\&"LJGN6<`:%7^40#$,RB4FD8S M\J),9YA^>+_=?Z][0]=O>_E!^0IDV_'9/$[8=K^<-@LJ8.+V:2CTN$&Z77`* MB7`8+R`Q7@>S)`#/P/ZI!R=QJ6,1]3D*=5C0Q'P+E,6V3>HZY>ZW#_8;8C34 MA/-'K7+O-:CJC[+O>ZYEJF]WTLW]3;`(GIZUN673,BAUCQY.A6H;)AN;M$$< MVU6?]-8IFPUK/&H:ANT==1I=Z_*H.S8A,W3+DZ-F;#)(*F/MTK=#M>U)F"(S7A[PY?!)[?QY3;9Q$_PF]:9KNOY'LEMY1Z-%DQ4 M;>M2:GN&78.+:;!:9:B#%JC)QGR)"J3;^RA'!_H;(Y<5\$_X1;MY^Q:GMBVB!V&:0?`TV>C(X"&N>I?9Z MCI%MP62+3,UP(=E1@<$.V6R:D5%B&NI[08;0Y%$NX?P9%J5-NHH7\-MTP$V+:7JV2ZFE<%J-=FM^FUNI3WQJJ^ZE)XX;&JQCFK9#^V>W MN?%:Q#(<-7-LPO%O0?BXW`2+BS^"]>PQJ-$94NHKIV7I7*FZ[D3QU*? M-JV1RW[$KW1L2A5@VM;$]]6[T'\Z!1P_A679LNM2;S?-/Y^S^V"53J+Y79Z/SQLM:AE1?K>=R$?B_1_9-?./\`2+&6*XH?_ZPCI]V]D$0 MBO]V)LV*\3PD9];)+&>T`6(_WZM(+/HT=P M0-'X^_3LE_=X16:$H_9+^#@8A=$H@K)@AA.1HS_8&_B>@S5SMI.?SW,,7 M_PS]''S^\SGR!__G_P%02P,$%`````@`\WL//TX*!)4)!P``!T4``!4`'`!T M9'=F+3(P,3$P-C,P7V-A;"YX;6Q55`D``QIT24X:=$E.=7@+``$$)0X```0Y M`0``W5Q1<]HX$'Z_F?L/.O?AV@<"A+9WR27724G;8X8<&9+>]*TC;`&:&(E* M<@CWZV]E;,"VC&U,@GW3AQA;N_Y6WTI:[5J]^/`T<]$C$9)R=FFU3UH6(LSF M#F632\N3#2QM2BTD%68.=CDCEQ;CUH<_?_[IXI=&X]O'81\YW/9FA"ED"X(5 M<=!HB89#=,T9(ZY+EN@>3R9$A&]![=:)_M?N_/8'ZO+Y4M#)5*'7W3<1J48C M>,='+$$GR/DO.SUIKYZXE#V,X!$"`YB\M*9*S<^;S<5B6)S6=-_;RY6T6S+,([!=ZD]8@&/IG!M8_<@D&,:2^/7B@F#(:8=W_%<,ACWV".1RD>0$W*6DH/V M<@_FIQG13O[1S&8:+IX3M5>75Y,_=$L"_R`[.M9)=Y5 MVN8O!)3G1KUN7?J]Z]'T%RPYKEYV\CJX4;(TGGN!]4)[92OZ"`.:Y$5CD"O? M-YB*?[#KD1N"I2=(D>&?(GLXOGJP&@M_K1E2^5"8M(1X^5E3K";@*]OF'JQ] M;'++76KGIW"7@@`=/+4]UU]-^X`E@I(\*0)3KA/BU#K++-:!;JJTFE8+-5#8 M?OL28D"T$D:FI?ZP@+-6[BADX`:0KF6VKR7B8[36@#8J?-2`V^5V!*NK@SQ7<_GXE)=%#8Z79 MQ2/B^F%VY&&S$+"D<^H[WS_]\'R2UW.%[V>Q-^]LN8:QQ>N5B"+"P@Y5PF6$ MU&0\&[1H2F^V\IP&!89"^;'@LV1?!"_C&5BY<(BXM.`U%O(D@.!S_0*]:BR( MGJYA;V.AN:`S4C]I0=W9&\*B\!V_Z6L*`F M4W.PKXO!-P")`*ZZD*O^8@JK`Y MSSY[INRT;S##$S_3\)D0>8N7AC!V5\,JTK`+;]#/[RL^L`9J2D3VC)=L5D4^ MTM$&;/Q><3:Z?#:C4M=_0T>ZYQ\%?R#B&@8SS.JZ_.`2+&"O.Q`3#"/=[ZHX M;0"QC*XJE+Q&9AA8-/8JJH\&<$&#)P=DH&4 MM>9OHLS+WX`-YH1]]I0GB.QRI@2V$ZFN_514D8O]+`F(:K]TA!`!>C5/`.5B M@863G[4\*JJVB&:L^OGQ) M,O9E3KP^V2Y:GT2O(]]=O'FF.FO6MSLQ.T[C==:U/`H5:'M,G_\\'QG%OMF) M6=3973E>Z5[5O@/M_H]`/Z(,A6_X%07O0*^_,NPY.F7TYAAE9G.>ZI;`W.B` M/3#<)+DFJ[_Y\N(9*HXQT<("LN*FSV7:[B[6IDIIQERD;._]8K8<*]WAPP@' M=RH!NYL>E0>CWVR')6;,-4G.A]7'%72(I`367Q=EE%43K8\73F3XEZG2FD!? M$Z[6B,.%)2U'E6Q7"WX,N'-DY1N5H$8GVK)HB;8YZJ26ZDJ)[&&"BZHG[51\[$1/!"R_8,KT'E@OS$3"BFW(,66+5#-*SX<]7ZKW*)\] M`5@-=,#NL$ZVZ-(/=\"*M/QO$<&C4):/D>3$EL>@=21?Z>&WR6!N;,K-:U[A M6G&;UZCU.'W9),;.#_'20XZ"LK4,.PK:F*,J4XD-W1UQWI6AI.QAP5H./4:A]>)PPMDD.&H[(%[SWP$-@[P;:+_0`[Y M@LAX>/:9.$Z.$;!SM^SC:4!AMI%'T@.W%^C_@ M@!__`5!+`P04````"`#S>P\_P5?`L``00E#@``!#D!``#M6]]SVC@0 M?K^9^Q]T[DO[8(R3IG?ARG5H:*[,))<.26_ZUC'V&C01$B/)`?K7GZ38@,$V MAN`#[IC,,&#MC^^35[O2VGG_83(DZ`FXP(PV+;=6MQ!0GP68]IM6)&Q/^!A; M'_[X^:?WO]CVMX_=&Q0P/QH"ED+95'K&V5G-?1XAF#XV]$=/C2.% MFHK&I,=)()O60,I1PW'TSQKC?>>L7K]PG@>M1%3@F=QX/*Z-SQ-)U_EV>W/O M#V#HV9@*Z5$?8JV4QJ+UV:?N[6)""PUQ0@]3S)G!+H0(H.B(:CPM#8J!,<#_J@1U@ MY5*'L(5B1XO@9U8PE8X2=6(9)]-`U:AGKNR`#3V\(>15[7\1+X1>1.36@!/U MRA&;F;&',.P!WQ!M6K5JI!XAF^$S"C$JE8'1YR2"41M"3+%./>CU#::`.A*& M`DDVEWEC\G/")Y@I*/''%">82%!+.TA8:=J)IGR M9*.9/DH,(!:B11,&>8*=,#\%F.BLRWCF73!S&7JB9R94%_SS%\9D076_'@]>8WG'@](*;^%DL[^\?_H%RU)EBLA3X7 M3*.>1TR+I_&K\$RLQI&Z9?)]MA%R-BPQIS$"5LR!\0"XVC#-UHV3$?[S%=4V M&0#=F@P@T&G)[#7D]H;Z2DUTGW'\P^SF;N-Z4()%MN(6K%8W;?K*]ZN(<[7O MQR`R0>7([,[_)PJ\/\WWG1[?G=\_N5J6!9S3X[OSVZ$!]HLF>TE@EYXED4R_S$?T(K([KS? M@O1(0<"DQW?G]YZ%,M_KXFB597WU@%))Y6"^A83NSAZ8CFU,>;W M[ACYK93:F,ROQT@F7;QC)K\=(Y/%#4',X[+D&?G4=3IUG8KQMX'C)Q5]3]"A M0G+S%*J+Q6-!,Z!8Y=@Z4<5LEC='IY[4D0?D7IBHV9;<\TW*;Z<.6[E,LE1V M=P*]CF2D=C*)$_$EXOY`/R3./Y:N5:D.W;U:P^6!+4KO#M-7RL$C^`<$K=&( MJRV?J=AW]&X$])KQL<>#&8)\K-M8J8)#&W;!H;R5_?H,U"+D=-[Y'YYW M5A'IT[`Y#)?FL*!1Y5HSKY"4.]VL<,ANSB_=A'G*>'[=I>$3IF).+4T>P?RB M6G]J!7PB)CB;EH"^_E)R]77H0.4#\P8@"AE'\]Y#`Z$88:.`T&F-'EB,[X7' MW9A"\-$C.HQF]6`MEQRM0^'3DM<>YG][)%J?/E<5#H7%%U5<]??P+Y`M(:#L M?[(9Y-2?0#F8[_3)BJ;`[F`WURSAE1=_R#GI=KR\Y=^I]I7Y?]M3O M.[V#5L$[:)5U2Y*WO-<_IMKE:Q^G577JHA]0%WTOJZN29N3:9U3Q=?VA_UU) M7?D'4$L#!!0````(`/-[#S^)3R8H)!@``$Q*`0`5`!P`=&1W9BTR,#$Q,#8S M,%]L86(N>&UL550)``,:=$E.&G1)3G5X"P`!!"4.```$.0$``.5=>V_=,-KY\T__]88GPO1A'$\1[EWPOQFHX;?<,1?MC+,=-&%./+WL'T@C5*FXW<6H,!59(HKO=!ZGV])S*N5ONO#_:9A/27 MSZ>9D1V'WOLP]=/G\_`^BA^9DAW?)6GLN&G>$(//6S+DVRL@4M;CN([3B=V\ M:?*G1NR,8L^-B/5LTMV`]RQGOX^CQT[`,AA1!Z;/P5W0E*@F3HR3:!N[N-,X M5J7HVK\<$?$CA).Z51SN?KS9^2EG1<2U(LZ,*MSH4\[_KQ_X^\<5*7?;[&66 M1]CSL[U&CH7\PZ]G=7V6>\H_DI\\^_3% M8?J+\X@;,LO)[%J'#BXU!AF--=U7`VCI0Z8")2VBQ'8'_X3H8^P$Y\2%?_L; M?I8*U**#&GX)X/KX-X@`%$"(0*8!&3%BU(B0V]*!W"/=DF8%HM0?VQ]Q$;Q\ MH*O/K(YO^\5R1T]I;(_E%8[]B,Q-WBE9QRGP-^C@1E<(N#G,-2*0\18@D`\\ M)R:3O(M%"H=6,;`*PJALGVSBNJ;)\$2`GM:\9.MBY8LCHK.J% M&D1++3+RFK^PO2C@FXQ_X"#X6QA]#6^PDT0A]LZ39(MC@8@:>JB-GT:`^@90 M0@RP$50BD6T(*=/N%\J%PJS=^C8!NF3OQ\Y@IDPI7&VIRL.,B)?S&J9&0%N+P M2`%$>H:4S30%$^)<=K6%:>@)F=S642P_3&Q00>F&$&Q=)6HD`)H@>+],`1@I MRFF'#ON]D]PQI-MD=^TX&S[V.$B3_)>F$F0_?Z9JA^E2^/+^S`^=T/7)^CE* M?,6=7#=6N^K21RRJ0UWXFHIE;[".DP2GB698FD0P`R"&6NWJ.L4DUOJ$X[LH MP1<"HU6A:!\F,:*WDUQABCQ*#W"*F]8!-_;O?]VR.]/;V*'1-,>N&Y'%C>JN M7LHHP-97Q3W\8KS&VP-'Z(TDP:A_-- M8X[:B()QA1@)W^&/8":.*JSJ=$%_AYHDRG>WCXS(HTD4<<.. M),EZ)$X'0%N@=WCMAR%5N7=.0*,!)T3[/O0&827\4P-53;<=A]F>J7YP8C*( MIV2O2%:B?+Z7B""DA#%D!>BJ70O(H,Q<"D6H#NB1D5O74G.4G!)EI(C3PFGQ M>?B$DY1MKKZ&V/L8QMB-UJ'_;_ZW$]"_CC<;\K,OFGX'M`-C`;T%KMI'YT:@ MK*G89MMG[,H#6=@S=?E9.MS%Q(7OW/F!G_HX.0Z] MFS1ROSQ$@8?CA+MCS96%.3M,QW<5KSHTIKQ0R_9N^%JV6V%G$^F5$Z"`< M_.!KP$D0V2K'6^R]_T9>E$AGIP%F0!G9Q&"2ALWL:I`31#NW@U"@GA[[` M[X<>9^1`%_;#0/1:6P9$IOD\&L&V5P MJ\O")@W4KDF,HZ43C`SF$+4+0E2A6R!VO6%]@]<7[RP.*/2;UAD<2&@.(N`. M5/-CM.P037/:(Z6&Z6`-^&IG2TBA?)@23LOP9G#6.1#P+$Z#_H())B=HBB(, M1##D@=%[(T&JVJ]D@+S->?13['4:$`T/E*+5FZ/EX9O#[]FUQLO]Q>'!T?+@Z.![=(T]C!_ITAQ]#/TT0=$V9=E2 M6:1ZBOZZ#3$ZV%\@JC",^Q2[^/&.+#L.5NQ7\HQ(O\%NZC_A`/![MD8OF;G- MF4R4!A/D)#JH73@+04AB@#;%'.-R:LCH>#/@K6EQ@>Z*J/GH'O&7P<7-]Y8" M$TN=%G^'M8DI[%GL7H07QSWOFV>PSU&*TR5:P?J5DAD@PTO\$<]R?\%9[/W? MG6"+KW!,)T[1>9F$$.`L5PFY.,L54MD]RU5`$%Z:95_`,FJ:RHDM8D!.<[LB M=R@Q>F+`B9=&VZF`:X]U>R%/&M`!#W:56RFVJ+TLU[1]-I7M-F:XR90):KSI M;#8`M>?I`;*EIED;^1YHP524Q:83K26V4-OF6%\=32!AY5PG:V>1[>MO M3"L>Z.=9.8J?R7:4V&QRJ_Q&2T(-'8XJ!"\..JV1`H:6"G"H`DAS<0.2T$`,M,%I6'EO-7M-XL2&E+2:95+FUNP7G`U*>G,,4YIN[_)2;3C6)F MJ#\'T'T1P$+WJP_MZG[[S>TC6$8"J_LS@:G5?6.<8^K^>>CYKFI9U"``T'XA MQ$+]:T_MZK_@U8*U+J.!M8#9`-7:0`>DXUI!EHN%[$02LOT@?_JNRB84Y"`6 MHH5?L1UP^P MH6E*N*`M5"F,V%"%+(#VJL"CTY6,%>6\,S+?`5+]$I&?9V;)O<2)F3A1-DA> MQCNF85_X]/@OVS5&X""*WL1B`!(VE.<>P_.?2[P?,P M26,FS+6??%$$2*A98&Z]3<2HWG>KZ*W?=.O!M$MH%RRHY$&4"3RFHH1VDJ5) MH[?P_-)=VP$B%FB-DHLAUJ@V/:!&R<"H-"KGR6)TQH^7..,%)/+W)%=$]@I'P536=,VT)9 M8Q75!'40OU>YM3X%3O!9?<)SX8?X/,6/^@\S!!S0P?92(=2?\Q3D,_BDIX'% M[+,>RH08URP^XV`YX+,*MH66:WM`P@6M4TIA%+4)FBPSJ4DIAM7.;[%EJ7-$3>+IR0,2[DHH`9R7%ZYO@QRS=BU@DUAEF8AD`$A554J&=B$"U$ M[A:Q6(+8\A(//1=9:F9%CD%NVDJ!R46=5WGT`ZX(KP M`R02"C0;WWN%22^1O^^+O$]F/2#BFX4GE@ND<,AMIIGX91FPEK[]B:Y21DFA M*(M:()M&5L$AH9D;W.@1'X=E+970.WD@<'!R'IIE+!^I38@(B9$ZHHRK&-B@ MY6B,4="V8P^*9GEJ#]HP3]B8ESRB_\@:1WXH2*,#7!/I/[9C]($G,^N9O&-F M4-2;2'_J/_D>#CTNP"598)&.#->:2@]=&H`M`FXNHJ@XN)X;;J;NAE"U1.2, M]JM&C"!#%DS/J-:93H!:T3,9,5CU,S6@=I*'28MBJE2] M*]+2FQN4(;5A$0CN_`JD!TP%\L@P.<)*S";^MHQ- MD^]H.&F:J5ATCX@#?XP\/WTFSIS/2`#;ZCZ241[T@G(QD? MY/VLBVLT882V(IU(8E.2<<$5ZRTCKDN4Q@-ER@PS6-U$JPZ8&2?GN7N+&_832[J%D$"+H6:P=) M%'6+:NQPTQ3;_DE.8B0T,`8B!%HUA1K!W+P3K6PUH[=7% M4-3HQ>KUXFC_]?+-T<$A"PU[>;`X?'VP/'R]_Y)1U,IYTD\C/I"Q?T`'JP6B M^LEY]E?[B,BWP2[-!10\3W,78EK*>UA_O#H\_'YY2/Z7B_;R]>&KY='!ZT-Q M;_QU&V)TL&^_,XS+@P_H#,WZ"5#>CNT0RR M!P:P.#80.676;C_Z;![B5V&P<$2"%O65*'0&[P"#*I\W5/"83P50*A$A')( MZ!,%A1BJ43-%YM!^]M8,!"CSS2F(+6>41."JS`.N\ETF#H&60$(69B>Z;` M!QK?.+OD(M=+N1#5'0:I66!VGR9B5'>**GJX*T\1*MWY@H9G/L.AW+DK&:"V MV0:@%*G$T`?L4!:VS[.^1QZ(O<(U>,\Y7045FF#C9^RM:^ZWLL%7^[%!+4)7 MR^C=";KR+(;-S:)Z2R>LBCUPBLFRN&-?F;47GE3#.D/:B):#CF M#LIO?:J:0#IAW2:>,REKM;KWJ9S!SF.N:Y]%:Z8R%0.,V>I%J!JEG!IN,3[H MUF_>=W7];]@`[\64-T+BK^$-TGR,Z^V..-00KYT4>[?:A`^&L'FZ7SP)9./D M%//!JM($TZ^8=)^I46Z>'#W_[&ZB-.EUE5&-0&_1:+!24;&B_9$AG?O(`W?2 M-/"=/IO\#XE2%&2`%1MUL(LJS<77MLN7:WX-WMH\KQ@&SE^ M&LWY%G1E8-<(^LK"+")/2Q3SS%GY&=[;`M M`ZJ\KI59A;3-O$?^N57U=_I26A&1O#8K7,!>;-^[_+[Z3Y)IV9ZK^P>F*SGL M'3\1R&O.<#U259AAF(>R2MK/"#!44T5>J"H6EI*J],\#- M41CE+:CJZA;H9K:QLZAWL";/CM0`8+S-)*),6>/*)"IMN$P+M'KS_?+HA0IR$PBPV] MSP0N8D3!BG5!"3R5KSG%+2FV*?T^V-S7F#0![6O,Q13[&CT_H*\Q!:?S-=5V M2E_#FYJ5KQDD<,7T/"PRO4S@.?D:NP*/Z&N4RVQY58:.O`#>I:M@A5LQ9;3K M3[JATN[VF@MFR'.;,>2K'7 M'39WHN@3;P\FV]SO56ZM]YQ"S"`I M;][X4#C"^S?H@G,LS*_3I6C&,:=R\;Q95B@]_P"$U#^-QIPG2X3#A0J79,% M6^8ZW#SHMGMT:O9^#_N?WY-U0_I\M;TCZX:S(')2N2(GV%VNHZ<]PL9UF/S1 M5%U)DW:54BD7U4DA0><]N:H7Q6N@SCK]$V\8\981:[HZU-G?%Z15\F_R+_+' MG9-@\H__!U!+`P04````"`#S>P\_#90*&04.``")R```%0`<`'1D=V8M,C`Q M,3`V,S!?<')E+GAM;%54"0`#&G1)3AIT24YU>`L``00E#@``!#D!``#M7=US MVS82?[^9^Q]XZL.U#_JR4B?.)7?CR'7CJ5U[;*?M/64@$I8PH0@=0/FC?_T! M_/X`0%*B3(#3R4-D:1?T:>KYE$PA\ MZ%B+%^OVUCK#G@==%[Y8]V"YA"1^BC6=C/B_Z>SMOZPYWKP0M%SYUO?S'W)< MPV'TC$^`LC897_"PH]$T_,5%WK<%^\EB"GCTXV#E^YOWX_'3T]/H>4'<$2;+ M\=%D,AO'A(.0\OTS13GJIUE,.QW_<75Y9Z_@&@R1QU6V4R[>C(AO>G)R,@Y^ M9:04O:^R\;A@]%ZXW+!0^^6Q'X\''@.T\/K(7I='(\FW#^[\XBU$X]YR?/1_[+ MA?>`R3J0>F#Q=K_<7B3BTS7R5PM`//@RLO%ZS'\?JYL8[ROAG<^LB;=/KQ_. MD,M\G[>\P2ZRZT.H:B"2;D,@92('[O22"9,3$S[[D,VY M3BPH;W0?;QVUC7S>S&1B#:V8/ON1!8%6R&QEN0-YF<0NMG-"NCP*PJ2J,_DW M7U7BG2X8?L#VXX9")^W-P1A9NXO;'WQ M>DC,F5:$#WT'/O\"7Z10E.@,Q**D0P3&F^[!B)6Z9\T*,,C_;%37YT6/>OQ8 MGQZ_@>RY3!WGC`5]BJXOT!F)04&'"(QWW8-QRJ1SN(3G+E@*0"C\;E3G%V2/ M.GTZZ;[78VW.$64AUG\A(.?L&ZH8!"5*HY"0:A%CHH%7SLL8#MAZJ.1H#<8E MIT>,C`8N>KXE)&<\="TJW MD`BPJ:`W"J`*76*4-'#PH:2_893^0W9Z91O MR28\V<_4P@]6TH*5-K&S"3T`N@CPV=+A$H!-:$?0]6G\3=&@HJ^_)D)E=+K! M%"DV<9NQ[CXN=E?JE%+HTPKQBT1=C)-=4.!#1::#"=BNJM015'E_")[8T#54MT_5!K9QC. M`5U)!E_X4V>NJ9[Y94=:*'!?D;H"9(F\,Q:$LCDGM&8)<$)*@W`4RJ]\^6(P MK&E&S_436XQ_\0BT\=)#?X:?@R@G?+=D?Y^ MMKY_-0)(I?S*-TM-H/*Q#UQ=1O8E`@OD!IE$;'EUYV/[VPJ[3%,:]D-%[%N? MW<2HN+YVK1F'9A-_M@?J6X(6H#>U;!GPO8^N:[DM%NBTXMSS[>AB'_LZ];Q6 M^AF*Q*DSWT:V,$T#5JR:I:0:0Z@67+]878+2%?#`,G!?YQ#2&_`"%F[Q#:V* ML+/`J\*\$H@D&E6'1&:`)\)- MDM1E[(*G<+ZE(JJ54NOB]II&ME*%^CK;1D>(BGH+]R]J\G2)?87Y9J&NT$*_ M*+6M>7F-?.@T`KR"QQ#`*[3HZP@O'XB->OM_C M3P1_@^0,`IXJRD^8NQ`0Y"VOR1)XZ,\`QN+*B8FX3ULZK['V5"VRG%G?+"?J M!WJ/YUOJXW4YA9IWG)!*=[2%0D>#QD,_BVT(7H4[%"J"/5,N5)) MG&95]PM&9$JY.(E1R2&#:])"`]7VNMM,/?QT:^.L-P[X)4U5O%Z9]"WN5>^Q\S4^OMWY0 M09/-@+N\;2BW8`4SXK;@![N:S3;01KZJE5.6+U>7L-N'Q,W:Y>=%[Y8:%A+JSP+H9*N)D MQH(NAR_AU@9$I74M3-U@O42\0[`]C5_-PR7O/#J MZIDZ@7*''WPY)-E?#0,D*[JZ3*9.<#09(U^/NMGM.(,$/;*N?X3YZT04>U%J M%CTLJW)72JW$X6\::`.Q.&&`#R/FY]FJJ!(Q$4N7B-4Q/S%L(DU>=5^JF*IS MLR7VBM_J)Q_PE2QZ0"&WJV1"KM3$F.VKHB9W;.:HCV"6VECPLDH8L\75)*%* MCN==J@7HY?(@Q<^7%>_L)4L4%&V;H.#@0TNYLZ>FZ< M/CA37R$0MAU>\1JU'OP1M6\ASXJ?\$\K>H;U_1P]GPZ(!L7W9'9559 MB/NWV>592B;@&7I$#K.:4'AF_`3PRUTJSA0T::"S+,:V\!8=U:RC>'(=B"[. MHEWC*>A=82DEZFXC@Z;V+[*!DDI]70LD*E;4\:Q!WZO)0*%G7$WA[4B;T5^K M^*?P!5F!HLN16VF*DIJ?_:UO$=3#C'M#-B#S--H#*)%;O^77@>;7NO.J25"6 M9=?MO@/YD?IT:R!T'9>8RH[.BTFUATDMOG:56B50184`;B'=NNK38S+*7L0G M2@WC3>4S[/!K:BO>3M5A['*ZKF7%8@.0*]17*T@W<=->J&T)=9F-LH:Z2O7U7592 M"\A'CTP.W@GK167U"S*5JL_"UTX'K3'/P< MG['0Y[2(@3_>&?B3$'@/+MFJTM$;^!O(Y.+O7UC@0N$9#/]O9`.R)GJQFM]- M]3B^.QZ]VWN=K[/SJ&SO>'>!";%Y":^T:!_G?4;=JY?#/S) MZ&BZ_T`/D?_):\%C5-S54/>JANYO:CC,[JQ8OQ3-X\G)[%V_PK[%^H[L2]Y)GP!%=I"WX6[]--4MLYP_T'-Z87L'[)_4=M]-WASO M/Q=I9KV_0[1<,45/F5Q@"1OT5+;,9-!K`IMMM?7>6&JKO9+:Y\GD:-9"F'3P MZE&J^K;RU7)#7HU7S`TUB5?-[WJV:KZ#KIN^O1=,'D4"[9,-1$+++U@P(B$^ M5^F^G!VOKIV_;W;\?H7V_\J6WVG;*G`S@M&HI.Z-:U9J^7IW%[W2K!`YH>*X M9O;"QO(9HK:+Z99`]D=,V4468>8^MSGSB-A%3FA?GG.3Z8_,C0NI551E=+?3 M=B?)E?N(GF++;V=$2P\]L!G6\R-[9P[LAK7'"\;>,ZOZQ-3X=H@>W$F,3L.` M-FTQET;ZZMWX>JDSKS29)1WSF:VN7+["*MT&<#0Y*DYLZ?T^&;96*K^4Q5&% M$$KR=DK1E)\@&]PUZ#OS^#7Z-2U%HU3AU6Y.>:4!D$^205!@_K.B^4<\5H:I MQ83EM-4:.G\7T:*'X_9ORXQH65Q!P@Q9>`7,T M>5.:]!F?%3!:.*M0I7_# M+G:K^:J*@I'WHSS<2GFMD%F3\J1\U^`S=):Y23038:O'YEXMZE*AM4+@JI&] M7Y-Z%%K9V1ZJJL#6[XC>31MS$E[!6EZ6EB>.X^+$$3-;*;>5L'?\\%.01 ME.:A/*TT:XT*`27:O7+A\X5"4(6#4$:PA10 M`P'ICDFG0RY"*4$(&)-[VN^#\E9)LU&S?\W6GW^1\W`T5KP_,.3-^=N<5K6: M^/A`-=I$/>?LH-:,6S0;P)`2A"OU:65@S.BX7G]Z>JH]M6JAZM:GY!,TS:.CH[IK MK1!#51_,9SH$/:(,4G$]Y&;0I4K"N,;"(7IH-JN-PVJKXC0SD!"*9$8D=2F0C&L[N@,"HNAF/H(Y" M590"Q5FJMU@IKX`CRU9/F.Q1W74:OB6)KUEM-2O(/R$G5,K04(-#RCW;FM&( MRUZ8/&*%[?!C%0JX1Q/$%AXZ[;D]:-OKYXH;SJ@X8RR,I,%Q?QL*SCCH"N'! M::6D/?7K/0?0XY([A(V#QB&ID@NNF0AUI``?O"DRL46\L9-ZT4+1>(2OQ8U\ MY\HC!1KY=IUQA16)=B)2IHGN621>H#A!-E\OJ?4$K,7+)9?X8G(JVOB**C?A M=+C^EK`RMW4!)W\4.4D-D8DEXDSM&2DR0KGZAXH(KH':WK-=Y>F8V;2`B]^G MN$`KQ)DA63M[(@I$W"MJU^#C\PBD!HW%\P&5?=!M>4N5P2[4YW3$#17XB$H#&2>.>_DL0]>?,@:11PW-B\)6]R M8-[NA\LK#9?U1LBB0='8Z*#8#X+B#BJ4@>W&P&Z]@TB`9?,1M,DDB`MDR@D] M*!*:6B/>7$QL:G#/4PUR^?H2>RW:@1]RIZ[$]0SRM:#X<"7M:Z^H&"GJG%7NH6K6'BXW#5N,K MAEM['@HO8NV7G/\Z9HL]E#CV)JAB4U:F3H712#@"9;?8V4/E&#HW5OTVXX98 M/_HW0@4BK;]:\,C8JL$72-Y0[.<3+QL*7=#NJJ&C"H@-!GUE[6\H7'S%5@TW M_U9N*.:+U,G,P$_JV2-^?,I?`9Q@W*$R1$[=K93=],0W25M5 M;56U>5!M-6O/.O`85X$PZ8/5('B]E2$X6QI8K1\^(I\\>ZKH4A>YNV&HY0?GXA ME-+;MC6X<;96)BQU;6,\[ MBQ1NO]AX90@YQ?1I33#VIE2]`$M&SS^L28H9J=59\4JN-`]`1B7!CAR/!,:SO0A'D(9=);!O]@U1`!?\7@K,1;H,9=_(W\@9? MT\M0/5$5I+CS4;U$<]O1OO1^HOC:KV]GQR:$Y#N!#NA(3,]R\UIW+(C/8,ZT M!N,^.+D%]8#[4!_"[+88L$]SK3M;_V.GC^FO#.[AV7P0.,6E$TBI3.ZE,KY^ M&\-G\I7)G!$T2V#'!M$4TBDVRB1V@(N/WR.7,:8P7:I<)&21U(ZQ,AMN>3!Y MT,-0@J%J_(JPXX,DXYNZ5-AC)0P'NG9RF1?+-96T'W_="Z!OZ=AZ\:',:=Q2 M)$Q!4!:*GU5UV92K9\VY]OU`!'<#JF`3@T!_G M4>;KMHWPDT*/A7[,UVT;85L:P,S;=#!=TQ>8IJ%#5MSUE(CL%/Z;R&@>@,7( MN("2,.9(;CN:N[!G\JBS-=M&=XV3JBB,YGS=MA$6]Y&WD6(#^[\UY=O-*;%M MQX$+P^20)-X^785:9]:-VGP7@\7_`%!+`0(>`Q0````(`/-[#S^N M06O32TH```AI`P`1`!@```````$```"D@0````!T9'=F+3(P,3$P-C,P+GAM M;%54!0`#&G1)3G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`/-[#S]."@25 M"0<```=%```5`!@```````$```"D@99*``!T9'=F+3(P,3$P-C,P7V-A;"YX M;6Q55`4``QIT24YU>`L``00E#@``!#D!``!02P$"'@,4````"`#S>P\_P5?< MW5`%``"K-@``%0`8```````!````I('N40``=&1W9BTR,#$Q,#8S,%]D968N M>&UL550%``,:=$E.=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`\WL//XE/ M)B@D&```3$H!`!4`&````````0```*2!C5<``'1D=V8M,C`Q,3`V,S!?;&%B M+GAM;%54!0`#&G1)3G5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`/-[#S\- ME`H9!0X``(G(```5`!@```````$```"D@0!P``!T9'=F+3(P,3$P-C,P7W!R M92YX;6Q55`4``QIT24YU>`L``00E#@``!#D!``!02P$"'@,4````"`#S>P\_ MX\Z!V4('``#2.@``$0`8```````!````I(%4?@``=&1W9BTR,#$Q,#8S,"YX M`L``00E#@``!#D!``!02P4&``````8`!@`:`@``X84` #```` ` end XML 18 R8.htm IDEA: XBRL DOCUMENT v2.3.0.11

Financial Highlights
6 Months Ended

Jun. 30, 2011

Financial Highlights [Abstract]

Financial Highlights

2. Financial Highlights:

     Changes in the net asset value per unit for the three and six months ended June 30, 2011 and 2010 were as follows:

Three Months Ended Six Months Ended

June 30, June 30,

2011 2010 2011 2010

Net realized and unrealized gains (losses) *
$ (451.10 ) $ (578.12 ) $ (168.21 ) $ (579.36 )

Interest income
0.08 0.46 0.49 0.69

Expenses **
(13.24 ) (10.19 ) (25.97 ) (21.07 )

Increase (decrease) for the period
(464.26 ) (587.85 ) (193.69 ) (599.74 )

Net asset value per unit, beginning of period
2,253.00 2,023.94 1,982.43 2,035.83

Net asset value per unit, end of period
$ 1,788.74 $ 1,436.09 $ 1,788.74 $ 1,436.09

* Includes brokerage fees.

** Excludes brokerage fees.

Three Months Ended Six Months Ended

June 30, June 30,

2011 2010 2011 2010

Ratios to average net assets:***

Net investment income (loss) ****
(7.8 )% (9.0 )% (8.2 )% (9.2 )%

Operating expenses
7.8 % 9.1 % 8.3 % 9.3 %

Incentive fees
— % — % — % — %

Total expenses and incentive fee
7.8 % 9.1 % 8.3 % 9.3 %

Total return:

Total return before incentive fees
(20.6 )% (29.0 )% (9.8 )% (29.5 )%

Incentive fees
— % — % — % — %

Total return after incentive fees
(20.6 )% (29.0 )% (9.8 )% (29.5 )%

*** Annualized (other than incentive fees).

**** Interest income less total expenses.

     The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets.

X

- Definition

Financial highlights.

+ Details

Name: tdwf_FinancialHighlightsAbstract

Namespace Prefix: tdwf

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Financial highlights.

+ Details

Name: tdwf_FinancialHighlightsTextBlock

Namespace Prefix: tdwf

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 19 R6.htm IDEA: XBRL DOCUMENT v2.3.0.11

Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (Parenthetical)

Jun. 30, 2011

Jun. 30, 2010

Statements of Income and Expenses and Changes in Partners' Capital [Abstract]

Net asset value units outstanding 15,774.7577 22,675.9367

X

- Definition

Statements of Income and Expenses and Changes in Partners Capital.

+ Details

Name: tdwf_StatementsOfIncomeAndExpensesAndChangesInPartnersCapitalAbstract

Namespace Prefix: tdwf

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The number of each class of partnership units outstanding at the balance sheet date. Units represent shares of ownership of the general, limited, and preferred partners.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04.16(a))
-URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB TOPIC 4.F)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04.16(b))
-URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Practice Bulletin (PB)
-Number 14
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 16
-Subparagraph a, b
-Article 6

+ Details

Name: us-gaap_PartnersCapitalAccountUnits

Namespace Prefix: us-gaap

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

XML 20 R9.htm IDEA: XBRL DOCUMENT v2.3.0.11

Trading Activities
6 Months Ended

Jun. 30, 2011

Trading Activities [Abstract]

Trading Activities

3. Trading Activities:

     The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital.

     The customer agreement between the Partnership and CGM gives the Partnership the legal right to net unrealized gains and losses on open futures and open forward contracts. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts on the Statements of Financial Condition.

     All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended June 30, 2011 and 2010 were 3,079 and 4,824, respectively. The average number of futures contracts traded during the six months ended June 30, 2011 and 2010 were 3,178 and 4,618, respectively. The monthly average number of metals forward contracts traded during the three months ended June 30, 2011 and 2010 were 104 and 361, respectively. The average number of metal forward contracts traded during the six months ended June 30, 2011 and 2010 were 134 and 316, respectively.

     Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions.

     The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of June 30, 2011 and December 31, 2010.

June 30, 2011

Assets

Futures Contracts

Currencies
$ 346,984

Energy
97,801

Indices
783,441

Interest Rates U.S.
4,062

Interest Rates Non-U.S.
158,213

Livestock
10,500

Metals
37,880

Softs
354,432

Total unrealized appreciation on open futures contracts
$ 1,793,313

Liabilities

Futures Contracts

Currencies
$ (258,893 )

Energy
(207,645 )

Grains
(677,559 )

Indices
(5,076 )

Interest Rates U.S.
(32,320 )

Interest Rates Non-U.S.
(125,879 )

Livestock
(171,800 )

Metals
(54,560 )

Softs
(391,657 )

Total unrealized depreciation on open futures contracts
$ (1,925,389 )

Net unrealized depreciation on open futures contracts
$ (132,076 )*

Assets

Forward Contracts

Metals
$ 426,715

Total unrealized appreciation on open forward contracts
$ 426,715

Liabilities

Forward Contracts

Metals
$ (234,307 )

Total unrealized depreciation on open forward contracts
$ (234,307 )

Net unrealized appreciation on open forward contracts
$ 192,408 **

* This amount is in “Net unrealized depreciation on open futures contracts” on the Statements of Financial Condition.

** This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.

December 31, 2010

Assets

Futures Contracts

Currencies
$ 1,561,451

Energy
296,607

Grains
2,286,361

Indices
538,181

Interest Rates Non-U.S.
77,000

Livestock
421,367

Metals
749,650

Softs
1,788,112

Total unrealized appreciation on open futures contracts
$ 7,718,729

Liabilities

Futures Contracts

Currencies
$ (171,134 )

Energy
(96,483 )

Indices
(139,573 )

Interest Rates U.S.
(227,140 )

Interest Rates Non-U.S.
(93,934 )

Softs
(538,053 )

Total unrealized depreciation on open futures contracts
$ (1,266,317 )

Net unrealized appreciation on open futures contracts
$ 6,452,412 *

Assets

Forward Contracts

Metals
$ 1,063,713

Total unrealized appreciation on open forward contracts
$ 1,063,713

Liabilities

Forward Contracts

Metals
$ (1,120,174 )

Total unrealized depreciation on open forward contracts
$ (1,120,174 )

Net unrealized depreciation on open forward contracts
$ (56,461 )**

* This amount is in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.

** This amount is in “Net unrealized depreciation on open forward contracts” on the Statements of Financial Condition.

     The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2011 and 2010.

Three Months Ended Three Months Ended Six Months Ended Six Months Ended

June 30, 2011 June 30, 2010 June 30, 2011 June 30, 2010

Sector Gain (loss) from trading Gain (loss) from trading Gain (loss) from trading Gain (loss) from trading

Currencies
$ 1,089,123 $ (1,857,550 ) $ 1,511,335 $ (1,145,684 )

Energy
(1,219,733 ) (3,374,162 ) 1,558,112 (2,734,865 )

Grains
(1,632,543 ) (731,569 ) (1,434,430 ) (518,227 )

Indices
(864,511 ) (5,872,488 ) (103,530 ) (4,754,553 )

Interest Rates U.S.
46,523 634,086 (54,485 ) 821,438

Interest Rates Non-U.S.
(993,537 ) 2,414,754 (1,363,605 ) 3,370,249

Livestock
(1,692,385 ) (812,420 ) (1,059,392 ) (1,141,188 )

Metals
(655,317 ) (3,104,632 ) 461,336 (1,835,393 )

Softs
(990,031 ) (47,451 ) (618,548 ) (4,180,233 )

Total
$ (6,912,411) *** $ (12,751,432) *** $ (1,103,207) *** $ (12,118,456) ***

*** This amount is in “Total trading results” on the Statements of Income and Expenses and Changes in Partners’ Capital.

X

- Definition

Trading activities.

+ Details

Name: tdwf_TradingActivitiesAbstract

Namespace Prefix: tdwf

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Trading activities.

+ Details

Name: tdwf_TradingActivitiesTextBlock

Namespace Prefix: tdwf

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 21 R10.htm IDEA: XBRL DOCUMENT v2.3.0.11

Fair Value Measurements
6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

4. Fair Value Measurements:

     Partnership’s Investments. All commodity interests (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.

     Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. GAAP also requires the need to use judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded.

     The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.

     The Partnership considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). As of and for the periods ended June 30, 2011 and December 31, 2010, the Partnership did not hold any derivative instruments for which market quotations are not readily available and that are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2 ) or that are priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3).

Quoted Prices in

Active Markets Significant Other Significant

for Identical Observable Inputs Unobservable

06/30/2011 Assets (Level 1) (Level 2) Inputs (Level 3)

Assets

Futures
$ 1,793,313 $ 1,793,313 $ — $ —

Forwards
426,715 426,715 — —

Total assets
2,220,028 2,220,028 — —

Liabilities

Futures
1,925,389 1,925,389 — —

Forwards
234,307 234,307 — —

Total liabilities
2,159,696 2,159,696 — —

Net fair value
$ 60,332 $ 60,332 $ — $ —

Quoted Prices in

Active Markets Significant Other Significant

for Identical Observable Inputs Unobservable

12/31/2010* Assets (Level 1) (Level 2) Inputs (Level 3)

Assets

Futures
$ 7,718,729 $ 7,718,729 $ — $ —

Forwards
1,063,713 1,063,713 — —

Total assets
8,782,442 8,782,442 — —

Liabilities

Futures
1,266,317 1,266,317 — —

Forwards
1,120,174 1,120,174 — —

Total liabilities
2,386,491 2,386,491 — —

Net fair value
$ 6,395,951 $ 6,395,951 $ — $ —

* The amounts have been reclassified from December 31, 2010 prior year financial statements to conform to current year presentation.

X

- Details

Name: us-gaap_FairValueDisclosuresAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_FairValueDisclosuresTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 22 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 23 R11.htm IDEA: XBRL DOCUMENT v2.3.0.11

Financial Instrument Risks
6 Months Ended

Jun. 30, 2011

Financial Instrument Risks [Abstract]

Financial Instrument Risks

5. Financial Instrument Risks:

     In the normal course of business, the Partnership is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specified terms on specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forwards and option contracts. OTC contracts are negotiated between contracting parties and include swaps and certain forwards and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract.

     The risk to the limited partners that have purchased interests in the Partnership is limited to the amount of their capital contributions to the Partnership and their share of the Partnership’s assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under applicable law.

     Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short.

     Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has credit risk and concentration risk as the sole counterparty or broker with respect to the Partnership’s assets is CGM or a CGM affiliate. Credit risk with respect to exchange-traded instruments is reduced to the extent that through CGM, the Partnership’s counterparty is an exchange or clearing organization.

     The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions.

     The majority of these instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity.

X

- Details

Name: us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5580258-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5618551-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624163-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708773-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41638-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624171-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41641-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6887037&loc=d3e80784-113994

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579240-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6935481&loc=d3e41635-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624258-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5579245-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5708775-113959

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624177-113959

+ Details

Name: us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 24 R5.htm IDEA: XBRL DOCUMENT v2.3.0.11

Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (USD $)
3 Months Ended 6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Investment Income:

Interest income $ 1,305 $ 10,748 $ 8,983 $ 16,198

Expenses:

Selling Expense 465,892 691,709 1,054,399 1,468,844

Management fees 176,603 198,525 380,019 424,976

Other 44,423 40,090 76,414 76,788

Total expenses 686,918 930,324 1,510,832 1,970,608

Net investment income (loss) (685,613) (919,576) (1,501,849) (1,954,410)

Net gains (losses) on trading of commodity interests:

Net realized gains (losses) on closed contracts (2,869,725) (3,659,833) 5,232,412 (3,547,315)

Change in net unrealized gains/losses on open contracts (4,042,686) (9,091,599) (6,335,619) (8,571,141)

Total trading results (6,912,411) (12,751,432) (1,103,207) (12,118,456)

Net income (loss) (7,598,024) (13,671,008) (2,605,056) (14,072,866)

Subscriptions- Limited Partners 287,500 455,000 672,500 580,000

Redemptions- Limited Partners (2,363,874) (2,065,757) (11,322,586) (3,421,170)

Redemptions- General Partner (200,000) (250,000) (200,000) (250,000)

Net increase (decrease) in Partners' Capital (9,874,398) (15,531,765) (13,455,142) (17,164,036)

Partners' Capital, beginning of period 38,091,300 48,096,380 41,672,044 49,728,651

Partners' Capital, end of period $ 28,216,902 $ 32,564,615 $ 28,216,902 $ 32,564,615

Net asset value per unit (15774.7577 and 22675.9367 units outstanding at June 30, 2011 and 2010 respectively) $ 1,788.74 $ 1,436.09 $ 1,788.74 $ 1,436.09

Net income (loss) per unit $ (464.26) ^[1] $ (587.85) ^[1] $ (193.69) ^[1] $ (599.74) ^[1]

Weighted average units outstanding 16,695.4484 23,354.9972 17,713.1717 23,787.6458

[1] Based on change in net asset value per unit.

X

- Definition

General partners capital account redemptions.

+ Details

Name: tdwf_GeneralPartnersCapitalAccountRedemptions

Namespace Prefix: tdwf

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Management Fees.

+ Details

Name: tdwf_ManagementFees

Namespace Prefix: tdwf

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Net asset value per unit.

+ Details

Name: tdwf_NetAssetValuePerUnit

Namespace Prefix: tdwf

Data Type: us-types:perUnitItemType

Balance Type: na

Period Type: duration

X

- Definition

Interest less fees.

+ Details

Name: tdwf_NetInvestmentIncomeLoss

Namespace Prefix: tdwf

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_GainLossOnInvestmentsAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The difference between the book value and the sale price of agreements to purchase or sell mineral resources, energy, and agricultural products at some future point. This element refers to the gain (loss) included in earnings and not to the cash proceeds.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_GainLossOnSaleOfCommodityContracts

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_InterestAndDividendIncomeOperatingAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Interest generated from day to day operating activities of the business. This element represents a revenue generating activity and is therefore gross (before any related cost of revenue items).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_InterestIncomeOperating

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e565-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 5
-Section 03
-Paragraph 19

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The amount of net income or loss for the period per each limited partnership and general partnership unit in instances when basic and diluted earnings per unit are the same amount and aggregated on the face of the financial statements. Basic earnings per unit is the amount of net income or loss for the period per unit outstanding during the reporting period. Diluted earnings per unit includes the amount of net income or loss for the period available to each limited and general partnership unit outstanding during the reporting period and to each unit that would have been outstanding assuming the issuance of units for all dilutive potential units outstanding during the reporting period.

+ Details

Name: us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipAndGeneralPartnershipUnitBasicAndDiluted

Namespace Prefix: us-gaap

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.

+ Details

Name: us-gaap_OperatingExpenses

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: us-gaap_OperatingExpensesAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

This element represents a sum total of expenses not separately reflected on the income statement for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4,6)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_OtherExpenses

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of ownership interest of different classes of partners in limited partnership.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Practice Bulletin (PB)
-Number 14
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PartnersCapital

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Total contributions made by each class of partners (i.e., general, limited and preferred partners).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Practice Bulletin (PB)
-Number 14
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PartnersCapitalAccountContributions

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Changes in the ownership interest during the period of each class of partners. Partners include general, limited and preferred partners.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Practice Bulletin (PB)
-Number 14
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PartnersCapitalAccountPeriodIncreaseDecrease

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition

Total change in each class of partners' capital accounts during the year due to redemptions and adjustments to redemption value. All partners include general, limited and preferred partners.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Practice Bulletin (PB)
-Number 14
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PartnersCapitalAccountRedemptions

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Expenses recognized in the period that are directly related to the selling and distribution of products or services.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_SellingExpense

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net gain (loss) on trading activities (including both derivative and nonderivative instruments) recognized in the statement of financial performance.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4F
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6935481&loc=SL5624186-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44C
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Paragraph 205H
-Number 133
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_TradingActivityGainsAndLossesNet

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of open agreements to purchase or sell mineral resources, energy, and agricultural products at some future point held at each balance sheet date, that was included in earnings for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_UnrealizedGainLossOnCommodityContracts

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Weighted average number of limited partnership and general partnership units outstanding determined by relating the portion of time within a reporting period that limited partnership and general partnership units have been outstanding to the total time in that period. Includes, for example, the number of units distributed to unit holders whereby unit holders have the ability to elect to receive the unit holders' entire distribution in cash or units of equivalent value or there is a potential limitation on the total amount of cash that all unit holders can elect to receive in aggregate.

+ Details

Name: us-gaap_WeightedAverageLimitedPartnershipAndGeneralPartnershipUnitsOutstandingBasic

Namespace Prefix: us-gaap

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 25 R7.htm IDEA: XBRL DOCUMENT v2.3.0.11

General
6 Months Ended

Jun. 30, 2011

General [Abstract]

General

1. General:

     Tidewater Futures Fund L.P. (the “Partnership”) is a limited partnership organized on February 23, 1995 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures contracts, options, swaps and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, lumber, metals and softs. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.

     Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). Morgan Stanley, indirectly through various subsidiaries, owns a majority equity interest in MSSB Holdings. Citigroup Global Markets Inc. (“CGM”), the commodity broker and a selling agent for the Partnership, owns a minority equity interest in MSSB Holdings. Citigroup Inc. (“Citigroup”), indirectly through various subsidiaries, wholly owns CGM. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup.

     As of June 30, 2011, all trading decisions for the Partnership are made by Chesapeake Capital Corporation (the “Advisor”). The Partnership’s trading of futures, forwards and options contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. It engages in such trading through a commodity brokerage account maintained with CGM.

     The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except that no limited partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions.

     The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at June 30, 2011 and December 31, 2010 and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2011 and 2010. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2010.

     The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.

     Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

X

- Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 22
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock

Namespace Prefix: us-gaap

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 26 R2.htm IDEA: XBRL DOCUMENT v2.3.0.11

Statements of Financial Condition (USD $)

Jun. 30, 2011

Dec. 31, 2010

Equity in trading account:

Cash $ 21,546,076 $ 25,519,706

Cash margin 7,969,099 10,943,883

Net unrealized appreciation on open futures contracts 0 6,452,412

Net unrealized appreciation on open forward contracts 192,408 0

Total trading equity 29,707,583 42,916,001

Interest receivable 300 2,566

Total assets 29,707,883 42,918,567

Liabilities:

Net unrealized depreciation on open futures contracts 132,076 0

Net unrealized depreciation on open forward contracts 0 56,461

Accrued expenses:

Brokerage fees 123,233 232,170

Management fees 48,969 70,888

Other 70,878 97,200

Redemptions payable 1,115,825 789,804

Total liabilities 1,490,981 1,246,523

Partners' Capital:

General Partner, 184.9703 and 281.2556 unit equivalents outstanding at June 30, 2011 and December 31, 2010, respectively 330,864 557,570

Limited Partners, 15,589.7874 and 20,739.3934 Redeemable Units outstanding at June 30, 2011 and December 31, 2010, respectively 27,886,038 41,114,474

Total partners' capital 28,216,902 41,672,044

Total liabilities and partners' capital $ 29,707,883 $ 42,918,567

Net asset value per unit $ 1,788.74 $ 1,982.43

X

- Definition

Accrued expenses.

+ Details

Name: tdwf_AccruedExpensesAbstract

Namespace Prefix: tdwf

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Cash and unrealized appreciation.

+ Details

Name: tdwf_EquityInTradingAccount

Namespace Prefix: tdwf

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Equity in trading account.

+ Details

Name: tdwf_EquityInTradingAccountAbstract

Namespace Prefix: tdwf

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Management fees payable.

+ Details

Name: tdwf_ManagementFeesPayable

Namespace Prefix: tdwf

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Net assets value per unit.

+ Details

Name: tdwf_NetAssetsValuePerUnit

Namespace Prefix: tdwf

Data Type: num:perShareItemType

Balance Type: na

Period Type: instant

X

- Definition

Net unrealized appreciation on open forward contracts.

+ Details

Name: tdwf_NetUnrealizedAppreciationOnOpenForwardContracts

Namespace Prefix: tdwf

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Net unrealized depreciation on open futures contracts.

+ Details

Name: tdwf_NetUnrealizedDepreciationOnOpenFuturesContracts

Namespace Prefix: tdwf

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 7
-Section 03
-Paragraph 12

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Topic 210
-SubTopic 10
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
-Section S99
-Name Accounting Standards Codification
-Publisher FASB
-Paragraph 1

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Concepts (CON)
-Number 6
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 18
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.18)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Assets

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Unrestricted cash available for day-to-day operating needs, for an entity that has cash equivalents, but does not aggregate cash equivalents with cash on the balance sheet.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951

+ Details

Name: us-gaap_Cash

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Amount due to other broker-dealers or clearing organizations for executing or clearing trades or orders.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-BRD
-Chapter 4
-Paragraph 80
-Subparagraph Exhibit 4-8, 4
-IssueDate 2006-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The amount of the general partner's ownership interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB TOPIC 4.F)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section F

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Practice Bulletin (PB)
-Number 14
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_GeneralPartnersCapitalAccount

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 8
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.8)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_InterestReceivable

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

This element represents the excess of the cost (face amount, notional amount) of an investment (security, contract) over its fair value which deficiency has not been recognized in earnings of the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-INV
-Section Glossary
-IssueDate 2008-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_InvestmentOwnedUnrecognizedUnrealizedAppreciation

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

This element represents the excess of the cost (face amount, notional amount) of an investment (security, contract) over its fair value which deficiency has not been recognized in earnings of the entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-INV
-Section Glossary
-IssueDate 2008-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_InvestmentOwnedUnrecognizedUnrealizedDepreciation

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Liabilities

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_LiabilitiesAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 32
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.32)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 7
-Section 03
-Paragraph 25

+ Details

Name: us-gaap_LiabilitiesAndStockholdersEquity

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The amount of the limited partners' ownership interests.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB TOPIC 4.F)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187171-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section F

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Practice Bulletin (PB)
-Number 14
-Paragraph 2, 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_LimitedPartnersCapitalAccount

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The amount of cash or securities placed with a broker or counterparty as security for a trading or derivatives securities position which was partially obtained with funds provided by the broker dealer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.8,17)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_MarginDepositAssets

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 9
-Section 03
-Paragraph 15

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

Name: us-gaap_OtherLiabilities

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

The amount of ownership interest of different classes of partners in limited partnership.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70434-108055

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Practice Bulletin (PB)
-Number 14
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PartnersCapital

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Details

Name: us-gaap_PartnersCapitalAbstract

Namespace Prefix: us-gaap

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Amounts payable to customers at the balance sheet date. The term customers generally excludes other broker-dealers; persons who are principal officers, directors, and stockholders; and persons whose securities or funds are part of the regulatory net capital of the broker-dealer. Another broker-dealer's account can be classified as a customer if the account is carried as an omnibus account in compliance with certain regulations. The accounts of principal officers, directors and stockholders may be combined in the customer captions if they are not material and the combination is disclosed in the oath that is required to accompany the annual audited FOCUS Report.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Rule 15c3
-Number 240
-Article 15c3
-Section 1
-Subsection c
-Paragraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-BRD
-Chapter 4
-Paragraph 35
-IssueDate 2006-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-BRD
-Chapter 4
-Paragraph 80
-Subparagraph Exhibit 4-8, 5
-IssueDate 2006-05-01
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PayablesToCustomers

Namespace Prefix: us-gaap

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 27 FilingSummary.xml IDEA: XBRL DOCUMENT 2.3.0.11 Html 51 61 1 true 13 0 false 4 true false R1.htm 00 - Document - Document and Entity Information Sheet http://smithbarney.com/role/DocumentAndEntityInformation Document and Entity Information false false R2.htm 0110 - Statement - Statements of Financial Condition Sheet http://smithbarney.com/role/StatementsOfFinancialCondition Statements of Financial Condition false false R3.htm 0111 - Statement - Statements of Financial Condition (Parenthetical) Sheet http://smithbarney.com/role/StatementsOfFinancialConditionParenthitical Statements of Financial Condition (Parenthetical) false false R4.htm 0120 - Statement - Condensed Schedule of Investments Sheet http://smithbarney.com/role/CondensedScheduleOfInvestments Condensed Schedule of Investments false false R5.htm 0130 - Statement - Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) Sheet http://smithbarney.com/role/StatementsOfIncomeAndExpensesAndChangesInPartnersCapital Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) false false R6.htm 0131 - Statement - Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (Parenthetical) Sheet http://smithbarney.com/role/StatementsOfIncomeAndExpensesAndChangesInPartnersCapitalParenthetical Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (Parenthetical) false false R7.htm 0201 - Disclosure - General Sheet http://smithbarney.com/role/General General false false R8.htm 0202 - Disclosure - Financial Highlights Sheet http://smithbarney.com/role/FinancialHighlights Financial Highlights false false R9.htm 0203 - Disclosure - Trading Activities Sheet http://smithbarney.com/role/TradingActivities Trading Activities false false R10.htm 0204 - Disclosure - Fair Value Measurements Sheet http://smithbarney.com/role/FairValueMeasurements Fair Value Measurements false false R11.htm 0205 - Disclosure - Financial Instrument Risks Sheet http://smithbarney.com/role/FinancialInstrumentRisks Financial Instrument Risks false false R12.htm 0206 - Disclosure - Critical Accounting Policies Sheet http://smithbarney.com/role/CriticalAccountingPolicies Critical Accounting Policies false false All Reports Book All Reports Process Flow-Through: 0110 - Statement - Statements of Financial Condition Process Flow-Through: Removing column 'Mar. 31, 2011' Process Flow-Through: Removing column 'Jun. 30, 2010' Process Flow-Through: Removing column 'Mar. 31, 2010' Process Flow-Through: Removing column 'Dec. 31, 2009' Process Flow-Through: 0111 - Statement - Statements of Financial Condition (Parenthetical) Process Flow-Through: 0120 - Statement - Condensed Schedule of Investments Process Flow-Through: 0130 - Statement - Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) Process Flow-Through: 0131 - Statement - Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (Parenthetical) tdwf-20110630.xml tdwf-20110630.xsd tdwf-20110630_cal.xml tdwf-20110630_def.xml tdwf-20110630_lab.xml tdwf-20110630_pre.xml true true EXCEL 28 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]D-#'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-T871E;65N='-?;V9?26YC;VUE7V%N9%]%>'!E M;CPO>#I.86UE/@T*("`@(#QX.E=O'!E;C$\+W@Z3F%M93X-"B`@("`\>#I7 M;W)K#I%>&-E;%=O#I7;W)K#I7;W)K#I.86UE/@T*("`@(#QX.E=O M#I%>&-E;%=O#I.86UE/D9I;F%N8VEA;%]);G-T#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I!8W1I=F53:&5E=#X- M"B`@/'@Z4')O=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM M/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@ M8F4@;W!E;F5D('=I=&@@36EC'1087)T7V0T M-S0R-39B7S,V96%?-#=D,%]B-#@Q7V(V,3-D,F0R-V4P9`T*0V]N=&5N="U, M;V-A=&EO;CH@9FEL93HO+R]#.B]D-#'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$"!+97D\+W1D M/@T*("`@("`@("`\=&0@8VQA'0^2G5N(#,P+`T*"0DR,#$Q/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^9F%L'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0^ M+2TQ,BTS,3QS<&%N/CPO2!&:6QE'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$2!&:6QE3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^3F]N+6%C8V5L97)A M=&5D($9I;&5R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X-"B`@ M("`\=&%B;&4@8VQAF5D(&%P<')E8VEA M=&EO;B!O;B!O<&5N(&9O'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F5D(&1E M<')E8VEA=&EO;B!O;B!O<&5N(&9O6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA M'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D-#'0O:'1M;#L@8VAA M7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$2!;365M8F5R72!\($9U='5R97,@0V]N=')A8W1S(%!U'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F5D($%P<')E M8VEA=&EO;B!O;B!/<&5N($9O'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'!E;G-EF5D(&=A:6YS("AL;W-S97,I(&]N(&-L;W-E M9"!C;VYTF5D(&=A:6YS+VQO'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$F%T M:6]N0V]N'1";&]C:RTM/@T*("`@/"$M+2!X8G)L+&YS("TM/@T*("`@/"$M M+2!X8G)L+&YX("TM/@T*("`@/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@ M)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[(&UA0T*("`@,C,L(#$Y.34@=6YD97(@=&AE('!A2P@:6X-"B`@('1H92!S<&5C=6QA=&EV92!T2!I;G1E M2!T:&4@4&%R M=&YEF4Z(#$P<'0[(&UA2!C;VUP86YY+"!A8W1S(&%S('1H92!G96YE2!O=VYE9"!B>2!-;W)G86X@4W1A M;FQE>2!3;6ET:"!"87)N97D@2&]L9&EN9W,@3$Q#("@F(S@R,C`[35-30B!( M;VQD:6YG2P-"B`@(&EN9&ER96-T M;'D@=&AR;W5G:"!V87)I;W5S('-U8G-I9&EA2`@:6YT97)E2!E<75I M='D@(&EN=&5R97-T(&EN($U34T(@2&]L9&EN9W,N($-I=&EG2!O=VYS($-'32X@ M4')I;W(@=&\@2G5L>28C,38P.S,Q+"`R,#`Y+"!T:&4@9&%T92!A0T*("`@;W=N960@ M2!O9B!#:71I9W)O=7`@1VQO8F%L($UAF4Z(#$P<'0[(&UA2!#:&5S87!E86ME($-A<&ET86P-"B`@($-O2!O;B!5+E,N(&%N9"!F;W)E:6=N(&-O;6UO M9&ET>2!E>&-H86YG97,N($ET(&5N9V%G97,-"B`@(&EN('-U8V@@=')A9&EN M9R!T:')O=6=H(&$@8V]M;6]D:71Y(&)R;VME6QE/3-$)V9O;G0M2!O9B!N;W)M86P@2!P&-H86YG M92!#;VUM:7-S:6]N("AT:&4@)B,X,C(P.U-%0R8C.#(R,3LI(&9O65A<@T*("`@96YD960@1&5C96UB97(F(S$V,#LS,2P@,C`Q,"X-"B`@(#PO M9&EV/@T*("`@/&1I=B!A;&EG;CTS1&QE9G0@2!A8V-E<'1E M9"!I;B!T:&4@56YI=&5D(%-T871E'!E;G-E6EN9R!N;W1E6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W M(%)O;6%N)RQ4:6UE6QE/3-$)V9O;G0M7!E.B!T M97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE M860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT M96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM M97,@3F5W(%)O;6%N)RQ4:6UEF4Z(#$P<'0[(&UA"!M;VYT:',@96YD960@2G5N M928C,38P.S,P+"`R,#$Q(&%N9"`R,#$P('=E6QE/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CXR,#$Q/"]B/CPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E M6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CXR,#$P/"]B/CPO=&0^#0H@("`@ M("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/"$M+2!%;F0@5&%B M;&4@2&5A9"`M+3X-"B`@(#PA+2T@0F5G:6X@5&%B;&4@0F]D>2`M+3X-"B`@ M(#QT"<^3F5T(')E86QI>F5D(&%N M9"!U;G)E86QI>F5D(&=A:6YS("AL;W-S97,I("H-"B`@(#PO9&EV/CPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$ M;&5F=#XF;F)S<#LD/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XH M-#4Q+C$P/"]T9#X-"B`@("`@("`\=&0@;F]W"<^26YT97)E"<^17AP96YS97,@*BH-"B`@ M(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@ M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9"!N;W=R87`],T1N;W=R87`@8V]L"<^3F5T(&%S#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P M.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY.970@87-S970@=F%L=64@<&5R('5N:70L(&5N M9"!O9B!P97)I;V0-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@8V]L6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W2`M+3X-"B`@(#PO=&%B;&4^#0H@("`\+V1I M=CX-"B`@(#QD:78@86QI9VX],T1L969T/@T*("`@/&1I=B!S='EL93TS1"=F M;VYT+7-I>F4Z(#-P=#L@;6%R9VEN+71O<#H@,39P=#L@=VED=&@Z(#$X)3L@ M8F]R9&5R+71O<#H@,7!X('-O;&ED(",P,#`P,#`G/B8C,38P.PT*("`@/"]D M:78^#0H@("`\+V1I=CX-"B`@(#QT86)L92!W:61T:#TS1#$P,"4@8F]R9&5R M/3-$,"!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P('-T>6QE/3-$ M)V9O;G0M6QE/3-$)V9O;G0M&-L=61E6QE/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9"`C,#`P M,#`P)SX\8CY*=6YE)B,Q-C`[,S`L/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P M)SX\8CXR,#$Q/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO M=W)A<"!A;&EG;CTS1&-E;G1E6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/E)A=&EO6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY. M970@#0H@("!I;G9E#L@=&5X M="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@ M;F]W"<^3W!E#L@=&5X="UI;F1E;G0Z M+3$U<'@G/DEN8V5N=&EV92!F965S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9"!A;&EG;CTS1')I9VAT/B8C.#(Q,CL\+W1D/@T*("`@("`@(#QT M9"!N;W=R87`],T1N;W=R87`^)3PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N M/3-$6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N M/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R M87`],T1N;W=R87`@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^5&]T86P@97AP96YS97,@86YD(&EN8V5N=&EV92!F M964-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@8V]L6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY4 M;W1A;"!R971U6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY4;W1A;"!R971U"<^26YC96YT:79E(&9E97,-"B`@(#PO M9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@8V]L6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY4;W1A;"!R971U6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X M)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A M;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@ M(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!486)L92!" M;V1Y("TM/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG M;CTS1&QE9G0^#0H@("`\9&EV('-T>6QE/3-$)V9O;G0MF5D("AO=&AEF4Z(#$P<'0[(&UA2P@=&AE'!E;G-E7!E.B!T97AT+VAT;6P[(&-H87)S M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@ M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M M;#L@8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$&AT;6PQ+71R86YS:71I;VYA;"YD=&0B M("TM/@T*("`@/"$M+2!"96=I;B!";&]C:R!486=G960@3F]T92`S("T@=&1W M9CI4'1";&]C:RTM/@T*("`@/&1I=B!S='EL M93TS1"=F;VYT+69A;6EL>3H@)U1I;65S($YE=R!2;VUA;B2!O9B!C;VUM;V1I='D-"B`@(&EN=&5R97-T2!I;G-T'!E;G-E6QE/3-$)V9O;G0MF5D(&=A:6YS(&%N9"!L;W-S97,@;VX@;W!E;B!F=71UF4Z(#$P<'0[(&UA"!M;VYT:',@96YD960@#0H@ M("!*=6YE)B,Q-C`[,S`L(#(P,3$@86YD(#(P,3`@=V5R92`Q,S0@86YD(#,Q M-BP@F4Z(#$P<'0[(&UA2!T6QE/3-$)V9O;G0M6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/CQB/D%S6QE/3-$ M)VUA'0M:6YD96YT.BTQ-7!X)SX\=3Y&=71U M6QE/3-$ M)VUA'0M:6YD96YT.BTQ-7!X)SY#=7)R96YC M:65S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY%;F5R9WD-"B`@(#PO9&EV/CPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$6QE/3-$)V)A8VMG#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/DEN9&EC97,-"B`@(#PO9&EV/CPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D(&%L:6=N/3-$6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY);G1E6QE/3-$)V)A8VMG M#L@=&5X="UI;F1E;G0Z+3$U<'@G/DEN=&5R M97-T(%)A=&5S($YO;BU5+E,N#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9"!A;&EG;CTS1')I9VAT/C$U."PR,3,\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@/"]T"<^3&EV97-T;V-K#0H@("`\+V1I=CX\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C$P+#4P,#PO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/'1R('9A M;&EG;CTS1&)O='1O;2!S='EL93TS1"=B86-K9W)O=6YD.B`C8V-E969F)SX- M"B`@("`@("`\=&0^#0H@("`\9&EV('-T>6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY-971A;',-"B`@(#PO9&EV/CPO=&0^ M#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$#L@=&5X="UI;F1E;G0Z+3$U<'@G/E-O9G1S#0H@("`\ M+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C,U-"PT M,S(\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE M/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U M<'@G/E1O=&%L('5N#L@=&5X="UI;F1E M;G0Z+3$U<'@G/CQB/DQI86)I;&ET:65S/"]B/@T*("`@/"]D:78^/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[ M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE M/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U M<'@G/CQU/D9U='5R97,@0V]N=')A8W1S/"]U/@T*("`@/"]D:78^/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[ M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@ M("`@(#QT9#X-"B`@(#QD:78@#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/D-U6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY%;F5R9WD-"B`@(#PO9&EV/CPO=&0^#0H@("`@ M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A M<"!A;&EG;CTS1&QE9G0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX] M,T1R:6=H=#XH,C`W+#8T-3PO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO M=W)A<#XI/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@#L@=&5X="UI;F1E;G0Z+3$U<'@G/D=R86EN"<^26YD:6-E6QE M/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY);G1E M6QE/3-$ M)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G M/DEN=&5R97-T(%)A=&5S($YO;BU5+E,N#0H@("`\+V1I=CX\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@86QI9VX],T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N M/3-$6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY,:79E6QE/3-$ M)VUA'0M:6YD96YT.BTQ-7!X)SY-971A;',- M"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@ M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$#L@=&5X M="UI;F1E;G0Z+3$U<'@G/E-O9G1S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@ M86QI9VX],T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$ M6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO M9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T M>6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^5&]T86P@=6YR96%L:7IE9"!D M97!R96-I871I;VX@;VX@;W!E;B!F=71U"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L#L@=&5X M="UI;F1E;G0Z+3$U<'@G/DYE="!U;G)E86QI>F5D(&1E<')E8VEA=&EO;B!O M;B!O<&5N(&9U='5R97,@8V]N=')A8W1S#0H@("`\+V1I=CX\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG M;CTS1')I9VAT/B@Q,S(L,##L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT* M("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0@;F]W"<^/&(^07-S971S/"]B M/@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L M:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@(#QD:78@#L@=&5X="UI;F1E;G0Z+3$U<'@G/CQU/D9O6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/DUE=&%L"<^)B,Q-C`[#0H@("`\+V1I=CX\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R M87`],T1N;W=R87`@8V]L#L@=&5X="UI;F1E;G0Z+3$U<'@G/E1O=&%L('5N M#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D M:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@ M;F]W6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SX\8CY,:6%B:6QI=&EE6QE/3-$)VUA M'0M:6YD96YT.BTQ-7!X)SX\=3Y&;W)W87)D M($-O;G1R86-T6QE/3-$)VUA M'0M:6YD96YT.BTQ-7!X)SY-971A;',-"B`@ M(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@ M/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&QE9G0^)FYB6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N M/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@/"]T"<^5&]T86P@=6YR96%L:7IE9"!D97!R96-I871I M;VX@;VX@;W!E;B!F;W)W87)D(&-O;G1R86-T#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P M.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0@;F]W6QE/3-$)VUA M'0M:6YD96YT.BTQ-7!X)SY.970@=6YR96%L M:7IE9"!A<'!R96-I871I;VX@;VX@;W!E;B!F;W)W87)D(&-O;G1R86-T#L@=&5X="UI;F1E M;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C M;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@(#PO='(^#0H@("`\(2TM($5N9"!486)L92!";V1Y M("TM/@T*("`@/"]T86)L93X-"B`@(#PO9&EV/@T*("`@/&1I=B!A;&EG;CTS M1&QE9G0^#0H@("`\9&EV('-T>6QE/3-$)V9O;G0MF5D M(&1E<')E8VEA=&EO;B!O;B!O<&5N(&9U='5R97,@8V]N=')A8W1S)B,X,C(Q M.R!O;B!T:&4@4W1A=&5M96YT3H@)U1I;65S($YE=R!2;VUA;BF4Z(#$P<'0[('1E>'0M86QI9VXZ(&QE9G0G(&-E;&QS<&%C:6YG/3-$ M,"!B;W)D97(],T0P(&-E;&QP861D:6YG/3-$,"!W:61T:#TS1#$P,"4^#0H@ M("`\(2TM($)E9VEN(%1A8FQE($AE860@+2T^#0H@("`\='(@=F%L:6=N/3-$ M8F]T=&]M/@T*("`@("`@(#QT9"!W:61T:#TS1#@X)3XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9"!W:61T:#TS1#4E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0U M)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO M=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SX\8CY!"<^/'4^1G5T=7)E"<^0W5R6QE M/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY%;F5R M9WD-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$6QE/3-$ M)VUA'0M:6YD96YT.BTQ-7!X)SY'#L@=&5X="UI;F1E;G0Z M+3$U<'@G/DEN9&EC97,-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M(&%L:6=N/3-$6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SY);G1E"<^3&EV97-T;V-K#0H@ M("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C0R M,2PS-C<\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^365T86QS#0H@("`\ M+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY4;W1A;"!U;G)E86QI>F5D(&%P<')E8VEA=&EO M;B!O;B!O<&5N(&9U='5R97,@8V]N=')A8W1S#0H@("`\+V1I=CX\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE M9G0^)FYB#L@=&5X="UI M;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SX\8CY,:6%B:6QI=&EE6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SX\=3Y&=71U6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY#=7)R96YC:65S#0H@ M("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1L969T/B9N8G-P.R0\+W1D M/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/B@Q-S$L,3,T/"]T9#X-"B`@ M("`@("`\=&0@;F]W"<^16YE#L@=&5X="UI;F1E;G0Z+3$U<'@G/DEN9&EC97,- M"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@ M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&QE9G0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XH,3,Y+#4W,SPO=&0^#0H@ M("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<#XI/"]T9#X-"B`@(#PO='(^#0H@ M("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/DEN=&5R97-T(%)A=&5S M(%4N4RX-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!A;&EG;CTS1&QE9G0^)B,Q M-C`[/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XH,C(W+#$T,#PO M=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<#XI/"]T9#X-"B`@(#PO M='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9#X-"B`@ M(#QD:78@#L@=&5X="UI;F1E;G0Z M+3$U<'@G/DEN=&5R97-T(%)A=&5S($YO;BU5+E,N#0H@("`\+V1I=CX\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@86QI9VX],T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M(&%L:6=N/3-$6QE/3-$)V)A8VMG#L@=&5X M="UI;F1E;G0Z+3$U<'@G/E-O9G1S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@ M86QI9VX],T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$ M6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO M9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T M>6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^5&]T M86P@=6YR96%L:7IE9"!D97!R96-I871I;VX@;VX@;W!E;B!F=71U"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N M;W=R87`@8V]L6QE/3-$)V)A8VMG#L@=&5X M="UI;F1E;G0Z+3$U<'@G/DYE="!U;G)E86QI>F5D(&%P<')E8VEA=&EO;B!O M;B!O<&5N(&9U='5R97,@8V]N=')A8W1S#0H@("`\+V1I=CX\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG M;CTS1')I9VAT/C8L-#4R+#0Q,CPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS M1&YO=W)A<#XJ/"]T9#X-"B`@(#PO='(^#0H@("`\='(@#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT* M("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0@;F]W"<^/&(^07-S971S/"]B/@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@(#PO M='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/CQU/D9O6QE M/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF M(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG M;CTS1')I9VAT('-T>6QE/3-$)V)O"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M/"]T"<^5&]T86P@ M=6YR96%L:7IE9"!A<'!R96-I871I;VX@;VX@;W!E;B!F;W)W87)D(&-O;G1R M86-T6QE/3-$)V9O;G0M M6QE/3-$)VUA M'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@ M(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@ M/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT M('-T>6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^/'4^1F]R M=V%R9"!#;VYT"<^365T86QS#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX] M,T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT M/B@Q+#$R,"PQ-S0\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`^ M*3PO=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV M/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO M=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I9VAT('-T>6QE M/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^5&]T86P@=6YR96%L:7IE9"!D97!R M96-I871I;VX@;VX@;W!E;B!F;W)W87)D(&-O;G1R86-T"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L#L@=&5X="UI M;F1E;G0Z+3$U<'@G/DYE="!U;G)E86QI>F5D(&1E<')E8VEA=&EO;B!O;B!O M<&5N(&9O#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@ M/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0@;F]W"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L-"B`@(#PO M9&EV/@T*("`@/"]D:78^#0H@("`\=&%B;&4@=VED=&@],T0Q,#`E(&)O'0M86QI9VXZ(&QE9G0G/@T*("`@/'1R M/@T*("`@("`@(#QT9"!W:61T:#TS1#,E/CPO=&0^#0H@("`@("`@/'1D('=I M9'1H/3-$,24^/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Y-B4^/"]T9#X- M"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$=&]P/@T*("`@("`@(#QT9"!N M;W=R87`],T1N;W=R87`@86QI9VX],T1L969T/BH\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#Y4:&ES(&%M;W5N="!I6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M M'0M86QI9VXZ M(&QE9G0G(&-E;&QS<&%C:6YG/3-$,"!B;W)D97(],T0P(&-E;&QP861D:6YG M/3-$,"!W:61T:#TS1#$P,"4^#0H@("`\(2TM($)E9VEN(%1A8FQE($AE860@ M+2T^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@(#QT9"!W:61T M:#TS1#4R)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#4E/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0@=VED=&@],T0U)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$ M-24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#4E/B8C,38P.SPO=&0^#0H@("`@ M("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED M=&@],T0U)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C M,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$-24^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9"!W:61T:#TS1#4E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$ M,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0U)3XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`\ M+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0MF4Z(#AP="<@=F%L:6=N M/3-$8F]T=&]M/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX] M,T1L969T('-T>6QE/3-$)V)O"!S;VQI9"`C,#`P M,#`P)SX\8CY396-T;W(\+V(^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SX\8CY'86EN("AL;W-S*2!F6QE/3-$)V)O"!S M;VQI9"`C,#`P,#`P)SX\8CY'86EN("AL;W-S*2!F6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CY'86EN("AL;W-S*2!F6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CY'86EN("AL;W-S*2!F6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X M)SY#=7)R96YC:65S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB"<^16YE6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY'6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SY);F1I8V5S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX],T1L M969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$"<^26YT97)E6QE/3-$)V)A8VMG#L@=&5X="UI;F1E;G0Z+3$U<'@G/DQI=F5S=&]C:PT*("`@ M/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0@;F]W"<^365T86QS#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@86QI9VX] M,T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$6QE/3-$)V)A8VMG#L@=&5X M="UI;F1E;G0Z+3$U<'@G/E-O9G1S#0H@("`\+V1I=CX\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@ M86QI9VX],T1L969T/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$ M"<^)B,Q-C`[ M#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L#L@=&5X M="UI;F1E;G0Z+3$U<'@G/E1O=&%L#0H@("`\+V1I=CX\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@ M86QI9VX],T1L969T/B9N8G-P.R0\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS M1')I9VAT/B@V+#DQ,BPT,3$I/"]T9#X-"B`@("`@("`\=&0@;F]W#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!D;W5B;&4@(S`P,#`P,"<^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0@;F]W"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L-"B`@(#PO M9&EV/@T*("`@/"]D:78^#0H@("`\=&%B;&4@=VED=&@],T0Q,#`E(&)O'0M86QI9VXZ(&QE9G0G/@T*("`@/'1R M/@T*("`@("`@(#QT9"!W:61T:#TS1#,E/CPO=&0^#0H@("`@("`@/'1D('=I M9'1H/3-$,24^/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Y-B4^/"]T9#X- M"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$=&]P/@T*("`@("`@(#QT9"!N M;W=R87`],T1N;W=R87`@86QI9VX],T1L969T/BHJ*CPO=&0^#0H@("`@("`@ M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/E1H:7,@86UO=6YT(&ES(&EN M("8C.#(R,#M4;W1A;"!T6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N M)RQ4:6UE6QE M/3-$)V9O;G0M7!E.B!T97AT+VAT M;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@ M("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$ M)W1E>'0O:'1M;#L@8VAA&AT;6PQ+71R86YS:71I;VYA;"YD=&0B("TM/@T*("`@/"$M+2!"96=I;B!" M;&]C:R!486=G960@3F]T92`T("T@=7,M9V%A<#I&86ER5F%L=65$:7-C;&]S M=7)E'1";&]C:RTM/@T*("`@/&1I=B!S='EL93TS1"=F;VYT+69A;6EL M>3H@)U1I;65S($YE=R!2;VUA;B6QE/3-$)V9O M;G0M2!I;G1E2!I;G1EF5D(&=A:6YS(&]R(&QO6QE/3-$)V9O;G0M2!T M0T*("`@9VEV97,@ M=&AE(&AI9VAE2!W:71H:6X@=VAI8V@@=&AE(&9A:7(@=F%L=64@ M;65A2!F86QL6QE/3-$)V9O;G0M2!A2!A=F%I M;&%B;&4@87)E('!R:6-E9"!B>2!B'0M86QI9VXZ(&QE9G0G(&-E;&QS<&%C:6YG/3-$,"!B;W)D97(],T0P(&-E M;&QP861D:6YG/3-$,"!W:61T:#TS1#$P,"4^#0H@("`\(2TM($)E9VEN(%1A M8FQE($AE860@+2T^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@("`@ M(#QT9"!W:61T:#TS1#4R)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T M:#TS1#4E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q M-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0U)3XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M('=I9'1H/3-$-24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q M)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#4E/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0@=VED=&@],T0U)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T M:#TS1#$E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D('=I9'1H/3-$-24^)B,Q M-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Q)3XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9"!W:61T:#TS1#4E/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M('=I9'1H/3-$,24^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0U M)3XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!W:61T:#TS1#$E/B8C,38P.SPO M=&0^#0H@("`\+W1R/@T*("`@/'1R('-T>6QE/3-$)V9O;G0M6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P M)SX\8CXP-B\S,"\R,#$Q/"]B/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO M=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A M<#TS1&YO=W)A<"!A;&EG;CTS1&-E;G1E6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SX\8CY!"<^1G5T=7)E6QE/3-$)V)A8VMG#L@=&5X M="UI;F1E;G0Z+3$U<'@G/D9O"<^)B,Q-C`[#0H@("`\+V1I=CX\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L M6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@8V]L#L@=&5X="UI;F1E;G0Z+3$U<'@G/E1O=&%L(&%S6QE/3-$)V9O M;G0M6QE/3-$ M)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L- M"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@ M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS1')I M9VAT('-T>6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L M6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@/"]T"<^/&(^3&EA8FEL:71I97,\+V(^#0H@("`\+V1I=CX\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF M(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T* M("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^1G5T M=7)E6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY&;W)W87)D#L@=&5X="UI M;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)VUA M'0M:6YD96YT.BTQ-7!X)SY4;W1A;"!L:6%B M:6QI=&EE6QE M/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF M(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^ M#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG M;CTS1')I9VAT('-T>6QE/3-$)V)O"!S;VQI9"`C,#`P M,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@ M("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R M87`@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V M,#L\+W1D/@T*("`@/"]T"<^3F5T(&9A:7(@=F%L=64-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@ M/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S M<#LD/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XV,"PS,S(\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@ M("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@("`@(#QT9"!N;W=R87`],T1N M;W=R87`@8V]L2`M+3X-"B`@(#PO M=&%B;&4^#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1C96YT97(^#0H@ M("`\=&%B;&4@6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M6QE/3-$)V9O;G0M M6QE/3-$ M)V)O"!S;VQI9"`C,#`P,#`P)SX\8CXQ,B\S,2\R M,#$P*CPO8CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@ M86QI9VX],T1C96YT97(@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SX\8CXH3&5V96P@,BD\+V(^/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0@;F]W6QE/3-$)V)O"!S;VQI9"`C M,#`P,#`P)SX\8CY);G!U=',@*$QE=F5L(#,I/"]B/CPO=&0^#0H@("`@("`@ M/'1D/B8C,38P.SPO=&0^#0H@("`\+W1R/@T*("`@/"$M+2!%;F0@5&%B;&4@ M2&5A9"`M+3X-"B`@(#PA+2T@0F5G:6X@5&%B;&4@0F]D>2`M+3X-"B`@(#QT M"<^/&(^ M07-S971S/"]B/@T*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[ M/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q M-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\ M=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@ M("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@ M("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X- M"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T M9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[ M/"]T9#X-"B`@(#PO='(^#0H@("`\='(@=F%L:6=N/3-$8F]T=&]M/@T*("`@ M("`@(#QT9#X-"B`@(#QD:78@#L@ M=&5X="UI;F1E;G0Z+3$U<'@G/D9U='5R97,-"B`@(#PO9&EV/CPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F M=#XF;F)S<#LD/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XW+#6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SY&;W)W87)D6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ M-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P M.SPO=&0^#0H@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$ M,B!A;&EG;CTS1')I9VAT('-T>6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@8V]L6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@/"]T"<^5&]T86P@87-S971S#0H@("`\ M+V1I=CX\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT M9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1')I9VAT/C@L-S@R M+#0T,CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@ M/'1D(&%L:6=N/3-$#L@=&5X="UI;F1E;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D M:78^/"]T9#X-"B`@("`@("`\=&0^)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@ M;F]W6QE/3-$)V)O"!S;VQI M9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@8V]L6QE/3-$)VUA'0M:6YD96YT M.BTQ-7!X)SX\8CY,:6%B:6QI=&EE6QE/3-$)VUA M'0M:6YD96YT.BTQ-7!X)SY&=71U6QE/3-$)V)A8VMG#L@=&5X="UI;F1E M;G0Z+3$U<'@G/D9O#L@=&5X="UI;F1E M;G0Z+3$U<'@G/B8C,38P.PT*("`@/"]D:78^/"]T9#X-"B`@("`@("`\=&0^ M)B,Q-C`[/"]T9#X-"B`@("`@("`\=&0@;F]W6QE M/3-$)V)O"!S;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@8V]L6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SY4;W1A;"!L:6%B:6QI M=&EE6QE/3-$ M)V9O;G0M6QE M/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V M,#L-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@ M("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!C;VQS<&%N/3-$,B!A;&EG;CTS M1')I9VAT('-T>6QE/3-$)V)O"!S;VQI9"`C,#`P,#`P M)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@ M(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@ M8V]L6QE/3-$)V)O"!S M;VQI9"`C,#`P,#`P)SXF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@/"]T"<^3F5T(&9A:7(@=F%L=64-"B`@(#PO9&EV/CPO=&0^#0H@("`@("`@/'1D M/B8C,38P.SPO=&0^#0H@("`@("`@/'1D(&%L:6=N/3-$;&5F=#XF;F)S<#LD M/"]T9#X-"B`@("`@("`\=&0@86QI9VX],T1R:6=H=#XV+#,Y-2PY-3$\+W1D M/@T*("`@("`@(#QT9#XF(S$V,#L\+W1D/@T*("`@("`@(#QT9#XF(S$V,#L\ M+W1D/@T*("`@("`@(#QT9"!A;&EG;CTS1&QE9G0^)FYB6QE/3-$)V9O;G0M6QE/3-$)VUA'0M:6YD96YT.BTQ-7!X)SXF(S$V,#L-"B`@(#PO9&EV/CPO=&0^#0H@ M("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@8V]L2`M+3X-"B`@ M(#PO=&%B;&4^#0H@("`\+V1I=CX-"B`@(#QD:78@86QI9VX],T1L969T/@T* M("`@/&1I=B!S='EL93TS1"=F;VYT+7-I>F4Z(#-P=#L@;6%R9VEN+71O<#H@ M,39P=#L@=VED=&@Z(#$X)3L@8F]R9&5R+71O<#H@,7!X('-O;&ED(",P,#`P M,#`G/B8C,38P.PT*("`@/"]D:78^#0H@("`\+V1I=CX-"B`@(#QT86)L92!W M:61T:#TS1#$P,"4@8F]R9&5R/3-$,"!C96QL<&%D9&EN9STS1#`@8V5L;'-P M86-I;F<],T0P('-T>6QE/3-$)V9O;G0M'0M86QI9VXZ(&QE9G0G/@T*("`@ M/'1R/@T*("`@("`@(#QT9"!W:61T:#TS1#,E/CPO=&0^#0H@("`@("`@/'1D M('=I9'1H/3-$,24^/"]T9#X-"B`@("`@("`\=&0@=VED=&@],T0Y-B4^/"]T M9#X-"B`@(#PO='(^#0H@("`\='(^#0H@("`@("`@/'1D('9A;&EG;CTS1'1O M<#XJ(#PO=&0^#0H@("`@("`@/'1D/B8C,38P.SPO=&0^#0H@("`@("`@/'1D M('9A;&EG;CTS1&)O='1O;3Y4:&4@86UO=6YT3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D-#'0O:'1M;#L@ M8VAA'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/"$M M+41/0U194$4@:'1M;"!054),24,@(BTO+U&AT;6PQ M+T141"]X:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\(2TM($)E M9VEN($)L;V-K(%1A9V=E9"!.;W1E(#4@+2!U'1" M;&]C:RTM/@T*("`@/&1I=B!S='EL93TS1"=F;VYT+69A;6EL>3H@)U1I;65S M($YE=R!2;VUA;B6QE/3-$)V9O;G0M2!I;F-L=61E(&9O"!O2!R97!R97-E;G0@9G5T=7)E#0H@("!C M;VUM:71M96YT&-H86YG92!C=7)R96YC:65S(&]R(&-A7-I8V%L(&1E;&EV97)Y(&]R#0H@("!W:71H(&%N;W1H97(@9FEN M86YC:6%L(&EN2!B92!T M&-H86YG92UTF4Z(#$P<'0[(&UAF%T:6]N M(&]F('1H92!087)T;F5R6QE/3-$)V9O;G0M0T*("`@ M=&AE(%!A2!O2!P6QE/3-$)V9O M;G0M2!T;PT*("`@<&5R9F]R;2!A8V-O2!O&-H86YG92UTF%T:6]N+@T*("`@ M/"]D:78^#0H@("`\9&EV(&%L:6=N/3-$;&5F="!S='EL93TS1"=F;VYT+7-I M>F4Z(#$P<'0[(&UA2P-"B`@(&)E;&EE=F5S('1H870@ M:70@:&%S(&5F9F5C=&EV92!P7-T96US(&=E;F5R86QL>2!A;&QO=R!T:&4@1V5N97)A M;`T*("`@4&%R=&YEF4@86-T=6%L M('1R861I;F<@7-T96US('!R;W9I M9&4@86-C;W5N="!A;F%L>7-I3X-"CPO M:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]D-#'0O:'1M;#L@ M8VAA'0^/"$M+41/0U194$4@:'1M;"!054),24,@(BTO+U&AT;6PQ+T141"]X:'1M;#$M=')A;G-I=&EO;F%L+F1T9"(@+2T^#0H@("`\ M(2TM($)E9VEN($)L;V-K(%1A9V=E9"!.;W1E(#8@+2!U6QE/3-$)V9O;G0M9F%M:6QY.B`G5&EM97,@3F5W(%)O;6%N)RQ4:6UE MF4Z(#$P<'0[(&UAF4Z(#$P<'0[(&UA'!E;G-EF4Z(#$P<'0[ M(&UAF5D('=H96X@8V]N M=')A8W1S(&%R90T*("`@;&EQ=6ED871E9"X@56YR96%L:7IE9"!G86EN0T*("`@8VAA;F=E(&EN M(&YE="!U;G)E86QI>F5D(&=A:6YS(&]R(&QO'!E;G-E2!I;B!A;B!O2!T;R!F M86ER('9A;'5E&-H86YG92UT2!D97)I=F%T:79E(&EN2!O9B!I;G9E2P@870@82!S<&5C:69I960@<')I8V4@;VX@ M82!S<&5C:69I960@9G5T=7)E(&1A=&4L('5N;&5S0T*("`@8V%N;F]T(&]C8W5R("AS=6-H(&%S('1H92!3 M)B,P,S@[4"`U,#`@26YD97@I+"!W:&5R96)Y('-U8V@@8V]N=')A8W0@:7,@ M2!F;'5C='5A=&EO;G,@:6X@=&AE('9A;'5E(&]F M('1H92!U;F1EF5D(&=A:6YS#0H@("!O6QE/3-$)V9O;G0M&-H86YG90T*("`@*"8C M.#(R,#M,344F(S@R,C$[*2!R97!R97-E;G0@82!F:7)M(&-O;6UI=&UE;G0@ M=&\@8G5Y(&]R('-E;&P@82!S<&5C:69I960@<75A;G1I='D@;V8@86QU;6EN M=6TL(&-O<'!E6UE;G1S("@F(S@R,C`[=F%R:6%T:6]N(&UA2!B92!M861E(&]R(')E8V5I=F5D(&)Y('1H92!087)T M;F5R6EN9R!C;VYT2!W:71H('1H92!,344N($YE="!R96%L M:7IE9"!G86ENF5D(&=A:6YS("AL;W-S97,I)B,Q-C`[;VX-"B`@(&UE=&%L(&-O M;G1R86-T'!E;G-E6QE/3-$)V9O;G0M"!P;W-I=&EO;G,-"B`@('1A:V5N(&]R(&5X<&5C=&5D('1O(&)E('1A M:V5N(&EN('1H92!C;W5R"!A=71H;W)I='DN(%1A>"!P;W-I=&EO;G,@ M=VET:"!R97-P96-T('1O('1A>"!A="!T:&4@4&%R=&YE6QE/3-$)V9O M;G0M`T*("`@65A"!L:6%B:6QI='DN#0H@("`\+V1I M=CX-"B`@(#QD:78@86QI9VX],T1L969T('-T>6QE/3-$)V9O;G0M2!W;W)D:6YG(&1I9F9E2!G=6ED86YC92X@4V5E($YO=&4@,BP@)B,X,C(P.T9I;F%N8VEA M;"!(:6=H;&EG:'1S+B8C.#(R,3L-"B`@(#PO9&EV/@T*("`@/"]D:78^#0H\ M

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (Parenthetical)	Jun. 30, 2011	Jun. 30, 2010
Statements of Income and Expenses and Changes in Partners' Capital [Abstract]
Net asset value units outstanding	15,774.7577	22,675.9367

Financial Instrument Risks	6 Months Ended
Financial Instrument Risks	Jun. 30, 2011
Financial Instrument Risks [Abstract]
Financial Instrument Risks	5. Financial Instrument Risks: In the normal course of business, the Partnership is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specified terms on specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forwards and option contracts. OTC contracts are negotiated between contracting parties and include swaps and certain forwards and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The risk to the limited partners that have purchased interests in the Partnership is limited to the amount of their capital contributions to the Partnership and their share of the Partnership’s assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under applicable law. Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has credit risk and concentration risk as the sole counterparty or broker with respect to the Partnership’s assets is CGM or a CGM affiliate. Credit risk with respect to exchange-traded instruments is reduced to the extent that through CGM, the Partnership’s counterparty is an exchange or clearing organization. The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity.

General	6 Months Ended
General	Jun. 30, 2011
General [Abstract]
General	1. General: Tidewater Futures Fund L.P. (the “Partnership”) is a limited partnership organized on February 23, 1995 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures contracts, options, swaps and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, lumber, metals and softs. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). Morgan Stanley, indirectly through various subsidiaries, owns a majority equity interest in MSSB Holdings. Citigroup Global Markets Inc. (“CGM”), the commodity broker and a selling agent for the Partnership, owns a minority equity interest in MSSB Holdings. Citigroup Inc. (“Citigroup”), indirectly through various subsidiaries, wholly owns CGM. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup. As of June 30, 2011, all trading decisions for the Partnership are made by Chesapeake Capital Corporation (the “Advisor”). The Partnership’s trading of futures, forwards and options contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. It engages in such trading through a commodity brokerage account maintained with CGM. The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except that no limited partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions. The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at June 30, 2011 and December 31, 2010 and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2011 and 2010. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2010. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Statements of Financial Condition (USD $)	Jun. 30, 2011	Dec. 31, 2010
Equity in trading account:
Cash	$ 21,546,076	$ 25,519,706
Cash margin	7,969,099	10,943,883
Net unrealized appreciation on open futures contracts	0	6,452,412
Net unrealized appreciation on open forward contracts	192,408	0
Total trading equity	29,707,583	42,916,001
Interest receivable	300	2,566
Total assets	29,707,883	42,918,567
Liabilities:
Net unrealized depreciation on open futures contracts	132,076	0
Net unrealized depreciation on open forward contracts	0	56,461
Accrued expenses:
Brokerage fees	123,233	232,170
Management fees	48,969	70,888
Other	70,878	97,200
Redemptions payable	1,115,825	789,804
Total liabilities	1,490,981	1,246,523
Partners' Capital:
General Partner, 184.9703 and 281.2556 unit equivalents outstanding at June 30, 2011 and December 31, 2010, respectively	330,864	557,570
Limited Partners, 15,589.7874 and 20,739.3934 Redeemable Units outstanding at June 30, 2011 and December 31, 2010, respectively	27,886,038	41,114,474
Total partners' capital	28,216,902	41,672,044
Total liabilities and partners' capital	$ 29,707,883	$ 42,918,567
Net asset value per unit	$ 1,788.74	$ 1,982.43