10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

Commission file number: 000-50728

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP

Organized in Maryland IRS Employer Identification No.: 52-1627106

c/o Steben & Company, Inc.

9711 Washingtonian Blvd., Suite 400

Gaithersburg, Maryland 20878

(240) 631-7600

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 ☒   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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒   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 definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	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 ☒

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Financial Condition

June 30, 2016 and December 31, 2015

	June 30, 2016 (unaudited)		December 31, 2015
Assets
Equity in broker trading accounts
Cash	$	114,257,286	$	122,736,345
Net unrealized gain (loss) on open futures contracts		29,272,138		4,412,678
Net unrealized gain (loss) on open forward currency contracts		4,070,847		(1,614,491	)
Net unrealized gain (loss) on swap contract		—		3,440,896
Total equity in broker trading accounts		147,600,271		128,975,428
Cash and cash equivalents		34,605,960		56,290,425
Investments in securities, at fair value (cost $450,560,503 and $453,001,973)		450,393,961		451,049,033
Certificates of deposit (CDs), at fair value (cost $28,914,584 and $22,673,242)		28,996,631		22,710,509
General Partner 1% allocation receivable		—		271,430
Subscriptions receivable		204,829		85,414
Total assets	$	661,801,652	$	659,382,239
Liabilities and Partners’ Capital (Net Asset Value)
Liabilities
Trading Advisor management fees payable	$	1,116,273	$	1,301,752
Trading Advisor incentive fees payable		1,791,275		216,856
Commissions and other trading fees payable on open contracts		108,594		138,206
Cash Managers fees payable		114,272		109,594
General Partner management and performance fees payable		783,567		789,152
General Partner 1% allocation payable		391,629		—
Selling agent and broker dealer servicing fees payable – General Partner		724,079		735,514
Administrative expenses payable – General Partner		153,112		155,471
Investment Manager fees payable		120,725		83,884
Distribution (12b-1) fees payable		2,280		2,204
Operating services fee payable		16,557		33,554
Redemptions payable		9,596,232		11,143,201
Subscriptions received in advance		1,657,373		1,086,965
Total liabilities		16,575,968		15,796,353
Partners’ Capital (Net Asset Value)
Class A Interests – 91,239.5336 and 98,034.9581 units outstanding at June 30, 2016 and December 31, 2015, respectively		407,113,938		412,948,548
Class B Interests – 31,453.9898 and 33,265.6588 units outstanding at June 30, 2016 and December 31, 2015, respectively		206,493,177		204,329,032
Class I Interests – 3,828.4541 units outstanding at June 30, 2016 and December 31, 2015, respectively		4,043,579		3,767,830
Non-controlling interest		27,574,990		22,540,476
Total partners’ capital (net asset value)		645,225,684		643,585,886
Total liabilities and partners’ capital (net asset value)	$	661,801,652	$	659,382,239

The accompanying notes are an integral part of these consolidated financial statements.

1 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments
June 30, 2016 (unaudited)

			Description			Fair Value	% of Partners’ Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
	Face Value	Maturity Date	Name	Yield1
$	40,000,000	9/22/16	U.S. Treasury Bill	0.20%	$	39,977,600	6.19%
	11,500,000	7/15/16	U.S. Treasury Notes	0.63%		11,533,633	1.79%
	5,000,000	8/15/16	U.S. Treasury Notes	0.63%		5,013,312	0.78%
	4,600,000	8/31/16	U.S. Treasury Notes	1.00%		4,620,067	0.72%
	4,400,000	11/30/16	U.S. Treasury Notes	2.75%		4,453,721	0.69%
	4,000,000	3/31/17	U.S. Treasury Notes	0.50%		4,005,379	0.62%
	2,000,000	4/30/17	U.S. Treasury Notes	0.50%		2,001,589	0.31%
	2,000,000	4/30/18	U.S. Treasury Notes	0.75%		2,008,465	0.31%
Total U.S. Treasury securities (cost:  $73,614,654)						73,613,766	11.41%
U.S. Commercial Paper
	Face Value	Maturity Date	Name	Yield1
Automotive
$	2,100,000	7/7/16	Hyundai Capital America	0.70%		2,099,756	0.33%
	1,200,000	10/28/16	Hyundai Capital America	0.76%		1,196,080	0.19%
	2,000,000	7/1/16	Nissan Motor Acceptance Corporation	0.67%		2,000,000	0.31%
	400,000	7/22/16	PACCAR Financial Corp.	0.48%		399,888	0.06%
Banks
	400,000	7/6/16	Bank of Tokyo-Mitsubishi UFJ, Ltd.	0.63%		399,965	0.06%
	1,500,000	7/15/16	Bank of Tokyo-Mitsubishi UFJ, Ltd.	0.63%		1,499,633	0.23%
	1,700,000	7/22/16	Mizuho Bank, Ltd.	0.60%		1,699,405	0.26%
	400,000	8/9/16	Mizuho Bank, Ltd.	0.58%		399,749	0.06%
	1,600,000	9/9/16	Oversea-Chinese Banking Corporation Ltd	0.59%		1,598,164	0.25%
	400,000	9/1/16	Oversea-Chinese Banking Corporation Ltd	0.58%		399,600	0.06%
	2,100,000	7/18/16	Standard Chartered Bank	0.62%		2,099,385	0.33%
Beverages
	1,700,000	7/20/16	Bacardi U.S.A., Inc.	0.79%		1,699,291	0.26%
	1,400,000	7/5/16	Brown-Forman Corporation	0.56%		1,399,913	0.22%
	500,000	7/7/16	Brown-Forman Corporation	0.58%		499,952	0.08%
	1,700,000	11/17/16	Coca-Cola Company	1.02%		1,695,491	0.26%
	1,000,000	1/4/17	Coca-Cola Company	0.96%		996,042	0.15%
Commerical
	1,200,000	9/14/16	ERAC USA Finance LLC	0.25%		1,197,826	0.19%
Diversified financial services
	1,500,000	7/5/16	DCAT, LLC	0.66%		1,499,890	0.23%
	1,700,000	8/12/16	Gotham Funding Corporation	0.50%		1,699,008	0.26%
	500,000	7/1/16	ING (U.S.) Funding LLC	0.54%		500,000	0.08%
	400,000	7/11/16	Intercontinental Exchange, Inc.	0.50%		399,944	0.06%
	1,700,000	8/10/16	Intercontinental Exchange, Inc.	0.53%		1,698,999	0.26%
	400,000	9/2/16	J.P. Morgan Securities LLC	0.63%		399,559	0.06%
	1,600,000	7/8/16	Manhattan Asset Funding Company LLC	0.50%		1,599,844	0.25%
	1,450,000	8/16/16	Nieuw Amsterdam Receivables Corporation	0.55%		1,448,981	0.22%
Electronics
	1,500,000	7/13/16	Amphenol Corporation	0.75%		1,499,625	0.23%
Energy
	2,000,000	7/27/16	Dominion Resources, Inc.	0.75%		1,998,917	0.31%
	1,900,000	7/13/16	Duke Energy Corporation	0.76%		1,899,519	0.29%
	500,000	7/25/16	Oglethorpe Power Corporation	0.48%		499,840	0.08%
	2,100,000	7/18/16	Pacific Gas and Electric Company	0.70%		2,099,306	0.33%
	1,700,000	7/6/16	Questar Corporation	0.66%		1,699,844	0.26%

The accompanying notes are an integral part of these consolidated financial statements.

2 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments (continued)
June 30, 2016 (unaudited)

			Description			Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Commercial Paper (continued)
	Face Value	Maturity Date	Name	Yield1
Healthcare
$	2,100,000	7/11/16	Catholic Health Initiatives	0.72%	$	2,099,580	0.33%
Household products
	500,000	8/2/16	Clorox Company	0.70%		499,689	0.08%
Life insurance
	1,600,000	8/4/16	AXA Financial, Inc.	0.70%		1,598,942	0.25%
	2,100,000	7/12/16	Nationwide Life Insurance Company	0.52%		2,099,666	0.33%
Pharmaceutical
	400,000	7/25/16	Pfizer Inc.	0.46%		399,877	0.06%
REITs
	500,000	7/6/16	Simon Property Group, L.P.	0.50%		499,965	0.08%
	1,600,000	8/8/16	Simon Property Group, L.P.	0.50%		1,599,156	0.25%
Total U.S. commercial paper (cost:  $48,971,034)						49,020,291	7.60%
Foreign Commercial Paper
	Face Value	Maturity Date	Name	Yield1
Banks
$	500,000	8/26/16	Bank of Nova Scotia	0.60%		499,533	0.08%
	1,700,000	7/8/16	DBS Bank Ltd.	0.59%		1,699,805	0.27%
	500,000	8/19/16	DNB Bank ASA	0.51%		499,653	0.08%
	1,000,000	8/18/16	HSBC Bank PLC	0.51%		999,393	0.15%
	700,000	10/17/16	Macquarie Bank Limited	1.02%		698,468	0.11%
	500,000	8/31/16	Nordea Bank AB	0.55%		499,534	0.08%
Chemicals
	1,500,000	1/9/17	BASF SE	1.00%		1,493,141	0.23%
Diversified financial services
	500,000	7/8/16	Ontario Teachers Finance Trust	0.55%		499,947	0.08%
Energy
	1,200,000	1/6/17	Electricite de France	1.11%		1,192,014	0.18%
	800,000	1/9/17	Electricite de France	1.11%		794,579	0.12%
	2,000,000	7/18/16	Engie	0.75%		1,999,292	0.31%
	1,000,000	11/10/16	Engie	0.49%		997,580	0.15%
	400,000	7/15/16	Total Capital Canada Ltd.	0.59%		399,908	0.06%
	1,500,000	8/1/16	Total Capital Canada Ltd.	0.60%		1,499,225	0.23%
Household products
	2,000,000	10/3/16	Reckitt Benckiser Treasury Services PLC	0.50%		1,997,055	0.31%
Pharmaceutical
	1,700,000	8/8/16	Novartis Securities Investment Ltd.	0.49%		1,699,121	0.26%
	500,000	8/24/16	Novartis Securities Investment Ltd.	0.52%		499,610	0.08%
Telecommunications
	1,350,000	1/23/17	Vodafone Group Public Limited Company	1.02%		1,340,227	0.21%
Total foreign commercial paper (cost:  $19,245,828)						19,308,085	2.99%
Total commercial paper (cost:  $68,216,862)						68,328,376	10.59%
U.S. Corporate Notes
	Face Value	Maturity Date	Name	Yield1
Advertising
$	1,800,000	12/15/16	Rockwell Collins, Inc.	1.00%		1,802,062	0.28%
Automotive
	566,000	7/13/18	American Honda Finance Corporation	1.09%		568,637	0.09%
	368,000	2/22/19	American Honda Finance Corporation	1.48%		372,664	0.06%
	2,500,000	9/15/16	Daimler Finance North America LLC	2.63%		2,527,773	0.39%

The accompanying notes are an integral part of these consolidated financial statements.

3 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments (continued)
June 30, 2016 (unaudited)

			Description			Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Automotive (continued)
$	438,000	3/10/17	Daimler Finance North America LLC	1.13%	$	439,519	0.07%
	649,000	8/3/17	Daimler Finance North America LLC	1.35%		650,876	0.10%
	6,700,000	3/2/18	Daimler Finance North America LLC	1.11%		6,661,307	1.03%
	6,500,000	1/9/18	Ford Motor Credit Company LLC	1.57%		6,523,464	1.01%
	850,000	1/9/18	Ford Motor Credit Company LLC	1.57%		853,068	0.13%
	1,422,000	4/6/18	Nissan Motor Acceptance Corporation	1.43%		1,426,366	0.22%
	1,400,000	9/23/16	Toyota Motor Credit Corporation	0.74%		1,400,620	0.22%
	1,000,000	3/27/17	Toyota Motor Credit Corporation	0.97%		1,001,080	0.16%
	670,000	2/19/19	Toyota Motor Credit Corporation	1.45%		670,564	0.10%
	500,000	5/23/17	Volkswagen Group of America Finance, LLC	1.02%		497,025	0.08%
	200,000	11/20/17	Volkswagen Group of America Finance, LLC	1.08%		198,741	0.03%
Banks
	800,000	11/14/16	Bank of America, National Association	1.10%		801,824	0.12%
	1,473,000	11/14/16	Bank of America, National Association	1.13%		1,476,050	0.23%
	500,000	2/13/17	Capital One Bank	1.20%		502,553	0.08%
	1,800,000	5/26/17	Credit Suisse AG	1.38%		1,803,895	0.28%
	8,000,000	4/27/18	Credit Suisse AG	1.31%		8,007,458	1.23%
	880,000	8/2/16	Huntington National Bank	1.35%		884,966	0.14%
	900,000	11/20/16	Huntington National Bank	1.30%		902,346	0.14%
	1,000,000	12/21/16	Mizuho Securities USA Inc.	0.51%		1,000,194	0.16%
	1,123,000	9/19/16	PNC Funding Corp	2.70%		1,134,175	0.18%
	570,000	10/3/16	PNC Realty Investors, Inc.	1.30%		572,401	0.09%
	1,000,000	2/23/18	PNC Realty Investors, Inc.	1.50%		1,012,406	0.16%
	1,800,000	1/30/17	U.S. Bank National Association	1.10%		1,809,183	0.28%
	500,000	8/23/17	U.S. Bank National Association	1.10%		500,941	0.08%
	806,000	9/11/17	U.S. Bank National Association	0.86%		805,659	0.12%
	1,722,000	9/8/17	Wells Fargo & Company	1.40%		1,734,866	0.27%
	834,000	1/22/18	Wells Fargo Bank, National Association	1.38%		839,905	0.13%
Beverages
	3,617,000	1/15/18	Anheuser-Busch Companies, LLC	5.50%		3,951,902	0.61%
	1,000,000	1/15/17	SABMiller Holdings Inc.	2.45%		1,017,920	0.16%
Commercial services
	4,000,000	12/14/17	Visa Inc.	1.20%		4,019,587	0.62%
Computers
	800,000	5/3/18	Apple Inc.	0.89%		801,498	0.12%
	2,000,000	2/22/19	Apple Inc.	1.70%		2,046,429	0.32%
	3,000,000	2/22/19	Apple Inc.	1.47%		3,038,210	0.47%
	650,000	2/22/19	Apple Inc.	1.70%		665,089	0.10%
Diversified financial services
	1,800,000	9/19/16	American Express Credit Corporation	2.80%		1,821,926	0.28%
	1,000,000	6/5/17	American Express Credit Corporation	0.95%		996,140	0.15%
	1,615,000	7/28/16	Bank of New York Company, Inc.	2.30%		1,632,381	0.25%
	1,500,000	8/15/16	Berkshire Hathaway Finance Corporation	0.95%		1,505,908	0.23%
	1,226,000	3/7/18	Berkshire Hathaway Finance Corporation	1.23%		1,233,272	0.19%
	1,400,000	4/3/17	Branch Banking and Trust Company	1.00%		1,403,716	0.22%
	800,000	5/10/19	Branch Banking and Trust Company	1.16%		801,544	0.12%
	1,500,000	7/15/16	Capital One Financial Corporation	3.15%		1,522,643	0.24%
	400,000	12/15/17	Goldman Sachs Group, Inc.	1.45%		399,242	0.06%
	3,500,000	2/15/19	Goldman Sachs Group, Inc.	7.50%		4,103,482	0.64%
	3,000,000	4/25/19	Goldman Sachs Group, Inc.	1.68%		3,008,589	0.47%

The accompanying notes are an integral part of these consolidated financial statements.

4 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments (continued)
June 30, 2016 (unaudited)

			Description			Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Diversified financial services (continued)
$	3,000,000	10/15/18	Intercontinental Exchange, Inc.	2.50%	$	3,091,343	0.48%
	2,600,000	7/28/16	Jackson National Life Global Funding	0.89%		2,604,528	0.40%
	798,000	4/5/17	MassMutual Global Funding II	2.00%		808,797	0.13%
	3,500,000	4/10/17	Metropolitan Life Global Funding I	1.30%		3,521,165	0.55%
	1,000,000	4/10/17	Metropolitan Life Global Funding I	1.01%		1,003,500	0.16%
	1,060,000	10/18/16	Morgan Stanley	5.75%		1,086,556	0.17%
	4,900,000	1/9/17	Morgan Stanley	5.45%		5,136,763	0.80%
	1,000,000	1/9/17	Morgan Stanley	5.45%		1,048,319	0.16%
	500,000	2/1/19	Morgan Stanley	2.45%		515,195	0.08%
	8,125,000	2/9/18	MUFG Americas Holdings Corporation	1.20%		8,120,201	1.25%
	1,000,000	3/1/17	New York Life Global Funding	1.13%		1,005,816	0.16%
	1,614,000	10/30/17	New York Life Global Funding	1.30%		1,626,415	0.25%
	1,500,000	10/5/17	NYSE Euronext	2.00%		1,519,191	0.24%
	5,000,000	11/25/16	Pricoa Global Funding I	1.15%		5,009,671	0.78%
	1,675,000	6/27/18	Pricoa Global Funding I	0.50%		1,675,242	0.26%
	1,800,000	12/1/17	Principal Life Global Funding II	1.17%		1,804,391	0.28%
	2,000,000	9/26/16	UBS AG	1.14%		2,001,603	0.31%
	1,000,000	6/1/17	UBS AG	1.38%		1,002,665	0.16%
	4,750,000	6/1/17	UBS AG	1.23%		4,756,923	0.74%
	1,757,000	12/13/16	USAA Capital Corporation	2.25%		1,778,159	0.28%
Energy
	1,000,000	8/1/16	Arizona Public Service Company	6.25%		1,029,836	0.16%
	1,461,000	11/9/17	Chevron Corporation	0.99%		1,462,971	0.23%
	500,000	9/15/16	Dayton Power and Light Company	1.88%		503,580	0.08%
	1,000,000	8/15/16	Georgia Power Company	1.03%		1,001,741	0.16%
	3,350,000	12/1/17	Kinder Morgan, Inc.	2.00%		3,335,584	0.52%
	4,778,000	7/15/16	Pioneer Natural Resources Company	5.88%		4,916,038	0.76%
Healthcare
	10,000,000	6/7/18	Aetna Inc.	1.70%		10,092,389	1.55%
	500,000	1/15/18	Anthem, Inc.	1.88%		507,778	0.08%
	1,500,000	3/15/18	Medtronic, Inc.	1.50%		1,520,560	0.24%
	7,750,000	1/17/17	UnitedHealth Group Incorporated	1.08%		7,807,318	1.20%
	4,775,000	4/1/18	Zimmer Biomet Holdings, Inc.	2.00%		4,843,283	0.75%
Insurance
	2,700,000	10/18/16	American International Group, Inc.	5.60%		2,764,086	0.43%
Machinery
	994,000	11/20/17	Caterpillar Financial Services Corporation	0.88%		994,241	0.15%
	789,000	2/23/18	Caterpillar Financial Services Corporation	1.35%		795,430	0.12%
	700,000	7/11/17	John Deere Capital Corporation	1.08%		703,986	0.11%
	1,000,000	1/8/19	John Deere Capital Corporation	1.20%		1,007,456	0.16%
Manufacturing
	1,000,000	1/9/17	General Electric Capital Corporation	0.91%		1,003,173	0.16%
	241,000	2/25/17	Illinois Tool Works Inc.	0.90%		241,882	0.04%
Pharmaceutical
	7,775,000	5/14/18	AbbVie Inc.	1.80%		7,847,619	1.21%
	1,400,000	10/7/16	Bayer US Finance LLC	0.88%		1,402,069	0.22%
	500,000	3/17/17	EMD FIN LLC	1.01%		499,746	0.08%
	750,000	12/1/16	Gilead Sciences, Inc.	3.05%		758,671	0.12%
REITs
	950,000	9/15/16	HCP, Inc.	6.30%		976,288	0.15%

The accompanying notes are an integral part of these consolidated financial statements.

5 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments (continued)
June 30, 2016 (unaudited)

			Description			Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Corporate Notes (continued)
	Face Value	Maturity Date	Name	Yield1
Retail
$	3,500,000	7/20/18	CVS Health Corporation	1.90%	$	3,585,775	0.56%
	4,750,000	9/10/18	Home Depot, Inc.	2.25%		4,928,446	0.76%
	1,500,000	10/15/16	Lowe`s Companies, Inc.	5.40%		1,536,927	0.24%
Software
	2,000,000	8/18/17	International Business Machines Corporation	1.08%		2,009,422	0.31%
	900,000	7/7/17	Oracle Corporation	0.83%		899,264	0.14%
	600,000	4/15/18	Oracle Corporation	5.75%		657,533	0.10%
Telecommunication
	1,500,000	8/15/16	AT&T Inc.	2.40%		1,516,225	0.23%
	2,000,000	2/15/19	AT&T Inc.	5.80%		2,267,622	0.35%
	2,150,000	9/15/16	Verizon Communications, Inc.	2.18%		2,159,267	0.33%
	4,800,000	6/9/17	Verizon Communications, Inc.	1.06%		4,805,979	0.74%
Transportation
	4,500,000	10/28/16	Kansas City Southern	1.33%		4,511,125	0.70%
Total U.S. corporate notes (cost:  $217,553,393)						217,361,819	33.69%
	Foreign Corporate Notes
	Face Value	Maturity Date	Name	Yield1
Banks
$	2,200,000	12/13/16	Bank of Nova Scotia	1.08%		2,202,791	0.34%
	2,365,000	9/9/16	Bank of Tokyo-Mitsubishi UFJ, Ltd.	1.55%		2,378,968	0.37%
	1,584,000	9/22/16	Barclays Bank PLC	5.00%		1,619,204	0.25%
	1,998,000	3/13/17	Commonwealth Bank of Australia	1.02%		1,999,382	0.31%
	548,000	1/19/17	Cooperatieve Rabobank U.A.	3.38%		563,407	0.09%
	5,000,000	8/17/18	ING Bank N.V.	1.41%		4,979,098	0.77%
	1,500,000	8/15/16	Macquarie Bank Limited	2.00%		1,513,163	0.23%
	500,000	2/22/17	Macquarie Bank Limited	5.00%		520,382	0.08%
	2,000,000	12/9/16	National Australia Bank Limited	0.91%		2,001,518	0.31%
	5,000,000	7/23/18	National Australia Bank Limited	1.28%		4,981,295	0.77%
	1,800,000	4/4/17	Svenska Handelsbanken AB	2.88%		1,835,355	0.28%
	882,000	9/29/17	Swedbank AB	2.13%		896,005	0.14%
	1,500,000	7/23/18	Toronto-Dominion Bank	1.18%		1,499,254	0.23%
Diversified financial services
	800,000	1/29/18	Caisse centrale Desjardins	1.30%		799,685	0.12%
Energy
	1,000,000	5/10/17	Shell International Finance B.V.	0.95%		1,002,472	0.16%
Manufactoring
	222,000	1/13/17	Hutchison Whampoa International (11) Limited	3.50%		228,401	0.04%
Pharmaceuticals
	6,790,000	3/12/18	Actavis Funding SCS	1.74%		6,829,436	1.07%
Semiconductor
	1,520,000	10/17/16	Siemens Financieringsmaatschappij N.V.	5.75%		1,559,261	0.24%
Telecommunication
	1,287,000	9/8/16	America Movil, S.A.B. De C.V.	2.38%		1,300,237	0.20%
Total foreign corporate notes (cost:  $38,749,702)						38,709,314	6.00%
Total corporate notes (cost:  $256,303,095)						256,071,133	39.69%

The accompanying notes are an integral part of these consolidated financial statements.

6 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments (continued)
June 30, 2016 (unaudited)

			Description			Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Asset Backed Securities
	Face Value	Maturity Date	Name	Yield1
Automotive
$	1,521,000	10/15/18	Ally Auto Receivables Trust	1.17%	$	1,524,706	0.24%
	388,232	9/20/17	Ally Auto Receivables Trust 2014-SN2	1.03%		388,307	0.06%
	490,821	3/15/18	Ally Auto Receivables Trust 2015-2	0.98%		491,015	0.08%
	467,667	8/15/18	Ally Auto Receivables Trust 2016-1	1.20%		468,707	0.07%
	881,196	1/8/19	AmeriCredit Automobile Receivables Trust 2006-A-F	1.07%		881,749	0.14%
	267,035	2/8/19	AmeriCredit Automobile Receivables Trust 2006-A-F	0.90%		267,120	0.04%
	2,000,000	6/10/19	AmeriCredit Automobile Receivables Trust 2014-3	1.15%		2,001,548	0.32%
	67,080	4/9/18	AmeriCredit Automobile Receivables Trust 2014-4	0.85%		67,108	0.01%
	375,000	7/15/24	ARI Fleet Lease Trust 2016-A	1.82%		376,316	0.06%
	237,953	4/16/18	Bank of the West Auto Trust 2015-1	0.87%		237,938	0.04%
	675,000	1/22/18	BMW Vehicle Lease Trust	1.17%		675,876	0.10%
	1,321,914	1/22/18	BMW Vehicle Lease Trust 2015-2	1.07%		1,323,009	0.21%
	525,000	7/20/18	Capital Auto Receivables Asset Trust 2013-4	1.47%		526,081	0.08%
	400,433	10/20/17	Capital Auto Receivables Asset Trust 2015-2	0.85%		400,405	0.06%
	131,749	2/15/18	CarMax Auto Owner Trust 2014-4	0.67%		131,774	0.02%
	573,190	6/15/18	CarMax Auto Owner Trust 2015-2	0.82%		573,214	0.09%
	537,310	2/7/27	Chesapeake Funding LLC	0.94%		536,669	0.08%
	400,000	7/15/19	Drive Auto Receivables Trust	1.67%		400,997	0.06%
	4,626	3/20/19	Enterprise Fleet Financing, LLC	1.06%		4,627	0.00%
	321,004	5/15/18	Fifth Third Auto Trust 2015-1	1.02%		321,265	0.05%
	570,923	5/15/18	Ford Credit Auto Lease 2015-B	1.04%		571,229	0.09%
	93,509	9/15/17	Ford Credit Auto Lease Trust 2014-B	0.89%		93,541	0.01%
	1,520,000	11/15/18	Ford Credit Auto Lease Trust 2016-A	1.42%		1,523,579	0.24%
	239,803	3/15/18	Ford Credit Auto Owner Trust 2012-D	0.67%		239,697	0.04%
	589,631	3/15/18	Ford Credit Auto Owner Trust 2015-B	0.72%		589,685	0.09%
	554,000	3/15/19	Ford Credit Auto Owner Trust 2016-B	1.08%		554,753	0.09%
	500,000	7/20/19	GE Dealer Floorplan Master Note	0.83%		498,982	0.08%
	600,645	1/15/19	Harley-Davidson Motorcycle Trust 2015-2	0.80%		600,736	0.09%
	921,313	4/10/28	Hertz Fleet Lease Funding LP	0.84%		921,118	0.14%
	45,543	5/15/17	Honda Auto Receivables 2013-3 Owner Trust	0.77%		45,559	0.01%
	879,985	9/18/17	Honda Auto Receivables 2013-4 Owner Trust	0.69%		879,798	0.14%
	141,548	6/15/17	Honda Auto Receivables 2015-1 Owner Trust	0.70%		141,576	0.02%
	385,605	11/20/17	Honda Auto Receivables 2015-3 Owner Trust	0.92%		385,810	0.06%
	796,933	7/23/18	Honda Auto Receivables 2015-4 Owner Trust	0.82%		796,875	0.12%
	719,000	6/18/18	Honda Auto Receivables 2016-1 Owner Trust	1.01%		719,727	0.11%
	1,460,000	9/17/18	Honda Auto Receivables Owner Trust	1.13%		1,464,166	0.23%
	1,313,625	11/15/17	Hyundai Auto Lease Securitization Tr 2014-B	0.98%		1,314,541	0.20%
	169,456	10/16/17	Hyundai Auto Receivables Trust 2015-A	0.68%		169,478	0.03%
	585,592	11/15/18	Hyundai Auto Receivables Trust 2015-C	0.99%		585,854	0.09%
	713,000	6/17/19	Hyundai Auto Receivables Trust 2016-A	1.21%		714,952	0.11%
	1,785,000	7/16/18	MBALT 2016-A A2A 1.33 16 JUL 2018	1.34%		1,790,293	0.28%
	914,445	1/16/18	Mercedes-Benz Auto Lease Trust 2015-B	1.00%		915,123	0.14%
	1,089,145	11/15/17	Nissan Auto Lease Trust 2015-A	0.79%		1,089,267	0.17%
	346,467	8/15/18	Nissan Auto Receivables 2013-C Owner Trust	0.67%		346,275	0.05%
	367,920	9/15/17	Nissan Auto Receivables 2015-A Owner Trust	0.67%		367,954	0.06%
	1,005,000	4/15/19	Nissan Auto Receivables 2016-B Owner Trust	1.05%		1,007,191	0.16%
	101,504	11/21/17	Porsche Innovative Lease Owner Tr 2015-1	0.79%		101,461	0.02%
	427,028	9/17/18	Santander Drive Auto Receivables Trust 2014-4	1.08%		427,297	0.07%
	914,597	4/8/19	Santander Drive Auto Receivables Trust 2015-4	1.26%		915,658	0.14%
	305,481	11/15/18	Santander Drive Auto Receivables Trust 2015-5	1.12%		305,810	0.05%

The accompanying notes are an integral part of these consolidated financial statements.

7 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments (continued)
June 30, 2016 (unaudited)

			Description			Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Asset Backed Securities (continued)
	Face Value	Maturity Date	Name	Yield1
Automotive (continued)
$	225,000	9/16/19	Santander Drive Auto Receivables Trust 2015-5	1.58%	$	225,761	0.03%
	244,000	7/15/19	Santaner Drive Auto Receivables Tr 2016-1	1.41%		244,524	0.04%
	376,113	2/15/18	Toyota Auto Receivables 2015 Co-owner Tr	0.77%		376,204	0.06%
	617,000	8/15/17	Toyota Auto Receivables 2016-A Owner Trust	1.03%		618,113	0.10%
	77,792	8/21/17	Volkswagen Auto Loan Enhanced Trust 2013-1	0.56%		77,768	0.01%
	303,761	4/20/18	Volkswagen Auto Loan Enhanced Trust 2013-2	0.70%		303,221	0.05%
	288,759	10/22/18	Volkswagen Auto Loan Enhanced Trust 2014-1	0.91%		287,878	0.04%
Commerical mortgage
	1,533,077	1/15/49	Banc of America Commercial Mortgage Trust 2007-1	5.43%		1,559,366	0.24%
	772,056	10/15/49	Citigroup Commercial Mortgage Trust 2006-C5	5.43%		777,032	0.12%
	638,502	9/15/39	LB-UBS Commercial Mortgage Trust 2006-C6	5.37%		640,891	0.10%
	970,075	12/12/49	ML-CFC Commercial Mortgage Trust 2006-4	5.17%		979,793	0.15%
	467,442	2/12/44	Morgan Stanley Capital I Trust 2007-HQ11	0.58%		464,046	0.07%
Credit card
	1,000,000	1/15/20	BA Credit Card Trust	0.73%		1,000,025	0.15%
	2,000,000	9/16/19	Capital One Multi-Asset Execution Trust	0.96%		2,002,083	0.31%
	1,500,000	1/15/20	Capital One Multi-Asset Execution Trust	1.26%		1,505,606	0.23%
	850,000	10/15/18	Chase Issuance Trust	1.01%		850,832	0.13%
	2,000,000	9/7/18	Citibank Credit Card Issuance Trust	1.32%		2,010,217	0.31%
	1,760,000	11/7/18	Citibank Credit Card Issuance Trust	0.86%		1,762,646	0.27%
	1,500,000	2/22/19	Citibank Credit Card Issuance Trust	1.02%		1,507,053	0.23%
	1,000,000	3/15/21	World Financial Network Credit Card Master Note Trust	1.26%		999,490	0.15%
Other
	234,931	8/15/18	CNH Equipment Trust 2013-B	0.69%		234,813	0.04%
	474,966	2/15/18	John Deere Owner Trust 2015	0.87%		475,112	0.07%
	985,000	10/15/18	John Deere Owner Trust 2016	1.15%		986,420	0.15%
	184,816	12/15/17	Kubota Credit Owner Trust 2015-1	0.94%		184,797	0.03%
Student loans
	203,548	5/16/22	Navient Private Education Loan Tr 2014-A	0.92%		203,491	0.03%
	28,605	8/15/25	SLM Private Education Loan Trust 2012-A	1.84%		28,633	0.00%
	24,842	8/15/23	SLM Private Education Loan Trust 2012-C	1.54%		24,854	0.00%
	209,365	10/16/23	SLM Private Education Loan Trust 2012-E	1.19%		209,312	0.03%
	164,357	8/15/22	SLM Private Education Loan Trust 2013-A	1.04%		164,289	0.03%
Total U.S. asset backed securities (cost:  $52,425,892)						52,380,686	8.11%
Total investments in securities (cost:  $450,560,503)					$	450,393,961	69.80%
CERTIFICATES OF DEPOSIT
U.S. Certificates of Deposit
	Face Value	Maturity Date	Name	Yield1
Banks
$	1,000,000	6/30/17	Bank of Montreal	1.00%	$	1,000,029	0.15%
	2,000,000	11/14/16	BMO Harris Bank National Association	1.09%		2,012,753	0.31%
	1,800,000	5/23/17	Canadian Imperial Bank of Commerce	1.02%		1,803,797	0.28%
	1,000,000	5/24/17	Canadian Imperial Bank of Commerce	1.06%		1,001,313	0.15%
	2,000,000	8/25/16	Cooperatieve Rabobank U.A.	0.82%		2,006,903	0.31%
	1,000,000	5/3/17	Credit Suisse Group AG	1.40%		1,003,464	0.16%
	1,622,000	5/24/17	National Bank of Canada	1.06%		1,620,573	0.25%
	2,000,000	2/13/17	Nordea Bank Finland PLC	0.91%		2,002,540	0.31%
	1,000,000	10/14/16	Royal Bank of Canada	0.88%		1,002,602	0.16%
	2,000,000	3/22/18	Royal Bank of Canada	1.35%		2,000,673	0.31%

The accompanying notes are an integral part of these consolidated financial statements.

8 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments (continued)
June 30, 2016 (unaudited)

			Description			Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Certificates of Deposit (continued)
	Face Value	Maturity Date	Name	Yield1
Banks (continued)
$	1,200,000	8/4/16	Standard Chartered Bank	0.80%	$	1,209,168	0.19%
	1,800,000	3/30/17	State Street Bank and Trust Company	0.91%		1,800,046	0.28%
	700,000	7/5/16	Sumitomo Mitsui Banking Corporation	0.82%		700,461	0.11%
	1,000,000	12/7/17	Svenska Handelsbanken AB	1.16%		1,002,025	0.15%
	2,000,000	11/8/16	Toronto-Dominion Bank	1.00%		2,014,683	0.31%
	2,000,000	5/3/17	Toronto-Dominion Bank	1.15%		2,005,758	0.31%
	1,000,000	7/21/16	U.S. Bank National Association	0.79%		1,003,843	0.16%
	1,500,000	1/19/17	Westpac Banking Corporation	0.98%		1,503,892	0.23%
	1,000,000	3/17/17	Westpac Banking Corporation	1.13%		1,004,730	0.16%
Total U.S. certificates of deposit (cost:  $27,619,193)						27,699,253	4.29%
Foreign Certificates of Deposit
	Face Value	Maturity Date	Name	Yield1
Banks
$	591,000	12/5/16	Bank of Nova Scotia	0.56%		591,409	0.09%
	705,000	8/17/16	Svenska Handelsbanken AB	0.81%		705,969	0.11%
Total foreign certificates of deposit (cost:  $1,295,391)						1,297,378	0.20%
Total certificates of deposit (cost:  $28,914,584)					$	28,996,631	4.49%
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
			Agricultural commodities		$	899,801	0.14%
			Currencies			1,577,787	0.24%
			Energy			189,246	0.03%
			Equity indices			1,123,387	0.17%
			Interest rate instruments2			7,878,610	1.22%
			Metals2			10,046,511	1.57%
			Single stock futures			413,224	0.06%
Net unrealized gain (loss) on open long U.S. futures contracts						22,128,566	3.43%
Short U.S. Futures Contracts
			Agricultural commodities			2,217,060	0.34%
			Currencies			3,017,816	0.47%
			Energy			(452,023)	(0.07)%
			Equity indices			38,716	0.01%
			Interest rate instruments			(980,539)	(0.15)%
			Metals2			(9,486,618)	(1.48)%
			Single stock futures			(66,985)	(0.01)%
Net unrealized gain (loss) on open short U.S. futures contracts						(5,712,573)	(0.89)%
Total U.S. Futures Contracts - Net unrealized gain (loss) on open U.S. futures contracts						16,415,993	2.54%

The accompanying notes are an integral part of these consolidated financial statements.

9 

Futures Portfolio Fund, Limited Partnership
Consolidated Condensed Schedule of Investments (continued)
June 30, 2016 (unaudited)

		Description		Fair Value	% of Partners’ Capital (Net Asset Value)
	Long Foreign Futures Contracts
		Agricultural commodities	$	57,301	0.01%
		Currencies		441,405	0.07%
		Energy		15,548	0.00%
		Equity indices		1,192,375	0.18%
		Interest rate instruments2		12,064,934	1.87%
		Metals		237	0.00%
	Net unrealized gain (loss) on open long foreign futures contracts			13,771,800	2.13%
	Short Foreign Futures Contracts
		Agricultural commodities		36,957	0.01%
		Currencies		463,474	0.07%
		Energy		18,501	0.00%
		Equity indices		(506,772)	(0.08)%
		Interest rate instruments		(913,789)	(0.14)%
		Metals		(2,903)	0.00%
		Single stock futures		(11,123)	0.00%
	Net unrealized gain (loss) on open short foreign futures contracts			(915,655)	(0.14)%
	Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			12,856,145	1.99%
	Net unrealized gain (loss) on open futures contracts		$	29,272,138	4.53%
OPEN FORWARD CURRENCY CONTRACTS
	U.S. Forward Currency Contracts
		Long	$	(699,686)	(0.11)%
		Short		3,202,319	0.50%
	Net unrealized gain (loss) on open U.S. forward currency contracts			2,502,633	0.39%
	Foreign Forward Currency Contracts
		Long		(518,383)	(0.08)%
		Short		2,086,597	0.32%
	Net unrealized gain (loss) on open foreign forward currency contracts			1,568,214	0.24%
	Net unrealized gain (loss) on open forward currency contracts		$	4,070,847	0.63%

¹ Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

² No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these consolidated financial statements.

10 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments

December 31, 2015

		Description		Fair Value	% of Partners’ Capital (Net Asset Value)
INVESTMENTS IN SECURITIES
U.S. Treasury Securities
Face Value	Maturity Date	Name	Yield1
$      50,000,000	2/18/16	U.S. Treasury Bill	0.09%	$            49,993,194	7.77%
2,000,000	12/8/16	U.S. Treasury Bill	0.72%	1,988,643	0.31%
10,500,000	1/15/16	U.S. Treasury Notes	0.38%	10,517,770	1.63%
1,750,000	3/15/16	U.S. Treasury Notes	0.38%	1,752,420	0.27%
1,500,000	6/30/16	U.S. Treasury Notes	0.50%	1,499,781	0.23%
4,600,000	8/31/16	U.S. Treasury Notes	1.00%	4,624,882	0.72%
1,500,000	10/31/16	U.S. Treasury Notes	1.00%	1,505,484	0.23%
1,800,000	11/15/16	U.S. Treasury Notes	0.63%	1,799,062	0.28%
1,500,000	11/30/16	U.S. Treasury Notes	2.75%	1,529,797	0.24%
1,788,200	12/15/16	U.S. Treasury Notes	0.63%	1,785,926	0.28%
Total U.S. Treasury securities (cost:  $77,027,397)				76,996,959	11.96%
U.S. Commercial Paper
Face Value	Maturity Date	Name	Yield1
Automotive
$           500,000	1/11/16	Nissan Motor Acceptance Corporation	0.50%	499,928	0.08%
1,600,000	1/22/16	Nissan Motor Acceptance Corporation	0.78%	1,599,272	0.25%
Banks
400,000	1/21/16	Standard Chartered Bank	0.27%	399,940	0.06%
Beverages
2,100,000	1/6/16	Bacardi U.S.A., Inc.	0.51%	2,099,851	0.33%
1,500,000	1/7/16	Brown-Forman Corporation	0.45%	1,499,888	0.23%
500,000	1/7/16	Brown-Forman Corporation	0.45%	499,963	0.08%
1,700,000	11/17/16	Coca-Cola Company	0.80%	1,689,858	0.26%
Chemicals
500,000	1/14/16	Clorox Company	0.46%	499,917	0.08%
1,500,000	1/27/16	Clorox Company	0.51%	1,499,448	0.23%
Diversified financial services
375,000	1/19/16	American Express Credit Corporation	0.55%	374,897	0.06%
1,700,000	1/15/16	DCAT, LLC	0.42%	1,699,722	0.26%
1,700,000	1/5/16	Gotham Funding Corporation	0.28%	1,699,947	0.26%
1,700,000	1/20/16	Hewlett Packard Enterprise Company	0.92%	1,699,175	0.26%
400,000	3/2/16	ING (U.S.) Funding LLC	0.65%	399,559	0.06%
1,700,000	1/4/16	Intercontinental Exchange, Inc.	0.42%	1,699,940	0.26%
450,000	1/15/16	J.P. Morgan Securities LLC	0.25%	449,956	0.07%
1,400,000	1/12/16	Manhattan Asset Funding Company LLC	0.27%	1,399,885	0.22%
1,700,000	1/13/16	Regency Group, Inc.	0.40%	1,699,773	0.26%
1,300,000	1/4/16	The Southern Company	0.53%	1,299,943	0.20%
Energy
500,000	1/27/16	Dominion Resources, Inc.	0.67%	499,758	0.08%
2,100,000	1/21/16	Enterprise Products Operating LLC	0.78%	2,099,090	0.34%
2,100,000	1/7/16	Motiva Enterprises LLC	0.60%	2,099,790	0.34%
400,000	1/5/16	Oglethorpe Power Corp.	0.32%	399,986	0.06%
1,700,000	2/1/16	Oglethorpe Power Corp.	0.48%	1,699,297	0.26%

The accompanying notes are an integral part of these consolidated financial statements.

11 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2015

		Description		Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Commercial Paper (continued)
Face Value	Maturity Date	Name	Yield1
Healthcare
$        1,850,000	1/20/16	Catholic Health Initiatives	0.45%	$               1,849,561	0.29%
Insurance
2,200,000	1/12/16	AXA Financial, Inc.	0.35%	2,199,766	0.34%
REIT
1,500,000	2/9/16	Simon Property Group, L.P.	0.45%	1,499,269	0.23%
Total U.S. commercial paper (cost:  $35,039,075)				35,057,379	5.45%
Foreign Commercial Paper
Face Value	Maturity Date	Name	Yield1
Banks
$        1,400,000	6/2/16	Bank of China Hong Kong Ltd	0.99%	1,394,628	0.22%
2,200,000	1/11/16	Bank of Tokyo-Mitsubishi UFJ, Ltd.	0.23%	2,199,859	0.34%
400,000	2/11/16	DBS Bank Ltd.	0.54%	399,754	0.06%
3,000,000	2/23/16	DNB Bank ASA	0.55%	2,998,889	0.47%
700,000	10/17/16	Macquarie Bank Limited	0.89%	695,151	0.11%
1,700,000	1/6/16	Mizuho Bank, Ltd.	0.29%	1,699,932	0.26%
300,000	1/7/16	Mizuho Bank, Ltd.	0.30%	299,985	0.05%
400,000	1/5/16	Oversea-Chinese Banking Corp. Ltd	0.40%	399,982	0.06%
450,000	2/16/16	Skandinaviska Enskilda Banken AB	0.33%	449,810	0.07%
1,600,000	3/16/16	Sumitomo Mitsui Bank	0.65%	1,597,833	0.25%
Diversified financial services
500,000	4/1/16	Ontario Teachers Finance Trust	0.65%	499,178	0.08%
Energy
1,200,000	1/6/17	Electricite de France SA	1.67%	1,180,966	0.18%
800,000	1/9/17	Electricite de France SA	1.67%	787,192	0.12%
1,600,000	1/25/16	Engie	0.30%	1,599,680	0.25%
500,000	1/25/16	Engie	0.27%	499,910	0.08%
400,000	1/21/16	Total Capital Canada Ltd.	0.45%	399,900	0.06%
Insurance
1,700,000	1/19/16	Prudential PLC	0.25%	1,699,788	0.26%
Manufacturing
2,000,000	1/13/16	John Deere Financial Limited	0.25%	1,999,833	0.31%
Telecommunications
400,000	2/22/16	Telstra Corporation Limited	0.38%	399,780	0.06%
1,000,000	3/21/16	Vodafone Group Public Limited Company	0.90%	998,783	0.16%
Total foreign commercial paper (cost:  $22,169,024)				22,200,833	3.45%
Total commercial paper (cost:  $57,208,099)				57,258,212	8.90%
U.S. Corporate Notes
Face Value	Maturity Date	Name	Yield1
Advertising
$        2,379,000	4/15/16	Omnicom Group Inc.	5.90%	2,439,009	0.38%
Aerospace
1,200,000	5/1/16	Lockheed Martin Corporation	7.65%	1,241,939	0.19%
3,800,000	12/15/16	Rockwell Collins, Inc.	0.86%	3,803,447	0.59%
Automotive
1,584,000	2/28/17	American Honda Finance Corporation	2.13%	1,612,408	0.25%
566,000	7/13/18	American Honda Finance Corporation	0.78%	565,677	0.09%
700,000	1/11/16	Daimler Finance North America LLC	1.25%	704,161	0.11%
2,500,000	9/15/16	Daimler Finance North America LLC	2.63%	2,542,748	0.40%
649,000	8/3/17	Daimler Finance North America LLC	1.04%	649,353	0.10%

The accompanying notes are an integral part of these consolidated financial statements.

12 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2015

		Description		Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Corporate Notes (continued)
Face Value	Maturity Date	Name	Yield1
Automotive (continued)
$        6,700,000	3/2/18	Daimler Finance North America LLC	0.84%	$               6,623,197	1.03%
7,350,000	1/9/18	Ford Motor Credit Company LLC	1.26%	7,308,669	1.13%
1,388,000	3/15/16	Nissan Motor Acceptance Corporation	1.00%	1,392,489	0.22%
1,762,000	9/26/16	Nissan Motor Acceptance Corporation	1.30%	1,761,988	0.27%
1,400,000	9/23/16	Toyota Motor Credit Corporation	0.69%	1,397,807	0.22%
500,000	5/23/17	Volkswagen Group of America Finance, LLC	0.75%	484,025	0.08%
200,000	11/20/17	Volkswagen Group of America Finance, LLC	0.81%	192,023	0.03%
Banks
5,250,000	3/22/16	Bank of America, NA	1.41%	5,265,175	0.82%
4,250,000	6/15/16	Bank of America, NA	0.79%	4,248,615	0.66%
1,473,000	11/14/16	Bank of America, NA	1.13%	1,472,341	0.23%
800,000	11/14/16	Bank of America, NA	0.83%	800,400	0.12%
1,615,000	7/28/16	Bank of New York Company, Inc.	2.30%	1,644,459	0.26%
1,400,000	4/3/17	Branch Banking and Trust Company	1.00%	1,395,869	0.22%
1,500,000	2/13/17	Capital One Bank	0.86%	1,498,334	0.23%
1,500,000	7/15/16	Capital One Financial Corporation	3.15%	1,535,652	0.24%
1,000,000	2/26/16	Fifth Third Bank	0.82%	1,000,681	0.16%
607,000	1/15/16	Goldman Sachs Group, Inc.	5.35%	622,609	0.10%
950,000	2/7/16	Goldman Sachs Group, Inc.	3.63%	965,675	0.15%
400,000	12/15/17	Goldman Sachs Group, Inc.	1.31%	401,900	0.06%
880,000	8/2/16	Huntington National Bank	1.35%	884,972	0.14%
900,000	11/20/16	Huntington National Bank	1.30%	900,732	0.14%
4,500,000	2/26/16	JPMorgan Chase & Co.	1.03%	4,509,217	0.70%
1,060,000	10/18/16	Morgan Stanley	5.75%	1,108,690	0.17%
5,900,000	1/9/17	Morgan Stanley	5.45%	6,286,679	0.98%
8,125,000	2/9/18	MUFG Americas Holdings Corporation	0.91%	8,127,276	1.25%
1,123,000	9/19/16	PNC Funding Corp	2.70%	1,142,621	0.18%
300,000	1/28/16	PNC Realty Investors, Inc.	0.80%	301,015	0.05%
570,000	10/3/16	PNC Realty Investors, Inc.	1.30%	573,028	0.09%
1,800,000	1/30/17	U.S. Bank National Association	1.10%	1,805,706	0.28%
806,000	9/11/17	U.S. Bank National Association	0.69%	804,160	0.12%
2,000,000	9/26/16	UBS AG	1.10%	2,000,294	0.31%
4,750,000	6/1/17	UBS AG	0.97%	4,752,655	0.74%
2,500,000	12/15/16	Wells Fargo & Company	2.63%	2,536,869	0.39%
Beverages
1,350,000	1/15/16	Anheuser-Busch Inbev Finance Inc.	0.80%	1,354,981	0.21%
Biotechnology
750,000	12/1/16	Gilead Sciences, Inc.	3.05%	766,081	0.12%
Diversified financial services
1,800,000	9/19/16	American Express Credit Corporation	2.80%	1,837,207	0.29%
1,000,000	6/5/17	American Express Credit Corporation	0.72%	993,291	0.15%
2,700,000	10/18/16	American International Group, Inc.	5.60%	2,822,703	0.44%
1,500,000	8/15/16	Berkshire Hathaway Finance Corporation	0.95%	1,506,223	0.23%
1,000,000	1/9/17	General Electric Capital Corporation	0.60%	1,001,768	0.16%
2,600,000	7/28/16	Jackson National Life Global Funding	0.57%	2,602,783	0.40%
1,174,000	12/9/16	MassMutual Global Funding II	0.71%	1,172,646	0.18%
798,000	4/5/17	MassMutual Global Funding II	2.00%	807,344	0.13%
1,500,000	4/10/17	Metropolitan Life Global Funding I	1.30%	1,503,816	0.23%
1,000,000	4/10/17	Metropolitan Life Global Funding I	0.70%	1,003,167	0.16%
1,240,000	5/27/16	National Rural Utilities Coop Fin Corp	0.66%	1,240,664	0.19%
1,000,000	3/1/17	New York Life Global Funding	1.13%	1,003,318	0.16%

The accompanying notes are an integral part of these consolidated financial statements.

13 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2015

		Description		Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Corporate Notes (continued)
Face Value	Maturity Date	Name	Yield1
Diversified financial services (continued)
$        8,500,000	11/25/16	Pricoa Global Funding I	1.15%	$               8,469,554	1.31%
1,800,000	12/1/17	Principal Life Global Funding II	0.98%	1,800,152	0.28%
1,158,000	3/7/16	State Street Corporation	2.88%	1,172,622	0.18%
1,757,000	12/13/16	USAA Capital Corporation	2.25%	1,787,773	0.28%
Energy
812,000	9/15/16	Anadarko Petroleum Corporation	5.95%	848,602	0.13%
1,000,000	8/1/16	Arizona Public Service Company	6.25%	1,052,152	0.16%
1,461,000	11/9/17	Chevron Corporation	0.72%	1,460,560	0.23%
500,000	9/15/16	Dayton Power and Light Company	1.88%	501,620	0.08%
5,750,000	4/3/17	Duke Energy Corporation	0.70%	5,751,540	0.89%
1,000,000	8/15/16	Georgia Power Company	0.76%	1,000,453	0.16%
3,350,000	12/1/17	Kinder Morgan, Inc.	2.00%	3,235,921	0.50%
2,000,000	2/1/16	ONEOK Partners, L.P.	3.25%	2,028,323	0.32%
4,778,000	7/15/16	Pioneer Natural Resources Company	5.88%	5,002,042	0.78%
1,500,000	5/15/16	Sierra Pacific Power Company	6.00%	1,537,909	0.24%
5,500,000	6/15/16	Spectra Energy Partners, LP	2.95%	5,511,061	0.86%
Engineering and construction
1,375,000	6/15/16	ABB Treasury Center (USA), Inc.	2.50%	1,383,400	0.21%
Healthcare
500,000	1/15/18	Anthem, Inc.	1.88%	502,578	0.08%
7,750,000	1/17/17	UnitedHealth Group Incorporated	0.77%	7,761,182	1.20%
2,695,000	9/26/16	Ventas Realty, Limited Partnership	1.55%	2,712,922	0.42%
3,775,000	4/1/18	Zimmer Biomet Holdings, Inc.	2.00%	3,774,019	0.59%
Manufacturing
700,000	7/11/17	John Deere Capital Corporation	0.77%	701,864	0.11%
Pharmaceutical
7,775,000	5/14/18	AbbVie Inc.	1.80%	7,755,563	1.20%
1,400,000	10/7/16	Bayer US Finance LLC	0.57%	1,401,153	0.22%
500,000	3/17/17	EMD FIN LLC	0.88%	499,452	0.08%
Retail
1,500,000	10/15/16	Lowe’s Companies, Inc.	5.40%	1,568,330	0.24%
2,000,000	3/1/16	The Home Depot, Inc.	5.40%	2,050,064	0.32%
Software
1,500,000	2/5/16	IBM	0.40%	1,500,557	0.23%
900,000	7/7/17	Oracle Corporation	0.52%	900,450	0.14%
Telecommunication
1,500,000	8/15/16	AT&T Inc.	2.40%	1,523,455	0.24%
2,150,000	9/15/16	Verizon Communications, Inc.	2.04%	2,170,327	0.34%
1,300,000	11/1/16	Verizon Communications, Inc.	2.00%	1,312,430	0.20%
4,800,000	6/9/17	Verizon Communications, Inc.	0.88%	4,793,185	0.74%
Transportation
4,500,000	10/28/16	Kansas City Southern	1.16%	4,496,674	0.70%
Total U.S. corporate notes (cost:  $198,467,053)				196,888,445	30.59%
Foreign Corporate Notes
Face Value	Maturity Date	Name	Yield1
Banks
$        1,810,000	1/22/16	ABN AMRO Bank N.V.	1.38%	1,821,127	0.28%
2,365,000	9/9/16	Bank of Tokyo-Mitsubishi UFJ, Ltd.	1.55%	2,380,844	0.37%
2,584,000	9/22/16	Barclays Bank PLC	5.00%	2,685,835	0.42%
800,000	1/29/18	Caisse Centrale Desjardins	0.99%	799,842	0.12%
2,000,000	9/20/16	Commonwealth Bank of Australia	1.07%	2,003,104	0.31%
1,800,000	5/26/17	Credit Suisse AG	1.38%	1,793,903	0.28%

The accompanying notes are an integral part of these consolidated financial statements.

14 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2015

		Description		Fair Value	% of Partners’ Capital (Net Asset Value)
Foreign Corporate Notes (continued)
Face Value	Maturity Date	Name	Yield1
Banks (continued)
$        8,000,000	4/27/18	Credit Suisse AG	1.00%	$               7,959,269	1.23%
756,000	1/11/16	Deutsche Bank AG	3.25%	767,886	0.12%
3,700,000	5/24/16	HSBC Bank PLC	3.10%	3,743,250	0.58%
1,000,000	3/15/16	ING Bank N.V.	4.00%	1,018,058	0.16%
5,000,000	8/17/18	ING Bank N.V.	1.14%	5,024,448	0.78%
1,500,000	8/15/16	Macquarie Bank Limited	2.00%	1,517,041	0.24%
2,000,000	12/9/16	National Australia Bank Limited	0.73%	1,998,123	0.31%
5,000,000	7/23/18	National Australia Bank Limited	0.96%	5,006,135	0.78%
1,950,000	5/13/16	Nordea Bank AB	0.88%	1,952,066	0.30%
548,000	1/19/17	Rabobank Nederland	3.38%	568,507	0.09%
1,158,000	9/9/16	Royal Bank of Canada	1.45%	1,165,655	0.18%
1,200,000	1/18/16	Sumitomo Mitsui Bank	0.90%	1,204,890	0.19%
1,800,000	7/12/16	Svenska Handelsbanken AB	3.13%	1,846,627	0.29%
1,500,000	7/23/18	Toronto-Dominion Bank	0.86%	1,497,653	0.23%
Diversified financial services
1,012,000	4/15/16	GE Capital International Funding Co.	0.96%	1,012,921	0.16%
Energy
750,000	3/11/16	BP Capital Markets P.L.C.	3.20%	760,566	0.12%
4,800,000	5/9/16	CNOOC Finance (2013) Limited	1.13%	4,798,968	0.75%
1,000,000	5/10/17	Shell International Finance B.V.	0.66%	999,488	0.16%
1,000,000	1/15/16	TransCanada PipeLines Limited	0.75%	1,003,288	0.16%
Holding company
222,000	1/13/17	Hutchison Whampoa International (11) Ltd	3.50%	229,384	0.04%
Pharmaceutical
6,790,000	3/12/18	Actavis Funding SCS	1.58%	6,870,944	1.06%
Semiconductors
1,520,000	10/17/16	Siemens Financieringsmaatschappij N.V.	5.75%	1,592,129	0.25%
Telecommunication
1,287,000	9/8/16	America Movil SAB DE CV	2.38%	1,300,842	0.20%
1,300,000	4/11/16	Deutsche Telekom International Finance B.V.	3.13%	1,316,291	0.20%
1,000,000	2/16/16	Telefonica Emisiones, S.A.U.	3.99%	1,017,721	0.16%
Total foreign corporate notes (cost:  $67,851,993)				67,656,805	10.52%
Total corporate notes (cost:  $266,319,046)				264,545,250	41.11%
U.S. Asset Backed Securities
Face Value	Maturity Date	Name	Yield1
Automotive
$           700,000	3/15/18	Ally Auto Receivables Trust 2015-2	0.98%	699,431	0.11%
258,662	4/9/18	Americredit Automobile Receivables Tr 2014-4	0.68%	258,621	0.04%
1,300,000	1/8/19	AmeriCredit Automobile Receivables Trust 2006-A-F	1.07%	1,297,418	0.20%
513,173	2/8/19	AmeriCredit Automobile Receivables Trust 2006-A-F	0.90%	512,195	0.08%
317,374	1/15/21	Ari Fleet Lease Tr 2012-B	0.63%	316,798	0.05%
486,782	4/16/18	Bank of the West Auto Trust 2015-1	0.87%	486,202	0.08%
1,400,000	1/22/18	BMW Vehicle Lease Trust 2015-2	1.07%	1,396,601	0.22%
67,783	6/20/17	Capital Auto Receivables Asset Trust 2013-1	0.79%	67,786	0.01%
475,000	10/20/17	Capital Auto Receivables Asset Trust 2015-2	0.81%	474,265	0.07%
856,429	2/15/18	CarMax Auto Owner Trust 2014-4	0.67%	855,631	0.13%
1,117,496	6/15/18	CarMax Auto Owner Trust 2015-2	0.82%	1,115,167	0.17%
70,609	11/15/17	Drive Auto Receivables Tr 2015-A	1.01%	70,592	0.01%
220,808	12/15/17	Drive Auto Receivables Tr 2015-B	0.93%	220,621	0.03%

The accompanying notes are an integral part of these consolidated financial statements.

15 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2015

		Description		Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Asset Backed Securitiess (continued)
Face Value	Maturity Date	Name	Yield1
Automotive (continued)
$             55,476	3/20/19	Enterprise Fleet Financing, LLC	1.06%	$                    55,459	0.01%
345,000	5/15/18	Fifth Third Auto Trust 2015-1	1.02%	344,327	0.05%
600,000	5/15/18	Ford Credit Auto Lease 2015-B	1.04%	598,447	0.09%
217,000	9/15/17	Ford Credit Auto Lease Trust 2014-B	0.89%	216,793	0.03%
645,000	3/15/18	Ford Credit Auto Owner Trust 2012-D	0.67%	644,154	0.10%
754,588	8/15/17	Ford Credit Auto Owner Trust 2014-C	0.61%	754,540	0.12%
1,332,350	3/15/18	Ford Credit Auto Owner Trust 2015-B	0.72%	1,331,478	0.21%
500,000	7/20/19	GE Dealer Floorplan Master Note	0.78%	498,239	0.08%
1,073,001	1/15/19	Harley-Davidson Motorcycle Trust 2015-2	0.80%	1,069,918	0.17%
337,447	5/15/17	Honda Auto Receivables 2013-3 Owner Trust	0.77%	337,380	0.05%
2,262,218	9/18/17	Honda Auto Receivables 2013-4 Owner Trust	0.69%	2,260,433	0.36%
528,585	6/15/17	Honda Auto Receivables 2015-1 Owner Trust	0.70%	528,234	0.08%
500,000	11/20/17	Honda Auto Receivables 2015-3 Owner Tr	0.92%	499,511	0.08%
800,000	7/23/18	Honda Auto Receivables 2015-4 Owner Trust	0.82%	798,033	0.12%
1,900,000	11/15/17	Hyundai Auto Lease Securitization Tr 2014-B	0.98%	1,898,765	0.30%
821,121	10/16/17	Hyundai Auto Receivables Trust 2015-A	0.68%	820,891	0.13%
700,000	11/15/18	Hyundai Auto Receivables Trust 2015-C	0.99%	698,990	0.11%
1,020,000	1/16/18	Mercedes-Benz Auto Lease Trust 2015-B	1.00%	1,017,989	0.16%
1,767,624	11/15/17	Nissan Auto Lease Trust 2015-A	0.68%	1,766,793	0.27%
620,981	8/15/18	Nissan Auto Receivables 2013-C Owner Trust	0.67%	619,775	0.10%
581,520	6/15/17	Nissan Auto Receivables 2014-B Owner Trust	0.60%	581,275	0.09%
1,056,510	9/15/17	Nissan Auto Receivables 2015-A Owner Trust	0.67%	1,055,702	0.16%
215,904	11/21/17	Porsche Innovative Lease Owner Tr 2015-1	0.79%	215,439	0.03%
450,000	11/15/18	Santander Drive Auto Receivables Trust 2015-5	1.12%	449,482	0.07%
1,000,000	9/17/18	Santander Drive Auto Receivables Trust 2014-4	1.08%	999,912	0.16%
93,553	4/16/18	Santander Drive Auto Receivables Trust 2014-5	0.73%	93,469	0.01%
1,008,000	4/8/19	Santander Drive Auto Receivables Trust 2015-4	1.26%	1,006,995	0.16%
500,000	2/15/18	Toyota Auto Receivables 2015-C Owner Tr	0.66%	499,531	0.08%
512,648	8/21/17	Volkswagen Auto Loan Enhanced Trust 2013-1	0.56%	511,991	0.08%
549,589	4/20/18	Volkswagen Auto Loan Enhanced Trust 2013-2	0.70%	546,997	0.08%
400,000	10/22/18	Volkswagen Auto Loan Enhanced Trust 2014-1	0.91%	397,899	0.06%
Commercial mortgages
1,540,572	1/15/49	Banc of America Commercial Mortgage Trust 2007-1	5.43%	1,594,549	0.25%
419,268	5/10/45	Banc of America Commercial Mortgage Trust 2006-2	5.84%	422,547	0.07%
1,089,084	10/15/49	Citigroup Commercial Mortgage Trust 2006-C5	5.43%	1,108,596	0.17%
196,707	4/15/43	JPMorgan Chase & Co.	5.48%	197,562	0.03%
1,977,927	9/15/39	LB-UBS Commercial Mortgage Trust 2006-C6	5.37%	2,012,480	0.32%
1,098,139	12/12/49	ML-CFC Commercial Mortgage Trust 2006-4	5.17%	1,125,130	0.17%
467,442	2/12/44	Morgan Stanley Capital I Trust 2007-HQ11	0.45%	461,295	0.07%
Credit cards
1,000,000	1/15/20	BA Credit Card Trust	0.62%	997,953	0.16%
1,500,000	11/15/18	Capital One Multi-Asset Execution Trust	0.63%	1,500,323	0.23%
2,000,000	9/16/19	Capital One Multi-Asset Execution Trust	0.96%	1,997,970	0.31%
850,000	10/15/18	Chase Issuance Trust	1.01%	849,923	0.13%
2,000,000	9/7/18	Citibank Credit Card Issuance Trust	1.32%	2,012,261	0.32%
1,760,000	11/7/18	Citibank Credit Card Issuance Trust	0.57%	1,760,731	0.27%
1,500,000	2/22/19	Citibank Credit Card Issuance Trust	1.02%	1,501,889	0.23%
1,000,000	3/15/21	World Financial Network Credit Card Master Note Trust	1.26%	997,240	0.15%
Other
1,072,358	8/15/18	CNH Equipment Trust 2013-B	0.69%	1,070,863	0.17%
926,407	2/15/18	John Deere Owner Trust 2015	0.87%	925,544	0.14%
338,929	12/15/17	Kubota Credit Owner Trust 2015-1	0.94%	338,921	0.05%

The accompanying notes are an integral part of these consolidated financial statements.

16 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2015

		Description		Fair Value	% of Partners’ Capital (Net Asset Value)
U.S. Asset Backed Securitiess (continued)
Face Value	Maturity Date	Name	Yield1
Student loans
$             46,674	5/16/22	Navient Private Ed Loan Tr 2014-A	0.81%	$                    46,591	0.01%
139,582	8/15/23	SLM Private Ed Loan Tr 2012-C	1.43%	139,847	0.02%
49,088	8/15/25	SLM Private Education Loan Trust 2012-A	1.73%	49,337	0.01%
247,119	10/16/23	SLM Private Education Loan Trust 2012-E	1.08%	246,891	0.04%
Total U.S. asset backed securities (cost:  $52,447,431)				52,248,612	8.12%
Total investments in securities (cost:  $453,001,973)				$           451,049,033	70.09%
CERTIFICATES OF DEPOSIT
U.S. Certificates of Deposit
Face Value	Maturity Date	Name	Yield1
Banks
$        1,000,000	9/16/16	Credit Suisse Group AG	0.88%	$               1,002,097	0.16%
1,622,000	5/24/17	National Bank of Canada	0.78%	1,622,403	0.25%
2,000,000	2/13/17	Nordea Bank Finland PLC	0.64%	2,000,778	0.31%
2,000,000	3/11/16	Norinchukin Bank (NY Branch)	0.50%	2,002,796	0.31%
1,000,000	10/14/16	Royal Bank of Canada	0.57%	1,000,418	0.16%
1,200,000	8/4/16	Standard Chartered Bank	0.80%	1,203,192	0.19%
850,000	2/12/16	Sumitomo Mitsui Bank (NY Branch)	0.52%	853,973	0.13%
1,500,000	8/8/16	Toronto-Dominion Bank	0.75%	1,503,773	0.23%
2,000,000	11/8/16	Toronto-Dominion Bank	1.00%	2,002,927	0.31%
1,800,000	10/21/16	Westpac Banking Corporation	0.57%	1,801,450	0.28%
Total U.S. certificates of deposit (cost:  $14,970,784)				14,993,807	2.33%
Foreign Certificates of Deposit
Face Value	Maturity Date	Name	Yield1
Banks
$        2,200,000	5/9/16	Bank of Nova Scotia	0.50%	2,200,684	0.34%
1,800,000	5/23/17	Canadian Imperial Bank of Commerce	0.73%	1,800,350	0.28%
2,000,000	2/19/16	Landesbank Hessen-Thuringen Girozentrale	0.57%	2,010,319	0.31%
705,000	8/17/16	Svenska Handelsbanken AB	0.54%	705,318	0.11%
1,000,000	12/7/17	Svenska Handelsbanken AB	0.93%	1,000,031	0.16%
Total foreign certificates of deposit (cost:  $7,702,458)				7,716,702	1.20%
Total certificates of deposit (cost:  $22,673,242)				$             22,710,509	3.53%

The accompanying notes are an integral part of these consolidated financial statements.

17 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2015

	Description	Fair Value		% of Partners’ Capital (Net Asset Value)
OPEN FUTURES CONTRACTS
Long U.S. Futures Contracts
	Agricultural commodities	$	(87,790)		(0.01)%
	Currencies		(13,903)		(0.00)%
	Energy		(71,925)		(0.01)%
	Equity indices		(267,223)		(0.04)%
	Interest rate instruments		(1,919,882)		(0.30)%
	Metals		(2,395,884)		(0.38)%
	Single stock futures		80,372		0.01%
Net unrealized gain (loss) on open long U.S. futures contracts			(4,676,235)		(0.73)%
Short U.S. Futures Contracts
	Agricultural commodities		1,382,973		0.21%
	Currencies		1,781,349		0.28%
	Energy		3,397,258		0.53%
	Equity indices		(155,214)		(0.02)%
	Interest rate instruments		432,469		0.07%
	Metals		5,114,526		0.79%
	Single stock futures		59,932		0.01%
Net unrealized gain (loss) on open short U.S. futures contracts			12,013,293		1.87%
Total U.S. Futures Contracts - Net unrealized gain (loss) on open U.S. futures contracts			7,337,058		1.14%
Long Foreign Futures Contracts
	Agricultural commodities		92,172		0.01%
	Currencies		113,487		0.02%
	Equity indices		(257,076)		(0.04)%
	Interest rate instruments		(2,743,226)		(0.42)%
	Metals		1,805		0.00%
	Single stock futures		929		0.00%
Net unrealized gain (loss) on open long foreign futures contracts			(2,791,909)		(0.43)%
Short Foreign Futures Contracts
	Agricultural commodities		82,706		0.01%
	Currencies		218,328		0.03%
	Energy		260,934		0.04%
	Equity indices		(747,330)		(0.11)%
	Interest rate instruments		34,671		0.01%
	Metals		20,191		0.00%
	Single stock futures		(1,971)		(0.00)%
Net unrealized gain (loss) on open short foreign futures contracts			(132,471)		(0.02)%
Total foreign futures contracts - net unrealized gain (loss) on open foreign futures contracts			(2,924,380)		(0.45)%
Net unrealized gain (loss) on open futures contracts		$	4,412,678		0.69%

The accompanying notes are an integral part of these consolidated financial statements.

18 

Futures Portfolio Fund, Limited Partnership

Consolidated Condensed Schedule of Investments (continued)

December 31, 2015

		Description	Fair Value		% of Partners’ Capital (Net Asset Value)
OPEN FORWARD CURRENCY CONTRACTS
U.S. Forward Currency Contracts
		Long	$	(153,940)	(0.02)%
		Short		87,056	0.01%
Net unrealized gain (loss) on open U.S. forward currency contracts				(66,884)	(0.01)%
Foreign Forward Currency Contracts
		Long		713,075	0.11%
		Short		(2,260,682)	(0.35)%
Net unrealized gain (loss) on open foreign forward currency contracts				(1,547,607)	(0.24)%
Net unrealized gain (loss) on open forward currency contracts			$	(1,614,491)	(0.25)%
TOTAL RETURN SWAP CONTRACT
	Termination Date	Counterparty
	4/1/19	Deutsche Bank, AG	$	3,440,896	0.53%

Comprised of a proprietary basket of Commodity Trading Advisor’s  (“CTA”) programs investing in various futures, forwards and currency derivative contracts and other similar investments.  See Notes 2 and 3.

¹ Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

² No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

The accompanying notes are an integral part of these consolidated financial statements.

19 

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Operations

For the Three and Six Months Ended June 30, 2016 and 2015 (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on:
Futures, forward currency and swap contracts	$	(22,350,265	)	$	(50,823,797	)	$	31,797,481		$	24,617,746
Investments in securities and CDs		(420,406	)		41,512			(312,981	)		(566,771	)
Net change in unrealized gain (loss) on:
Futures, forward currency and swap contracts		26,857,511			(32,031,153	)		27,103,902			(40,153,822	)
Investments in securities and CDs		1,252,068			(237,131	)		1,298,167			801,986
Brokerage commissions and trading expenses		(1,381,656	)		(1,498,259	)		(2,574,262	)		(3,006,421	)
Net realized and change in unrealized gain (loss) on investments		3,957,252			(84,548,828	)		57,312,307			(18,307,282	)
Net investment income (loss)
Income
Interest income		1,270,605			803,034			2,419,964			1,564,756
Expenses
Trading Advisor management fee		2,075,184			2,396,807			4,169,066			4,945,200
Trading Advisor incentive fee		1,420,218			1,843			3,298,796			9,348,716
Cash manager fees		125,110			117,969			248,931			238,303
General Partner management and performance fees		2,295,847			2,653,296			4,773,385			5,542,063
Selling agent and broker dealer servicing fees – General Partner		2,129,383			2,413,631			4,434,242			5,009,958
General Partner 1% allocation		(41,963	)		(906,791	)		391,629			(425,811	)
Administrative expenses – General Partner		439,971			518,053			934,652			1,096,407
Investment Manager fees		363,321			260,124			651,739			499,999
Distribution (12b-1) fees		6,757			5,560			13,277			8,152
Operating services fee		49,827			104,049			133,126			199,999
Total expenses		8,863,655			7,564,541			19,048,843			26,462,986
Net investment income (loss)		(7,593,050	)		(6,761,507	)		(16,628,879	)		(24,898,230	)
Net income (loss)		(3,635,798	)		(91,310,335	)		40,683,428			(43,205,512	)
Less:  net (income) loss attributable to non-controlling interest		(518,534	)		1,538,081			(1,912,169	)		1,049,751
Net income (loss) attributable to the Fund	$	(4,154,332	)	$	(89,772,254	)	$	38,771,259		$	(42,155,761	)

	Three Months Ended June 30,
	2016									2015
		Class A			Class B			Class I			Class A			Class B			Class I
Increase (decrease) in net asset value per unit	$	(32.63	)	$	(18.55	)	$	(0.37	)	$	(561.58	)	$	(781.49	)	$	(121.92	)
Net income (loss) per unit†	$	(38.09	)	$	(19.45	)	$	(0.36	)	$	(566.53	)	$	(788.09	)	$	(121.99	)
Weighted average number of units outstanding		92,741.3442			31,881.5810			3,828.4541			104,032.4976			38,533.1209			3,826.1262
	Six Months Ended June 30,
	2016									2015
		Class A			Class B			Class I			Class A			Class B			Class I
Increase (decrease) in net asset value per unit	$	249.77		$	422.59		$	72.02		$	(282.49	)	$	(351.59	)	$	(52.98	)
Net income (loss) per unit†	$	258.59		$	435.87		$	72.03		$	(280.28	)	$	(317.95	)	$	(60.38	)
Weighted average number of units outstanding		94,370.1251			32,330.7179			3,828.4541			104,647.7096			39,640.4237			3,660.2025

† (based on weighted average number of units outstanding during the period)

The accompanying notes are an integral part of these consolidated financial statements.

20 

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2016 and 2015 (unaudited)

	2016			2015
Cash flows from operating activities
Net income (loss)	$	40,683,428		$	(43,205,512	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net change in unrealized (gain) loss from futures, forwards and swap trading		(27,103,902	)		40,153,822
Net realized and change in unrealized (gain) loss on securities and certificates of deposit		(985,186	)		(235,215	)
Purchases of securities and certificates of deposit		(493,632,646	)		(614,104,028	)
Proceeds from disposition of securities and certificates of deposit		488,986,782			629,107,189
Changes in
Trading Advisor management fee payable		(185,479	)		94,948
Trading Advisor incentive fee payable		1,574,419			(10,977,066	)
Commissions and other trading fees payable on open contracts		(29,612	)		(13,775	)
Cash Managers fees payable		4,678			48,441
General Partner management and performance fees payable		(5,585	)		(101,791	)
General Partner 1% allocation receivable/payable		663,059			(964,096	)
Selling agent and broker dealer servicing fees payable – General Partner		(11,435	)		(74,703	)
Administrative expenses payable – General Partner		(2,359	)		(21,340	)
Investment Manager fee payable		36,841			10,036
Distribution (12b-1) fees payable		76			1,771
Operating services fee payable		(16,997	)		4,015
Net cash provided by (used in) operating activities		9,976,082			(277,304	)
Cash flows from financing activities
Subscriptions		8,123,501			21,378,150
Subscriptions received in advance		1,657,373			5,265,159
Redemptions		(52,976,439	)		(62,508,692	)
Non-controlling interest – subscriptions		5,605,676			17,580,245
Non-controlling interest – redemptions		(2,549,717	)		(1,430,429	)
Net cash provided by (used in) financing activities		(40,139,606	)		(19,715,567	)
Net increase (decrease) in cash and cash equivalents		(30,163,524	)		(19,992,871	)
Cash and cash equivalents, beginning of period		179,026,770			269,943,729
Cash and cash equivalents, end of period	$	148,863,246		$	249,950,858
End of period cash and cash equivalents consists of
Cash in broker trading accounts	$	114,257,286		$	227,661,667
Cash and cash equivalents		34,605,960			22,289,191
Total end of period cash and cash equivalents	$	148,863,246		$	249,950,858
Supplemental disclosure of cash flow information
Prior period redemptions paid	$	11,143,201		$	10,423,609
Prior period subscriptions received in advance	$	1,086,965		$	2,577,065
Supplemental schedule of non-cash financing activities
Redemptions payable	$	9,596,232		$	9,873,363

The accompanying notes are an integral part of these consolidated financial statements.

21 

Futures Portfolio Fund, Limited Partnership

Consolidated Statements of Changes in Partners’ Capital (Net Asset Value)

For the Six Months Ended June 30, 2016 and 2015 (unaudited) 

	Class A						Class B						Class I					Non-Controlling Interest
	Units			Amount			Units			Amount			Units		Amount			Amount			Total
Six Months Ended June 30, 2016
Balance at December 31, 2015		98,034.9581		$	412,948,548			33,265.6588		$	204,329,032			3,828.4541	$	3,767,830		$	22,540,476		$	643,585,886
Net income (loss)					24,403,386						14,092,124					275,749			1,912,169			40,683,428
Subscriptions		1,051.8622			4,654,291			711.7583			4,556,175			—		—			5,725,091			14,935,557
Redemptions		(7,266.2609	)		(32,372,868	)		(2,919.3809	)		(19,003,573	)		—		—			(2,602,746	)		(53,979,187	)
Transfers		(581.0258	)		(2,519,419	)		395.9536			2,519,419			—		—			—			—
Balance at  June 30, 2016		91,239.5336		$	407,113,938			31,453.9898		$	206,493,177			3,828.4541	$	4,043,579		$	27,574,990		$	645,225,684
Six Months Ended June 30, 2015
Balance at December 31, 2014		106,074.0114		$	468,243,719			41,522.9665		$	262,572,733			3,438.9708	$	3,455,693		$	7,282,068		$	741,554,213
Net income (loss)					(29,330,966	)					(12,603,793	)				(221,002	)		(1,049,751	)		(43,205,512	)
Subscriptions		3,732.8618			16,916,811			1,017.5526			6,628,403			389.4833		410,001			18,777,599			42,732,814
Redemptions		(4,983.9123	)		(22,489,838	)		(6,128.3851	)		(39,367,156	)		—		—			(1,531,881	)		(63,388,875	)
Transfers		(646.8360	)		(2,903,813	)		449.0664			2,903,813			—		—			—			—
Balance at  June 30, 2015		104,176.1249		$	430,435,913			36,861.2004		$	220,134,000			3,828.4541	$	3,644,692		$	23,478,035		$	677,692,640

Net Asset Value per Unit
	Class A		Class B		Class I
June 30, 2016		4,462.03		6,564.93		1,056.19
December 31, 2015		4,212.26		6,142.34		984.17
June 30, 2015		4,131.81		5,971.97		952.00
December 31, 2014		4,414.30		6,323.56		1,004.98

The accompanying notes are an integral part of these consolidated financial statements.

22 

Futures Portfolio Fund, Limited Partnership

Notes to Consolidated Financial Statements

1. Organization and Summary of Significant Accounting Policies

Description of the Fund

Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool, commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in three classes, Class A, B and I, which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”).

The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally.

The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades.

Steben & Company, Inc. (“General Partner”), is the general partner of the Fund and a Maryland corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

The three classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee and class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner Management Fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Note 4).

During 2014, the Fund purchased $58.5 million of Class I shares of the Steben Managed Futures Strategy Fund (“SMFF”). SMFF is a non-diversified series of shares of beneficial interest of Steben Alternative Investment Fund (the “Trust”), a statutory trust organized under the laws of the State of Delaware, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. SMFF issues four classes of shares: Class A, C, I and N. At June 30, 2016, the Fund owned 68% of the outstanding shares of SMFF and therefore had effective control of that entity. Accordingly, the assets, liabilities and operating results of SMFF have been consolidated with the Fund. The portion of SMFF that is not owned by the Fund is presented as the non-controlling interest. SMFF has a similar investment strategy to the Fund, using commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments. Prior to March 2016, SMFF used a total return swap to gain access to the gains and losses of a basket of trading advisors. The General Partner serves as the investment manager of SMFF. During 2015, the Fund redeemed $7 million of its investment in SMFF, which is eliminated in consolidation. The Fund has made no redemptions during 2016.

Significant Accounting Policies

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Consolidation

The accompanying consolidated financial statements include the accounts of the Fund and SMFF, for which the Fund was the majority shareholder. Intercompany accounts and transactions have been eliminated in consolidation.

23 

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis.

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds.

Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and U.S. government sponsored enterprise notes.

Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended June 30, 2016 and year ended December 31, 2015, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are classified within Level 2.

The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The fair value of the swap investment is based on quoted market prices for the underlying contracts of the trading advisor programs within the swap and is classified within Level 2.

24 

Cash and Cash Equivalents

Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through June 30, 2016. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2012.

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

Swap Agreement

Through its investment in SMFF, the Fund had a total return swap agreement with Deutsche Bank AG. This two-party contract was entered to exchange, or swap, the returns realized on a basket of CTA programs. At December 31, 2015, the notional value of the swap was $98,065,907 and SMFF had provided $12,796,500 as collateral. The collateral was included in cash in broker trading accounts in the consolidated statements of financial condition. Effective March 1, 2016, SMFF terminated the swap agreement. All proceeds from the swap, as well as the collateral, were received by SMFF prior to March 31, 2016.

Reclassification

Certain amounts reported in the 2015 consolidated financial statements may have been reclassified to conform to the 2016 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss).

New Accounting Pronouncements

Revenue from Contracts with Customers

In May 2014, the Financial Accounting Standards Board issued guidance that replaces the existing accounting standards for revenue recognition. The guidance provides a new model to determine when and over what period revenue is recognized. Under this new model, revenue is recognized as goods or services are delivered in an amount that reflects the consideration to be received. In March 2016, the FASB issued an Accounting Standards Update (“ASU”), Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the principal versus agent guidance in the new revenue recognition standard. In April 2016, the FASB issued an ASU, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies the guidance on accounting for licenses of intellectual property and identifying performance obligations in the new revenue recognition standard. In May 2016, the FASB issued an ASU, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedient, which clarifies the transition, collectability, noncash consideration and the presentation of sales and other similar taxes in the new revenue recognition standard. The guidance is effective for fiscal years beginning after December 15, 2017; early adoption is permitted for periods beginning after December 15, 2016. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Fund does not expect any material change as a result of adopting this guidance.

25 

Business Combinations

In December 2014, the FASB issued guidance that supplements existing accounting standards for business combinations. The guidance provides clarification concerning accounting for identifiable intangible assets in a business combination. This standard is effective beginning the first quarter of the Fund’s 2016 fiscal year.

2. Fair Value Disclosures

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At June 30, 2016
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	29,272,138	$	—	$	29,272,138
Net unrealized gain (loss) on open forward currency contracts*		—		4,070,847		4,070,847
Cash and cash equivalents:
Money market fund		24,120,459		—		24,120,459
Investments in securities:
U.S. Treasury securities*		73,613,766		—		73,613,766
Asset backed securities*		—		52,380,686		52,380,686
Commercial paper*		—		68,328,376		68,328,376
Corporate notes*		—		256,071,133		256,071,133
Certificates of deposit*		—		28,996,631		28,996,631
Total	$	127,006,363	$	409,847,673	$	536,854,036

*See the consolidated condensed schedule of investments for further description.

At December 31, 2015
	Level 1		Level 2			Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	4,412,678	$	—		$	4,412,678
Net unrealized gain (loss) on open forward currency contracts*		—		(1,614,491	)		(1,614,491	)
Net unrealized gain (loss) on swap contract*		—		3,440,896			3,440,896
Cash and cash equivalents:
Money market fund		7,814,672		—			7,814,672
Investments in securities:
U.S. Treasury securities*		76,996,959		—			76,996,959
Asset backed securities*		—		52,248,612			52,248,612
Commercial paper*		—		57,258,212			57,258,212
Corporate notes*		—		264,545,250			264,545,250
Certificates of deposit*		—		22,710,509			22,710,509
Total	$	89,224,309	$	398,588,988		$	487,813,297

*See the consolidated condensed schedule of investments for further description.

There were no Level 3 holdings at June 30, 2016 and December 31, 2015, or during the periods then ended.

In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

3. Derivative Instruments Disclosures

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At June 30, 2016, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

26 

June 30, 2016	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	4,195,426	$	(984,307	)	$	3,211,119
Currencies		6,163,841		(663,359	)		5,500,482
Energy		934,820		(1,163,548	)		(228,728	)
Equity indices		3,693,854		(1,846,148	)		1,847,706
Interest rate instruments		20,297,165		(2,247,949	)		18,049,216
Metals		10,844,422		(10,287,195	)		557,227
Single stock futures		576,544		(241,428	)		335,116
Net unrealized gain (loss) on open futures contracts	$	46,706,072	$	(17,433,934	)	$	29,272,138
Net unrealized gain (loss) on open forward currency contracts	$	13,809,612	$	(9,738,765	)	$	4,070,847

At June 30, 2016, there were 52,047 open futures contracts and 2,703 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at June 30, 2016 were:

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	143,931	$	—	$	—	$	143,931
Deutsche Bank Securities, Inc.		218,913		—		—		218,913
JP Morgan Securities, LLC		4,782,930		—		—		4,782,930
SG Americas Securities, LLC		24,270,295		—		—		24,270,295
Société Générale Newedge UK Limited		1,691,036		—		—		1,691,036
UBS AG		2,235,880		—		—		2,235,880
Total	$	33,342,985	$	—	$	—	$	33,342,985

For the three and six months ended June 30, 2016, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended June 30, 2016						Six Months Ended June 30, 2016
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(190,529	)	$	2,408,534		$	(2,910,407	)	$	1,741,058
Currencies		(1,027,026	)		4,914,015			(1,605,859	)		3,401,221
Energy		(8,811,210	)		(40,256	)		8,399,839			(3,814,995	)
Equity indices		(17,611,068	)		591,488			(18,256,874	)		3,274,549
Interest rate instruments		10,481,524			14,446,300			45,527,021			22,245,184
Metals		(2,762,445	)		2,062,809			(5,300,003	)		(2,183,411	)
Single stock futures		111,974			49,183			(53,896	)		195,854
Total futures contracts		(19,808,780	)		24,432,073			25,799,821			24,859,460
Forward currency contracts		(2,497,769	)		2,425,438			(2,854,376	)		5,685,338
Swap contract		—			—			8,706,658			(3,440,896	)
Total futures, forward currency and swap contracts	$	(22,306,549	)	$	26,857,511		$	31,652,103		$	27,103,902

27 

For the three months ended June 30, 2016, the number of futures contracts closed was 507,922 and the number of forward currency contracts closed was 42,773. For the six months ended June 30, 2016, the number of futures contracts closed was 944,150 and the number of forward currency contracts closed was 81,938.

At December 31, 2015, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

December 31, 2015	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	2,931,852	$	(1,461,791	)	$	1,470,061
Currencies		3,316,471		(1,217,210	)		2,099,261
Energy		7,683,689		(4,097,422	)		3,586,267
Equity indices		1,783,774		(3,210,617	)		(1,426,843	)
Interest rate instruments		3,071,712		(7,267,680	)		(4,195,968	)
Metals		10,856,826		(8,116,188	)		2,740,638
Single stock futures		349,078		(209,816	)		139,262
Net unrealized gain (loss) on open futures contracts	$	29,993,402	$	(25,580,724	)	$	4,412,678
Net unrealized gain (loss) on open forward currency contracts	$	5,908,603	$	(7,523,094	)	$	(1,614,491	)
Net unrealized gain (loss) on swap contract*	$	3,440,896	$	—		$	3,440,896

*At December 31, 2015, the sector exposure of the CTA indices underlying the swap was:

Agricultural commodities	6	%
Currencies	22	%
Energy	5	%
Equity indices	12	%
Interest rate instruments	47	%
Metals	8	%
Total	100	%

At December 31, 2015, there were 62,863 open futures contracts and 2,065 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2015 were:

28 

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	3,453,274		$	—	$	—	$	3,453,274
Deutsche Bank Securities, Inc.		(54,937	)		—		—		(54,937	)
JP Morgan Securities, LLC		(1,431,600	)		—		—		(1,431,600	)
SG Americas Securities, LLC		5,899,215			—		—		5,899,215
Société Générale Newedge UK Limited		(1,576,239	)		—		—		(1,576,239	)
UBS AG		(50,630	)		—		—		(50,630	)
Total	$	6,239,083		$	—	$	—	$	6,239,083

For the three and six months ended June 30, 2015, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended June 30, 2015						Six Months Ended June 30, 2015
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(2,233,902	)	$	(5,826,320	)	$	(4,440,817	)	$	(3,882,276	)
Currencies		(10,749,805	)		3,418			5,357,540			(3,894,078	)
Energy		(12,596,660	)		(2,481,495	)		(2,940,199	)		(10,088,284	)
Equity indices		(272,627	)		(7,139,340	)		24,755,912			(8,628,383	)
Interest rate instruments		(13,351,590	)		(12,003,708	)		16,805,171			(12,096,380	)
Metals		(5,012,695	)		2,508,333			(8,887,110	)		1,647,527
Single stock futures		(744,668	)		260,250			(770,914	)		(294,375	)
Total futures contracts		(44,961,947	)		(24,678,862	)		29,879,583			(37,236,249	)
Forward currency contracts		(6,278,438	)		(1,321,130	)		(4,847,408	)		(299,616	)
Swap contract		—			(6,031,161	)		—			(2,617,957	)
Total futures, forward currency and swap contracts	$	(51,240,385	)	$	(32,031,153	)	$	25,032,175		$	(40,153,822	)

For the three months ended June 30, 2015, the number of futures contracts closed was 544,009 and the number of forward currency contracts closed was 45,348. For the six months ended June 30, 2015, the number of futures contracts closed was 1,001,392 and the number of forward currency contracts closed was 72,818.

4. General Partner

At June 30, 2016 and December 31, 2015, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund; however, the beneficiary of the majority shareholder of the General Partner had the following investment in Class I Units:

	June 30, 2016		December 31, 2015
Units Owned		254.4114		254.4114
Value of Units	$	268,707	$	250,383

The General Partner earns the following compensation:

29 

§ General Partner Management Fee – the Fund incurs a monthly fee on Class A and Class B Units equal to 1/12^th of 1.5% of the month-end net asset value of the Class A and Class B Units, payable in arrears. The Fund incurs a monthly fee on Class I Units equal to 1/12^th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears.

§ General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of new profits of the Class I Units calculated monthly. The general partner performance fee is payable quarterly in arrears.

§ Management fee – SMFF incurs a monthly fee equal to 1/12^th of 1.25% of the month-end net asset value of the trust, payable in arrears to the General Partner.

§ Distribution (12b-1) fee – SMFF incurs a monthly 12b-1 fee of 1/12^th of 0.25% of the month-end net asset value of the Class A and N shares, and 1/12^th of 1% of the month-end value of the Class C shares.

§ Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12^th of 2% of the month-end net asset value of the Class A Units. Selling agent fees amounted to $2,026,871 and $2,289,727 for the three months ended June 30, 2016 and 2015, respectively. Selling agent fees amounted to $4,222,372 and $4,748,701 for the six months ended June 30, 2016 and 2015, respectively. Such amounts are included in selling agent and broker dealer servicing fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner.

§ Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12^th of 0.2% of the month-end net asset value of the Class B Units. Broker dealer servicing fees amounted to $102,512 and $123,904 for the three months ended June 30, 2016 and 2015, respectively. Broker dealer servicing fees amounted to $211,870 and $261,257 for the six months ended June 30, 2016 and 2015, respectively. Such amounts are included in selling agent and broker dealer servicing fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner.

§ Operating Services Fee – SMFF incurs a monthly fee equal to 1/12^th of 0.5% of the month-end net asset value of the trust, payable to the General Partner. The General Partner, in turn, pays the operating expenses of the trust, pursuant to an operating services agreement between the parties.

§ Administrative Expenses – the Fund incurs a monthly fee equal to 1/12^th of 0.45% of the month-end net asset value of the fund, payable in arrears to the General Partner. The General Partner, in turn, pays the administrative expenses of the Fund. Administrative expenses include accounting, audit, legal, salary and administrative costs incurred by the General Partner relating to marketing and administration of the Fund; such as, salaries and commissions of General Partner marketing personnel, administrative employee salaries and related costs.

Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations.

5. Trading Advisors and Cash Managers

The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0% to 1.5% per annum of allocated net assets (as defined in each respective advisory agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs advisor incentive fees, payable quarterly in arrears, ranging from 0% to 30% of net new trading profits (as defined in each respective advisory agreement).

J.P. Morgan Investment Management, Inc. and Principal Global Investors, LLC (collectively, the “Cash Managers”) provide cash management services to the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12^th of 0.10% of the investments in securities and certificates of deposit.

30 

6. Deposits with Brokers

To meet margin requirements, the Fund deposits funds with brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with brokers. At June 30, 2016 and December 31, 2015, the Fund had margin deposit requirements of $78,927,934 and $98,809,677, respectively.

7. Subscriptions, Distributions and Redemptions

Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000 for Class A and B units and $2,000,000 for Class I units. Units are sold at the respective net asset value per unit for Class A, B or I interests as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At June 30, 2016 and December 31, 2015, the Fund received advance subscriptions of $1,657,373 and $1,086,965, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to period-end.

The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, Class B or Class I Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or other self-regulatory organization regulations.

8. Trading Activities and Related Risks

The Fund engages in the speculative trading of futures, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses SG Americas Securities, LLC, JP Morgan Securities, LLC and Deutsche Bank Securities, Inc. as its futures brokers and Société Générale Newedge UK Limited, UBS AG and Deutsche Bank AG as its forward currency counterparties.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short.

In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

31 

The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments.

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.  The following table presents the exposure at June 30, 2016.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Certificates of Deposit		Total		% of Partners’ Capital (Net Asset Value)
United States	$	73,613,766	$	49,020,291	$	217,361,819	$	52,380,686	$	27,699,253	$	420,075,815		65.11	%
Australia		—		698,468		11,015,740		—		—		11,714,208		1.82	%
Netherlands		—		—		8,104,238		—		—		8,104,238		1.26	%
Canada		—		2,898,613		4,501,730		—		591,409		7,991,752		1.24	%
Luxembourg		—		—		6,829,436		—		—		6,829,436		1.06	%
Great Britain		—		4,336,675		1,619,204		—		—		5,955,879		0.92	%
France		—		4,983,465		—		—		—		4,983,465		0.77	%
Sweden		—		499,534		2,731,360		—		705,969		3,936,863		0.61	%
Japan		—		—		2,378,968		—		—		2,378,968		0.37	%
Bermuda		—		2,198,731		—		—		—		2,198,731		0.34	%
Singapore		—		1,699,805		—		—		—		1,699,805		0.26	%
Germany		—		1,493,141		—		—		—		1,493,141		0.23	%
Mexico		—		—		1,300,237		—		—		1,300,237		0.20	%
Norway		—		499,653		—				—		499,653		0.08	%
Cayman Islands		—		—		228,401		—		—		228,401		0.04	%
Total	$	73,613,766	$	68,328,376	$	256,071,133	$	52,380,686	$	28,996,631	$	479,390,592		74.31	%

32 

The following table presents the exposure at December 31, 2015.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Certificates of Deposit		Total		% of Partners’ Capital (Net Asset Value)
United States	$	76,996,959	$	35,057,379	$	196,888,445	$	52,248,612	$	14,993,807	$	376,185,202		58.41	%
Australia		—		3,094,764		10,524,403		—		—		13,619,167		2.12	%
Switzerland		—		—		9,753,172		—		—		9,753,172		1.52	%
Netherlands		—		—		12,340,048		—		—		12,340,048		1.92	%
Great Britain		—		2,698,571		7,189,651		—		—		9,888,222		1.54	%
Japan		—		5,797,609		3,585,734		—		—		9,383,343		1.46	%
Canada		—		899,078		4,466,438		—		4,001,034		9,366,550		1.46	%
Luxumbourg		—		—		6,870,944		—		—		6,870,944		1.07	%
Sweden		—		449,810		3,798,693		—		1,705,349		5,953,852		0.93	%
British Virgin Islands		—		—		4,798,968		—		—		4,798,968		0.75	%
France		—		4,067,748		—		—		—		4,067,748		0.63	%
Norway		—		2,998,889		—		—		—		2,998,889		0.47	%
Germany		—		—		767,886		—		2,010,319		2,778,205		0.43	%
Hong Kong		—		1,394,628		—		—		—		1,394,628		0.22	%
Mexico		—		—		1,300,842		—		—		1,300,842		0.20	%
Spain		—		—		1,017,721		—		—		1,017,721		0.16	%
Ireland		—		—		1,012,921		—		—		1,012,921		0.16	%
Singapore		—		799,736		—		—		—		799,736		0.12	%
Cayman Islands		—		—		229,384		—		—		229,384		0.04	%
Total	$	76,996,959	$	57,258,212	$	264,545,250	$	52,248,612	$	22,710,509	$	473,759,542		73.61	%

9. Indemnifications

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for such indemnifications.

10. Interim Financial Statements

The consolidated statements of financial condition, including the consolidated condensed schedule of investments, at June 30, 2016, the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015, the consolidated statements of cash flows and consolidated statement of changes in partners’ capital (net asset value) for the six months ended June 30, 2016 and 2015, and the accompanying notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such consolidated financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at June 30, 2016, results of operations, cash flows and changes in partners’ capital (net asset value) for the three months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the full year or any other period. These consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

11. Financial Highlights

The following information presents per unit operating performance data and other ratios for the three and six months ended June 30, 2016 and 2015, assuming the unit was outstanding throughout the entire period:

	Three Months Ended June 30,
	2016									2015
		Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,494.66		$	6,583.48		$	1,056.56		$	4,693.39		$	6,753.46		$	1,073.92
Net realized and change in unrealized gain (loss) on investments (1)		28.03			42.29			6.78			(512.66	)		(738.50	)		(117.72	)
Net investment income (loss) (1)		(60.66	)		(60.84	)		(7.15	)		(48.92	)		(42.99	)		(4.20	)
Total income (loss) from operations		(32.63	)		(18.55	)		(0.37	)		(561.58	)		(781.49	)		(121.92	)
Net asset value per unit, end of period	$	4,462.03		$	6,564.93		$	1,056.19		$	4,131.81		$	5,971.97		$	952.00
Total return (4)		(0.73	)%		(0.28	)%		(0.03	)%		(11.97	)%		(11.57	)%		(11.35	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		6.42	%		4.64	%		3.60	%		5.37	%		3.63	%		2.57	%
General Partner 1% allocation (4)		(0.01	)%		0.00	%		0.00	%		(0.13	)%		(0.12	)%		(0.12	)%
Net total expenses		6.41	%		4.64	%		3.60	%		5.24	%		3.51	%		2.45	%
Net investment income (loss) (2) (3) (5)		(5.59	)%		(3.81	)%		(2.78	)%		(4.92	)%		(3.18	)%		(2.13	)%

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	Six Months Ended June 30,
	2016									2015
		Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,212.26		$	6,142.34		$	984.17		$	4,414.30		$	6,323.56		$	1,004.98
Net realized and change in unrealized gain (loss) on investments (1)		380.01			554.80			88.79			(115.61	)		(166.37	)		(27.63	)
Net investment income (loss) (1)		(130.24	)		(132.21	)		(16.77	)		(166.88	)		(185.22	)		(25.35	)
Total income (loss) from operations		249.77			422.59			72.02			(282.49	)		(351.59	)		(52.98	)
Net asset value per unit, end of period	$	4,462.03		$	6,564.93		$	1,056.19		$	4,131.81		$	5,971.97		$	952.00
Total return (4)		5.93	%		6.88	%		7.32	%		(6.40	)%		(5.56	)%		(5.27	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		6.58	%		4.74	%		3.87	%		8.00	%		6.27	%		5.49	%
General Partner 1% allocation (4)		0.06	%		0.07	%		0.07	%		(0.06	)%		(0.05	)%		(0.06	)%
Net total expenses		6.64	%		4.81	%		3.94	%		7.94	%		6.22	%		5.43	%
Net investment income (loss) (2) (3) (5)		(5.81	)%		(3.97	)%		(3.10	)%		(7.57	)%		(5.84	)%		(5.06	)%

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

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

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

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes General Partner 1% allocation.

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

Current Positioning

Sector risk allocations and net positioning as of June 30, 2016 and second quarter 2016 gross performance contribution by sector was as follows: 

Risk Allocation	Net  Position	Sector	Gross Performance Contribution
10%	Short	Agriculture	0.38%
5%	Short	Energy products	(1.43)%
8%	Long	Metals	(0.20)%
26%	Long non-USD	Currencies	0.53%
21%	Long	Equity indices	(2.67)%
30%	Long	Interest rates	3.47%

The Fund’s risk exposures are typically aligned with dominant market trends. At the end of the quarter, interest rates were the largest exposure and the Fund held long positions globally. The second biggest risk exposure came from currencies, where the Fund was long the Australian dollar, Japanese yen and emerging market currencies, while being short the Euro. Other risk exposures were more modest including long positions in precious metals and in U.S. equities. 

There were no changes to the manager lineup in the second quarter. However, on July 1, the Fund added a new diversified long term trend following program, the Crabel Advanced Trend program, which we expect to help broaden the Fund’s time horizon diversification. 

Results of Operations

The returns for each class of Units for the six months ended June 30, 2016 and 2015 were: 

Class of Units	2016			2015
Class A		5.93	%		(6.40	)%
Class B		6.88	%		(5.56	)%
Class I		7.32	%		(5.27	)%

Further analysis of the trading gains and losses is provided below. 

2016 

January 

The Fund made a strong start to 2016, highlighting the non-correlation and diversification potential of managed futures amid prevailing risk-averse sentiment and a sell-off in stocks. Poor economic data from China fueled fear among equity investors of a global growth slowdown. The S&P 500 Index lost 4.96%, while the Euro Stoxx 50 fell 6.62% and the Nikkei dropped 7.95%. In energy markets, crude oil prices continued their descent, dipping below $30 per barrel due to weak demand and the prospect of higher production after the lifting of sanctions against Iran. The European Central Bank responded with talk of more aggressive monetary easing, while the Bank of Japan made a surprise move to negative interest rates, causing a rally in bond markets. 

The Fund was profitable in January, posting its best monthly performance since 2008 by capitalizing on bearish market trends. The fixed income sector was the strongest contributor, as the Fund made gains from long positions in European and Japanese bond futures. In energy markets, short crude oil exposure also generated positive returns. Performance was more muted in other sectors, with modest gains and losses. Overall, the Fund finished the month with a gain of 5.77%, 5.93% and 6.02% for Class A, B and I Units, respectively.

February 

The Fund extended its strong start to the year in February, further underscoring the non-correlation and diversification potential of managed futures amid rising and falling markets. Key risk factors that weighed on global markets included China’s economic slowdown, U.S. political theater, as well as the risk of a “Brexit”, a British exit from the European Union. Many major indices breached bear market levels by mid-February. However, equity markets recovered over the second half of the month as the U.S. economy exhibited signs of improvement. Commodity markets were broadly mixed and the S&P GSCI finished with its first monthly gain since last October. Natural gas prices fell dramatically due to warmer weather and oversupply, while precious metals rose on safe haven buying.

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Fixed income was the top performing sector for the month, as the Fund benefitted from long positions in European, Japanese and U.S. bond futures. The energy sector was the second best performer due to a short position in natural gas and short exposure to crude oil. Other sectors had mixed performance, with modest overall return contribution. The Fund is positioned defensively as of month end, with long fixed income exposure complemented by short positions in commodities and mixed exposures in equities. Overall, the Fund finished the month with a gain of 3.88%, 4.03% and 4.03% for Class A, B and I Units, respectively.

March 

The year started with a severe decline in risk assets. By mid-February, however, global financial markets began to reverse course. The rebound continued during March, buoyed by central bank meetings and accommodative monetary policy across Europe, Japan and the U.S. Dovish comments from the U.S. Federal Reserve further reduced the likelihood of rate hikes this year and placed selling pressure on the U.S. dollar. Improved market sentiment also impacted commodity markets, where the S&P GSCI Index jumped more than 6%. There were broad based gains across agricultural, energy, and metal futures. 

In the month of March, losses for the Fund were primarily from the fixed income and energy sectors. Stronger risk appetite pushed interest rates higher in the U.S. and Europe, impacting the Fund’s long fixed income positions. In the energy sector, indications of supply reductions from major oil producers lifted crude prices back above $40 per barrel, before drifting lower over the second half of the month. Currencies were flat as losses in short euro contracts were offset by gains in long positions in the Australian dollar, Brazilian real and Turkish lira. At month end the Fund’s largest risk exposures were to fixed income and currencies. Overall, the Fund finished the month with a loss of 2.88%, 2.74% and 2.66% for Class A, B and I Units, respectively. 

April 

Many of the macroeconomic trends that dominated the first quarter reversed course in April, as fixed income markets sold off and energy markets drifted higher. German 10-year Bund yields rose from a low of 9 basis points (bps) to a high of 30 bps during the month, as the European Central Bank held off on adding to its existing stimulus plan. Meanwhile, in the U.S., improving economic data also caused 10-year Treasury yields to climb, hurting bond prices. Oil prices registered their biggest monthly gain in a year, despite major exporting countries being unable to agree on output cuts.

The Fund generated gains in the currency sector during the month, profiting from a Japanese yen rally after the Bank of Japan failed to deliver anticipated easing policies. The Fund was also able to capitalize on the rise in the price of gold and other precious metals. However, long exposures in fixed income led to losses, particularly in Europe, as bond prices declined. Short energy positions detracted from profits after an oil price rebound, while the equity sector was also a negative contributor given volatility in stock indices. Overall, the Fund finished the month with a loss of 3.84%, 3.70% and 3.62% for Class A, B and I Units, respectively.

May 

May was a choppy month, as global stock indices declined in the first half of the month before recovering on improved U.S. economic data, with the MSCI World Index finishing the month up 0.2%. In fixed income markets, an early rally was reversed when minutes from the April Federal Open Market Committee Meeting suggested that the next U.S. interest rate hike could come as soon as June. The Fed’s more hawkish guidance also caused the U.S. dollar to appreciate against most currencies, and led to a sell-off in gold. 

May market reversals proved challenging for trend-following programs. In particular, the currency sector saw losses as the Fund’s long positions in the Australian dollar and Japanese yen were hurt by the rebounding U.S. dollar. The prospect of tighter U.S. monetary policy also negatively impacted long positions in gold and silver, as demand waned for precious metals as a store of value. Trading was profitable in the agricultural sector, however, with gains from rising soybean prices. Overall, the Fund finished the month with a loss of 2.83%, 2.69% and 2.61% for Class A, B and I Units, respectively.

June 

June was an exceptionally volatile month as global markets were unprepared for Britain’s referendum decision to leave the European Union. Investors reacted to Brexit by seeking the protection of safe haven assets such as bonds, while selling equities and the British Pound. The Pound fell 8.5% the day after the referendum, its largest one-day loss on record, which pushed the currency to its lowest level against the U.S. dollar since the mid-1980s. Bonds performed well in the flight to safety as yields on U.S. 10-year Treasuries declined from 1.85% at the end of May to 1.47% by the end of June. 

The Fund began the month with mixed performance from choppy markets. However, the Brexit aftermath created strong trends that the Fund was able to successfully exploit. Long positions in UK, European and U.S. bonds, short positions in the British Pound, long positions in the Japanese Yen and long precious metals positions all contributed to the Fund’s largest monthly gain since October 2008. Overall, the Fund finished the month with a gain of 6.25%, 6.41% and 6.49% for Class A, B and I Units, respectively. 

36 

2015 

January 

In January, Europe’s economic woes continued to have a major impact on financial markets. In order to combat deflationary pressures, the European Central Bank implemented quantitative easing, committing to purchase €60 billion of government bonds per month for 19 months. This led to further depreciation of the euro and a rally in European stocks. In order to untether itself from the falling euro, the Swiss National Bank made a surprise move to de-peg the Swiss franc, which led to a dramatic 30% intraday spike in its exchange rate. In the U.S., bond yields plummeted, with the 30-year yield hitting a historic low of 2.2%, as foreign buyers plowed into safe haven assets supported by a strong U.S. dollar. 

2015 began with a continuation of many of the strong trends seen in the second half of 2014. The Fund made the bulk of its gains in January from long bond positions, particularly in the U.S. In currencies, the Fund profited from a short position in the euro, which more than offset Swiss franc losses. Short energy positions were also positive contributors. Choppiness in S&P 500 led to a modest loss in the equities sector. Overall, the Fund finished the month with a gain of 4.17%, 4.33% and 4.41% for Class A, B and I Units, respectively.

February 

February began with a sell-off in bonds after a strong labor market report in the U.S. led to speculation of interest rate hikes in the second half of the year. Improved growth prospects also stoked a rally in equities, as the S&P 500 made its biggest monthly gain since October 2011. Driven by cold U.S. weather and a falling North American oilrig count, energy prices saw a rebound for the first time since the precipitous decline that began in June 2014. The U.S. dollar continued to appreciate against most major currencies, with the exception of the British pound, which strengthened after the UK saw its eighth straight quarter of positive growth. 

The Fund’s largest gains for the month came from its long stock index positions. However, trend reversals in bonds hurt the Fund’s long fixed income positions. In currencies, profits made on declines in the euro and Japanese yen were offset by losses from the rising British pound. Short exposure in energy markets also detracted from performance as oil prices staged a minor recovery. Overall, the Fund finished the month with a gain of 0.07%, 0.21% and 0.28% for Class A, B and I Units, respectively. 

March 

Monetary easing in Europe remained the dominant theme in financial markets in March. The European Central Bank began its bond purchases under its new quantitative easing program, designed to lower borrowing costs and stimulate growth in the region. This pushed down German 10-year bond yields to below 0.2%, and caused the euro to depreciate to its lowest level against the U.S. dollar since 2003. Meanwhile, the U.S. Federal Open Market Committee struck a more dovish tone than the market expected on the timing of interest rate hikes, despite positive labor market trends. In energy markets, a continued supply glut pushed oil prices down to $44 per barrel during the month. 

The Fund’s largest gains for the month came from its long fixed income positions, particularly in U.S. short term interest rates and UK gilts. In currencies, short euro positions against the U.S. dollar proved profitable. Short oil positions also contributed positively, taking advantage of the slide in energy prices. Performance in equity indices was flat with gains in Europe and Japan being offset by losses in the U.S. Overall, the Fund finished the month with a gain of 2.00%, 2.15% and 2.07% for Class A, B and I Units, respectively.

April 

In April, markets were quiet through the first three weeks of the month, but a shift in sentiment towards European monetary easing during the final days of the month caused reversals in many of the most profitable trends from the first quarter. Signs of economic improvement in Europe raised fears that quantitative easing programs would be removed sooner than anticipated. The result was a sudden rise in interest rates, and a rebound in the euro along with a retreat in European equity markets. 

The Fund experienced its largest losses in currencies, interest rates and energy. Losses were partially offset by gains in non-European stock indices. In currencies, the Fund’s net short position against the euro accounted for the majority of losses. In the interest rate instruments, losses occurred during the last week of the month, primarily from Gilts, Canadian Bonds, U.S. Treasury Bonds and German Bunds. Stock indices experienced broad based gains, with long positions in the Hang Sang and Chinese equity index contributing to performance. The Fund finished the month with a loss of 4.04%, 3.89% and 3.81% for Class A, B and I units, respectively. 

May 

The sudden deterioration in investor sentiment over Europe’s quantitative easing (QE) program carried over from April into the first half of May. Yields on the German Bund, which had previously been on a steady decline, rose sharply from a low of 7 basis points (bps) in late April to a high of 72bps by mid-May. The euro also rebounded against the U.S. dollar, reversing its depreciating trend. However, in the second half of the month worries over Greek debt repayments and an announcement by the European Central Bank (ECB) that it could bring forward its scheduled bond purchases from July and August into June, caused the euro and European bond yields to fall once again. Meanwhile, in Japan, expectations of further monetary stimulus on the back of disappointing economic data drove the Japanese yen to a 12-year low against the U.S. dollar, which boosted export-oriented Japanese stocks.

37 

The Fund saw losses in the first half of May as a result of a sharp sell-off in bonds, particularly in the German Bund. Other early losses came as a result of a rebound in precious metal prices, which hurt the Fund’s short positions. The Fund made some gains later in the month through short positions in the euro and Japanese yen, which benefited from a depreciation of those currencies against the U.S. dollar. Nevertheless, the Fund finished the month with a net loss of 1.42%, 1.27% and 1.19% on Class A, B and I units, respectively.

June 

June saw large reversals across a broad range of markets as a result of shifting sentiment in Europe and Asia. The Greek debt crisis once again became a focal point for investors. After early optimism on a possible bailout deal, the Greek government shocked markets with a weekend announcement that the European creditors’ proposed bailout plan and austerity demands would be put to a national referendum, increasing the risk of a full default and a Greek exit from the Eurozone. This caused the largest ever gap decline in Eurostoxx equity index futures when markets re-opened on the last Monday of the month. Elsewhere, the frothy Chinese equity market extended its huge run up before falling more than 20%. Chinese authorities sought to quell concerns by cutting interest rates for the fourth time since last November, causing stocks to rebound. Apart from the macroeconomic issues that dominated headlines, unexpectedly heavy rainfall in the U.S. Midwest delayed crop plantings and caused a sharp reversal in the downtrend recently seen in agricultural commodities.

Equity indices, particularly in Europe, were the biggest detractors during the month, as long positions were hurt when the crisis in Greece sparked a broad stock sell-off. Short positions in agricultural commodities also struggled during the month. Wheat and corn prices jumped suddenly, reversing their entire year-to-date trend decline in just seven trading days, as wet weather delayed plantings and reduced supply forecasts. A choppy environment in currencies also proved challenging, as the euro and the Japanese yen rebounded against the U.S. dollar. The Fund finished the month with a net loss of 6.94%, 6.80% and 6.73% for Class A, B and I units, respectively. 

Liquidity

There are no known material trends, demands, commitments, events, or uncertainties at the present time that are reasonably likely to result in the Fund’s liquidity increasing or decreasing in any material way.

Capital Resources

The Fund intends to raise additional capital only through the sale of Units, and does not intend to raise any capital through borrowing. Due to the nature of the Fund’s business, the Fund does not contemplate making capital expenditures. The Fund does not have, nor does it expect to have, any capital assets. Redemptions, exchanges and sales of Units in the future will affect the amount of funds available for investments in futures contracts, forward currency contracts and other financial instruments in subsequent periods. It is not possible to estimate the amount, and therefore the impact, of future capital inflows and outflows related to the sale and redemption of Units. There are no known or expected material trends, favorable or unfavorable, that would affect the Fund’s capital resource arrangements at the present time. 

Off-Balance Sheet Risk

The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in future obligation or loss. The Fund trades in futures and forward currency contracts, and is therefore a party to financial instruments with elements of off-balance sheet market and credit risk. In entering into these contracts there exists a risk to the Fund that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interests positions of the Fund at the same time, and if the commodity trading advisors were unable to offset futures interest positions of the Fund, the Fund could lose all of its assets and the limited partners would realize a 100% loss. The General Partner minimizes market risk through diversification of the portfolio allocations to multiple trading advisors, and maintenance of a margin-to-equity ratio that rarely exceeds 30%. 

In addition to subjecting the Fund to market risk, upon entering into futures, swaps, and forward currency contracts there is a risk that the counterparty will not be able to meet its obligations to the Fund. The counterparty for futures contracts traded in the U.S. and on most foreign exchanges is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this risk. In cases where the clearinghouse is not backed by the clearing members, as is the case with some foreign exchanges, it is normally backed by a consortium of banks or other financial institutions.

38 

In the case of forward currency contracts, which are traded on the interbank market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a group of financial institutions, thus there may be a greater counterparty risk. The General Partner uses only those counterparties that it believes to be creditworthy for the Fund. All positions of the Fund are valued each day on a mark-to-market basis. There can be no assurance, however, that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund invests in U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, certificates of deposit, commercial paper, asset backed securities and corporate notes. Should an issuing entity default on its obligation to the Fund, the Fund bears the risk of loss of the amount expected to be received. The Fund minimizes this risk by only investing in securities and certificates of deposit of firms with high quality debt ratings.

Significant Accounting Estimates

A summary of the Fund’s significant accounting policies are included in Note 1 to the consolidated financial statements. 

The Fund’s most significant accounting policy is the valuation of its assets invested in U.S. and foreign futures and forward currency contracts, and fixed income instruments. The Fund’s futures contracts are exchange-traded, with the fair value of these contracts based on exchange settlement prices. The fair values of non-exchange-traded contracts, such as forward currency contracts, are based on third-party quoted dealer values on the interbank market. The fair value of money market funds is based on quoted market prices for identical shares. U.S. Treasury securities are stated at fair value based on quoted market prices for identical assets in an active market. Notes of U.S. and foreign government sponsored enterprises, as well as certificates of deposit, commercial paper, asset backed securities and corporate notes, are stated at fair value based on quoted market prices for similar assets in an active market. Given the valuation sources, there is little judgment or uncertainty involved in the valuation of these assets, and it is unlikely that materially different amounts would be reported under different valuation methodologies or assumptions.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Introduction

The Fund is a speculative commodity pool. The market-sensitive instruments held by the Fund are acquired for speculative trading purposes, and all or substantially all of the Fund’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 Fund’s main line of business.

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

The Fund 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 Fund’s past performance cannot be relied on as indicative of its future results.

Standard of Materiality

Materiality as used in this section, Quantitative and Qualitative Disclosures about Market Risk, is based on an assessment of reasonably possible market movements and the potential losses caused by such movements, taking into account the leverage, and multiplier features of the Fund’s market sensitive instruments.

Quantifying the Fund’s Trading Value at Risk 

The following quantitative disclosures regarding the Fund’s market risk exposures contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All quantitative disclosures in this section are deemed to be forward-looking statements for purposes of the safe harbor, except for statements of historical fact. 

Value at Risk is a measure of the maximum amount which the Fund could reasonably be expected to lose in a given market sector. However, the inherent uncertainty of the Fund’s speculative trading and the recurrence in the markets traded by the Fund to market movements far exceeding expectations could result in actual trading or non-trading losses far beyond the indicated Value at Risk or the Fund’s experience to date (i.e., “risk of ruin”). Risk of ruin is defined to be no more than a 5% chance of losing 20% or more on a monthly basis. In light of the foregoing as well as the risks and uncertainties intrinsic to all future projections, the inclusion of the quantification included in this section should not be considered to constitute any assurance or representation that the Fund’s losses in any market sector will be limited to Value at Risk or by the Fund’s attempts to manage its market risk.

39 

The Fund’s risk exposure in the various market sectors traded by the Fund’s Trading Advisors is quantified below in terms of Value at Risk. Due to mark-to-market accounting, any loss in the fair value of the Fund’s open positions is directly reflected in the Fund’s earnings. 

Exchange margin requirements have been used by the Fund as the measure of its Value at Risk. 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. The margin levels are established by dealers and exchanges using historical price studies as well as an assessment of current market volatility and economic fundamentals to provide a probabilistic estimate of the maximum expected near-term one-day price fluctuation.

In the case of market sensitive instruments that are not exchange-traded (includes currencies, certain energy products and metals), the margin requirements required by the forward counterparty is used as Value at Risk.

In quantifying the Fund’s Value at Risk, 100% positive correlation in the different positions held in each market risk category has been assumed. Consequently, the margin requirements applicable to the open contracts have simply been aggregated to determine each trading category’s aggregate Value at Risk. The diversification effects resulting from the fact that the Fund’s positions are rarely, if ever, 100% positively correlated, have not been reflected. 

Value at Risk as calculated herein may not be comparable to similarly titled measures used by others. 

The Fund’s Trading Value at Risk in Different Market Sectors

The following table indicates the trading Value at Risk associated with the Fund’s open positions by market sector at June 30, 2016 and December 31, 2015. All open position trading risk exposures of the Fund have been included in calculating the figures set forth below. 

	June 30, 2016					December 31, 2015
Market Sector	Value at Risk		% of Total  Capitalization			Value at Risk		% of Total Capitalization
Agricultural commodities	$	5,553,182		0.86	%	$	10,544,852		1.64	%
Currencies		19,192,749		2.97			22,945,769		3.57
Energy		4,126,329		0.64			14,721,478		2.29
Equity indices		24,163,189		3.74			25,559,869		3.97
Interest rate instruments		13,974,251		2.17			16,494,300		2.56
Metals		5,874,570		0.91			9,735,517		1.51
Single stock futures		6,227,213		0.97			5,787,197		0.90
Total	$	79,111,483		12.26	%	$	105,788,982		16.44	%

Material Limitations on Value at Risk as an Assessment of Market Risk. 

The face value of the market sector instruments held by the Fund is typically many times the applicable margin requirement (margin requirements generally range between 1% and 10% of contract face value) as well as many times the capitalization of the Fund. The magnitude of the Fund’s open positions creates a “risk of ruin” not typically found in most other investment vehicles. Because of the size of its positions, certain market conditions - unusual, but historically recurring from time to time - could cause the Fund to incur severe losses over a short period of time. The foregoing Value at Risk table – as well as the past performance of the Fund – gives no indication of this “risk of ruin.”

Non-Trading Risk 

The Fund has non-trading market risk on its foreign cash balances not needed for margin. However, these balances (as well as the market risk they represent) are immaterial. The Fund also has non-trading market risk as a result of investing a substantial portion of its available assets in U.S. Treasury securities, U.S. government sponsored enterprise notes, commercial paper, asset backed securities, corporate notes and certificates of deposit. Although these investments are considered to be high quality, some of the securities purchased are neither guaranteed by the U.S. government nor supported by the full faith and credit of the U.S. government. There is some risk that a security issuer may fail to pay the interest and principal in a timely manner, or that negative perceptions about the issuer’s ability to make such payments will cause the price of these instruments to decline in value.

40 

Qualitative Disclosures Regarding Primary Trading Risk Exposures.

The following qualitative disclosures regarding the Fund’s market risk exposures - except for those disclosures that are statements of historical fact and the descriptions of how the Fund manages its primary market risk exposures - constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, (“1933 Act”) and Section 21E of the Securities Exchange Act of 1934, (“1934 Act”).

The Fund’s primary market risk exposures as well as the strategies used and to be used by the Fund’s Trading Advisors for managing such exposures are subject to numerous uncertainties, contingencies and risks, any one of which could cause the actual results of the Fund’s risk controls to differ materially from the objectives of such strategies. Government interventions, defaults and expropriations, illiquid markets, the emergence of dominant fundamental factors, political upheavals, changes in historical price relationships, an influx of new market participants, increased regulation and many other factors could result in material losses as well as in material changes to the risk exposures and the risk management strategies of the Fund. There can be no assurance that the Fund’s current market exposure and/or risk management strategies will not change materially or that any such strategies will be effective in either the short- or long-term. Investors must be prepared to lose all or substantially all of their investment in the Fund.

The following were the primary trading risk exposures of the Fund as of June 30, 2016, by market sector. 

Agricultural Commodities 

The Fund’s primary agricultural exposure is due to price movements in agricultural commodities, which are often directly affected by severe or unexpected weather conditions as well as other factors that affect inventory levels or supply and demand characteristics. The Fund’s agricultural exposure is primarily to cotton, coffee, cocoa, cattle, corn, soybeans, sugar and wheat.

Currencies 

The Fund’s currency risk exposure is due to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. These fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Fund trades various currencies, including cross-rates (i.e., positions between two currencies other than the U.S. dollar). 

Energy  

The Fund’s primary energy market exposure is due to gas and oil price movements, often resulting from political developments, ongoing conflicts or production disruptions in the Middle East and other oil producing nations as well as other factors that can influence supply and demand. Crude oil, heating oil, unleaded gas and natural gas are the dominant energy market exposures of the Fund. Oil and gas prices can be volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Equity Indices 

The Fund’s primary equity exposure is due to equity price risk in many countries other than the U.S. The stock index futures traded by the Fund are limited to futures on broadly based indices. The Fund is primarily exposed to the risk of adverse price trends or static markets in the major Australian, Canadian, European, Hong Kong, Japanese and U.S. indices.

Interest Rate Instruments 

The Fund’s primary interest rate exposure is to interest rate fluctuations in the U.S., Japan, Great Britain, the European Economic Union, Sweden, Canada, Australia and New Zealand. Interest rate movements directly affect the price of the sovereign bond futures positions held by the Fund and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries could materially impact the Fund’s profitability. 

Metals 

The Fund’s metals market exposure is primarily due to fluctuations in the price of aluminum, copper, gold, silver, nickel, platinum, lead and zinc. 

41 

Single Stock Futures

The Fund has a very small exposure to single stock futures. The Fund’s single stock futures exposure is primarily due to adverse price movements in the underlying stock.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only material non-trading risk exposures of the Fund as of June 30, 2016. 

Foreign Currency Balances 

The Fund’s primary foreign currency balances are in euros, Japanese yen, British pounds, Australian dollars, Hong Kong dollars and Canadian dollars. The Fund controls the non-trading risk of these balances by regularly converting these balances back into dollars.

U.S. Treasury Securities, U.S. and Foreign Government Sponsored Enterprise Notes, Commercial Paper, Corporate Notes, Asset Backed Securities and Certificates of Deposit 

Monies in excess of margin requirements are invested in fixed income instruments, including U.S. Treasury securities, U.S. and foreign government sponsored enterprise notes, commercial paper, corporate notes, asset backed securities and certificates of deposit. Fluctuations in prevailing interest rates could cause mark-to-market gains or losses on the Fund’s investments; although substantially all of these investments are held to maturity.

Qualitative Disclosures Regarding Means of Managing Risk Exposure 

The means by which the Fund and the Fund’s trading advisors, severally, attempt to manage the risk of the Fund’s open positions is essentially the same in all market sectors traded. The Fund’s trading advisors apply risk management policies to their respective trading which generally limit the total exposure that may be taken. In addition, the trading advisors generally follow proprietary diversification guidelines (often formulated in terms of the balanced volatility between markets and correlated groups).

The Fund is not aware of any (i) anticipated known demands, commitments or capital expenditures, (ii) material trends, favorable or unfavorable, in its capital resources, or (iii) trends or uncertainties that will have a material effect on operations. From time to time, certain regulatory agencies have proposed increased margin requirements on futures contracts. Because the Fund generally uses a small percentage of assets as margin, the Fund does not believe that any proposed increase in margin requirements will have a material effect on the Fund’s operations.

Item 4. Controls and Procedures

The General Partner, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the Fund’s disclosure controls and procedures at June 30, 2016 (the “Evaluation Date”). Based on their evaluation, the Chief Executive Officer and Chief Financial Officer of the General Partner concluded that, as of the Evaluation Date, the Fund’s disclosure controls and procedures were effective. 

There has been no change in internal control over financial reporting that occurred during the period ended June 30, 2016 that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting. 

PART II: OTHER INFORMATION 

Item 1. Legal Proceedings. 

None. 

Item 1A. Risk Factors.

There have been no material changes from risk factors disclosed in the Fund’s Form 10-K for year ended December 31, 2015.

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

There were no sales of unregistered securities of the Fund during the three months ended June 30, 2016. Under the Fund’s Partnership Agreement, limited partners may redeem their Units at the end of each calendar month at the then current month-end net asset value per Unit. Redemptions of Units during the three months ended June 30, 2016 were as follows:

42 

	April		May		June		Total
A Units
Units redeemed		1,226.9931		854.2511		984.5096		3,065.7539
Average net asset value per unit	$	4,322.00	$	4,199.66	$	4,462.03	$	4,332.88
B Units
Units redeemed		619.9553		239.6737		780.9388		1,640.5678
Average net asset value per unit	$	6,340.00	$	6,169.71	$	6,564.93	$	6,422.19
I Units
Units redeemed		—		—		—		—
Average net asset value per unit	$	—	$	—	$	—	$	—

Item 3. Defaults Upon Senior Securities

Not applicable. 

Item 4. Mine Safety Disclosures

Not applicable. 

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed herewith of incorporated by reference. 

Exhibit No.	Description of Exhibit
1.1(a)	Form of Selling Agreement
3.1(a)	Maryland Certificate of Limited Partnership.
4.1(a)	Limited Partnership Agreement.
10.1(a)	Form of Subscription Agreement
16.1(a)	Letter regarding change in certifying accountant.
31.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
31.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 302 of the Sarbanes-Oxley Act of 2002
32.01	Certification of Chief Executive Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
32.02	Certification of Chief Financial Officer of the General Partner in accordance with Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

(a) Incorporated by reference to the corresponding exhibit to the Registrant’s registration statement (File no. 000-50728) filed on April 29, 2004 on Form 10 under the 1934 Act, as amended.

43 

SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the General Partner of the Registrant in the capacities and on the date indicated.  

Dated:  August 15, 2016	Futures Portfolio Fund, Limited Partnership
	By:	Steben & Company, Inc.
		General Partner
	By:	/s/ Kenneth E. Steben
	Name:	Kenneth E. Steben
	Title:	President, Chief Executive Officer and Director of the General Partner
		(Principal Executive Officer)
	By:	/s/ Carl A. Serger
	Name:	Carl A. Serger
	Title:	Chief Financial Officer and Director of the General Partner
		(Principal Financial and Accounting Officer)

44 

EX-31.1

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP 10-Q

EXHIBIT 31.01

Certification in Accordance with Section 302 of the Sarbanes-Oxley Act of 2002

I, Kenneth E. Steben, certify that:

1. I have reviewed this annual report on Form 10-K of Futures Portfolio Fund, Limited Partnership;

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, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer 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;

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

5. The registrant’s other certifying officer 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 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, 2016
By:	/s/ Kenneth E. Steben
	Kenneth E. Steben
	President, Chief Executive Officer and Director of the General Partner

45

EX-31.2

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP 10-Q

EXHIBIT 31.02

Certification in Accordance with Section 302 of the Sarbanes-Oxley Act of 2002

I, Carl A. Serger, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Futures Portfolio Fund, Limited Partnership;

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, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer 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;

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

5. The registrant’s other certifying officer 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 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, 2016
By:	/s/ Carl A. Serger
	Carl A. Serger
	Chief Financial Officer and Director of the General Partner

46

EX-32.1

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP 10-Q

EXHIBIT 32.01

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Futures Portfolio Fund, Limited Partnership (“Fund”), on Form 10-Q for the quarter ended June 30, 2016 as filed with the U.S. Securities and Exchange Commission on the date hereof (“Report”), I, Kenneth E. Steben, President and Chief Executive Officer of Steben & Company, Inc., the General Partner of the Fund, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the U.S. 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 Fund. 

Date: August 15, 2016
By:	/s/ Kenneth E. Steben
	Kenneth E. Steben
	President and Chief Executive Officer of the General Partner

47

EX-32.2

FUTURES PORTFOLIO FUND, LIMITED PARTNERSHIP 10-Q

EXHIBIT 32.02

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Futures Portfolio Fund, Limited Partnership (“Fund”), on Form 10-Q for the quarter ended June 30, 2016 as filed with the U.S. Securities and Exchange Commission on the date hereof (“Report”), I, Carl A. Serger, Chief Financial Officer of Steben & Company, Inc., the General Partner of the Fund, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. §1350), that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the U.S. 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 Fund. 

Date: August 15, 2016
By:	/s/ Carl A. Serger
	Carl A. Serger
	Chief Financial Officer of the General Partner

48

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2016
Document And Entity Information
Entity Registrant Name	FUTURES PORTFOLIO FUND L.P.
Entity Central Index Key	0000861441
Document Type	10-Q
Trading Symbol	FPF
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016

XML

Consolidated Statements of Financial Condition (unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Equity in broker trading accounts
Cash	$ 114,257,286	$ 122,736,345
Net unrealized gain (loss) on open futures contracts	29,272,138	4,412,678
Net unrealized gain (loss) on open forward currency contracts	4,070,847	(1,614,491)
Net unrealized gain (loss) on swap contract		3,440,896
Total equity in broker trading accounts	147,600,271	128,975,428
Cash and cash equivalents	34,605,960	56,290,425
Investments in securities, at fair value (cost $450,560,503 and $453,001,973)	450,393,961	451,049,033
Certificates of deposit (CDs), at fair value (cost $28,914,584 and $22,673,242)	28,996,631	22,710,509
General Partner 1% allocation receivable		271,430
Subscriptions receivable	204,829	85,414
Total assets	661,801,652	659,382,239
Liabilities
Trading Advisor management fees payable	1,116,273	1,301,752
Trading Advisor incentive fees payable	1,791,275	216,856
Commissions and other trading fees payable on open contracts	108,594	138,206
Cash Managers fees payable	114,272	109,594
General Partner management and performance fees payable	783,567	789,152
General Partner 1% allocation payable	391,629
Selling agent and broker dealer servicing fees payable - General Partner	724,079	735,514
Administrative expenses payable - General Partner	153,112	155,471
Investment Manager fees payable	120,725	83,884
Distribution (12b-1) fees payable	2,280	2,204
Operating services fee payable	16,557	33,554
Redemptions payable	9,596,232	11,143,201
Subscriptions received in advance	1,657,373	1,086,965
Total liabilities	16,575,968	15,796,353
Partners' Capital (Net Asset Value)
Non-controlling interest	27,574,990	22,540,476
Total partners' capital (net asset value)	645,225,684	643,585,886
Total liabilities and partners' capital (net asset value)	661,801,652	659,382,239
Class A [Member]
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	407,113,938	412,948,548
Class B [Member]
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	206,493,177	204,329,032
Class I [Member]
Partners' Capital (Net Asset Value)
Total partners' capital (net asset value)	$ 4,043,579	$ 3,767,830

XML

Consolidated Statements of Financial Condition (unaudited) (Parenthetical)	3 Months Ended	6 Months Ended
	Jun. 30, 2016 USD ($) shares	Jun. 30, 2016 USD ($) shares	Dec. 31, 2015 USD ($) shares
Investments in securities, at cost | $	$ 450,560,503	$ 450,560,503	$ 453,001,973
Certificates of deposit (CDs), at cost | $	$ 28,914,584	$ 28,914,584	$ 22,673,242
General partner allocation percentage	1.00%	1.00%
Class A [Member]
Partners' Capital, units outstanding	91,239.5336	91,239.5336	98,034.9581
Class B [Member]
Partners' Capital, units outstanding	31,453.9898	31,453.9898	33,265.6588
Class I [Member]
Partners' Capital, units outstanding	3,828.4541	3,828.4541	3,828.4541

XML

Consolidated Condensed Schedule of Investments of U.S. Treasury Securities (Unaudited) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
% of Partners' Capital (Net Asset Value)		74.31%	73.61%
Investment Owned, at Cost		$ 450,560,503	$ 453,001,973
U.S. Treasury Securities [Member]
Fair Value		$ 73,613,766	$ 76,996,959
% of Partners' Capital (Net Asset Value)		11.41%	11.96%
Investment Owned, at Cost		$ 73,614,654	$ 77,027,397
U.S. Treasury Securities [Member] | 0.20% U.S. Treasury Bill Due 2016-09-22 [Member]
Face Value		40,000,000
Fair Value		$ 39,977,600
% of Partners' Capital (Net Asset Value)		6.19%
% Yield	[1]	0.20%
U.S. Treasury Securities [Member] | 0.63% U.S. Treasury Notes Due 2016-07-15 [Member]
Face Value		$ 11,500,000
Fair Value		$ 11,533,633
% of Partners' Capital (Net Asset Value)		1.79%
% Yield	[1]	0.63%
U.S. Treasury Securities [Member] | 0.63% U.S. Treasury Notes Due 2016-08-15 [Member]
Face Value		$ 5,000,000
Fair Value		$ 5,013,312
% of Partners' Capital (Net Asset Value)		0.78%
% Yield	[1]	0.63%
U.S. Treasury Securities [Member] | 1.00% U.S. Treasury Notes Due 2016-08-31 [Member]
Face Value		$ 4,600,000	4,600,000
Fair Value		$ 4,620,067	$ 4,624,882
% of Partners' Capital (Net Asset Value)		0.72%	0.72%
% Yield	[1]	1.00%	1.00%
U.S. Treasury Securities [Member] | 2.75% U.S. Treasury Notes Due 2016-11-30 [Member]
Face Value		$ 4,400,000	$ 1,500,000
Fair Value		$ 4,453,721	$ 1,529,797
% of Partners' Capital (Net Asset Value)		0.69%	0.24%
% Yield	[1]	2.75%	2.75%
U.S. Treasury Securities [Member] | 0.50% U.S. Treasury Notes Due 2017-03-31 [Member]
Face Value		$ 4,000,000
Fair Value		$ 4,005,379
% of Partners' Capital (Net Asset Value)		0.62%
% Yield	[1]	0.50%
U.S. Treasury Securities [Member] | 0.50% U.S. Treasury Notes Due 2017-04-30 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,001,589
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.50%
U.S. Treasury Securities [Member] | 0.75% U.S. Treasury Notes Due 2018-04-30 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,008,465
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.75%
U.S. Treasury Securities [Member] | 0.09% U.S. Treasury Bill Due 2016-02-18 [Member]
Face Value			$ 50,000,000
Fair Value			$ 49,993,194
% of Partners' Capital (Net Asset Value)			7.77%
% Yield	[1]		0.09%
U.S. Treasury Securities [Member] | 0.72% U.S. Treasury Bill Due 2016-08-12 [Member]
Face Value			$ 2,000,000
Fair Value			$ 1,988,643
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		0.72%
U.S. Treasury Securities [Member] | 0.38% U.S. Treasury Notes Due 2016-01-15 [Member]
Face Value			$ 10,500,000
Fair Value			$ 10,517,770
% of Partners' Capital (Net Asset Value)			1.63%
% Yield	[1]		0.38%
U.S. Treasury Securities [Member] | 0.38% U.S. Treasury Notes Due 2016-03-15 [Member]
Face Value			$ 1,750,000
Fair Value			$ 1,752,420
% of Partners' Capital (Net Asset Value)			0.27%
% Yield	[1]		0.38%
U.S. Treasury Securities [Member] | 0.50% U.S. Treasury Notes Due 2016-06-30 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,499,781
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.50%
U.S. Treasury Securities [Member] | 1.00% U.S. Treasury Notes Due 2016-10-31 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,505,484
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		1.00%
U.S. Treasury Securities [Member] | 0.63% U.S. Treasury Notes Due 2016-11-15 [Member]
Face Value			$ 1,800,000
Fair Value			$ 1,799,062
% of Partners' Capital (Net Asset Value)			0.28%
% Yield	[1]		0.63%
U.S. Treasury Securities [Member] | 0.63% U.S. Treasury Notes Due 2016-12-15 [Member]
Face Value			$ 1,788,200
Fair Value			$ 1,785,926
% of Partners' Capital (Net Asset Value)			0.28%
% Yield	[1]		0.63%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Consolidated Condensed Schedule of Investments Commercial Paper (Unaudited) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
% of Partners' Capital (Net Asset Value)		74.31%	73.61%
Investment Owned, at Cost		$ 450,560,503	$ 453,001,973
Commercial Paper [Member]
Fair Value		$ 68,328,376	$ 57,258,212
% of Partners' Capital (Net Asset Value)		10.59%	8.90%
Investment Owned, at Cost		$ 68,216,862	$ 57,208,099
Commercial Paper [Member] | U.S. Commercial Paper [Member]
Fair Value		$ 49,020,291	$ 35,057,379
% of Partners' Capital (Net Asset Value)		7.60%	5.45%
Investment Owned, at Cost		$ 48,971,034	$ 35,039,075
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.70% Hyundai Capital America Due 2016-07-07 [Member]
Face Value		2,100,000
Fair Value		$ 2,099,756
% of Partners' Capital (Net Asset Value)		0.33%
% Yield	[1]	0.70%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.76% Hyundai Capital America Due 2016-10-28 [Member]
Face Value		$ 1,200,000
Fair Value		$ 1,196,080
% of Partners' Capital (Net Asset Value)		0.19%
% Yield	[1]	0.76%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.67% Nissan Motor Acceptance Corporation Due 2016-01-07 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,000,000
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.67%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.48% PACCAR Financial Corp. Due 2016-07-22 [Member]
Face Value		$ 400,000
Fair Value		$ 399,888
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.48%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.50% Nissan Motor Acceptance Corporation Due 2016-11-01 [Member]
Face Value			500,000
Fair Value			$ 499,928
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.50%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.78% Nissan Motor Acceptance Corporation Due 2016-01-22 [Member]
Face Value			$ 1,600,000
Fair Value			$ 1,599,272
% of Partners' Capital (Net Asset Value)			0.25%
% Yield	[1]		0.78%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.63% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2016-06-07 [Member]
Face Value		$ 400,000
Fair Value		$ 399,965
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.63%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.63% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2016-07-15 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,499,633
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	0.63%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.60% Mizuho Bank, Ltd. Due 2016-07-22 [Member]
Face Value		$ 1,700,000
Fair Value		$ 1,699,405
% of Partners' Capital (Net Asset Value)		0.26%
% Yield	[1]	0.60%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.58% Mizuho Bank, Ltd. Due 2016-09-08 [Member]
Face Value		$ 400,000
Fair Value		$ 399,749
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.58%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.59% Oversea-Chinese Banking Corporation Ltd Due 2016-09-09 [Member]
Face Value		$ 1,600,000
Fair Value		$ 1,598,164
% of Partners' Capital (Net Asset Value)		0.25%
% Yield	[1]	0.59%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.58% Oversea-Chinese Banking Corporation Ltd Due 2016-01-09 [Member]
Face Value		$ 400,000
Fair Value		$ 399,600
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.58%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.62% Standard Chartered Bank Due 2016-07-18 [Member]
Face Value		$ 2,100,000
Fair Value		$ 2,099,385
% of Partners' Capital (Net Asset Value)		0.33%
% Yield	[1]	0.62%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.27% Standard Chartered Bank Due 2016-01-21 [Member]
Face Value			$ 400,000
Fair Value			$ 399,940
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		0.27%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.79% Bacardi U.S.A., Inc. Due 2016-07-20 [Member]
Face Value		$ 1,700,000
Fair Value		$ 1,699,291
% of Partners' Capital (Net Asset Value)		0.26%
% Yield	[1]	0.79%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.56% Brown-Forman Corporation Due 2016-05-07 [Member]
Face Value		$ 1,400,000
Fair Value		$ 1,399,913
% of Partners' Capital (Net Asset Value)		0.22%
% Yield	[1]	0.56%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.58% Brown-Forman Corporation Due 2016-07-07 [Member]
Face Value		$ 500,000
Fair Value		$ 499,952
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.58%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 1.02% Coca-Cola Company Due 2016-11-17 [Member]
Face Value		$ 1,700,000
Fair Value		$ 1,695,491
% of Partners' Capital (Net Asset Value)		0.26%
% Yield	[1]	1.02%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.96% Coca-Cola Company Due 2017-04-01 [Member]
Face Value		$ 1,000,000
Fair Value		$ 996,042
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	0.96%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.51% Bacardi U.S.A., Inc. Due 2016-06-01 [Member]
Face Value			$ 2,100,000
Fair Value			$ 2,099,851
% of Partners' Capital (Net Asset Value)			0.33%
% Yield	[1]		0.51%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.45% Brown-Forman Corporation Due 2016-07-01 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,499,888
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.45% Brown-Forman Corporation Due 2016-07-01 [Member]
Face Value			$ 500,000
Fair Value			$ 499,963
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.80% Coca-Cola Company Due 2016-11-17 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,689,858
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.80%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Commerical [Member] | 0.25% ERAC USA Finance LLC Due 2016-09-14 [Member]
Face Value		$ 1,200,000
Fair Value		$ 1,197,826
% of Partners' Capital (Net Asset Value)		0.19%
% Yield	[1]	0.25%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.66% DCAT, LLC Due 2016-05-07 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,499,890
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	0.66%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.50% Gotham Funding Corporation Due 2016-12-08 [Member]
Face Value		$ 1,700,000
Fair Value		$ 1,699,008
% of Partners' Capital (Net Asset Value)		0.26%
% Yield	[1]	0.50%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.54% ING (U.S.) Funding LLC Due 2016-01-07 [Member]
Face Value		$ 500,000
Fair Value		$ 500,000
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.54%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.50% Intercontinental Exchange, Inc. Due 2016-11-07 [Member]
Face Value		$ 400,000
Fair Value		$ 399,944
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.50%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.53% Intercontinental Exchange, Inc. Due 2016-10-08 [Member]
Face Value		$ 1,700,000
Fair Value		$ 1,698,999
% of Partners' Capital (Net Asset Value)		0.26%
% Yield	[1]	0.53%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.63% J.P. Morgan Securities LLC Due 2016-02-09 [Member]
Face Value		$ 400,000
Fair Value		$ 399,559
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.63%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.50% Manhattan Asset Funding Company LLC Due 2016-08-07 [Member]
Face Value		$ 1,600,000
Fair Value		$ 1,599,844
% of Partners' Capital (Net Asset Value)		0.25%
% Yield	[1]	0.50%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.55% Nieuw Amsterdam Receivables Corporation Due 2016-08-16 [Member]
Face Value		$ 1,450,000
Fair Value		$ 1,448,981
% of Partners' Capital (Net Asset Value)		0.22%
% Yield	[1]	0.55%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.55% American Express Credit Corporation Due 2016-01-19 [Member]
Face Value			$ 375,000
Fair Value			$ 374,897
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		0.55%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.42% DCAT, LLC Due 2016-01-15 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,699,722
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.28% Gotham Funding Corporation Due 2016-05-01 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,699,947
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.28%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.92% Hewlett Packard Enterprise Company Due 2016-01-20 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,699,175
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.92%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.65% ING (U.S.) Funding LLC Due 2016-02-03 [Member]
Face Value			$ 400,000
Fair Value			$ 399,559
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		0.65%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.42% Intercontinental Exchange, Inc. Due 2016-04-01 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,699,940
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.42%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.25% J.P. Morgan Securities LLC Due 2016-01-15 [Member]
Face Value			$ 450,000
Fair Value			$ 449,956
% of Partners' Capital (Net Asset Value)			0.07%
% Yield	[1]		0.25%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.27% Manhattan Asset Funding Company LLC Due 2016-12-01 [Member]
Face Value			$ 1,400,000
Fair Value			$ 1,399,885
% of Partners' Capital (Net Asset Value)			0.22%
% Yield	[1]		0.27%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.4% Regency Group, Inc. Due 2016-01-13 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,699,773
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.40%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.53% The Southern Company Due 2016-04-01 [Member]
Face Value			$ 1,300,000
Fair Value			$ 1,299,943
% of Partners' Capital (Net Asset Value)			0.20%
% Yield	[1]		0.53%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Electronics [Member] | 0.75% Amphenol Corporation Due 2016-07-13 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,499,625
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	0.75%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.75% Dominion Resources, Inc. Due 2016-07-27 [Member]
Face Value		$ 2,000,000
Fair Value		$ 1,998,917
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.75%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.76% Duke Energy Corporation Due 2016-07-13 [Member]
Face Value		$ 1,900,000
Fair Value		$ 1,899,519
% of Partners' Capital (Net Asset Value)		0.29%
% Yield	[1]	0.76%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.48% Oglethorpe Power Corporation Due 2016-07-25 [Member]
Face Value		$ 500,000
Fair Value		$ 499,840
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.48%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.70% Pacific Gas and Electric Company Due 2016-07-18 [Member]
Face Value		$ 2,100,000
Fair Value		$ 2,099,306
% of Partners' Capital (Net Asset Value)		0.33%
% Yield	[1]	0.70%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.66% Questar Corporation Due 2016-06-07 [Member]
Face Value		$ 1,700,000
Fair Value		$ 1,699,844
% of Partners' Capital (Net Asset Value)		0.26%
% Yield	[1]	0.66%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.67% Dominion Resources, Inc. Due 2016-01-27 [Member]
Face Value			$ 500,000
Fair Value			$ 499,758
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.67%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.78% Enterprise Products Operating LLC Due 2016-01-21 [Member]
Face Value			$ 2,100,000
Fair Value			$ 2,099,090
% of Partners' Capital (Net Asset Value)			0.34%
% Yield	[1]		0.78%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.60% Motiva Enterprises LLC Due 2016-07-01 [Member]
Face Value			$ 2,100,000
Fair Value			$ 2,099,790
% of Partners' Capital (Net Asset Value)			0.34%
% Yield	[1]		0.60%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.32% Oglethorpe Power Corp. Due 2016-05-01 [Member]
Face Value			$ 400,000
Fair Value			$ 399,986
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		0.32%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.48% Oglethorpe Power Corp. Due 2016-01-02 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,699,297
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.48%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | HealthCare [Member] | 0.72% Catholic Health Initiatives Due 2016-11-07 [Member]
Face Value		$ 2,100,000
Fair Value		$ 2,099,580
% of Partners' Capital (Net Asset Value)		0.33%
% Yield	[1]	0.72%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | HealthCare [Member] | 0.45% Catholic Health Initiatives Due 2016-01-20 [Member]
Face Value			$ 1,850,000
Fair Value			$ 1,849,561
% of Partners' Capital (Net Asset Value)			0.29%
% Yield	[1]		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Household Products [Member] | 0.70% Clorox Company Due 2016-02-08 [Member]
Face Value		$ 500,000
Fair Value		$ 499,689
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.70%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Life Insurance [Member] | 0.70% AXA Financial, Inc. Due 2016-04-08 [Member]
Face Value		$ 1,600,000
Fair Value		$ 1,598,942
% of Partners' Capital (Net Asset Value)		0.25%
% Yield	[1]	0.70%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Life Insurance [Member] | 0.52% Nationwide Life Insurance Company Due 2016-12-07 [Member]
Face Value		$ 2,100,000
Fair Value		$ 2,099,666
% of Partners' Capital (Net Asset Value)		0.33%
% Yield	[1]	0.52%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Pharmaceutical [Member] | 0.46% Pfizer Inc. Due 2016-07-25 [Member]
Face Value		$ 400,000
Fair Value		$ 399,877
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.46%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | REITs [Member] | 0.50% Simon Property Group, L.P. Due 2016-06-07 [Member]
Face Value		$ 500,000
Fair Value		$ 499,965
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.50%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | REITs [Member] | 0.50% Simon Property Group, L.P. Due 2016-08-08 [Member]
Face Value		$ 1,600,000
Fair Value		$ 1,599,156
% of Partners' Capital (Net Asset Value)		0.25%
% Yield	[1]	0.50%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | REITs [Member] | 0.45% Simon Property Group, L.P. Due 2016-09-02 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,499,269
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.45%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Insurance [Member] | 0.35% AXA Financial, Inc. Due 2016-12-01 [Member]
Face Value			$ 2,200,000
Fair Value			$ 2,199,766
% of Partners' Capital (Net Asset Value)			0.34%
% Yield	[1]		0.35%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Chemicals [Member] | 0.46% Clorox Company Due 2016-01-14 [Member]
Face Value			$ 500,000
Fair Value			$ 499,917
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.46%
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Chemicals [Member] | 0.51% Clorox Company Due 2016-01-27 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,499,448
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.51%
Commercial Paper [Member] | Foreign Commercial Paper [Member]
Fair Value		$ 19,308,085	$ 22,200,833
% of Partners' Capital (Net Asset Value)		2.99%	3.45%
Investment Owned, at Cost		$ 19,245,828	$ 22,169,024
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.60% Bank of Nova Scotia Due 2016-08-26 [Member]
Face Value		500,000
Fair Value		$ 499,533
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.60%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.59% DBS Bank Ltd. Due 2016-08-07 [Member]
Face Value		$ 1,700,000
Fair Value		$ 1,699,805
% of Partners' Capital (Net Asset Value)		0.27%
% Yield	[1]	0.59%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.51% DNB Bank ASA Due 2016-08-19 [Member]
Face Value		$ 500,000
Fair Value		$ 499,653
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.51%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.51% HSBC Bank PLC Due 2016-08-18 [Member]
Face Value		$ 1,000,000
Fair Value		$ 999,393
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	0.51%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 1.02% Macquarie Bank Limited Due 2016-10-17 [Member]
Face Value		$ 700,000
Fair Value		$ 698,468
% of Partners' Capital (Net Asset Value)		0.11%
% Yield	[1]	1.02%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.55% Nordea Bank AB Due 2016-08-31 [Member]
Face Value		$ 500,000
Fair Value		$ 499,534
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.55%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.99% Bank of China Hong Kong Ltd Due 2016-02-06 [Member]
Face Value			1,400,000
Fair Value			$ 1,394,628
% of Partners' Capital (Net Asset Value)			0.22%
% Yield	[1]		0.99%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.23% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2016-11-01 [Member]
Face Value			$ 2,200,000
Fair Value			$ 2,199,859
% of Partners' Capital (Net Asset Value)			0.34%
% Yield	[1]		0.23%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.54% DBS Bank Ltd. Due 2016-11-02 [Member]
Face Value			$ 400,000
Fair Value			$ 399,754
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		0.54%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.55% DNB Bank ASA Due 2016-02-23 [Member]
Face Value			$ 3,000,000
Fair Value			$ 2,998,889
% of Partners' Capital (Net Asset Value)			0.47%
% Yield	[1]		0.55%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.89% Macquarie Bank Limited Due 2016-10-17 [Member]
Face Value			$ 700,000
Fair Value			$ 695,151
% of Partners' Capital (Net Asset Value)			0.11%
% Yield	[1]		0.89%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.29% Mizuho Bank, Ltd. Due 2016-06-01 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,699,932
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.29%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.30% Mizuho Bank, Ltd. Due 2016-07-01 [Member]
Face Value			$ 300,000
Fair Value			$ 299,985
% of Partners' Capital (Net Asset Value)			0.05%
% Yield	[1]		0.30%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.40% Oversea-Chinese Banking Corp. Ltd Due 2016-05-01 [Member]
Face Value			$ 400,000
Fair Value			$ 399,982
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		0.40%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.33% Skandinaviska Enskilda Banken AB Due 2016-02-16 [Member]
Face Value			$ 450,000
Fair Value			$ 449,810
% of Partners' Capital (Net Asset Value)			0.07%
% Yield	[1]		0.33%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.65% Sumitomo Mitsui Bank Due 2016-03-16 [Member]
Face Value			$ 1,600,000
Fair Value			$ 1,597,833
% of Partners' Capital (Net Asset Value)			0.25%
% Yield	[1]		0.65%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | 0.55% Ontario Teachers Finance Trust Due 2016-08-07 [Member]
Face Value		$ 500,000
Fair Value		$ 499,947
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.55%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | 0.65% Ontario Teachers Finance Trust Due 2016-01-04 [Member]
Face Value			$ 500,000
Fair Value			$ 499,178
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.65%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 1.11% Electricite de France Due 2017-06-01 [Member]
Face Value		$ 1,200,000
Fair Value		$ 1,192,014
% of Partners' Capital (Net Asset Value)		0.18%
% Yield	[1]	1.11%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 1.11% Electricite de France Due 2017-09-01 [Member]
Face Value		$ 800,000
Fair Value		$ 794,579
% of Partners' Capital (Net Asset Value)		0.12%
% Yield	[1]	1.11%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.75% Engie Due 2016-07-18 [Member]
Face Value		$ 2,000,000
Fair Value		$ 1,999,292
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.75%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.49% Engie Due 2016-10-11 [Member]
Face Value		$ 1,000,000
Fair Value		$ 997,580
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	0.49%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.59% Total Capital Canada Ltd. Due 2016-07-15 [Member]
Face Value		$ 400,000
Fair Value		$ 399,908
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.59%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.60% Total Capital Canada Ltd. Due 2016-01-08 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,499,225
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	0.60%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 1.67% Electricite de France SA Due 2017-06-01 [Member]
Face Value			$ 1,200,000
Fair Value			$ 1,180,966
% of Partners' Capital (Net Asset Value)			0.18%
% Yield	[1]		1.67%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 1.67% Electricite de France SA Due 2017-09-01 [Member]
Face Value			$ 800,000
Fair Value			$ 787,192
% of Partners' Capital (Net Asset Value)			0.12%
% Yield	[1]		1.67%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.30% Engie Due 2016-01-25 [Member]
Face Value			$ 1,600,000
Fair Value			$ 1,599,680
% of Partners' Capital (Net Asset Value)			0.25%
% Yield	[1]		0.30%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.27% Engie Due 2016-01-25 [Member]
Face Value			$ 500,000
Fair Value			$ 499,910
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.27%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.45% Total Capital Canada Ltd. Due 2016-01-21 [Member]
Face Value			$ 400,000
Fair Value			$ 399,900
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		0.45%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Household Products [Member] | 0.50% Reckitt Benckiser Treasury Services PLC Due 2016-03-10 [Member]
Face Value		$ 2,000,000
Fair Value		$ 1,997,055
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.50%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Pharmaceutical [Member] | 0.49% Novartis Securities Investment Ltd. Due 2016-08-08 [Member]
Face Value		$ 1,700,000
Fair Value		$ 1,699,121
% of Partners' Capital (Net Asset Value)		0.26%
% Yield	[1]	0.49%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Pharmaceutical [Member] | 0.52% Novartis Securities Investment Ltd. Due 2016-08-24 [Member]
Face Value		$ 500,000
Fair Value		$ 499,610
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.52%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Insurance [Member] | 0.25% Prudential PLC Due 2016-01-19 [Member]
Face Value			$ 1,700,000
Fair Value			$ 1,699,788
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		0.25%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Chemicals [Member] | 1.00% BASF SE Due 2017-09-01 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,493,141
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	1.00%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | 1.02% Vodafone Group Public Limited Company Due 2017-01-23 [Member]
Face Value		$ 1,350,000
Fair Value		$ 1,340,227
% of Partners' Capital (Net Asset Value)		0.21%
% Yield	[1]	1.02%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | 0.38% Telstra Corporation Limited Due 2016-02-22 [Member]
Face Value			$ 400,000
Fair Value			$ 399,780
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		0.38%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | 0.90% Vodafone Group Public Limited Company Due 2016-03-21 [Member]
Face Value			$ 1,000,000
Fair Value			$ 998,783
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.90%
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Manufacturing [Member] | 0.25% John Deere Financial Limited Due 2016-01-13 [Member]
Face Value			$ 2,000,000
Fair Value			$ 1,999,833
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		0.25%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Consolidated Condensed Schedule of Investments Corporate Notes (Unaudited) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
% of Partners' Capital (Net Asset Value)		74.31%	73.61%
Investment Owned, at Cost		$ 450,560,503	$ 453,001,973
Corporate Notes [Member]
Fair Value		$ 256,071,133	$ 264,545,250
% of Partners' Capital (Net Asset Value)		39.69%	41.11%
Investment Owned, at Cost		$ 256,303,095	$ 266,319,046
Corporate Notes [Member] | U.S. Corporate Notes [Member]
Fair Value		$ 217,361,819	$ 196,888,445
% of Partners' Capital (Net Asset Value)		33.69%	30.59%
Investment Owned, at Cost		$ 217,553,393	$ 198,467,053
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Advertising [Member] | 1.00% Rockwell Collins, Inc. Due 2016-12-15 [Member]
Face Value		1,800,000
Fair Value		$ 1,802,062
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	1.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Advertising [Member] | 5.90% Omnicom Group Inc. Due 2016-04-15 [Member]
Face Value			2,379,000
Fair Value			$ 2,439,009
% of Partners' Capital (Net Asset Value)			0.38%
% Yield	[1]		5.90%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.09% American Honda Finance Corporation Due 2018-07-13 [Member]
Face Value		$ 566,000
Fair Value		$ 568,637
% of Partners' Capital (Net Asset Value)		0.09%
% Yield	[1]	1.09%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.48% American Honda Finance Corporation Due 2019-02-22 [Member]
Face Value		$ 368,000
Fair Value		$ 372,664
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	1.48%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 2.63% Daimler Finance North America LLC Due 2016-09-15 [Member]
Face Value		$ 2,500,000	$ 2,500,000
Fair Value		$ 2,527,773	$ 2,542,748
% of Partners' Capital (Net Asset Value)		0.39%	0.40%
% Yield	[1]	2.63%	2.63%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.13% Daimler Finance North America LLC Due 2017-10-03 [Member]
Face Value		$ 438,000
Fair Value		$ 439,519
% of Partners' Capital (Net Asset Value)		0.07%
% Yield	[1]	1.13%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.35% Daimler Finance North America LLC Due 2017-03-08 [Member]
Face Value		$ 649,000
Fair Value		$ 650,876
% of Partners' Capital (Net Asset Value)		0.10%
% Yield	[1]	1.35%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.11% Daimler Finance North America LLC Due 2018-02-03 [Member]
Face Value		$ 6,700,000
Fair Value		$ 6,661,307
% of Partners' Capital (Net Asset Value)		1.03%
% Yield	[1]	1.11%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.57% Ford Motor Credit Company LLC Due 2018-09-01 [Member]
Face Value		$ 6,500,000
Fair Value		$ 6,523,464
% of Partners' Capital (Net Asset Value)		1.01%
% Yield	[1]	1.57%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.57% Ford Motor Credit Company LLC Due 2018-09-01 [Member]
Face Value		$ 850,000
Fair Value		$ 853,068
% of Partners' Capital (Net Asset Value)		0.13%
% Yield	[1]	1.57%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.43% Nissan Motor Acceptance Corporation Due 2018-06-04 [Member]
Face Value		$ 1,422,000
Fair Value		$ 1,426,366
% of Partners' Capital (Net Asset Value)		0.22%
% Yield	[1]	1.43%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.74% Toyota Motor Credit Corporation Due 2016-09-23 [Member]
Face Value		$ 1,400,000
Fair Value		$ 1,400,620
% of Partners' Capital (Net Asset Value)		0.22%
% Yield	[1]	0.74%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.97% Toyota Motor Credit Corporation Due 2017-03-27 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,001,080
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	0.97%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.45% Toyota Motor Credit Corporation Due 2019-02-19 [Member]
Face Value		$ 670,000
Fair Value		$ 670,564
% of Partners' Capital (Net Asset Value)		0.10%
% Yield	[1]	1.45%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.02% Volkswagen Group of America Finance, LLC Due 2017-05-23 [Member]
Face Value		$ 500,000
Fair Value		$ 497,025
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	1.02%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.08% Volkswagen Group of America Finance, LLC Due 2017-11-20 [Member]
Face Value		$ 200,000
Fair Value		$ 198,741
% of Partners' Capital (Net Asset Value)		0.03%
% Yield	[1]	1.08%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 2.13% American Honda Finance Corporation Due 2017-02-28 [Member]
Face Value			$ 1,584,000
Fair Value			$ 1,612,408
% of Partners' Capital (Net Asset Value)			0.25%
% Yield	[1]		2.13%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.78% American Honda Finance Corporation Due 2018-07-13 [Member]
Face Value			$ 566,000
Fair Value			$ 565,677
% of Partners' Capital (Net Asset Value)			0.09%
% Yield	[1]		0.78%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.25% Daimler Finance North America LLC Due 2016-11-01 [Member]
Face Value			$ 700,000
Fair Value			$ 704,161
% of Partners' Capital (Net Asset Value)			0.11%
% Yield	[1]		1.25%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.04% Daimler Finance North America LLC Due 2017-03-08 [Member]
Face Value			$ 649,000
Fair Value			$ 649,353
% of Partners' Capital (Net Asset Value)			0.10%
% Yield	[1]		1.04%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.84% Daimler Finance North America LLC Due 2018-02-03 [Member]
Face Value			$ 6,700,000
Fair Value			$ 6,623,197
% of Partners' Capital (Net Asset Value)			1.03%
% Yield	[1]		0.84%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.26% Ford Motor Credit Company LLC Due 2018-09-01 [Member]
Face Value			$ 7,350,000
Fair Value			$ 7,308,669
% of Partners' Capital (Net Asset Value)			1.13%
% Yield	[1]		1.26%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.00% Nissan Motor Acceptance Corporation Due 2016-03-15 [Member]
Face Value			$ 1,388,000
Fair Value			$ 1,392,489
% of Partners' Capital (Net Asset Value)			0.22%
% Yield	[1]		1.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.30% Nissan Motor Acceptance Corporation Due 2016-09-26 [Member]
Face Value			$ 1,762,000
Fair Value			$ 1,761,988
% of Partners' Capital (Net Asset Value)			0.27%
% Yield	[1]		1.30%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.69% Toyota Motor Credit Corporation Due 2016-09-23 [Member]
Face Value			$ 1,400,000
Fair Value			$ 1,397,807
% of Partners' Capital (Net Asset Value)			0.22%
% Yield	[1]		0.69%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.75% Volkswagen Group of America Finance, LLC Due 2017-05-23 [Member]
Face Value			$ 500,000
Fair Value			$ 484,025
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.75%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.81% Volkswagen Group of America Finance, LLC Due 2017-11-20 [Member]
Face Value			$ 200,000
Fair Value			$ 192,023
% of Partners' Capital (Net Asset Value)			0.03%
% Yield	[1]		0.81%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.10% Bank of America, National Association Due 2016-11-14 [Member]
Face Value		$ 800,000
Fair Value		$ 801,824
% of Partners' Capital (Net Asset Value)		0.12%
% Yield	[1]	1.10%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.13% Bank of America, National Association Due 2016-11-14 [Member]
Face Value		$ 1,473,000
Fair Value		$ 1,476,050
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	1.13%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.20% Capital One Bank Due 2017-02-13 [Member]
Face Value		$ 500,000
Fair Value		$ 502,553
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	1.20%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.38% Credit Suisse AG Due 2017-05-26 [Member]
Face Value		$ 1,800,000
Fair Value		$ 1,803,895
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	1.38%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.31% Credit Suisse AG Due 2018-04-27 [Member]
Face Value		$ 8,000,000
Fair Value		$ 8,007,458
% of Partners' Capital (Net Asset Value)		1.23%
% Yield	[1]	1.31%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.35% Huntington National Bank Due 2016-02-08 [Member]
Face Value		$ 880,000	$ 880,000
Fair Value		$ 884,966	$ 884,972
% of Partners' Capital (Net Asset Value)		0.14%	0.14%
% Yield	[1]	1.35%	1.35%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.30% Huntington National Bank Due 2016-11-20 [Member]
Face Value		$ 900,000	$ 900,000
Fair Value		$ 902,346	$ 900,732
% of Partners' Capital (Net Asset Value)		0.14%	0.14%
% Yield	[1]	1.30%	1.30%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.51% Mizuho Securities USA Inc. Due 2016-12-21 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,000,194
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	0.51%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.70% PNC Funding Corp Due 2016-09-19 [Member]
Face Value		$ 1,123,000	$ 1,123,000
Fair Value		$ 1,134,175	$ 1,142,621
% of Partners' Capital (Net Asset Value)		0.18%	0.18%
% Yield	[1]	2.70%	2.70%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.30% PNC Realty Investors, Inc. Due 2016-03-10 [Member]
Face Value		$ 570,000	$ 570,000
Fair Value		$ 572,401	$ 573,028
% of Partners' Capital (Net Asset Value)		0.09%	0.09%
% Yield	[1]	1.30%	1.30%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.50% PNC Realty Investors, Inc. Due 2018-02-23 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,012,406
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	1.50%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.10% U.S. Bank National Association Due 2017-01-30 [Member]
Face Value		$ 1,800,000
Fair Value		$ 1,809,183
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	1.10%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.10% U.S. Bank National Association Due 2017-08-23 [Member]
Face Value		$ 500,000
Fair Value		$ 500,941
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	1.10%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.86% U.S. Bank National Association Due 2017-11-09 [Member]
Face Value		$ 806,000
Fair Value		$ 805,659
% of Partners' Capital (Net Asset Value)		0.12%
% Yield	[1]	0.86%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.40% Wells Fargo & Company Due 2017-08-09 [Member]
Face Value		$ 1,722,000
Fair Value		$ 1,734,866
% of Partners' Capital (Net Asset Value)		0.27%
% Yield	[1]	1.40%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.38% Wells Fargo Bank, National Association Due 2018-01-22 [Member]
Face Value		$ 834,000
Fair Value		$ 839,905
% of Partners' Capital (Net Asset Value)		0.13%
% Yield	[1]	1.38%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.00% Branch Banking and Trust Company Due 2017-03-04 [Member]
Face Value			$ 1,400,000
Fair Value			$ 1,395,869
% of Partners' Capital (Net Asset Value)			0.22%
% Yield	[1]		1.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.15% Capital One Financial Corporation Due 2016-07-15 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,535,652
% of Partners' Capital (Net Asset Value)			0.24%
% Yield	[1]		3.15%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.41% Bank of America, NA Due 2016-03-22 [Member]
Face Value			$ 5,250,000
Fair Value			$ 5,265,175
% of Partners' Capital (Net Asset Value)			0.82%
% Yield	[1]		1.41%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.79% Bank of America, NA Due 2016-06-15 [Member]
Face Value			$ 4,250,000
Fair Value			$ 4,248,615
% of Partners' Capital (Net Asset Value)			0.66%
% Yield	[1]		0.79%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.13% Bank of America, NA Due 2016-11-14 [Member]
Face Value			$ 1,473,000
Fair Value			$ 1,472,341
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		1.13%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.83% Bank of America, NA Due 2016-11-14 [Member]
Face Value			$ 800,000
Fair Value			$ 800,400
% of Partners' Capital (Net Asset Value)			0.12%
% Yield	[1]		0.83%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.30% Bank of New York Company, Inc. Due 2016-07-28 [Member]
Face Value			$ 1,615,000
Fair Value			$ 1,644,459
% of Partners' Capital (Net Asset Value)			0.26%
% Yield	[1]		2.30%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.86% Capital One Bank Due 2017-02-13 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,498,334
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.86%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.82% Fifth Third Bank Due 2016-02-26 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,000,681
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.82%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 5.35% Goldman Sachs Group, Inc. Due 2016-01-15 [Member]
Face Value			$ 607,000
Fair Value			$ 622,609
% of Partners' Capital (Net Asset Value)			0.10%
% Yield	[1]		5.35%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.63% Goldman Sachs Group, Inc. Due 2016-07-02 [Member]
Face Value			$ 950,000
Fair Value			$ 965,675
% of Partners' Capital (Net Asset Value)			0.15%
% Yield	[1]		3.63%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.31% Goldman Sachs Group, Inc. Due 2017-12-15 [Member]
Face Value			$ 400,000
Fair Value			$ 401,900
% of Partners' Capital (Net Asset Value)			0.06%
% Yield	[1]		1.31%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 5.48% JPMorgan Chase & Co. Due 2043-04-15 [Member]
Face Value			$ 4,500,000
Fair Value			$ 4,509,217
% of Partners' Capital (Net Asset Value)			0.70%
% Yield	[1]		1.03%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 5.75% Morgan Stanley Due 2016-10-18 [Member]
Face Value			$ 1,060,000
Fair Value			$ 1,108,690
% of Partners' Capital (Net Asset Value)			0.17%
% Yield	[1]		5.75%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 5.45% Morgan Stanley Due 2017-09-01 [Member]
Face Value			$ 5,900,000
Fair Value			$ 6,286,679
% of Partners' Capital (Net Asset Value)			0.98%
% Yield	[1]		5.45%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.91% MUFG Americas Holdings Corporation Due 2018-09-02 [Member]
Face Value			$ 8,125,000
Fair Value			$ 8,127,276
% of Partners' Capital (Net Asset Value)			1.25%
% Yield	[1]		0.91%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.80% PNC Realty Investors, Inc. Due 2016-01-28 [Member]
Face Value			$ 300,000
Fair Value			$ 301,015
% of Partners' Capital (Net Asset Value)			0.05%
% Yield	[1]		0.80%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.10% U.S. Bank National Association Due 2017-01-30 [Member]
Face Value			$ 1,800,000
Fair Value			$ 1,805,706
% of Partners' Capital (Net Asset Value)			0.28%
% Yield	[1]		1.10%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.69% U.S. Bank National Association Due 2017-11-09 [Member]
Face Value			$ 806,000
Fair Value			$ 804,160
% of Partners' Capital (Net Asset Value)			0.12%
% Yield	[1]		0.69%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.10% UBS AG Due 2016-09-26 [Member]
Face Value			$ 2,000,000
Fair Value			$ 2,000,294
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		1.10%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.97% UBS AG Due 2017-01-06 [Member]
Face Value			$ 4,750,000
Fair Value			$ 4,752,655
% of Partners' Capital (Net Asset Value)			0.74%
% Yield	[1]		0.97%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.63% Wells Fargo & Company Due 2016-12-15 [Member]
Face Value			$ 2,500,000
Fair Value			$ 2,536,869
% of Partners' Capital (Net Asset Value)			0.39%
% Yield	[1]		2.63%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 5.50% Anheuser-Busch Companies, LLC Due 2018-01-15 [Member]
Face Value		$ 3,617,000
Fair Value		$ 3,951,902
% of Partners' Capital (Net Asset Value)		0.61%
% Yield	[1]	5.50%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 2.45% SABMiller Holdings Inc. Due 2017-01-15 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,017,920
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	2.45%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 0.80% Anheuser-Busch Inbev Finance Inc. Due 2016-01-15 [Member]
Face Value			$ 1,350,000
Fair Value			$ 1,354,981
% of Partners' Capital (Net Asset Value)			0.21%
% Yield	[1]		0.80%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Commercial Services [Member] | 1.20% Visa Inc. Due 2017-12-14 [Member]
Face Value		$ 4,000,000
Fair Value		$ 4,019,587
% of Partners' Capital (Net Asset Value)		0.62%
% Yield	[1]	1.20%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 0.89% Apple Inc. Due 2018-03-05 [Member]
Face Value		$ 800,000
Fair Value		$ 801,498
% of Partners' Capital (Net Asset Value)		0.12%
% Yield	[1]	0.89%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 1.70% Apple Inc. Due 2019-02-22 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,046,429
% of Partners' Capital (Net Asset Value)		0.32%
% Yield	[1]	1.70%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 1.47% Apple Inc. Due 2019-02-22 [Member]
Face Value		$ 3,000,000
Fair Value		$ 3,038,210
% of Partners' Capital (Net Asset Value)		0.47%
% Yield	[1]	1.47%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 1.70% Apple Inc. Due 2019-02-22 [Member]
Face Value		$ 650,000
Fair Value		$ 665,089
% of Partners' Capital (Net Asset Value)		0.10%
% Yield	[1]	1.70%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.80% American Express Credit Corporation Due 2016-09-19 [Member]
Face Value		$ 1,800,000
Fair Value		$ 1,821,926
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	2.80%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.95% American Express Credit Corporation Due 2017-05-06 [Member]
Face Value		$ 1,000,000
Fair Value		$ 996,140
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	0.95%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.30% Bank of New York Company, Inc. Due 2016-07-28 [Member]
Face Value		$ 1,615,000
Fair Value		$ 1,632,381
% of Partners' Capital (Net Asset Value)		0.25%
% Yield	[1]	2.30%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.95% Berkshire Hathaway Finance Corporation Due 2016-08-15 [Member]
Face Value		$ 1,500,000	$ 1,500,000
Fair Value		$ 1,505,908	$ 1,506,223
% of Partners' Capital (Net Asset Value)		0.23%	0.23%
% Yield	[1]	0.95%	0.95%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.23% Berkshire Hathaway Finance Corporation Due 2018-07-03 [Member]
Face Value		$ 1,226,000
Fair Value		$ 1,233,272
% of Partners' Capital (Net Asset Value)		0.19%
% Yield	[1]	1.23%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.00% Branch Banking and Trust Company Due 2017-03-04 [Member]
Face Value		$ 1,400,000
Fair Value		$ 1,403,716
% of Partners' Capital (Net Asset Value)		0.22%
% Yield	[1]	1.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.16% Branch Banking and Trust Company Due 2019-10-05 [Member]
Face Value		$ 800,000
Fair Value		$ 801,544
% of Partners' Capital (Net Asset Value)		0.12%
% Yield	[1]	1.16%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 3.15% Capital One Financial Corporation Due 2016-07-15 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,522,643
% of Partners' Capital (Net Asset Value)		0.24%
% Yield	[1]	3.15%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.45% Goldman Sachs Group, Inc. Due 2017-12-15 [Member]
Face Value		$ 400,000
Fair Value		$ 399,242
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	1.45%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 7.50% Goldman Sachs Group, Inc. Due 2019-02-15 [Member]
Face Value		$ 3,500,000
Fair Value		$ 4,103,482
% of Partners' Capital (Net Asset Value)		0.64%
% Yield	[1]	7.50%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.68% Goldman Sachs Group, Inc. Due 2019-04-25 [Member]
Face Value		$ 3,000,000
Fair Value		$ 3,008,589
% of Partners' Capital (Net Asset Value)		0.47%
% Yield	[1]	1.68%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.50% Intercontinental Exchange, Inc. Due 2018-10-15 [Member]
Face Value		$ 3,000,000
Fair Value		$ 3,091,343
% of Partners' Capital (Net Asset Value)		0.48%
% Yield	[1]	2.50%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.89% Jackson National Life Global Funding Due 2016-07-28 [Member]
Face Value		$ 2,600,000
Fair Value		$ 2,604,528
% of Partners' Capital (Net Asset Value)		0.40%
% Yield	[1]	0.89%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.00% MassMutual Global Funding II Due 2017-05-04 [Member]
Face Value		$ 798,000	$ 798,000
Fair Value		$ 808,797	$ 807,344
% of Partners' Capital (Net Asset Value)		0.13%	0.13%
% Yield	[1]	2.00%	2.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.30% Metropolitan Life Global Funding I Due 2017-10-04 [Member]
Face Value		$ 3,500,000	$ 1,500,000
Fair Value		$ 3,521,165	$ 1,503,816
% of Partners' Capital (Net Asset Value)		0.55%	0.23%
% Yield	[1]	1.30%	1.30%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.01% Metropolitan Life Global Funding I Due 2017-10-04 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,003,500
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	1.01%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.45% Morgan Stanley Due 2017-09-01 [Member]
Face Value		$ 4,900,000
Fair Value		$ 5,136,763
% of Partners' Capital (Net Asset Value)		0.80%
% Yield	[1]	5.45%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.45% Morgan Stanley Due 2017-09-01 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,048,319
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	5.45%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.45% Morgan Stanley Due 2019-01-02 [Member]
Face Value		$ 500,000
Fair Value		$ 515,195
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	2.45%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.20% MUFG Americas Holdings Corporation Due 2018-09-02 [Member]
Face Value		$ 8,125,000
Fair Value		$ 8,120,201
% of Partners' Capital (Net Asset Value)		1.25%
% Yield	[1]	1.20%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.13% New York Life Global Funding Due 2017-01-03 [Member]
Face Value		$ 1,000,000	$ 1,000,000
Fair Value		$ 1,005,816	$ 1,003,318
% of Partners' Capital (Net Asset Value)		0.16%	0.16%
% Yield	[1]	1.13%	1.13%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.30% New York Life Global Funding Due 2017-10-30 [Member]
Face Value		$ 1,614,000
Fair Value		$ 1,626,415
% of Partners' Capital (Net Asset Value)		0.25%
% Yield	[1]	1.30%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.00% NYSE Euronext Due 2017-05-10 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,519,191
% of Partners' Capital (Net Asset Value)		0.24%
% Yield	[1]	2.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.15% Pricoa Global Funding I Due 2016-11-25 [Member]
Face Value		$ 5,000,000	$ 8,500,000
Fair Value		$ 5,009,671	$ 8,469,554
% of Partners' Capital (Net Asset Value)		0.78%	1.31%
% Yield	[1]	1.15%	1.15%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.50% Pricoa Global Funding I Due 2018-06-27 [Member]
Face Value		$ 1,675,000
Fair Value		$ 1,675,242
% of Partners' Capital (Net Asset Value)		0.26%
% Yield	[1]	0.50%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.17% Principal Life Global Funding II Due 2017-01-12 [Member]
Face Value		$ 1,800,000
Fair Value		$ 1,804,391
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	1.17%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.14% UBS AG Due 2016-09-26 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,001,603
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	1.14%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.38% UBS AG Due 2017-01-06 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,002,665
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	1.38%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.23% UBS AG Due 2017-01-06 [Member]
Face Value		$ 4,750,000
Fair Value		$ 4,756,923
% of Partners' Capital (Net Asset Value)		0.74%
% Yield	[1]	1.23%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.25% USAA Capital Corporation Due 2016-12-13 [Member]
Face Value		$ 1,757,000	$ 1,757,000
Fair Value		$ 1,778,159	$ 1,787,773
% of Partners' Capital (Net Asset Value)		0.28%	0.28%
% Yield	[1]	2.25%	2.25%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.80% American Express Credit Corporation Due 2016-09-19 [Member]
Face Value			$ 1,800,000
Fair Value			$ 1,837,207
% of Partners' Capital (Net Asset Value)			0.29%
% Yield	[1]		2.80%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.72% American Express Credit Corporation Due 2017-05-06 [Member]
Face Value			$ 1,000,000
Fair Value			$ 993,291
% of Partners' Capital (Net Asset Value)			0.15%
% Yield	[1]		0.72%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.60% American International Group, Inc. Due 2016-10-18 [Member]
Face Value			$ 2,700,000
Fair Value			$ 2,822,703
% of Partners' Capital (Net Asset Value)			0.44%
% Yield	[1]		5.60%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.60% General Electric Capital Corporation Due 2017-09-01 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,001,768
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.60%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.57% Jackson National Life Global Funding Due 2016-07-28 [Member]
Face Value			$ 2,600,000
Fair Value			$ 2,602,783
% of Partners' Capital (Net Asset Value)			0.40%
% Yield	[1]		0.57%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.71% MassMutual Global Funding II Due 2016-09-12 [Member]
Face Value			$ 1,174,000
Fair Value			$ 1,172,646
% of Partners' Capital (Net Asset Value)			0.18%
% Yield	[1]		0.71%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.70% Metropolitan Life Global Funding I Due 2017-10-04 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,003,167
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.70%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.66% National Rural Utilities Coop Fin Corp Due 2016-05-27 [Member]
Face Value			$ 1,240,000
Fair Value			$ 1,240,664
% of Partners' Capital (Net Asset Value)			0.19%
% Yield	[1]		0.66%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.98% Principal Life Global Funding II Due 2017-01-12 [Member]
Face Value			$ 1,800,000
Fair Value			$ 1,800,152
% of Partners' Capital (Net Asset Value)			0.28%
% Yield	[1]		0.98%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.88% State Street Corporation Due 2016-07-03 [Member]
Face Value			$ 1,158,000
Fair Value			$ 1,172,622
% of Partners' Capital (Net Asset Value)			0.18%
% Yield	[1]		2.88%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.75% Morgan Stanley Due 2016-10-18 [Member]
Face Value		$ 1,060,000
Fair Value		$ 1,086,556
% of Partners' Capital (Net Asset Value)		0.17%
% Yield	[1]	5.75%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 6.25% Arizona Public Service Company Due 2016-01-08 [Member]
Face Value		$ 1,000,000	$ 1,000,000
Fair Value		$ 1,029,836	$ 1,052,152
% of Partners' Capital (Net Asset Value)		0.16%	0.16%
% Yield	[1]	6.25%	6.25%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.99% Chevron Corporation Due 2017-09-11 [Member]
Face Value		$ 1,461,000
Fair Value		$ 1,462,971
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	0.99%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1.88% Dayton Power and Light Company Due 2016-09-15 [Member]
Face Value		$ 500,000	$ 500,000
Fair Value		$ 503,580	$ 501,620
% of Partners' Capital (Net Asset Value)		0.08%	0.08%
% Yield	[1]	1.88%	1.88%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1.03% Georgia Power Company Due 2016-08-15 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,001,741
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	1.03%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 2.00% Kinder Morgan, Inc. Due 2017-01-12 [Member]
Face Value		$ 3,350,000	$ 3,350,000
Fair Value		$ 3,335,584	$ 3,235,921
% of Partners' Capital (Net Asset Value)		0.52%	0.50%
% Yield	[1]	2.00%	2.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5.88% Pioneer Natural Resources Company Due 2016-07-15 [Member]
Face Value		$ 4,778,000	$ 4,778,000
Fair Value		$ 4,916,038	$ 5,002,042
% of Partners' Capital (Net Asset Value)		0.76%	0.78%
% Yield	[1]	5.88%	5.88%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5.95% Anadarko Petroleum Corporation Due 2016-09-15 [Member]
Face Value			$ 812,000
Fair Value			$ 848,602
% of Partners' Capital (Net Asset Value)			0.13%
% Yield	[1]		5.95%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.72% Chevron Corporation Due 2017-09-11 [Member]
Face Value			$ 1,461,000
Fair Value			$ 1,460,560
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.72%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.70% Duke Energy Corporation Due 2017-03-04 [Member]
Face Value			$ 5,750,000
Fair Value			$ 5,751,540
% of Partners' Capital (Net Asset Value)			0.89%
% Yield	[1]		0.70%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.76% Georgia Power Company Due 2016-08-15 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,000,453
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.76%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 3.25% ONEOK Partners, L.P. Due 2016-01-02 [Member]
Face Value			$ 2,000,000
Fair Value			$ 2,028,323
% of Partners' Capital (Net Asset Value)			0.32%
% Yield	[1]		3.25%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 6.00% Sierra Pacific Power Company Due 2016-05-15 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,537,909
% of Partners' Capital (Net Asset Value)			0.24%
% Yield	[1]		6.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 2.95% Spectra Energy Partners, LP Due 2016-06-15 [Member]
Face Value			$ 5,500,000
Fair Value			$ 5,511,061
% of Partners' Capital (Net Asset Value)			0.86%
% Yield	[1]		2.95%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 1.70% Aetna Inc. Due 2018-07-06 [Member]
Face Value		$ 10,000,000
Fair Value		$ 10,092,389
% of Partners' Capital (Net Asset Value)		1.55%
% Yield	[1]	1.70%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 1.88% Anthem, Inc. Due 2018-01-15 [Member]
Face Value		$ 500,000	$ 500,000
Fair Value		$ 507,778	$ 502,578
% of Partners' Capital (Net Asset Value)		0.08%	0.08%
% Yield	[1]	1.88%	1.88%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 1.50% Medtronic, Inc. Due 2018-03-15 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,520,560
% of Partners' Capital (Net Asset Value)		0.24%
% Yield	[1]	1.50%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 1.08% UnitedHealth Group Incorporated Due 2017-01-17 [Member]
Face Value		$ 7,750,000
Fair Value		$ 7,807,318
% of Partners' Capital (Net Asset Value)		1.20%
% Yield	[1]	1.08%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 2.00% Zimmer Biomet Holdings, Inc. Due 2018-01-04 [Member]
Face Value		$ 4,775,000	$ 3,775,000
Fair Value		$ 4,843,283	$ 3,774,019
% of Partners' Capital (Net Asset Value)		0.75%	0.59%
% Yield	[1]	2.00%	2.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 0.77% UnitedHealth Group Incorporated Due 2017-01-17 [Member]
Face Value			$ 7,750,000
Fair Value			$ 7,761,182
% of Partners' Capital (Net Asset Value)			1.20%
% Yield	[1]		0.77%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 1.55% Ventas Realty, Limited Partnership Due 2016-09-26 [Member]
Face Value			$ 2,695,000
Fair Value			$ 2,712,922
% of Partners' Capital (Net Asset Value)			0.42%
% Yield	[1]		1.55%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 5.60% American International Group, Inc. Due 2016-10-18 [Member]
Face Value		$ 2,700,000
Fair Value		$ 2,764,086
% of Partners' Capital (Net Asset Value)		0.43%
% Yield	[1]	5.60%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Machinery [Member] | 0.88% Caterpillar Financial Services Corporation Due 2017-11-20 [Member]
Face Value		$ 994,000
Fair Value		$ 994,241
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	0.88%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Machinery [Member] | 1.35% Caterpillar Financial Services Corporation Due 2018-02-23 [Member]
Face Value		$ 789,000
Fair Value		$ 795,430
% of Partners' Capital (Net Asset Value)		0.12%
% Yield	[1]	1.35%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Machinery [Member] | 1.08% John Deere Capital Corporation Due 2017-11-07 [Member]
Face Value		$ 700,000
Fair Value		$ 703,986
% of Partners' Capital (Net Asset Value)		0.11%
% Yield	[1]	1.08%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Machinery [Member] | 1.20% John Deere Capital Corporation Due 2019-08-01 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,007,456
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	1.20%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.91% General Electric Capital Corporation Due 2017-09-01 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,003,173
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	0.91%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.90% Illinois Tool Works Inc. Due 2017-02-25 [Member]
Face Value		$ 241,000
Fair Value		$ 241,882
% of Partners' Capital (Net Asset Value)		0.04%
% Yield	[1]	0.90%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.77% John Deere Capital Corporation Due 2017-11-07 [Member]
Face Value			$ 700,000
Fair Value			$ 701,864
% of Partners' Capital (Net Asset Value)			0.11%
% Yield	[1]		0.77%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 1.80% AbbVie Inc. Due 2018-05-14 [Member]
Face Value		$ 7,775,000	$ 7,775,000
Fair Value		$ 7,847,619	$ 7,755,563
% of Partners' Capital (Net Asset Value)		1.21%	1.20%
% Yield	[1]	1.80%	1.80%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 0.88% Bayer US Finance LLC Due 2016-07-10 [Member]
Face Value		$ 1,400,000
Fair Value		$ 1,402,069
% of Partners' Capital (Net Asset Value)		0.22%
% Yield	[1]	0.88%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 1.01% EMD FIN LLC Due 2017-03-17 [Member]
Face Value		$ 500,000
Fair Value		$ 499,746
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	1.01%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 3.05% Gilead Sciences, Inc. Due 2016-01-12 [Member]
Face Value		$ 750,000
Fair Value		$ 758,671
% of Partners' Capital (Net Asset Value)		0.12%
% Yield	[1]	3.05%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 0.57% Bayer US Finance LLC Due 2016-07-10 [Member]
Face Value			$ 1,400,000
Fair Value			$ 1,401,153
% of Partners' Capital (Net Asset Value)			0.22%
% Yield	[1]		0.57%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 0.88% EMD FIN LLC Due 2017-03-17 [Member]
Face Value			$ 500,000
Fair Value			$ 499,452
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.88%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | REITs [Member] | 6.30% HCP, Inc. Due 2016-09-15 [Member]
Face Value		$ 950,000
Fair Value		$ 976,288
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	6.30%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 1.90% CVS Health Corporation Due 2018-07-20 [Member]
Face Value		$ 3,500,000
Fair Value		$ 3,585,775
% of Partners' Capital (Net Asset Value)		0.56%
% Yield	[1]	1.90%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 2.25% Home Depot, Inc. Due 2018-10-09 [Member]
Face Value		$ 4,750,000
Fair Value		$ 4,928,446
% of Partners' Capital (Net Asset Value)		0.76%
% Yield	[1]	2.25%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 5.40% Lowe`s Companies, Inc. Due 2016-10-15 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,536,927
% of Partners' Capital (Net Asset Value)		0.24%
% Yield	[1]	5.40%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 5.40% The Home Depot, Inc. Due 2016-01-03 [Member]
Face Value			$ 2,000,000
Fair Value			$ 2,050,064
% of Partners' Capital (Net Asset Value)			0.32%
% Yield	[1]		5.40%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 5.40% Lowe's Companies, Inc. Due 2016-10-15 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,568,330
% of Partners' Capital (Net Asset Value)			0.24%
% Yield	[1]		5.40%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 1.08% International Business Machines Corporation Due 2017-08-18 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,009,422
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	1.08%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 0.83% Oracle Corporation Due 2017-07-07 [Member]
Face Value		$ 900,000
Fair Value		$ 899,264
% of Partners' Capital (Net Asset Value)		0.14%
% Yield	[1]	0.83%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 5.75% Oracle Corporation Due 2018-04-15 [Member]
Face Value		$ 600,000
Fair Value		$ 657,533
% of Partners' Capital (Net Asset Value)		0.10%
% Yield	[1]	5.75%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 0.40% IBM Due 2016-05-02 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,500,557
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.40%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 0.52% Oracle Corporation Due 2017-07-07 [Member]
Face Value			$ 900,000
Fair Value			$ 900,450
% of Partners' Capital (Net Asset Value)			0.14%
% Yield	[1]		0.52%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.40% AT&T Inc. Due 2016-08-15 [Member]
Face Value		$ 1,500,000	$ 1,500,000
Fair Value		$ 1,516,225	$ 1,523,455
% of Partners' Capital (Net Asset Value)		0.23%	0.24%
% Yield	[1]	2.40%	2.40%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 5.80% AT&T Inc. Due 2019-02-15 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,267,622
% of Partners' Capital (Net Asset Value)		0.35%
% Yield	[1]	5.80%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.18% Verizon Communications, Inc. Due 2016-09-15 [Member]
Face Value		$ 2,150,000
Fair Value		$ 2,159,267
% of Partners' Capital (Net Asset Value)		0.33%
% Yield	[1]	2.18%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 1.06% Verizon Communications, Inc. Due 2017-09-06 [Member]
Face Value		$ 4,800,000
Fair Value		$ 4,805,979
% of Partners' Capital (Net Asset Value)		0.74%
% Yield	[1]	1.06%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.04% Verizon Communications, Inc. Due 2016-09-15 [Member]
Face Value			$ 2,150,000
Fair Value			$ 2,170,327
% of Partners' Capital (Net Asset Value)			0.34%
% Yield	[1]		2.04%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.00% Verizon Communications, Inc. Due 2016-01-11 [Member]
Face Value			$ 1,300,000
Fair Value			$ 1,312,430
% of Partners' Capital (Net Asset Value)			0.20%
% Yield	[1]		2.00%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 0.88% Verizon Communications, Inc. Due 2017-09-06 [Member]
Face Value			$ 4,800,000
Fair Value			$ 4,793,185
% of Partners' Capital (Net Asset Value)			0.74%
% Yield	[1]		0.88%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Transportation [Member] | 1.33% Kansas City Southern Due 2016-10-28 [Member]
Face Value		$ 4,500,000
Fair Value		$ 4,511,125
% of Partners' Capital (Net Asset Value)		0.70%
% Yield	[1]	1.33%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Transportation [Member] | 1.16% Kansas City Southern Due 2016-10-28 [Member]
Face Value			$ 4,500,000
Fair Value			$ 4,496,674
% of Partners' Capital (Net Asset Value)			0.70%
% Yield	[1]		1.16%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | 7.65% Lockheed Martin Corporation Due 2016-01-05 [Member]
Face Value			$ 1,200,000
Fair Value			$ 1,241,939
% of Partners' Capital (Net Asset Value)			0.19%
% Yield	[1]		7.65%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | 0.86% Rockwell Collins, Inc. Due 2016-12-15 [Member]
Face Value			$ 3,800,000
Fair Value			$ 3,803,447
% of Partners' Capital (Net Asset Value)			0.59%
% Yield	[1]		0.86%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Biotechnology [Member] | 3.05% Gilead Sciences, Inc. Due 2016-01-12 [Member]
Face Value			$ 750,000
Fair Value			$ 766,081
% of Partners' Capital (Net Asset Value)			0.12%
% Yield	[1]		3.05%
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Engineering and construction [Member] | 2.50% ABB Treasury Center (USA), Inc. Due 2016-06-15 [Member]
Face Value			$ 1,375,000
Fair Value			$ 1,383,400
% of Partners' Capital (Net Asset Value)			0.21%
% Yield	[1]		2.50%
Corporate Notes [Member] | Foreign Corporate Notes [Member]
Fair Value		$ 38,709,314	$ 67,656,805
% of Partners' Capital (Net Asset Value)		6.00%	10.52%
Investment Owned, at Cost		$ 38,749,702	$ 67,851,993
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.38% Credit Suisse AG Due 2017-05-26 [Member]
Face Value			1,800,000
Fair Value			$ 1,793,903
% of Partners' Capital (Net Asset Value)			0.28%
% Yield	[1]		1.38%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.08% Bank of Nova Scotia Due 2016-12-13 [Member]
Face Value		2,200,000
Fair Value		$ 2,202,791
% of Partners' Capital (Net Asset Value)		0.34%
% Yield	[1]	1.08%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.55% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2016-09-09 [Member]
Face Value		$ 2,365,000
Fair Value		$ 2,378,968
% of Partners' Capital (Net Asset Value)		0.37%
% Yield	[1]	1.55%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 5.00% Barclays Bank PLC Due 2016-09-22 [Member]
Face Value		$ 1,584,000	$ 2,584,000
Fair Value		$ 1,619,204	$ 2,685,835
% of Partners' Capital (Net Asset Value)		0.25%	0.42%
% Yield	[1]	5.00%	5.00%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.02% Commonwealth Bank of Australia Due 2017-03-13 [Member]
Face Value		$ 1,998,000
Fair Value		$ 1,999,382
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	1.02%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.38% Cooperatieve Rabobank U.A. Due 2017-01-19 [Member]
Face Value		$ 548,000
Fair Value		$ 563,407
% of Partners' Capital (Net Asset Value)		0.09%
% Yield	[1]	3.38%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.41% ING Bank N.V. Due 2018-08-17 [Member]
Face Value		$ 5,000,000
Fair Value		$ 4,979,098
% of Partners' Capital (Net Asset Value)		0.77%
% Yield	[1]	1.41%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.00% Macquarie Bank Limited Due 2016-08-15 [Member]
Face Value		$ 1,500,000	$ 1,500,000
Fair Value		$ 1,513,163	$ 1,517,041
% of Partners' Capital (Net Asset Value)		0.23%	0.24%
% Yield	[1]	2.00%	2.00%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 5.00% Macquarie Bank Limited Due 2017-02-22 [Member]
Face Value		$ 500,000
Fair Value		$ 520,382
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	5.00%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.91% National Australia Bank Limited Due 2016-09-12 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,001,518
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.91%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.28% National Australia Bank Limited Due 2018-07-23 [Member]
Face Value		$ 5,000,000
Fair Value		$ 4,981,295
% of Partners' Capital (Net Asset Value)		0.77%
% Yield	[1]	1.28%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.88% Svenska Handelsbanken AB Due 2017-04-04 [Member]
Face Value		$ 1,800,000
Fair Value		$ 1,835,355
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	2.88%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.13% Swedbank AB Due 2017-09-29 [Member]
Face Value		$ 882,000
Fair Value		$ 896,005
% of Partners' Capital (Net Asset Value)		0.14%
% Yield	[1]	2.13%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.18% Toronto-Dominion Bank Due 2018-07-23 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,499,254
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	1.18%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.30% Caisse centrale Desjardins Due 2018-01-29 [Member]
Face Value			$ 800,000
Fair Value			$ 799,842
% of Partners' Capital (Net Asset Value)			0.12%
% Yield	[1]		0.99%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.38% ABN AMRO Bank N.V. Due 2016-01-22 [Member]
Face Value			$ 1,810,000
Fair Value			$ 1,821,127
% of Partners' Capital (Net Asset Value)			0.28%
% Yield	[1]		1.38%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.55% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2016-09-09 [Member]
Face Value			$ 2,365,000
Fair Value			$ 2,380,844
% of Partners' Capital (Net Asset Value)			0.37%
% Yield	[1]		1.55%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.07% Commonwealth Bank of Australia Due 2016-09-20 [Member]
Face Value			$ 2,000,000
Fair Value			$ 2,003,104
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		1.07%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.00% Credit Suisse AG Due 2018-04-27 [Member]
Face Value			$ 8,000,000
Fair Value			$ 7,959,269
% of Partners' Capital (Net Asset Value)			1.23%
% Yield	[1]		1.00%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.25% Deutsche Bank AG Due 2016-11-01 [Member]
Face Value			$ 756,000
Fair Value			$ 767,886
% of Partners' Capital (Net Asset Value)			0.12%
% Yield	[1]		3.25%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.10% HSBC Bank PLC Due 2016-05-24 [Member]
Face Value			$ 3,700,000
Fair Value			$ 3,743,250
% of Partners' Capital (Net Asset Value)			0.58%
% Yield	[1]		3.10%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 4.00% ING Bank N.V. Due 2016-03-15 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,018,058
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		4.00%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.73% National Australia Bank Limited Due 2016-09-12 [Member]
Face Value			$ 2,000,000
Fair Value			$ 1,998,123
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		0.73%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.96% National Australia Bank Limited Due 2018-07-23 [Member]
Face Value			$ 5,000,000
Fair Value			$ 5,006,135
% of Partners' Capital (Net Asset Value)			0.78%
% Yield	[1]		0.96%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.88% Nordea Bank AB Due 2016-05-13 [Member]
Face Value			$ 1,950,000
Fair Value			$ 1,952,066
% of Partners' Capital (Net Asset Value)			0.30%
% Yield	[1]		0.88%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.38% Rabobank Nederland Due 2017-01-19 [Member]
Face Value			$ 548,000
Fair Value			$ 568,507
% of Partners' Capital (Net Asset Value)			0.09%
% Yield	[1]		3.38%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.45% Royal Bank of Canada Due 2016-09-09 [Member]
Face Value			$ 1,158,000
Fair Value			$ 1,165,655
% of Partners' Capital (Net Asset Value)			0.18%
% Yield	[1]		1.45%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.65% Sumitomo Mitsui Bank Due 2016-03-16 [Member]
Face Value			$ 1,200,000
Fair Value			$ 1,204,890
% of Partners' Capital (Net Asset Value)			0.19%
% Yield	[1]		0.90%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.13% Svenska Handelsbanken AB Due 2016-12-07 [Member]
Face Value			$ 1,800,000
Fair Value			$ 1,846,627
% of Partners' Capital (Net Asset Value)			0.29%
% Yield	[1]		3.13%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.00% Toronto-Dominion Bank Due 2018-08-11 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,497,653
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.86%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Diversified Financial Services [Member] | 1.30% Caisse centrale Desjardins Due 2018-01-29 [Member]
Face Value		$ 800,000
Fair Value		$ 799,685
% of Partners' Capital (Net Asset Value)		0.12%
% Yield	[1]	1.30%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Diversified Financial Services [Member] | 0.96% GE Capital International Funding Co. Due 2016-04-15 [Member]
Face Value			$ 1,012,000
Fair Value			$ 1,012,921
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.96%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.95% Shell International Finance B.V. Due 2017-10-05 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,002,472
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	0.95%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 3.20% BP Capital Markets P.L.C. Due 2016-11-03 [Member]
Face Value			$ 750,000
Fair Value			$ 760,566
% of Partners' Capital (Net Asset Value)			0.12%
% Yield	[1]		3.20%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 1.13% CNOOC Finance (2013) Limited Due 2016-09-05 [Member]
Face Value			$ 4,800,000
Fair Value			$ 4,798,968
% of Partners' Capital (Net Asset Value)			0.75%
% Yield	[1]		1.13%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.66% Shell International Finance B.V. Due 2017-10-05 [Member]
Face Value			$ 1,000,000
Fair Value			$ 999,488
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.66%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.75% TransCanada PipeLines Limited Due 2016-01-15 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,003,288
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.75%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Manufacturing [Member] | 3.50% Hutchison Whampoa International (11) Limited Due 2017-01-13 [Member]
Face Value		$ 222,000
Fair Value		$ 228,401
% of Partners' Capital (Net Asset Value)		0.04%
% Yield	[1]	3.50%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceutical [Member] | 1.74% Actavis Funding SCS Due 2018-12-03 [Member]
Face Value		$ 6,790,000
Fair Value		$ 6,829,436
% of Partners' Capital (Net Asset Value)		1.07%
% Yield	[1]	1.74%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceutical [Member] | 1.58% Actavis Funding SCS Due 2018-12-03 [Member]
Face Value			$ 6,790,000
Fair Value			$ 6,870,944
% of Partners' Capital (Net Asset Value)			1.06%
% Yield	[1]		1.58%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 2.38% America Movil, S.A.B. De C.V. Due 2016-08-09 [Member]
Face Value		$ 1,287,000	$ 1,287,000
Fair Value		$ 1,300,237	$ 1,300,842
% of Partners' Capital (Net Asset Value)		0.20%	0.20%
% Yield	[1]	2.38%	2.38%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 3.13% Deutsche Telekom International Finance B.V. Due 2016-11-04 [Member]
Face Value			$ 1,300,000
Fair Value			$ 1,316,291
% of Partners' Capital (Net Asset Value)			0.20%
% Yield	[1]		3.13%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 3.99% Telefonica Emisiones, S.A.U. Due 2016-02-16 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,017,721
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		3.99%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Semiconductor [Member] | 5.75% Siemens Financieringsmaatschappij N.V. Due 2016-10-17 [Member]
Face Value		$ 1,520,000	$ 1,520,000
Fair Value		$ 1,559,261	$ 1,592,129
% of Partners' Capital (Net Asset Value)		0.24%	0.25%
% Yield	[1]	5.75%	5.75%
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Holding Company [Member] | 3.50% Hutchison Whampoa International (11) Ltd Due 2017-01-13 [Member]
Face Value			$ 222,000
Fair Value			$ 229,384
% of Partners' Capital (Net Asset Value)			0.04%
% Yield	[1]		3.50%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Consolidated Condensed Schedule of Investments U.S. Asset Backed Securities (Unaudited) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
% of Partners' Capital (Net Asset Value)		74.31%	73.61%
Investment Owned, at Cost		$ 450,560,503	$ 453,001,973
U.S. Asset-backed Securities [Member]
Fair Value		$ 52,380,686	$ 52,248,612
% of Partners' Capital (Net Asset Value)		8.11%	8.12%
Investment Owned, at Cost		$ 52,425,892	$ 52,447,431
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.17% Ally Auto Receivables Trust Due 2018-10-15 [Member]
Face Value		1,521,000
Fair Value		$ 1,524,706
% of Partners' Capital (Net Asset Value)		0.24%
% Yield	[1]	1.17%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.03% Ally Auto Receivables Trust 2014-SN2 Due 2017-09-20 [Member]
Face Value		$ 388,232
Fair Value		$ 388,307
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	1.03%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.98% Ally Auto Receivables Trust 2015-2 Due 2018-03-15 [Member]
Face Value		$ 490,821	700,000
Fair Value		$ 491,015	$ 699,431
% of Partners' Capital (Net Asset Value)		0.08%	0.11%
% Yield	[1]	0.98%	0.98%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.20% Ally Auto Receivables Trust 2016-1 Due 2018-08-15 [Member]
Face Value		$ 467,667
Fair Value		$ 468,707
% of Partners' Capital (Net Asset Value)		0.07%
% Yield	[1]	1.20%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.07% AmeriCredit Automobile Receivables Trust 2006-A-F Due 2019-08-01 [Member]
Face Value		$ 881,196	$ 1,300,000
Fair Value		$ 881,749	$ 1,297,418
% of Partners' Capital (Net Asset Value)		0.14%	0.20%
% Yield	[1]	1.07%	1.07%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.90% AmeriCredit Automobile Receivables Trust 2006-A-F Due 2019-08-02 [Member]
Face Value		$ 267,035	$ 513,173
Fair Value		$ 267,120	$ 512,195
% of Partners' Capital (Net Asset Value)		0.04%	0.08%
% Yield	[1]	0.90%	0.90%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.15% AmeriCredit Automobile Receivables Trust 2014-3 Due 2019-10-06 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,001,548
% of Partners' Capital (Net Asset Value)		0.32%
% Yield	[1]	1.15%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.85% AmeriCredit Automobile Receivables Trust 2014-4 Due 2018-09-04 [Member]
Face Value		$ 67,080
Fair Value		$ 67,108
% of Partners' Capital (Net Asset Value)		0.01%
% Yield	[1]	0.85%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.82% ARI Fleet Lease Trust 2016-A Due 2024-07-15 [Member]
Face Value		$ 375,000
Fair Value		$ 376,316
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	1.82%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.87% Bank of the West Auto Trust 2015-1 Due 2018-04-16 [Member]
Face Value		$ 237,953	$ 486,782
Fair Value		$ 237,938	$ 486,202
% of Partners' Capital (Net Asset Value)		0.04%	0.08%
% Yield	[1]	0.87%	0.87%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.17% BMW Vehicle Lease Trust Due 2018-01-22 [Member]
Face Value		$ 675,000
Fair Value		$ 675,876
% of Partners' Capital (Net Asset Value)		0.10%
% Yield	[1]	1.17%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.07% BMW Vehicle Lease Trust 2015-2 Due 2018-01-22 [Member]
Face Value		$ 1,321,914	$ 1,400,000
Fair Value		$ 1,323,009	$ 1,396,601
% of Partners' Capital (Net Asset Value)		0.21%	0.22%
% Yield	[1]	1.07%	1.07%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.47% Capital Auto Receivables Asset Trust 2013-4 Due 2018-07-20 [Member]
Face Value		$ 525,000
Fair Value		$ 526,081
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	1.47%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.85% Capital Auto Receivables Asset Trust 2015-2 Due 2017-10-20 [Member]
Face Value		$ 400,433
Fair Value		$ 400,405
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.85%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.67% CarMax Auto Owner Trust 2014-4 Due 2018-02-15 [Member]
Face Value		$ 131,749	$ 856,429
Fair Value		$ 131,774	$ 855,631
% of Partners' Capital (Net Asset Value)		0.02%	0.13%
% Yield	[1]	0.67%	0.67%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.82% CarMax Auto Owner Trust 2015-2 Due 2018-06-15 [Member]
Face Value		$ 573,190	$ 1,117,496
Fair Value		$ 573,214	$ 1,115,167
% of Partners' Capital (Net Asset Value)		0.09%	0.17%
% Yield	[1]	0.82%	0.82%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.94% Chesapeake Funding LLC Due 2027-07-02 [Member]
Face Value		$ 537,310
Fair Value		$ 536,669
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.94%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.67% Drive Auto Receivables Trust Due 2019-07-15 [Member]
Face Value		$ 400,000
Fair Value		$ 400,997
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	1.67%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.06% Enterprise Fleet Financing, LLC Due 2019-03-20 [Member]
Face Value		$ 4,626	$ 55,476
Fair Value		$ 4,627	$ 55,459
% of Partners' Capital (Net Asset Value)		0.00%	0.01%
% Yield	[1]	1.06%	1.06%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.02% Fifth Third Auto Trust 2015-1 Due 2018-05-15 [Member]
Face Value		$ 321,004	$ 345,000
Fair Value		$ 321,265	$ 344,327
% of Partners' Capital (Net Asset Value)		0.05%	0.05%
% Yield	[1]	1.02%	1.02%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.04% Ford Credit Auto Lease 2015-B Due 2018-05-15 [Member]
Face Value		$ 570,923	$ 600,000
Fair Value		$ 571,229	$ 598,447
% of Partners' Capital (Net Asset Value)		0.09%	0.09%
% Yield	[1]	1.04%	1.04%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.89% Ford Credit Auto Lease Trust 2014-B Due 2017-09-15 [Member]
Face Value		$ 93,509	$ 217,000
Fair Value		$ 93,541	$ 216,793
% of Partners' Capital (Net Asset Value)		0.01%	0.03%
% Yield	[1]	0.89%	0.89%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.42% Ford Credit Auto Lease Trust 2016-A Due 2018-11-15 [Member]
Face Value		$ 1,520,000
Fair Value		$ 1,523,579
% of Partners' Capital (Net Asset Value)		0.24%
% Yield	[1]	1.42%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.67% Ford Credit Auto Owner Trust 2012-D Due 2018-03-15 [Member]
Face Value		$ 239,803	$ 645,000
Fair Value		$ 239,697	$ 644,154
% of Partners' Capital (Net Asset Value)		0.04%	0.10%
% Yield	[1]	0.67%	0.67%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.72% Ford Credit Auto Owner Trust 2015-B Due 2018-03-15 [Member]
Face Value		$ 589,631	$ 1,332,350
Fair Value		$ 589,685	$ 1,331,478
% of Partners' Capital (Net Asset Value)		0.09%	0.21%
% Yield	[1]	0.72%	0.72%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.08% Ford Credit Auto Owner Trust 2016-B Due 2019-03-15 [Member]
Face Value		$ 554,000
Fair Value		$ 554,753
% of Partners' Capital (Net Asset Value)		0.09%
% Yield	[1]	1.08%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.83% GE Dealer Floorplan Master Note Due 2019-07-20 [Member]
Face Value		$ 500,000
Fair Value		$ 498,982
% of Partners' Capital (Net Asset Value)		0.08%
% Yield	[1]	0.83%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.80% Harley-Davidson Motorcycle Trust 2015-2 Due 2019-01-15 [Member]
Face Value		$ 600,645	$ 1,073,001
Fair Value		$ 600,736	$ 1,069,918
% of Partners' Capital (Net Asset Value)		0.09%	0.17%
% Yield	[1]	0.80%	0.80%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.84% Hertz Fleet Lease Funding LP Due 2028-10-04 [Member]
Face Value		$ 921,313
Fair Value		$ 921,118
% of Partners' Capital (Net Asset Value)		0.14%
% Yield	[1]	0.84%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.77% Honda Auto Receivables 2013-3 Owner Trust Due 2017-05-15 [Member]
Face Value		$ 45,543	$ 337,447
Fair Value		$ 45,559	$ 337,380
% of Partners' Capital (Net Asset Value)		0.01%	0.05%
% Yield	[1]	0.77%	0.77%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.69% Honda Auto Receivables 2013-4 Owner Trust Due 2017-09-18 [Member]
Face Value		$ 879,985	$ 2,262,218
Fair Value		$ 879,798	$ 2,260,433
% of Partners' Capital (Net Asset Value)		0.14%	0.36%
% Yield	[1]	0.69%	0.69%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.70% Honda Auto Receivables 2015-1 Owner Trust Due 2017-06-15 [Member]
Face Value		$ 141,548	$ 528,585
Fair Value		$ 141,576	$ 528,234
% of Partners' Capital (Net Asset Value)		0.02%	0.08%
% Yield	[1]	0.70%	0.70%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.92% Honda Auto Receivables 2015-3 Owner Trust Due 2017-11-20 [Member]
Face Value		$ 385,605	$ 500,000
Fair Value		$ 385,810	$ 499,511
% of Partners' Capital (Net Asset Value)		0.06%	0.08%
% Yield	[1]	0.92%	0.92%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.82% Honda Auto Receivables 2015-4 Owner Trust Due 2018-07-23 [Member]
Face Value		$ 796,933	$ 800,000
Fair Value		$ 796,875	$ 798,033
% of Partners' Capital (Net Asset Value)		0.12%	0.12%
% Yield	[1]	0.82%	0.82%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.01% Honda Auto Receivables 2016-1 Owner Trust Due 2018-06-18 [Member]
Face Value		$ 719,000
Fair Value		$ 719,727
% of Partners' Capital (Net Asset Value)		0.11%
% Yield	[1]	1.01%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.13% Honda Auto Receivables Owner Trust Due 2018-09-17 [Member]
Face Value		$ 1,460,000
Fair Value		$ 1,464,166
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	1.13%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.98% Hyundai Auto Lease Securitization Tr 2014-B Due 2017-11-15 [Member]
Face Value		$ 1,313,625	$ 1,900,000
Fair Value		$ 1,314,541	$ 1,898,765
% of Partners' Capital (Net Asset Value)		0.20%	0.30%
% Yield	[1]	0.98%	0.98%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.68% Hyundai Auto Receivables Trust 2015-A Due 2017-10-16 [Member]
Face Value		$ 169,456	$ 821,121
Fair Value		$ 169,478	$ 820,891
% of Partners' Capital (Net Asset Value)		0.03%	0.13%
% Yield	[1]	0.68%	0.68%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.99% Hyundai Auto Receivables Trust 2015-C Due 2018-11-15 [Member]
Face Value		$ 585,592	$ 700,000
Fair Value		$ 585,854	$ 698,990
% of Partners' Capital (Net Asset Value)		0.09%	0.11%
% Yield	[1]	0.99%	0.99%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.21% Hyundai Auto Receivables Trust 2016-A Due 2019-06-17 [Member]
Face Value		$ 713,000
Fair Value		$ 714,952
% of Partners' Capital (Net Asset Value)		0.11%
% Yield	[1]	1.21%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.34% MBALT 2016-A A2A 1.33 16 JUL 2018 Due 2018-07-16 [Member]
Face Value		$ 1,785,000
Fair Value		$ 1,790,293
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	1.34%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.00% Mercedes-Benz Auto Lease Trust 2015-B Due 2018-01-16 [Member]
Face Value		$ 914,445	$ 1,020,000
Fair Value		$ 915,123	$ 1,017,989
% of Partners' Capital (Net Asset Value)		0.14%	0.16%
% Yield	[1]	1.00%	1.00%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.79% Nissan Auto Lease Trust 2015-A Due 2017-11-15 [Member]
Face Value		$ 1,089,145
Fair Value		$ 1,089,267
% of Partners' Capital (Net Asset Value)		0.17%
% Yield	[1]	0.79%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.67% Nissan Auto Receivables 2013-C Owner Trust Due 2018-08-15 [Member]
Face Value		$ 346,467	$ 620,981
Fair Value		$ 346,275	$ 619,775
% of Partners' Capital (Net Asset Value)		0.05%	0.10%
% Yield	[1]	0.67%	0.67%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.67% Nissan Auto Receivables 2015-A Owner Trust Due 2017-09-15 [Member]
Face Value		$ 367,920	$ 1,056,510
Fair Value		$ 367,954	$ 1,055,702
% of Partners' Capital (Net Asset Value)		0.06%	0.16%
% Yield	[1]	0.67%	0.67%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.05% Nissan Auto Receivables 2016-B Owner Trust Due 2019-04-15 [Member]
Face Value		$ 1,005,000
Fair Value		$ 1,007,191
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	1.05%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.79% Porsche Innovative Lease Owner Tr 2015-1 Due 2017-11-21 [Member]
Face Value		$ 101,504	$ 215,904
Fair Value		$ 101,461	$ 215,439
% of Partners' Capital (Net Asset Value)		0.02%	0.03%
% Yield	[1]	0.79%	0.79%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.08% Santander Drive Auto Receivables Trust 2014-4 Due 2018-09-17 [Member]
Face Value		$ 427,028	$ 1,000,000
Fair Value		$ 427,297	$ 999,912
% of Partners' Capital (Net Asset Value)		0.07%	0.16%
% Yield	[1]	1.08%	1.08%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.26% Santander Drive Auto Receivables Trust 2015-4 Due 2019-08-04 [Member]
Face Value		$ 914,597	$ 1,008,000
Fair Value		$ 915,658	$ 1,006,995
% of Partners' Capital (Net Asset Value)		0.14%	0.16%
% Yield	[1]	1.26%	1.26%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.12% Santander Drive Auto Receivables Trust 2015-5 Due 2018-11-15 [Member]
Face Value		$ 305,481	$ 450,000
Fair Value		$ 305,810	$ 449,482
% of Partners' Capital (Net Asset Value)		0.05%	0.07%
% Yield	[1]	1.12%	1.12%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.58% Santander Drive Auto Receivables Trust 2015-5 Due 2019-09-16 [Member]
Face Value		$ 225,000
Fair Value		$ 225,761
% of Partners' Capital (Net Asset Value)		0.03%
% Yield	[1]	1.58%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.41% Santaner Drive Auto Receivables Tr 2016-1 Due 2019-07-15 [Member]
Face Value		$ 244,000
Fair Value		$ 244,524
% of Partners' Capital (Net Asset Value)		0.04%
% Yield	[1]	1.41%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.77% Toyota Auto Receivables 2015 Co-owner Tr Due 2018-02-15 [Member]
Face Value		$ 376,113
Fair Value		$ 376,204
% of Partners' Capital (Net Asset Value)		0.06%
% Yield	[1]	0.77%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.03% Toyota Auto Receivables 2016-A Owner Trust Due 2017-08-15 [Member]
Face Value		$ 617,000
Fair Value		$ 618,113
% of Partners' Capital (Net Asset Value)		0.10%
% Yield	[1]	1.03%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.56% Volkswagen Auto Loan Enhanced Trust 2013-1 Due 2017-08-21 [Member]
Face Value		$ 77,792	$ 512,648
Fair Value		$ 77,768	$ 511,991
% of Partners' Capital (Net Asset Value)		0.01%	0.08%
% Yield	[1]	0.56%	0.56%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.70% Volkswagen Auto Loan Enhanced Trust 2013-2 Due 2018-04-20 [Member]
Face Value		$ 303,761	$ 549,589
Fair Value		$ 303,221	$ 546,997
% of Partners' Capital (Net Asset Value)		0.05%	0.08%
% Yield	[1]	0.70%	0.70%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.91% Volkswagen Auto Loan Enhanced Trust 2014-1 Due 2018-10-22 [Member]
Face Value		$ 288,759	$ 400,000
Fair Value		$ 287,878	$ 397,899
% of Partners' Capital (Net Asset Value)		0.04%	0.06%
% Yield	[1]	0.91%	0.91%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.63% Ari Fleet Lease Tr 2012-B Due 2021-01-15 [Member]
Face Value			$ 317,374
Fair Value			$ 316,798
% of Partners' Capital (Net Asset Value)			0.05%
% Yield			0.63%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.79% Capital Auto Receivables Asset Trust 2013-1 Due 2017-06-20 [Member]
Face Value			$ 67,783
Fair Value			$ 67,786
% of Partners' Capital (Net Asset Value)			0.01%
% Yield	[1]		0.79%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.81% Capital Auto Receivables Asset Trust 2015-2 Due 2017-10-20 [Member]
Face Value			$ 475,000
Fair Value			$ 474,265
% of Partners' Capital (Net Asset Value)			0.07%
% Yield	[1]		0.81%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.01% Drive Auto Receivables Tr 2015-A Due 2017-11-15 [Member]
Face Value			$ 70,609
Fair Value			$ 70,592
% of Partners' Capital (Net Asset Value)			0.01%
% Yield	[1]		1.01%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.93% Drive Auto Receivables Tr 2015-B Due 2017-12-15 [Member]
Face Value			$ 220,808
Fair Value			$ 220,621
% of Partners' Capital (Net Asset Value)			0.03%
% Yield	[1]		0.93%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.61% Ford Credit Auto Owner Trust 2014-C Due 2017-08-15 [Member]
Face Value			$ 754,588
Fair Value			$ 754,540
% of Partners' Capital (Net Asset Value)			0.12%
% Yield	[1]		0.61%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.78% GE Dealer Floorplan Master Note Due 2019-07-20 [Member]
Face Value			$ 500,000
Fair Value			$ 498,239
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.78%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.68% Nissan Auto Lease Trust 2015-A Due 2017-11-15 [Member]
Face Value			$ 1,767,624
Fair Value			$ 1,766,793
% of Partners' Capital (Net Asset Value)			0.27%
% Yield	[1]		0.68%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.60% Nissan Auto Receivables 2014-B Owner Trust Due 2017-06-15 [Member]
Face Value			$ 581,520
Fair Value			$ 581,275
% of Partners' Capital (Net Asset Value)			0.09%
% Yield	[1]		0.60%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.73% Santander Drive Auto Receivables Trust 2014-5 Due 2018-04-16 [Member]
Face Value			$ 93,553
Fair Value			$ 93,469
% of Partners' Capital (Net Asset Value)			0.01%
% Yield	[1]		0.73%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.66% Toyota Auto Receivables 2015-C Owner Tr Due 2018-02-15 [Member]
Face Value			$ 500,000
Fair Value			$ 499,531
% of Partners' Capital (Net Asset Value)			0.08%
% Yield	[1]		0.66%
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.68% AmeriCredit Automobile Receivables Trust 2014-4 Due 2018-09-04 [Member]
Face Value			$ 258,662
Fair Value			$ 258,621
% of Partners' Capital (Net Asset Value)			0.04%
% Yield			0.68%
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.43% Banc of America Commercial Mortgage Trust 2007-1 Due 2049-01-15 [Member]
Face Value		$ 1,533,077	$ 1,540,572
Fair Value		$ 1,559,366	$ 1,594,549
% of Partners' Capital (Net Asset Value)		0.24%	0.25%
% Yield	[1]	5.43%	5.43%
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.43% Citigroup Commercial Mortgage Trust 2006-C5 Due 2049-10-15 [Member]
Face Value		$ 772,056	$ 1,089,084
Fair Value		$ 777,032	$ 1,108,596
% of Partners' Capital (Net Asset Value)		0.12%	0.17%
% Yield	[1]	5.43%	5.43%
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.37% LB-UBS Commercial Mortgage Trust 2006-C6 Due 2039-09-15 [Member]
Face Value		$ 638,502	$ 1,977,927
Fair Value		$ 640,891	$ 2,012,480
% of Partners' Capital (Net Asset Value)		0.10%	0.32%
% Yield	[1]	5.37%	5.37%
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.17% ML-CFC Commercial Mortgage Trust 2006-4 Due 2049-12-12 [Member]
Face Value		$ 970,075	$ 1,098,139
Fair Value		$ 979,793	$ 1,125,130
% of Partners' Capital (Net Asset Value)		0.15%	0.17%
% Yield	[1]	5.17%	5.17%
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 0.58% Morgan Stanley Capital I Trust 2007-HQ11 Due 2044-12-02 [Member]
Face Value		$ 467,442
Fair Value		$ 464,046
% of Partners' Capital (Net Asset Value)		0.07%
% Yield	[1]	0.58%
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.84% Banc of America Commercial Mortgage Trust 2006-2 Due 2045-10-05 [Member]
Face Value			$ 419,268
Fair Value			$ 422,547
% of Partners' Capital (Net Asset Value)			0.07%
% Yield	[1]		5.84%
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.48% JPMorgan Chase & Co. Due 2043-04-15 [Member]
Face Value			$ 196,707
Fair Value			$ 197,562
% of Partners' Capital (Net Asset Value)			0.03%
% Yield	[1]		5.48%
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 0.45% Morgan Stanley Capital I Trust 2007-HQ11 Due 2044-12-02 [Member]
Face Value			$ 467,442
Fair Value			$ 461,295
% of Partners' Capital (Net Asset Value)			0.07%
% Yield	[1]		0.45%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.73% BA Credit Card Trust Due 2020-01-15 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,000,025
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	0.73%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.96% Capital One Multi-Asset Execution Trust Due 2019-09-16 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,002,083
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.96%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.26% Capital One Multi-Asset Execution Trust Due 2020-01-15 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,505,606
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	1.26%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.01% Chase Issuance Trust Due 2018-10-15 [Member]
Face Value		$ 850,000	$ 850,000
Fair Value		$ 850,832	$ 849,923
% of Partners' Capital (Net Asset Value)		0.13%	0.13%
% Yield	[1]	1.01%	1.01%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.32% Citibank Credit Card Issuance Trust Due 2018-07-09 [Member]
Face Value		$ 2,000,000	$ 2,000,000
Fair Value		$ 2,010,217	$ 2,012,261
% of Partners' Capital (Net Asset Value)		0.31%	0.32%
% Yield	[1]	1.32%	1.32%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.86% Citibank Credit Card Issuance Trust Due 2018-07-11 [Member]
Face Value		$ 1,760,000
Fair Value		$ 1,762,646
% of Partners' Capital (Net Asset Value)		0.27%
% Yield	[1]	0.86%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.02% Citibank Credit Card Issuance Trust Due 2019-02-22 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,507,053
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	1.02%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.26% World Financial Network Credit Card Master Note Trust Due 2021-03-15 [Member]
Face Value		$ 1,000,000	$ 1,000,000
Fair Value		$ 999,490	$ 997,240
% of Partners' Capital (Net Asset Value)		0.15%	0.15%
% Yield	[1]	1.26%	1.26%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.62% BA Credit Card Trust Due 2020-01-15 [Member]
Face Value			$ 1,000,000
Fair Value			$ 997,953
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.62%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.63% Capital One Multi-Asset Execution Trust Due 2018-11-15 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,500,323
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.63%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.96% Capital One Multi-Asset Execution Trust Due 2019-09-16 [Member]
Face Value			$ 2,000,000
Fair Value			$ 1,997,970
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		0.96%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.57% Citibank Credit Card Issuance Trust Due 2018-07-11 [Member]
Face Value			$ 1,760,000
Fair Value			$ 1,760,731
% of Partners' Capital (Net Asset Value)			0.27%
% Yield	[1]		0.57%
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.02% Citibank Credit Card Issuance Trust Due 2019-02-22 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,501,889
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		1.02%
U.S. Asset-backed Securities [Member] | Other Sector [Member] | 0.69% CNH Equipment Trust 2013-B Due 2018-08-15 [Member]
Face Value		$ 234,931	$ 1,072,358
Fair Value		$ 234,813	$ 1,070,863
% of Partners' Capital (Net Asset Value)		0.04%	0.17%
% Yield	[1]	0.69%	0.69%
U.S. Asset-backed Securities [Member] | Other Sector [Member] | 0.87% John Deere Owner Trust 2015 Due 2018-02-15 [Member]
Face Value		$ 474,966	$ 926,407
Fair Value		$ 475,112	$ 925,544
% of Partners' Capital (Net Asset Value)		0.07%	0.14%
% Yield	[1]	0.87%	0.87%
U.S. Asset-backed Securities [Member] | Other Sector [Member] | 1.15% John Deere Owner Trust 2016 Due 2018-10-15 [Member]
Face Value		$ 985,000
Fair Value		$ 986,420
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	1.15%
U.S. Asset-backed Securities [Member] | Other Sector [Member] | 0.94% Kubota Credit Owner Trust 2015-1 Due 2017-12-15 [Member]
Face Value		$ 184,816	$ 338,929
Fair Value		$ 184,797	$ 338,921
% of Partners' Capital (Net Asset Value)		0.03%	0.05%
% Yield	[1]	0.94%	0.94%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 0.92% Navient Private Education Loan Tr 2014-A Due 2022-05-16 [Member]
Face Value		$ 203,548
Fair Value		$ 203,491
% of Partners' Capital (Net Asset Value)		0.03%
% Yield	[1]	0.92%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.84% SLM Private Education Loan Trust 2012-A Due 2025-08-15 [Member]
Face Value		$ 28,605
Fair Value		$ 28,633
% of Partners' Capital (Net Asset Value)		0.00%
% Yield	[1]	1.84%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.54% SLM Private Education Loan Trust 2012-C Due 2023-08-15 [Member]
Face Value		$ 24,842
Fair Value		$ 24,854
% of Partners' Capital (Net Asset Value)		0.00%
% Yield	[1]	1.54%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.19% SLM Private Education Loan Trust 2012-E Due 2023-10-16 [Member]
Face Value		$ 209,365
Fair Value		$ 209,312
% of Partners' Capital (Net Asset Value)		0.03%
% Yield	[1]	1.19%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.04% SLM Private Education Loan Trust 2013-A Due 2022-08-15 [Member]
Face Value		$ 164,357
Fair Value		$ 164,289
% of Partners' Capital (Net Asset Value)		0.03%
% Yield	[1]	1.04%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 0.81% Navient Private Ed Loan Tr 2014-A Due 2022-05-16 [Member]
Face Value			$ 46,674
Fair Value			$ 46,591
% of Partners' Capital (Net Asset Value)			0.01%
% Yield	[1]		0.81%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.43% SLM Private Ed Loan Tr 2012-C Due 2023-08-15 [Member]
Face Value			$ 139,582
Fair Value			$ 139,847
% of Partners' Capital (Net Asset Value)			0.02%
% Yield	[1]		1.43%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.73% SLM Private Education Loan Trust 2012-A Due 2025-08-15 [Member]
Face Value			$ 49,088
Fair Value			$ 49,337
% of Partners' Capital (Net Asset Value)			0.01%
% Yield	[1]		1.73%
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.08% SLM Private Education Loan Trust 2012-E Due 2023-10-16 [Member]
Face Value			$ 247,119
Fair Value			$ 246,891
% of Partners' Capital (Net Asset Value)			0.04%
% Yield	[1]		1.08%
Total Securities [Member]
Fair Value		$ 450,393,961	$ 451,049,033
% of Partners' Capital (Net Asset Value)		69.80%	70.09%
Investment Owned, at Cost		$ 450,560,503	$ 453,001,973

[1] Ratios have not been annualized.

XML

Consolidated Condensed Schedule of Investments Certificates of Deposit (Unaudited) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
% of Partners' Capital (Net Asset Value)		74.31%	73.61%
Investment Owned, at Cost		$ 450,560,503	$ 453,001,973
Certificates of Deposit [Member]
Fair Value		$ 28,996,631	$ 22,710,509
% of Partners' Capital (Net Asset Value)		4.49%	3.53%
Investment Owned, at Cost		$ 28,914,584	$ 22,673,242
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member]
Fair Value		$ 27,699,253	$ 14,993,807
% of Partners' Capital (Net Asset Value)		4.29%	2.33%
Investment Owned, at Cost		$ 27,619,193	$ 14,970,784
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.00% Bank of Montreal Due 2017-06-30 [Member]
Face Value		1,000,000
Fair Value		$ 1,000,029
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	1.00%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.09% BMO Harris Bank National Association Due 2016-11-14 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,012,753
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	1.09%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.02% Canadian Imperial Bank of Commerce Due 2017-05-23 [Member]
Face Value		$ 1,800,000
Fair Value		$ 1,803,797
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	1.02%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.06% Canadian Imperial Bank of Commerce Due 2017-05-24 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,001,313
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	1.06%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.82% Cooperatieve Rabobank U.A. Due 2016-08-25 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,006,903
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.82%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.40% Credit Suisse Group AG Due 2017-03-05 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,003,464
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	1.40%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.06% National Bank of Canada Due 2017-05-24 [Member]
Face Value		$ 1,622,000
Fair Value		$ 1,620,573
% of Partners' Capital (Net Asset Value)		0.25%
% Yield	[1]	1.06%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.91% Nordea Bank Finland PLC Due 2017-02-13 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,002,540
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	0.91%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.45% Royal Bank of Canada Due 2016-09-09 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,002,602
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	0.88%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.35% Royal Bank of Canada Due 2018-03-22 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,000,673
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	1.35%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.80% Standard Chartered Bank Due 2016-04-08 [Member]
Face Value		$ 1,200,000	1,200,000
Fair Value		$ 1,209,168	$ 1,203,192
% of Partners' Capital (Net Asset Value)		0.19%	0.19%
% Yield	[1]	0.80%	0.80%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.91% State Street Bank and Trust Company Due 2017-03-30 [Member]
Face Value		$ 1,800,000
Fair Value		$ 1,800,046
% of Partners' Capital (Net Asset Value)		0.28%
% Yield	[1]	0.91%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.82% Sumitomo Mitsui Banking Corporation Due 2016-05-07 [Member]
Face Value		$ 700,000
Fair Value		$ 700,461
% of Partners' Capital (Net Asset Value)		0.11%
% Yield	[1]	0.82%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.16% Svenska Handelsbanken AB Due 2017-07-12 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,002,025
% of Partners' Capital (Net Asset Value)		0.15%
% Yield	[1]	1.16%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.00% Toronto-Dominion Bank Due 2018-08-11 [Member]
Face Value		$ 2,000,000	$ 2,000,000
Fair Value		$ 2,014,683	$ 2,002,927
% of Partners' Capital (Net Asset Value)		0.31%	0.31%
% Yield	[1]	1.00%	1.00%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.15% Toronto-Dominion Bank Due 2017-03-05 [Member]
Face Value		$ 2,000,000
Fair Value		$ 2,005,758
% of Partners' Capital (Net Asset Value)		0.31%
% Yield	[1]	1.15%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.79% U.S. Bank National Association Due 2016-07-21 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,003,843
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	0.79%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.98% Westpac Banking Corporation Due 2017-01-19 [Member]
Face Value		$ 1,500,000
Fair Value		$ 1,503,892
% of Partners' Capital (Net Asset Value)		0.23%
% Yield	[1]	0.98%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1.13% Westpac Banking Corporation Due 2017-03-17 [Member]
Face Value		$ 1,000,000
Fair Value		$ 1,004,730
% of Partners' Capital (Net Asset Value)		0.16%
% Yield	[1]	1.13%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.88% Credit Suisse Group AG Due 2016-09-16 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,002,097
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.88%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.78% National Bank of Canada Due 2017-05-24 [Member]
Face Value			$ 1,622,000
Fair Value			$ 1,622,403
% of Partners' Capital (Net Asset Value)			0.25%
% Yield	[1]		0.78%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.64% Nordea Bank Finland PLC Due 2017-02-13 [Member]
Face Value			$ 2,000,000
Fair Value			$ 2,000,778
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		0.64%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.50% Norinchukin Bank (NY Branch) Due 2016-11-03 [Member]
Face Value			$ 2,000,000
Fair Value			$ 2,002,796
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		0.50%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.57% Royal Bank of Canada Due 2016-10-14 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,000,418
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.57%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.52% Sumitomo Mitsui Bank (NY Branch) Due 2016-12-02 [Member]
Face Value			$ 850,000
Fair Value			$ 853,973
% of Partners' Capital (Net Asset Value)			0.13%
% Yield	[1]		0.52%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.75% Toronto-Dominion Bank Due 2016-08-08 [Member]
Face Value			$ 1,500,000
Fair Value			$ 1,503,773
% of Partners' Capital (Net Asset Value)			0.23%
% Yield	[1]		0.75%
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.57% Westpac Banking Corporation Due 2016-10-21 [Member]
Face Value			$ 1,800,000
Fair Value			$ 1,801,450
% of Partners' Capital (Net Asset Value)			0.28%
% Yield	[1]		0.57%
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member]
Fair Value		$ 1,297,378	$ 7,716,702
% of Partners' Capital (Net Asset Value)		0.20%	1.20%
Investment Owned, at Cost		$ 1,295,391	$ 7,702,458
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.56% Bank of Nova Scotia Due 2016-05-12 [Member]
Face Value		591,000
Fair Value		$ 591,409
% of Partners' Capital (Net Asset Value)		0.09%
% Yield	[1]	0.56%
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.81% Svenska Handelsbanken AB Due 2016-08-17 [Member]
Face Value		$ 705,000
Fair Value		$ 705,969
% of Partners' Capital (Net Asset Value)		0.11%
% Yield	[1]	0.81%
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.50% Bank of Nova Scotia Due 2016-09-05 [Member]
Face Value			2,200,000
Fair Value			$ 2,200,684
% of Partners' Capital (Net Asset Value)			0.34%
% Yield	[1]		0.50%
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.73% Canadian Imperial Bank of Commerce Due 2017-05-23 [Member]
Face Value			$ 1,800,000
Fair Value			$ 1,800,350
% of Partners' Capital (Net Asset Value)			0.28%
% Yield	[1]		0.73%
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.57% Landesbank Hessen-Thuringen Girozentrale Due 2016-02-19 [Member]
Face Value			$ 2,000,000
Fair Value			$ 2,010,319
% of Partners' Capital (Net Asset Value)			0.31%
% Yield	[1]		0.57%
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.54% Svenska Handelsbanken AB Due 2016-08-17 [Member]
Face Value			$ 705,000
Fair Value			$ 705,318
% of Partners' Capital (Net Asset Value)			0.11%
% Yield	[1]		0.54%
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.93% Svenska Handelsbanken AB Due 2017-07-12 [Member]
Face Value			$ 1,000,000
Fair Value			$ 1,000,031
% of Partners' Capital (Net Asset Value)			0.16%
% Yield	[1]		0.93%

[1] Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.

XML

Consolidated Condensed Schedule of Investments Open Futures Contracts - USD ($)	Jun. 30, 2016		Dec. 31, 2015
% of Partners' Capital (Net Asset Value)	74.31%		73.61%
Investment Owned, at Cost	$ 450,560,503		$ 453,001,973
U.S. Futures Contracts [Member]
Fair Value	$ 16,415,993		$ 7,337,058
% of Partners' Capital (Net Asset Value)	2.54%		1.14%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member]
Fair Value	$ 22,128,566		$ (4,676,235)
% of Partners' Capital (Net Asset Value)	3.43%		(0.73%)
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Agricultural Commodities [Member]
Fair Value	$ 899,801		$ (87,790)
% of Partners' Capital (Net Asset Value)	0.14%		(0.01%)
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Currencies [Member]
Fair Value	$ 1,577,787		$ (13,903)
% of Partners' Capital (Net Asset Value)	0.24%		0.00%
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Energy [Member]
Fair Value	$ 189,246		$ (71,925)
% of Partners' Capital (Net Asset Value)	0.03%		(0.01%)
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Equity Indices [Member]
Fair Value	$ 1,123,387		$ (267,223)
% of Partners' Capital (Net Asset Value)	0.17%		(0.04%)
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Interest Rate Instruments [Member]
Fair Value	$ 7,878,610	[1]	$ (1,919,882)
% of Partners' Capital (Net Asset Value)	1.22%		(0.30%)
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Metals [Member]
Fair Value	$ 10,046,511	[1]	$ (2,395,884)
% of Partners' Capital (Net Asset Value)	1.57%		(0.38%)
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Single Stock Futures [Member]
Fair Value	$ 413,224		$ 80,372
% of Partners' Capital (Net Asset Value)	0.06%		0.01%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member]
Fair Value	$ (5,712,573)		$ 12,013,293
% of Partners' Capital (Net Asset Value)	(0.89%)		1.87%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Agricultural Commodities [Member]
Fair Value	$ 2,217,060		$ 1,382,973
% of Partners' Capital (Net Asset Value)	0.34%		0.21%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Currencies [Member]
Fair Value	$ 3,017,816		$ 1,781,349
% of Partners' Capital (Net Asset Value)	0.47%		0.28%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Energy [Member]
Fair Value	$ (452,023)		$ 3,397,258
% of Partners' Capital (Net Asset Value)	(0.07%)		0.53%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Equity Indices [Member]
Fair Value	$ 38,716		$ (155,214)
% of Partners' Capital (Net Asset Value)	0.01%		(0.02%)
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Interest Rate Instruments [Member]
Fair Value	$ (980,539)		$ 432,469
% of Partners' Capital (Net Asset Value)	(0.15%)		0.07%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Metals [Member]
Fair Value	$ (9,486,618)	[1]	$ 5,114,526
% of Partners' Capital (Net Asset Value)	(1.48%)		0.79%
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Single Stock Futures [Member]
Fair Value	$ (66,985)		$ 59,932
% of Partners' Capital (Net Asset Value)	(0.01%)		0.01%
Foreign Futures Contracts [Member]
Fair Value	$ 12,856,145		$ (2,924,380)
% of Partners' Capital (Net Asset Value)	1.99%		(0.45%)
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member]
Fair Value	$ 13,771,800		$ (2,791,909)
% of Partners' Capital (Net Asset Value)	2.13%		(0.43%)
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Agricultural Commodities [Member]
Fair Value	$ 57,301		$ 92,172
% of Partners' Capital (Net Asset Value)	0.01%		0.01%
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Currencies [Member]
Fair Value	$ 441,405		$ 113,487
% of Partners' Capital (Net Asset Value)	0.07%		0.02%
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Energy [Member]
Fair Value	$ 15,548
% of Partners' Capital (Net Asset Value)	0.00%
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Equity Indices [Member]
Fair Value	$ 1,192,375		$ (257,076)
% of Partners' Capital (Net Asset Value)	0.18%		(0.04%)
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Interest Rate Instruments [Member]
Fair Value	$ 12,064,934	[1]	$ (2,743,226)
% of Partners' Capital (Net Asset Value)	1.87%		(0.42%)
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Metals [Member]
Fair Value	$ 237		$ 1,805
% of Partners' Capital (Net Asset Value)	0.00%		0.00%
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Single Stock Futures [Member]
Fair Value			$ 929
% of Partners' Capital (Net Asset Value)			0.00%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member]
Fair Value	$ (915,655)		$ (132,471)
% of Partners' Capital (Net Asset Value)	(0.14%)		(0.02%)
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Agricultural Commodities [Member]
Fair Value	$ 36,957		$ 82,706
% of Partners' Capital (Net Asset Value)	0.01%		0.01%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Currencies [Member]
Fair Value	$ 463,474		$ 218,328
% of Partners' Capital (Net Asset Value)	0.07%		0.03%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Energy [Member]
Fair Value	$ 18,501		$ 260,934
% of Partners' Capital (Net Asset Value)	0.00%		0.04%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Equity Indices [Member]
Fair Value	$ (506,772)		$ (747,330)
% of Partners' Capital (Net Asset Value)	(0.08%)		(0.11%)
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Interest Rate Instruments [Member]
Fair Value	$ (913,789)		$ 34,671
% of Partners' Capital (Net Asset Value)	(0.14%)		0.01%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Metals [Member]
Fair Value	$ (2,903)		$ 20,191
% of Partners' Capital (Net Asset Value)	0.00%		0.00%
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Single Stock Futures [Member]
Fair Value	$ (11,123)		$ (1,971)
% of Partners' Capital (Net Asset Value)	0.00%		0.00%
U.S. Exchange Forward Currency [Member]
Fair Value	$ 2,502,633	[1]	$ (66,884)
% of Partners' Capital (Net Asset Value)	0.39%	[1]	(0.01%)
U.S. Exchange Forward Currency [Member] | Long U.S. Forward Currency Contracts [Member]
Fair Value	$ (699,686)		$ (153,940)
% of Partners' Capital (Net Asset Value)	(0.11%)	[1]	(0.02%)
U.S. Exchange Forward Currency [Member] | Short U.S. Forward Currency Contracts [Member]
Fair Value	$ 3,202,319		$ 87,056
% of Partners' Capital (Net Asset Value)	0.50%	[1]	0.01%
Foreign Exchange Forward Currency [Member]
Fair Value	$ 1,568,214		$ (1,547,607)
% of Partners' Capital (Net Asset Value)	0.24%		(0.24%)
Foreign Exchange Forward Currency [Member] | Long Foreign Forward Currency Contracts [Member]
Fair Value	$ (518,383)		$ 713,075
% of Partners' Capital (Net Asset Value)	(0.08%)		0.11%
Foreign Exchange Forward Currency [Member] | Short Foreign Forward Currency Contracts [Member]
Fair Value	$ 2,086,597		$ (2,260,682)
% of Partners' Capital (Net Asset Value)	0.32%		(0.35%)
Swap Contract [Member] | Total Return Swap [Member] | Deutsche Bank AG Due 2019-04-01 [Member]
Fair Value			$ 3,440,896
% of Partners' Capital (Net Asset Value)			0.53%
Futures Contracts [Member]
Fair Value	$ 29,272,138		$ 4,412,678
% of Partners' Capital (Net Asset Value)	4.53%		0.69%
Forward Contracts [Member]
Fair Value	$ 4,070,847		$ (1,614,491)
% of Partners' Capital (Net Asset Value)	0.63%		(0.25%)

[1] No individual futures or forward currency contract position constituted one percent or greater of partners'capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.

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Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net realized gain (loss) on:
Futures, forward currency and swap contracts	$ (22,350,265)	$ (50,823,797)	$ 31,797,481	$ 24,617,746
Investments in securities and CDs	(420,406)	41,512	(312,981)	(566,771)
Net change in unrealized gain (loss) on:
Futures, forward currency and swap contracts	26,857,511	(32,031,153)	27,103,902	(40,153,822)
Investments in securities and CDs	1,252,068	(237,131)	1,298,167	801,986
Brokerage commissions and trading expenses	(1,381,656)	(1,498,259)	(2,574,262)	(3,006,421)
Net realized and change in unrealized gain (loss) on investments	3,957,252	(84,548,828)	57,312,307	(18,307,282)
Income
Interest income	1,270,605	803,034	2,419,964	1,564,756
Expenses
Trading Advisor management fee	2,075,184	2,396,807	4,169,066	4,945,200
Trading Advisor incentive fee	1,420,218	1,843	3,298,796	9,348,716
Cash manager fees	125,110	117,969	248,931	238,303
General Partner management and performance fees	2,295,847	2,653,296	4,773,385	5,542,063
Selling agent and broker dealer servicing fees - General Partner	2,129,383	2,413,631	4,434,242	5,009,958
General Partner 1% allocation	(41,963)	(906,791)	391,629	(425,811)
Administrative expenses - General Partner	439,971	518,053	934,652	1,096,407
Investment Manager fees	363,321	260,124	651,739	499,999
Distribution (12b-1) fees	6,757	5,560	13,277	8,152
Operating services fee	49,827	104,049	133,126	199,999
Total expenses	8,863,655	7,564,541	19,048,843	26,462,986
Net investment income (loss)	(7,593,050)	(6,761,507)	(16,628,879)	(24,898,230)
Net income (loss)	(3,635,798)	(91,310,335)	40,683,428	(43,205,512)
Less: net (income) loss attributable to non-controlling interest	(518,534)	1,538,081	(1,912,169)	1,049,751
Net income (loss) attributable to the Fund	$ (4,154,332)	$ (89,772,254)	38,771,259	(42,155,761)
Class A [Member]
Expenses
Net income (loss)			$ 24,403,386	$ (29,330,966)
Increase (decrease) in net asset value per unit (in dollars per unit)	$ (32.63)	$ (561.58)	$ 249.77	$ (282.49)
Net income (loss) per unit (in dollars per unit)	$ (38.09)	$ (566.53)	$ 258.59	$ (280.28)
Weighted average number of units outstanding (in units)	92,741.3442	104,032.4976	94,370.1251	104,647.7096
Class B [Member]
Expenses
Net income (loss)			$ 14,092,124	$ (12,603,793)
Increase (decrease) in net asset value per unit (in dollars per unit)	$ (18.55)	$ (781.49)	$ 422.59	$ (351.59)
Net income (loss) per unit (in dollars per unit)	$ (19.45)	$ (788.09)	$ 435.87	$ (317.95)
Weighted average number of units outstanding (in units)	31,881.5810	38,533.1209	32,330.7179	39,640.4237
Class I [Member]
Expenses
Net income (loss)			$ 275,749	$ (221,002)
Increase (decrease) in net asset value per unit (in dollars per unit)	$ (0.37)	$ (121.92)	$ 72.02	$ (52.98)
Net income (loss) per unit (in dollars per unit)	$ (0.36)	$ (121.99)	$ 72.03	$ (60.38)
Weighted average number of units outstanding (in units)	3,828.4541	3,826.1262	3,828.4541	3,660.2025

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Consolidated Statements of Operations (unaudited) (Parenthetical)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
General partner allocation percentage	1.00%	1.00%	1.00%	1.00%

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Consolidated Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income (loss)	$ 40,683,428	$ (43,205,512)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net change in unrealized (gain) loss from futures, forwards and swap trading	(27,103,902)	40,153,822
Net realized and change in unrealized (gain) loss on securities and certificates of deposit	(985,186)	(235,215)
Purchases of securities and certificates of deposit	(493,632,646)	(614,104,028)
Proceeds from disposition of securities and certificates of deposit	488,986,782	629,107,189
Changes in
Trading Advisor management fee payable	(185,479)	94,948
Trading Advisor incentive fee payable	1,574,419	(10,977,066)
Commissions and other trading fees payable on open contracts	(29,612)	(13,775)
Cash Managers fees payable	4,678	48,441
General Partner management and performance fees payable	(5,585)	(101,791)
General Partner 1% allocation receivable/payable	663,059	(964,096)
Selling agent and broker dealer servicing fees payable - General Partner	(11,435)	(74,703)
Administrative expenses payable - General Partner	(2,359)	(21,340)
Investment Manager fee payable	36,841	10,036
Distribution (12b-1) fees payable	76	1,771
Operating services fee payable	(16,997)	4,015
Net cash provided by (used in) operating activities	9,976,082	(277,304)
Cash flows from financing activities
Subscriptions	8,123,501	21,378,150
Subscriptions received in advance	1,657,373	5,265,159
Redemptions	(52,976,439)	(62,508,692)
Non-controlling interest - subscriptions	5,605,676	17,580,245
Non-controlling interest - redemptions	(2,549,717)	(1,430,429)
Net cash provided by (used in) financing activities	(40,139,606)	(19,715,567)
Net increase (decrease) in cash and cash equivalents	(30,163,524)	(19,992,871)
Cash and cash equivalents, beginning of period	179,026,770	269,943,729
Cash and cash equivalents, end of period	148,863,246	249,950,858
End of period cash and cash equivalents consists of
Cash in broker trading accounts	114,257,286	227,661,667
Cash and cash equivalents	34,605,960	22,289,191
Total end of period cash and cash equivalents	148,863,246	269,943,729
Supplemental disclosure of cash flow information
Prior period redemptions paid	11,143,201	10,423,609
Prior period subscriptions received in advance	1,086,965	2,577,065
Supplemental schedule of non-cash financing activities
Redemptions payable	$ 9,596,232	$ 9,873,363

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Consolidated Statements of Cash Flows (Parenthetical)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
General partner allocation percentage	1.00%	1.00%	1.00%	1.00%

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Consolidated Statements of Changes in Partners' Capital (Net Asset Value) (unaudited) - USD ($)	Total	Non-Controlling Interest [Member]	Class A [Member]	Class B [Member]	Class I [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Net asset value per unit at beginning of period (in dollars per unit)			$ 4,414.30	$ 6,323.56	$ 1,004.98
Net asset value per unit at end of period (in dollars per unit)			$ 4,414.30	$ 6,323.56	$ 1,004.98
Balance at beginning at Dec. 31, 2014	$ 741,554,213	$ 7,282,068	$ 468,243,719	$ 262,572,733	$ 3,455,693
Balance at beginning (in units) at Dec. 31, 2014			106,074.0114	41,522.9665	3,438.9708
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	(43,205,512)	(1,049,751)	$ (29,330,966)	$ (12,603,793)	$ (221,002)
Subscriptions	42,732,814	18,777,599	$ 16,916,811	$ 6,628,403	$ 410,001
Subscriptions (in units)			3,732.8618	1,017.5526	389.4833
Redemptions	(63,388,875)	(1,531,881)	$ (22,489,838)	$ (39,367,156)
Redemptions (in units)			(4,983.9123)	(6,128.3851)
Transfers			$ (2,903,813)	$ 2,903,813
Transfers (in units)			(646.8360)	449.0664
Balance at ending at Jun. 30, 2015	677,692,640	23,478,035	$ 430,435,913	$ 220,134,000	$ 3,644,692
Balance at ending (in units) at Jun. 30, 2015			104,176.1249	36,861.2004	3,828.4541
Increase (Decrease) in Partners' Capital [Roll Forward]
Net asset value per unit at beginning of period (in dollars per unit)			$ 4,693.39	$ 6,753.46	$ 1,073.92
Net asset value per unit at end of period (in dollars per unit)			$ 4,693.39	$ 6,753.46	$ 1,073.92
Net income (loss)	(91,310,335)
Balance at ending at Jun. 30, 2015	677,692,640	23,478,035	$ 430,435,913	$ 220,134,000	$ 3,644,692
Balance at ending (in units) at Jun. 30, 2015			104,176.1249	36,861.2004	3,828.4541
Increase (Decrease) in Partners' Capital [Roll Forward]
Net asset value per unit at beginning of period (in dollars per unit)			$ 4,131.81	$ 5,971.97	$ 952.00
Net asset value per unit at end of period (in dollars per unit)			4,131.81	5,971.97	952.00
Net asset value per unit at beginning of period (in dollars per unit)			4,212.26	6,142.34	984.17
Net asset value per unit at end of period (in dollars per unit)			$ 4,212.26	$ 6,142.34	$ 984.17
Balance at beginning at Dec. 31, 2015	643,585,886	22,540,476	$ 412,948,548	$ 204,329,032	$ 3,767,830
Balance at beginning (in units) at Dec. 31, 2015			98,034.9581	33,265.6588	3,828.4541
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	40,683,428	1,912,169	$ 24,403,386	$ 14,092,124	$ 275,749
Subscriptions	14,935,557	5,725,091	$ 4,654,291	$ 4,556,175
Subscriptions (in units)			1,051.8622	711.7583
Redemptions	(53,979,187)	(2,602,746)	$ (32,372,868)	$ (19,003,573)
Redemptions (in units)			(7,266.2609)	(2,919.3809)
Transfers			$ (2,519,419)	$ 2,519,419
Transfers (in units)			(581.0258)	395.9536
Balance at ending at Jun. 30, 2016	645,225,684	27,574,990	$ 407,113,938	$ 206,493,177	$ 4,043,579
Balance at ending (in units) at Jun. 30, 2016			91,239.5336	31,453.9898	3,828.4541
Increase (Decrease) in Partners' Capital [Roll Forward]
Net asset value per unit at beginning of period (in dollars per unit)			$ 4,494.66	$ 6,583.48	$ 1,056.56
Net asset value per unit at end of period (in dollars per unit)			$ 4,494.66	$ 6,583.48	$ 1,056.56
Net income (loss)	(3,635,798)
Balance at ending at Jun. 30, 2016	$ 645,225,684	$ 27,574,990	$ 407,113,938	$ 206,493,177	$ 4,043,579
Balance at ending (in units) at Jun. 30, 2016			91,239.5336	31,453.9898	3,828.4541
Increase (Decrease) in Partners' Capital [Roll Forward]
Net asset value per unit at beginning of period (in dollars per unit)			$ 4,462.03	$ 6,564.93	$ 1,056.19
Net asset value per unit at end of period (in dollars per unit)			$ 4,462.03	$ 6,564.93	$ 1,056.19

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Organization and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Summary of Significant Accounting Policies

1. Organization and Summary of Significant Accounting Policies

Description of the Fund

Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool, commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in three classes, Class A, B and I, which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”).

The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally.

The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades.

Steben & Company, Inc. (“General Partner”), is the general partner of the Fund and a Maryland corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents.

The three classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee and class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner Management Fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Note 4).

During 2014, the Fund purchased $58.5 million of Class I shares of the Steben Managed Futures Strategy Fund (“SMFF”). SMFF is a non-diversified series of shares of beneficial interest of Steben Alternative Investment Fund (the “Trust”), a statutory trust organized under the laws of the State of Delaware, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. SMFF issues four classes of shares: Class A, C, I and N. At June 30, 2016, the Fund owned 68% of the outstanding shares of SMFF and therefore had effective control of that entity. Accordingly, the assets, liabilities and operating results of SMFF have been consolidated with the Fund. The portion of SMFF that is not owned by the Fund is presented as the non-controlling interest. SMFF has a similar investment strategy to the Fund, using commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments. Prior to March 2016, SMFF used a total return swap to gain access to the gains and losses of a basket of trading advisors. The General Partner serves as the investment manager of SMFF. During 2015, the Fund redeemed $7 million of its investment in SMFF, which is eliminated in consolidation. The Fund has made no redemptions during 2016.

Significant Accounting Policies

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Consolidation

The accompanying consolidated financial statements include the accounts of the Fund and SMFF, for which the Fund was the majority shareholder. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis.

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds.

Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and U.S. government sponsored enterprise notes.

Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended June 30, 2016 and year ended December 31, 2015, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are classified within Level 2.

The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The fair value of the swap investment is based on quoted market prices for the underlying contracts of the trading advisor programs within the swap and is classified within Level 2.

Cash and Cash Equivalents

Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through June 30, 2016. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2012.

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

Swap Agreement

Through its investment in SMFF, the Fund had a total return swap agreement with Deutsche Bank AG. This two-party contract was entered to exchange, or swap, the returns realized on a basket of CTA programs. At December 31, 2015, the notional value of the swap was $98,065,907 and SMFF had provided $12,796,500 as collateral. The collateral was included in cash in broker trading accounts in the consolidated statements of financial condition. Effective March 1, 2016, SMFF terminated the swap agreement. All proceeds from the swap, as well as the collateral, were received by SMFF prior to March 31, 2016.

Reclassification

Certain amounts reported in the 2015 consolidated financial statements may have been reclassified to conform to the 2016 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss).

New Accounting Pronouncements

Revenue from Contracts with Customers

In May 2014, the Financial Accounting Standards Board issued guidance that replaces the existing accounting standards for revenue recognition. The guidance provides a new model to determine when and over what period revenue is recognized. Under this new model, revenue is recognized as goods or services are delivered in an amount that reflects the consideration to be received. In March 2016, the FASB issued an Accounting Standards Update (“ASU”), Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the principal versus agent guidance in the new revenue recognition standard. In April 2016, the FASB issued an ASU, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies the guidance on accounting for licenses of intellectual property and identifying performance obligations in the new revenue recognition standard. In May 2016, the FASB issued an ASU, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedient, which clarifies the transition, collectability, noncash consideration and the presentation of sales and other similar taxes in the new revenue recognition standard. The guidance is effective for fiscal years beginning after December 15, 2017; early adoption is permitted for periods beginning after December 15, 2016. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Fund does not expect any material change as a result of adopting this guidance.

Business Combinations

In December 2014, the FASB issued guidance that supplements existing accounting standards for business combinations. The guidance provides clarification concerning accounting for identifiable intangible assets in a business combination. This standard is effective beginning the first quarter of the Fund’s 2016 fiscal year.

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Fair Value Disclosures

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Disclosures

2. Fair Value Disclosures

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At June 30, 2016
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	29,272,138	$	—	$	29,272,138
Net unrealized gain (loss) on open forward currency contracts*		—		4,070,847		4,070,847
Cash and cash equivalents:
Money market fund		24,120,459		—		24,120,459
Investments in securities:
U.S. Treasury securities*		73,613,766		—		73,613,766
Asset backed securities*		—		52,380,686		52,380,686
Commercial paper*		—		68,328,376		68,328,376
Corporate notes*		—		256,071,133		256,071,133
Certificates of deposit*		—		28,996,631		28,996,631
Total	$	127,006,363	$	409,847,673	$	536,854,036

*See the consolidated condensed schedule of investments for further description. 

At December 31, 2015
	Level 1		Level 2			Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	4,412,678	$	—		$	4,412,678
Net unrealized gain (loss) on open forward currency contracts*		—		(1,614,491	)		(1,614,491	)
Net unrealized gain (loss) on swap contract*		—		3,440,896			3,440,896
Cash and cash equivalents:
Money market fund		7,814,672		—			7,814,672
Investments in securities:
U.S. Treasury securities*		76,996,959		—			76,996,959
Asset backed securities*		—		52,248,612			52,248,612
Commercial paper*		—		57,258,212			57,258,212
Corporate notes*		—		264,545,250			264,545,250
Certificates of deposit*		—		22,710,509			22,710,509
Total	$	89,224,309	$	398,588,988		$	487,813,297

*See the consolidated condensed schedule of investments for further description.

There were no Level 3 holdings at June 30, 2016 and December 31, 2015, or during the periods then ended.

In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments.

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Derivative Instruments Disclosures

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments Disclosures

3. Derivative Instruments Disclosures

The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At June 30, 2016, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

June 30, 2016	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	4,195,426	$	(984,307	)	$	3,211,119
Currencies		6,163,841		(663,359	)		5,500,482
Energy		934,820		(1,163,548	)		(228,728	)
Equity indices		3,693,854		(1,846,148	)		1,847,706
Interest rate instruments		20,297,165		(2,247,949	)		18,049,216
Metals		10,844,422		(10,287,195	)		557,227
Single stock futures		576,544		(241,428	)		335,116
Net unrealized gain (loss) on open futures contracts	$	46,706,072	$	(17,433,934	)	$	29,272,138
Net unrealized gain (loss) on open forward currency contracts	$	13,809,612	$	(9,738,765	)	$	4,070,847

At June 30, 2016, there were 52,047 open futures contracts and 2,703 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at June 30, 2016 were:

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	143,931	$	—	$	—	$	143,931
Deutsche Bank Securities, Inc.		218,913		—		—		218,913
JP Morgan Securities, LLC		4,782,930		—		—		4,782,930
SG Americas Securities, LLC		24,270,295		—		—		24,270,295
Société Générale Newedge UK Limited		1,691,036		—		—		1,691,036
UBS AG		2,235,880		—		—		2,235,880
Total	$	33,342,985	$	—	$	—	$	33,342,985

For the three and six months ended June 30, 2016, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended June 30, 2016						Six Months Ended June 30, 2016
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(190,529	)	$	2,408,534		$	(2,910,407	)	$	1,741,058
Currencies		(1,027,026	)		4,914,015			(1,605,859	)		3,401,221
Energy		(8,811,210	)		(40,256	)		8,399,839			(3,814,995	)
Equity indices		(17,611,068	)		591,488			(18,256,874	)		3,274,549
Interest rate instruments		10,481,524			14,446,300			45,527,021			22,245,184
Metals		(2,762,445	)		2,062,809			(5,300,003	)		(2,183,411	)
Single stock futures		111,974			49,183			(53,896	)		195,854
Total futures contracts		(19,808,780	)		24,432,073			25,799,821			24,859,460
Forward currency contracts		(2,497,769	)		2,425,438			(2,854,376	)		5,685,338
Swap contract		—			—			8,706,658			(3,440,896	)
Total futures, forward currency and swap contracts	$	(22,306,549	)	$	26,857,511		$	31,652,103		$	27,103,902

For the three months ended June 30, 2016, the number of futures contracts closed was 507,922 and the number of forward currency contracts closed was 42,773. For the six months ended June 30, 2016, the number of futures contracts closed was 944,150 and the number of forward currency contracts closed was 81,938.

At December 31, 2015, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

December 31, 2015	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	2,931,852	$	(1,461,791	)	$	1,470,061
Currencies		3,316,471		(1,217,210	)		2,099,261
Energy		7,683,689		(4,097,422	)		3,586,267
Equity indices		1,783,774		(3,210,617	)		(1,426,843	)
Interest rate instruments		3,071,712		(7,267,680	)		(4,195,968	)
Metals		10,856,826		(8,116,188	)		2,740,638
Single stock futures		349,078		(209,816	)		139,262
Net unrealized gain (loss) on open futures contracts	$	29,993,402	$	(25,580,724	)	$	4,412,678
Net unrealized gain (loss) on open forward currency contracts	$	5,908,603	$	(7,523,094	)	$	(1,614,491	)
Net unrealized gain (loss) on swap contract*	$	3,440,896	$	—		$	3,440,896

*At December 31, 2015, the sector exposure of the CTA indices underlying the swap was:

Agricultural commodities	6	%
Currencies	22	%
Energy	5	%
Equity indices	12	%
Interest rate instruments	47	%
Metals	8	%
Total	100	%

At December 31, 2015, there were 62,863 open futures contracts and 2,065 open forward currency contracts.

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2015 were:

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	3,453,274		$	—	$	—	$	3,453,274
Deutsche Bank Securities, Inc.		(54,937	)		—		—		(54,937	)
JP Morgan Securities, LLC		(1,431,600	)		—		—		(1,431,600	)
SG Americas Securities, LLC		5,899,215			—		—		5,899,215
Société Générale Newedge UK Limited		(1,576,239	)		—		—		(1,576,239	)
UBS AG		(50,630	)		—		—		(50,630	)
Total	$	6,239,083		$	—	$	—	$	6,239,083

For the three and six months ended June 30, 2015, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended June 30, 2015						Six Months Ended June 30, 2015
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(2,233,902	)	$	(5,826,320	)	$	(4,440,817	)	$	(3,882,276	)
Currencies		(10,749,805	)		3,418			5,357,540			(3,894,078	)
Energy		(12,596,660	)		(2,481,495	)		(2,940,199	)		(10,088,284	)
Equity indices		(272,627	)		(7,139,340	)		24,755,912			(8,628,383	)
Interest rate instruments		(13,351,590	)		(12,003,708	)		16,805,171			(12,096,380	)
Metals		(5,012,695	)		2,508,333			(8,887,110	)		1,647,527
Single stock futures		(744,668	)		260,250			(770,914	)		(294,375	)
Total futures contracts		(44,961,947	)		(24,678,862	)		29,879,583			(37,236,249	)
Forward currency contracts		(6,278,438	)		(1,321,130	)		(4,847,408	)		(299,616	)
Swap contract		—			(6,031,161	)		—			(2,617,957	)
Total futures, forward currency and swap contracts	$	(51,240,385	)	$	(32,031,153	)	$	25,032,175		$	(40,153,822	)

For the three months ended June 30, 2015, the number of futures contracts closed was 544,009 and the number of forward currency contracts closed was 45,348. For the six months ended June 30, 2015, the number of futures contracts closed was 1,001,392 and the number of forward currency contracts closed was 72,818.

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General Partner

6 Months Ended

Jun. 30, 2016

General Partner

General Partner

4. General Partner

At June 30, 2016 and December 31, 2015, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund; however, the beneficiary of the majority shareholder of the General Partner had the following investment in Class I Units:

	June 30, 2016		December 31, 2015
Units Owned		254.4114		254.4114
Value of Units	$	268,707	$	250,383

The General Partner earns the following compensation:  

• General Partner Management Fee – the Fund incurs a monthly fee on Class A and Class B Units equal to 1/12^th of 1.5% of the month-end net asset value of the Class A and Class B Units, payable in arrears. The Fund incurs a monthly fee on Class I Units equal to 1/12^th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears.

• General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of new profits of the Class I Units calculated monthly. The general partner performance fee is payable quarterly in arrears.

• Management fee – SMFF incurs a monthly fee equal to 1/12^th of 1.25% of the month-end net asset value of the trust, payable in arrears to the General Partner.

• Distribution (12b-1) fee – SMFF incurs a monthly 12b-1 fee of 1/12^th of 0.25% of the month-end net asset value of the Class A and N shares, and 1/12^th of 1% of the month-end value of the Class C shares.

• Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12^th of 2% of the month-end net asset value of the Class A Units. Selling agent fees amounted to $2,026,871 and $2,289,727 for the three months ended June 30, 2016 and 2015, respectively. Selling agent fees amounted to $4,222,372 and $4,748,701 for the six months ended June 30, 2016 and 2015, respectively. Such amounts are included in selling agent and broker dealer servicing fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner.

• Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12^th of 0.2% of the month-end net asset value of the Class B Units. Broker dealer servicing fees amounted to $102,512 and $123,904 for the three months ended June 30, 2016 and 2015, respectively. Broker dealer servicing fees amounted to $211,870 and $261,257 for the six months ended June 30, 2016 and 2015, respectively. Such amounts are included in selling agent and broker dealer servicing fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner.

• Operating Services Fee – SMFF incurs a monthly fee equal to 1/12^th of 0.5% of the month-end net asset value of the trust, payable to the General Partner. The General Partner, in turn, pays the operating expenses of the trust, pursuant to an operating services agreement between the parties.

• Administrative Expenses – the Fund incurs a monthly fee equal to 1/12^th of 0.45% of the month-end net asset value of the fund, payable in arrears to the General Partner. The General Partner, in turn, pays the administrative expenses of the Fund. Administrative expenses include accounting, audit, legal, salary and administrative costs incurred by the General Partner relating to marketing and administration of the Fund; such as, salaries and commissions of General Partner marketing personnel, administrative employee salaries and related costs.

Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations.

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Trading Advisors and Cash Managers

6 Months Ended

Jun. 30, 2016

Trading Advisor And Cash Managers

Trading Advisors and Cash Managers

5. Trading Advisors and Cash Managers

The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0% to 1.5% per annum of allocated net assets (as defined in each respective advisory agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs advisor incentive fees, payable quarterly in arrears, ranging from 0% to 30% of net new trading profits (as defined in each respective advisory agreement).

J.P. Morgan Investment Management, Inc. and Principal Global Investors, LLC (collectively, the “Cash Managers”) provide cash management services to the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12^th of 0.10% of the investments in securities and certificates of deposit.

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Deposits with Brokers

6 Months Ended

Jun. 30, 2016

Deposits With Brokers

Deposits with Brokers

6. Deposits with Brokers

To meet margin requirements, the Fund deposits funds with brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with brokers. At June 30, 2016 and December 31, 2015, the Fund had margin deposit requirements of $78,927,934 and $98,809,677, respectively.

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Subscriptions, Distributions and Redemptions

6 Months Ended

Jun. 30, 2016

Partners' Capital Notes [Abstract]

Subscriptions, Distributions and Redemptions

7. Subscriptions, Distributions and Redemptions

Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000 for Class A and B units and $2,000,000 for Class I units. Units are sold at the respective net asset value per unit for Class A, B or I interests as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At June 30, 2016 and December 31, 2015, the Fund received advance subscriptions of $1,657,373 and $1,086,965, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to period-end.

The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, Class B or Class I Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement.

The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or other self-regulatory organization regulations.

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Trading Activities and Related Risks

6 Months Ended

Jun. 30, 2016

Trading Activities And Related Risks

Trading Activities and Related Risks

8. Trading Activities and Related Risks

The Fund engages in the speculative trading of futures, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses SG Americas Securities, LLC, JP Morgan Securities, LLC and Deutsche Bank Securities, Inc. as its futures brokers and Société Générale Newedge UK Limited, UBS AG and Deutsche Bank AG as its forward currency counterparties.

For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short.

In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions.

In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund.

The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement.

The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits.

The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments.

Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises.  The following table presents the exposure at June 30, 2016.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Certificates of Deposit		Total		% of Partners’ Capital (Net Asset Value)
United States	$	73,613,766	$	49,020,291	$	217,361,819	$	52,380,686	$	27,699,253	$	420,075,815		65.11	%
Australia		—		698,468		11,015,740		—		—		11,714,208		1.82	%
Netherlands		—		—		8,104,238		—		—		8,104,238		1.26	%
Canada		—		2,898,613		4,501,730		—		591,409		7,991,752		1.24	%
Luxembourg		—		—		6,829,436		—		—		6,829,436		1.06	%
Great Britain		—		4,336,675		1,619,204		—		—		5,955,879		0.92	%
France		—		4,983,465		—		—		—		4,983,465		0.77	%
Sweden		—		499,534		2,731,360		—		705,969		3,936,863		0.61	%
Japan		—		—		2,378,968		—		—		2,378,968		0.37	%
Bermuda		—		2,198,731		—		—		—		2,198,731		0.34	%
Singapore		—		1,699,805		—		—		—		1,699,805		0.26	%
Germany		—		1,493,141		—		—		—		1,493,141		0.23	%
Mexico		—		—		1,300,237		—		—		1,300,237		0.20	%
Norway		—		499,653		—				—		499,653		0.08	%
Cayman Islands		—		—		228,401		—		—		228,401		0.04	%
Total	$	73,613,766	$	68,328,376	$	256,071,133	$	52,380,686	$	28,996,631	$	479,390,592		74.31	%

The following table presents the exposure at December 31, 2015.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Certificates of Deposit		Total		% of Partners’ Capital (Net Asset Value)
United States	$	76,996,959	$	35,057,379	$	196,888,445	$	52,248,612	$	14,993,807	$	376,185,202		58.41	%
Australia		—		3,094,764		10,524,403		—		—		13,619,167		2.12	%
Switzerland		—		—		9,753,172		—		—		9,753,172		1.52	%
Netherlands		—		—		12,340,048		—		—		12,340,048		1.92	%
Great Britain		—		2,698,571		7,189,651		—		—		9,888,222		1.54	%
Japan		—		5,797,609		3,585,734		—		—		9,383,343		1.46	%
Canada		—		899,078		4,466,438		—		4,001,034		9,366,550		1.46	%
Luxumbourg		—		—		6,870,944		—		—		6,870,944		1.07	%
Sweden		—		449,810		3,798,693		—		1,705,349		5,953,852		0.93	%
British Virgin Islands		—		—		4,798,968		—		—		4,798,968		0.75	%
France		—		4,067,748		—		—		—		4,067,748		0.63	%
Norway		—		2,998,889		—		—		—		2,998,889		0.47	%
Germany		—		—		767,886		—		2,010,319		2,778,205		0.43	%
Hong Kong		—		1,394,628		—		—		—		1,394,628		0.22	%
Mexico		—		—		1,300,842		—		—		1,300,842		0.20	%
Spain		—		—		1,017,721		—		—		1,017,721		0.16	%
Ireland		—		—		1,012,921		—		—		1,012,921		0.16	%
Singapore		—		799,736		—		—		—		799,736		0.12	%
Cayman Islands		—		—		229,384		—		—		229,384		0.04	%
Total	$	76,996,959	$	57,258,212	$	264,545,250	$	52,248,612	$	22,710,509	$	473,759,542		73.61	%

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Indemnifications

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Indemnifications

9. Indemnifications

In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for such indemnifications.

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Interim Financial Statements

6 Months Ended

Jun. 30, 2016

Interim Financial Statements

Interim Financial Statements

10. Interim Financial Statements

The consolidated statements of financial condition, including the consolidated condensed schedule of investments, at June 30, 2016, the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015, the consolidated statements of cash flows and consolidated statement of changes in partners’ capital (net asset value) for the six months ended June 30, 2016 and 2015, and the accompanying notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such consolidated financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at June 30, 2016, results of operations, cash flows and changes in partners’ capital (net asset value) for the three months ended June 30, 2016 and 2015. The results of operations for the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the full year or any other period. These consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC.

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Financial Highlights

6 Months Ended

Jun. 30, 2016

Financial Highlights

Financial Highlights

11. Financial Highlights

The following information presents per unit operating performance data and other ratios for the three and six months ended June 30, 2016 and 2015, assuming the unit was outstanding throughout the entire period:

	Three Months Ended June 30,
	2016									2015
		Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,494.66		$	6,583.48		$	1,056.56		$	4,693.39		$	6,753.46		$	1,073.92
Net realized and change in unrealized gain (loss) on investments (1)		28.03			42.29			6.78			(512.66	)		(738.50	)		(117.72	)
Net investment income (loss) (1)		(60.66	)		(60.84	)		(7.15	)		(48.92	)		(42.99	)		(4.20	)
Total income (loss) from operations		(32.63	)		(18.55	)		(0.37	)		(561.58	)		(781.49	)		(121.92	)
Net asset value per unit, end of period	$	4,462.03		$	6,564.93		$	1,056.19		$	4,131.81		$	5,971.97		$	952.00
Total return (4)		(0.73	)%		(0.28	)%		(0.03	)%		(11.97	)%		(11.57	)%		(11.35	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		6.42	%		4.64	%		3.60	%		5.37	%		3.63	%		2.57	%
General Partner 1% allocation (4)		(0.01	)%		0.00	%		0.00	%		(0.13	)%		(0.12	)%		(0.12	)%
Net total expenses		6.41	%		4.64	%		3.60	%		5.24	%		3.51	%		2.45	%
Net investment income (loss) (2) (3) (5)		(5.59	)%		(3.81	)%		(2.78	)%		(4.92	)%		(3.18	)%		(2.13	)%

	Six Months Ended June 30,
	2016									2015
		Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,212.26		$	6,142.34		$	984.17		$	4,414.30		$	6,323.56		$	1,004.98
Net realized and change in unrealized gain (loss) on investments (1)		380.01			554.80			88.79			(115.61	)		(166.37	)		(27.63	)
Net investment income (loss) (1)		(130.24	)		(132.21	)		(16.77	)		(166.88	)		(185.22	)		(25.35	)
Total income (loss) from operations		249.77			422.59			72.02			(282.49	)		(351.59	)		(52.98	)
Net asset value per unit, end of period	$	4,462.03		$	6,564.93		$	1,056.19		$	4,131.81		$	5,971.97		$	952.00
Total return (4)		5.93	%		6.88	%		7.32	%		(6.40	)%		(5.56	)%		(5.27	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		6.58	%		4.74	%		3.87	%		8.00	%		6.27	%		5.49	%
General Partner 1% allocation (4)		0.06	%		0.07	%		0.07	%		(0.06	)%		(0.05	)%		(0.06	)%
Net total expenses		6.64	%		4.81	%		3.94	%		7.94	%		6.22	%		5.43	%
Net investment income (loss) (2) (3) (5)		(5.81	)%		(3.97	)%		(3.10	)%		(7.57	)%		(5.84	)%		(5.06	)%

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

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

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

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes General Partner 1% allocation.

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Organization and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Principles

Accounting Principles

The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”).

Consolidation

Consolidation

The accompanying consolidated financial statements include the accounts of the Fund and SMFF, for which the Fund was the majority shareholder. Intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

Revenue Recognition

Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds.

Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and U.S. government sponsored enterprise notes.

Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment.

The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended June 30, 2016 and year ended December 31, 2015, there were no such transfers between levels.

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows.

U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are classified within Level 2.

The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The fair value of the swap investment is based on quoted market prices for the underlying contracts of the trading advisor programs within the swap and is classified within Level 2.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk.

Brokerage Commissions and Trading Expenses

Brokerage Commissions and Trading Expenses

Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed.

Redemptions Payable

Redemptions Payable

Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit.

Income Taxes

Income Taxes

The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through June 30, 2016. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2012.

Foreign Currency Transactions

Foreign Currency Transactions

The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations.

Swap Agreement

Swap Agreement

Through its investment in SMFF, the Fund had a total return swap agreement with Deutsche Bank AG. This two-party contract was entered to exchange, or swap, the returns realized on a basket of CTA programs. At December 31, 2015, the notional value of the swap was $98,065,907 and SMFF had provided $12,796,500 as collateral. The collateral was included in cash in broker trading accounts in the consolidated statements of financial condition. Effective March 1, 2016, SMFF terminated the swap agreement. All proceeds from the swap, as well as the collateral, were received by SMFF prior to March 31, 2016.

Reclassification

Reclassification

Certain amounts reported in the 2015 consolidated financial statements may have been reclassified to conform to the 2016 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss).

New Accounting Pronouncements

New Accounting Pronouncements

Revenue from Contracts with Customers

In May 2014, the Financial Accounting Standards Board issued guidance that replaces the existing accounting standards for revenue recognition. The guidance provides a new model to determine when and over what period revenue is recognized. Under this new model, revenue is recognized as goods or services are delivered in an amount that reflects the consideration to be received. In March 2016, the FASB issued an Accounting Standards Update (“ASU”), Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the principal versus agent guidance in the new revenue recognition standard. In April 2016, the FASB issued an ASU, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies the guidance on accounting for licenses of intellectual property and identifying performance obligations in the new revenue recognition standard. In May 2016, the FASB issued an ASU, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedient, which clarifies the transition, collectability, noncash consideration and the presentation of sales and other similar taxes in the new revenue recognition standard. The guidance is effective for fiscal years beginning after December 15, 2017; early adoption is permitted for periods beginning after December 15, 2016. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The Fund does not expect any material change as a result of adopting this guidance.

 Business Combinations

In December 2014, the FASB issued guidance that supplements existing accounting standards for business combinations. The guidance provides clarification concerning accounting for identifiable intangible assets in a business combination. This standard is effective beginning the first quarter of the Fund’s 2016 fiscal year.

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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured on recurring basis

The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements:

At June 30, 2016
	Level 1		Level 2		Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	29,272,138	$	—	$	29,272,138
Net unrealized gain (loss) on open forward currency contracts*		—		4,070,847		4,070,847
Cash and cash equivalents:
Money market fund		24,120,459		—		24,120,459
Investments in securities:
U.S. Treasury securities*		73,613,766		—		73,613,766
Asset backed securities*		—		52,380,686		52,380,686
Commercial paper*		—		68,328,376		68,328,376
Corporate notes*		—		256,071,133		256,071,133
Certificates of deposit*		—		28,996,631		28,996,631
Total	$	127,006,363	$	409,847,673	$	536,854,036

*See the consolidated condensed schedule of investments for further description. 

At December 31, 2015
	Level 1		Level 2			Total
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts*	$	4,412,678	$	—		$	4,412,678
Net unrealized gain (loss) on open forward currency contracts*		—		(1,614,491	)		(1,614,491	)
Net unrealized gain (loss) on swap contract*		—		3,440,896			3,440,896
Cash and cash equivalents:
Money market fund		7,814,672		—			7,814,672
Investments in securities:
U.S. Treasury securities*		76,996,959		—			76,996,959
Asset backed securities*		—		52,248,612			52,248,612
Commercial paper*		—		57,258,212			57,258,212
Corporate notes*		—		264,545,250			264,545,250
Certificates of deposit*		—		22,710,509			22,710,509
Total	$	89,224,309	$	398,588,988		$	487,813,297

*See the consolidated condensed schedule of investments for further description.

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Derivative Instruments Disclosures (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of impact of derivative contracts in statement of financial position

At June 30, 2016, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

June 30, 2016	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	4,195,426	$	(984,307	)	$	3,211,119
Currencies		6,163,841		(663,359	)		5,500,482
Energy		934,820		(1,163,548	)		(228,728	)
Equity indices		3,693,854		(1,846,148	)		1,847,706
Interest rate instruments		20,297,165		(2,247,949	)		18,049,216
Metals		10,844,422		(10,287,195	)		557,227
Single stock futures		576,544		(241,428	)		335,116
Net unrealized gain (loss) on open futures contracts	$	46,706,072	$	(17,433,934	)	$	29,272,138
Net unrealized gain (loss) on open forward currency contracts	$	13,809,612	$	(9,738,765	)	$	4,070,847

At December 31, 2015, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition:

December 31, 2015	Derivative Assets and Liabilities, at fair value
Consolidated Statements of Financial Condition Location	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amount of Assets Presented in the Statements of Financial Condition
Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts
Agricultural commodities	$	2,931,852	$	(1,461,791	)	$	1,470,061
Currencies		3,316,471		(1,217,210	)		2,099,261
Energy		7,683,689		(4,097,422	)		3,586,267
Equity indices		1,783,774		(3,210,617	)		(1,426,843	)
Interest rate instruments		3,071,712		(7,267,680	)		(4,195,968	)
Metals		10,856,826		(8,116,188	)		2,740,638
Single stock futures		349,078		(209,816	)		139,262
Net unrealized gain (loss) on open futures contracts	$	29,993,402	$	(25,580,724	)	$	4,412,678
Net unrealized gain (loss) on open forward currency contracts	$	5,908,603	$	(7,523,094	)	$	(1,614,491	)
Net unrealized gain (loss) on swap contract*	$	3,440,896	$	—		$	3,440,896

Schedule of sector exposure of the CTA indices

*At December 31, 2015, the sector exposure of the CTA indices underlying the swap was:

Agricultural commodities	6	%
Currencies	22	%
Energy	5	%
Equity indices	12	%
Interest rate instruments	47	%
Metals	8	%
Total	100	%

Schedule of financial assets, derivative assets, and cash collateral held by counterparties

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at June 30, 2016 were:

			Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition		Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	143,931	$	—	$	—	$	143,931
Deutsche Bank Securities, Inc.		218,913		—		—		218,913
JP Morgan Securities, LLC		4,782,930		—		—		4,782,930
SG Americas Securities, LLC		24,270,295		—		—		24,270,295
Société Générale Newedge UK Limited		1,691,036		—		—		1,691,036
UBS AG		2,235,880		—		—		2,235,880
Total	$	33,342,985	$	—	$	—	$	33,342,985

The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2015 were: 

				Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty	Net Amount of Assets in the Statements of Financial Condition			Financial Instruments		Cash Collateral Received		Net Amount
Deutsche Bank AG	$	3,453,274		$	—	$	—	$	3,453,274
Deutsche Bank Securities, Inc.		(54,937	)		—		—		(54,937	)
JP Morgan Securities, LLC		(1,431,600	)		—		—		(1,431,600	)
SG Americas Securities, LLC		5,899,215			—		—		5,899,215
Société Générale Newedge UK Limited		(1,576,239	)		—		—		(1,576,239	)
UBS AG		(50,630	)		—		—		(50,630	)
Total	$	6,239,083		$	—	$	—	$	6,239,083

Schedule of derivative contracts, impact on the statements of operations

For the three and six months ended June 30, 2016, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended June 30, 2016						Six Months Ended June 30, 2016
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(190,529	)	$	2,408,534		$	(2,910,407	)	$	1,741,058
Currencies		(1,027,026	)		4,914,015			(1,605,859	)		3,401,221
Energy		(8,811,210	)		(40,256	)		8,399,839			(3,814,995	)
Equity indices		(17,611,068	)		591,488			(18,256,874	)		3,274,549
Interest rate instruments		10,481,524			14,446,300			45,527,021			22,245,184
Metals		(2,762,445	)		2,062,809			(5,300,003	)		(2,183,411	)
Single stock futures		111,974			49,183			(53,896	)		195,854
Total futures contracts		(19,808,780	)		24,432,073			25,799,821			24,859,460
Forward currency contracts		(2,497,769	)		2,425,438			(2,854,376	)		5,685,338
Swap contract		—			—			8,706,658			(3,440,896	)
Total futures, forward currency and swap contracts	$	(22,306,549	)	$	26,857,511		$	31,652,103		$	27,103,902

For the three and six months ended June 30, 2015, the Fund’s derivative contracts had the following impact on the consolidated statements of operations:

	Three Months Ended June 30, 2015						Six Months Ended June 30, 2015
Types of Exposure	Net realized gain (loss)			Net change in unrealized gain (loss)			Net realized gain (loss)			Net change in unrealized gain (loss)
Futures contracts
Agricultural commodities	$	(2,233,902	)	$	(5,826,320	)	$	(4,440,817	)	$	(3,882,276	)
Currencies		(10,749,805	)		3,418			5,357,540			(3,894,078	)
Energy		(12,596,660	)		(2,481,495	)		(2,940,199	)		(10,088,284	)
Equity indices		(272,627	)		(7,139,340	)		24,755,912			(8,628,383	)
Interest rate instruments		(13,351,590	)		(12,003,708	)		16,805,171			(12,096,380	)
Metals		(5,012,695	)		2,508,333			(8,887,110	)		1,647,527
Single stock futures		(744,668	)		260,250			(770,914	)		(294,375	)
Total futures contracts		(44,961,947	)		(24,678,862	)		29,879,583			(37,236,249	)
Forward currency contracts		(6,278,438	)		(1,321,130	)		(4,847,408	)		(299,616	)
Swap contract		—			(6,031,161	)		—			(2,617,957	)
Total futures, forward currency and swap contracts	$	(51,240,385	)	$	(32,031,153	)	$	25,032,175		$	(40,153,822	)

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General Partner (Tables)

6 Months Ended

Jun. 30, 2016

General Partner

Schedule of investment of beneficiary of majority shareholder

At June 30, 2016 and December 31, 2015, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund; however, the beneficiary of the majority shareholder of the General Partner had the following investment in Class I Units:

	June 30, 2016		December 31, 2015
Units Owned		254.4114		254.4114
Value of Units	$	268,707	$	250,383

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Trading Activities and Related Risks (Tables)

6 Months Ended

Jun. 30, 2016

Trading Activities And Related Risks

Schedule of exposure in investments

The following table presents the exposure at June 30, 2016.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Certificates of Deposit		Total		% of Partners’ Capital (Net Asset Value)
United States	$	73,613,766	$	49,020,291	$	217,361,819	$	52,380,686	$	27,699,253	$	420,075,815		65.11	%
Australia		—		698,468		11,015,740		—		—		11,714,208		1.82	%
Netherlands		—		—		8,104,238		—		—		8,104,238		1.26	%
Canada		—		2,898,613		4,501,730		—		591,409		7,991,752		1.24	%
Luxembourg		—		—		6,829,436		—		—		6,829,436		1.06	%
Great Britain		—		4,336,675		1,619,204		—		—		5,955,879		0.92	%
France		—		4,983,465		—		—		—		4,983,465		0.77	%
Sweden		—		499,534		2,731,360		—		705,969		3,936,863		0.61	%
Japan		—		—		2,378,968		—		—		2,378,968		0.37	%
Bermuda		—		2,198,731		—		—		—		2,198,731		0.34	%
Singapore		—		1,699,805		—		—		—		1,699,805		0.26	%
Germany		—		1,493,141		—		—		—		1,493,141		0.23	%
Mexico		—		—		1,300,237		—		—		1,300,237		0.20	%
Norway		—		499,653		—				—		499,653		0.08	%
Cayman Islands		—		—		228,401		—		—		228,401		0.04	%
Total	$	73,613,766	$	68,328,376	$	256,071,133	$	52,380,686	$	28,996,631	$	479,390,592		74.31	%

The following table presents the exposure at December 31, 2015.

Country or Region	U.S. Treasury Securities		Commercial Paper		Corporate Notes		Asset Backed Securities		Certificates of Deposit		Total		% of Partners’ Capital (Net Asset Value)
United States	$	76,996,959	$	35,057,379	$	196,888,445	$	52,248,612	$	14,993,807	$	376,185,202		58.41	%
Australia		—		3,094,764		10,524,403		—		—		13,619,167		2.12	%
Switzerland		—		—		9,753,172		—		—		9,753,172		1.52	%
Netherlands		—		—		12,340,048		—		—		12,340,048		1.92	%
Great Britain		—		2,698,571		7,189,651		—		—		9,888,222		1.54	%
Japan		—		5,797,609		3,585,734		—		—		9,383,343		1.46	%
Canada		—		899,078		4,466,438		—		4,001,034		9,366,550		1.46	%
Luxumbourg		—		—		6,870,944		—		—		6,870,944		1.07	%
Sweden		—		449,810		3,798,693		—		1,705,349		5,953,852		0.93	%
British Virgin Islands		—		—		4,798,968		—		—		4,798,968		0.75	%
France		—		4,067,748		—		—		—		4,067,748		0.63	%
Norway		—		2,998,889		—		—		—		2,998,889		0.47	%
Germany		—		—		767,886		—		2,010,319		2,778,205		0.43	%
Hong Kong		—		1,394,628		—		—		—		1,394,628		0.22	%
Mexico		—		—		1,300,842		—		—		1,300,842		0.20	%
Spain		—		—		1,017,721		—		—		1,017,721		0.16	%
Ireland		—		—		1,012,921		—		—		1,012,921		0.16	%
Singapore		—		799,736		—		—		—		799,736		0.12	%
Cayman Islands		—		—		229,384		—		—		229,384		0.04	%
Total	$	76,996,959	$	57,258,212	$	264,545,250	$	52,248,612	$	22,710,509	$	473,759,542		73.61	%

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2016

Financial Highlights

Schedule of per unit operating performance data and other financial ratios

The following information presents per unit operating performance data and other ratios for the three and six months ended June 30, 2016 and 2015, assuming the unit was outstanding throughout the entire period:

	Three Months Ended June 30,
	2016									2015
		Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,494.66		$	6,583.48		$	1,056.56		$	4,693.39		$	6,753.46		$	1,073.92
Net realized and change in unrealized gain (loss) on investments (1)		28.03			42.29			6.78			(512.66	)		(738.50	)		(117.72	)
Net investment income (loss) (1)		(60.66	)		(60.84	)		(7.15	)		(48.92	)		(42.99	)		(4.20	)
Total income (loss) from operations		(32.63	)		(18.55	)		(0.37	)		(561.58	)		(781.49	)		(121.92	)
Net asset value per unit, end of period	$	4,462.03		$	6,564.93		$	1,056.19		$	4,131.81		$	5,971.97		$	952.00
Total return (4)		(0.73	)%		(0.28	)%		(0.03	)%		(11.97	)%		(11.57	)%		(11.35	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		6.42	%		4.64	%		3.60	%		5.37	%		3.63	%		2.57	%
General Partner 1% allocation (4)		(0.01	)%		0.00	%		0.00	%		(0.13	)%		(0.12	)%		(0.12	)%
Net total expenses		6.41	%		4.64	%		3.60	%		5.24	%		3.51	%		2.45	%
Net investment income (loss) (2) (3) (5)		(5.59	)%		(3.81	)%		(2.78	)%		(4.92	)%		(3.18	)%		(2.13	)%

	Six Months Ended June 30,
	2016									2015
		Class A			Class B			Class I			Class A			Class B			Class I
Per Unit Operating Performance
Net asset value per unit, beginning of period	$	4,212.26		$	6,142.34		$	984.17		$	4,414.30		$	6,323.56		$	1,004.98
Net realized and change in unrealized gain (loss) on investments (1)		380.01			554.80			88.79			(115.61	)		(166.37	)		(27.63	)
Net investment income (loss) (1)		(130.24	)		(132.21	)		(16.77	)		(166.88	)		(185.22	)		(25.35	)
Total income (loss) from operations		249.77			422.59			72.02			(282.49	)		(351.59	)		(52.98	)
Net asset value per unit, end of period	$	4,462.03		$	6,564.93		$	1,056.19		$	4,131.81		$	5,971.97		$	952.00
Total return (4)		5.93	%		6.88	%		7.32	%		(6.40	)%		(5.56	)%		(5.27	)%
Other Financial Ratios
Ratios to average net asset value
Expenses prior to General Partner 1% allocation (2) (3)		6.58	%		4.74	%		3.87	%		8.00	%		6.27	%		5.49	%
General Partner 1% allocation (4)		0.06	%		0.07	%		0.07	%		(0.06	)%		(0.05	)%		(0.06	)%
Net total expenses		6.64	%		4.81	%		3.94	%		7.94	%		6.22	%		5.43	%
Net investment income (loss) (2) (3) (5)		(5.81	)%		(3.97	)%		(3.10	)%		(7.57	)%		(5.84	)%		(5.06	)%

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

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

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

⁽³⁾ Ratios have been annualized.

⁽⁴⁾ Ratios have not been annualized.

⁽⁵⁾ Ratio excludes General Partner 1% allocation.

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Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Dec. 31, 2014
Notional amount		$ 98,065,907
Derivative asset collateral		12,796,500
Class I [Member]
Total investment amount in Steben Institutional Fund LLC			$ 58,500,000
Total redemption amount in Steben Institutional Fund LLC		$ 7,000,000
Class I [Member] | General Partner [Member]
Percentage of management fees, current	0.75%
Percentage of management fees, prior	0.75%
Percentage of performance fee	7.50%
Class A [Member]
Percentage of selling agent fee	2.00%
Class A [Member] | General Partner [Member]
Percentage of management fees, prior	1.50%
Class B [Member]
Percentage of broker dealer servicing fee	0.20%
Class B [Member] | General Partner [Member]
Percentage of management fees, prior	1.50%

XML

Fair Value Disclosures (Details) - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts		$ 29,272,138	$ 4,412,678
Net unrealized gain (loss) on open forward currency contracts		4,070,847	(1,614,491)
Recurring [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	[1]	29,272,138	4,412,678
Net unrealized gain (loss) on open forward currency contracts	[1]	4,070,847	(1,614,491)
Net unrealized gain (loss) on swap contract	[1]		3,440,896
Cash and cash equivalents:
Money market fund		24,120,459	7,814,672
Total		536,854,036	487,813,297
Recurring [Member] | U.S. Treasury Securities [Member]
Cash and cash equivalents:
Total	[1]	73,613,766	76,996,959
Recurring [Member] | U.S. Asset-backed Securities [Member]
Cash and cash equivalents:
Total	[1]	52,380,686	52,248,612
Recurring [Member] | Commercial Paper [Member]
Cash and cash equivalents:
Total	[1]	68,328,376	57,258,212
Recurring [Member] | Corporate Notes [Member]
Cash and cash equivalents:
Total	[1]	256,071,133	264,545,250
Recurring [Member] | Certificates of Deposit [Member]
Cash and cash equivalents:
Total	[1]	28,996,631	22,710,509
Recurring [Member] | Level 1 [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	[1]	29,272,138	4,412,678
Cash and cash equivalents:
Money market fund		24,120,459	7,814,672
Total		127,006,363	89,224,309
Recurring [Member] | Level 1 [Member] | U.S. Treasury Securities [Member]
Cash and cash equivalents:
Total	[1]	73,613,766	76,996,959
Recurring [Member] | Level 2 [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open forward currency contracts	[1]	4,070,847	(1,614,491)
Net unrealized gain (loss) on swap contract	[1]		3,440,896
Cash and cash equivalents:
Total		409,847,673	398,588,988
Recurring [Member] | Level 2 [Member] | U.S. Asset-backed Securities [Member]
Cash and cash equivalents:
Total	[1]	52,380,686	52,248,612
Recurring [Member] | Level 2 [Member] | Commercial Paper [Member]
Cash and cash equivalents:
Total	[1]	68,328,376	57,258,212
Recurring [Member] | Level 2 [Member] | Corporate Notes [Member]
Cash and cash equivalents:
Total	[1]	256,071,133	264,545,250
Recurring [Member] | Level 2 [Member] | Certificates of Deposit [Member]
Cash and cash equivalents:
Total	[1]	$ 28,996,631	$ 22,710,509

[1] See the consolidated condensed schedule of investments for further description.

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Derivative Instruments Disclosures (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	$ 29,272,138	$ 4,412,678
Net unrealized gain (loss) on open forward currency contracts	4,070,847	(1,614,491)
Not Designated as Hedging Instrument [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	29,272,138	4,412,678
Net unrealized gain (loss) on open forward currency contracts	4,070,847	(1,614,491)
Net unrealized gain (loss) on swap contract		3,440,896
Not Designated as Hedging Instrument [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(17,433,934)	(25,580,724)
Net unrealized gain (loss) on open forward currency contracts	(9,738,765)	(7,523,094)
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	3,211,119	1,470,061
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(984,307)	(1,461,791)
Not Designated as Hedging Instrument [Member] | Currencies [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	5,500,482	2,099,261
Not Designated as Hedging Instrument [Member] | Currencies [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(663,359)	(1,217,210)
Not Designated as Hedging Instrument [Member] | Energy [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(228,728)	3,586,267
Not Designated as Hedging Instrument [Member] | Energy [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(1,163,548)	(4,097,422)
Not Designated as Hedging Instrument [Member] | Equity Indices [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	1,847,706	(1,426,843)
Not Designated as Hedging Instrument [Member] | Equity Indices [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(1,846,148)	(3,210,617)
Not Designated as Hedging Instrument [Member] | Interest Rate Instruments [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	18,049,216	(4,195,968)
Not Designated as Hedging Instrument [Member] | Interest Rate Instruments [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(2,247,949)	(7,267,680)
Not Designated as Hedging Instrument [Member] | Metals [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	557,227	2,740,638
Not Designated as Hedging Instrument [Member] | Metals [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(10,287,195)	(8,116,188)
Not Designated as Hedging Instrument [Member] | Single Stock Futures [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	335,116	139,262
Not Designated as Hedging Instrument [Member] | Single Stock Futures [Member] | Liabilities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	(241,428)	(209,816)
Not Designated as Hedging Instrument [Member] | Assets [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	46,706,072	29,993,402
Net unrealized gain (loss) on open forward currency contracts	13,809,612	5,908,603
Net unrealized gain (loss) on swap contract		3,440,896
Not Designated as Hedging Instrument [Member] | Assets [Member] | Agricultural Commodities [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	4,195,426	2,931,852
Not Designated as Hedging Instrument [Member] | Assets [Member] | Currencies [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	6,163,841	3,316,471
Not Designated as Hedging Instrument [Member] | Assets [Member] | Energy [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	934,820	7,683,689
Not Designated as Hedging Instrument [Member] | Assets [Member] | Equity Indices [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	3,693,854	1,783,774
Not Designated as Hedging Instrument [Member] | Assets [Member] | Interest Rate Instruments [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	20,297,165	3,071,712
Not Designated as Hedging Instrument [Member] | Assets [Member] | Metals [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	10,844,422	10,856,826
Not Designated as Hedging Instrument [Member] | Assets [Member] | Single Stock Futures [Member]
Equity in broker trading accounts:
Net unrealized gain (loss) on open futures contracts	$ 576,544	$ 349,078

XML

Derivative Instruments Disclosures (Details 1)	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Sector exposure of the CTA indices	100.00%
Agricultural Commodities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Sector exposure of the CTA indices	6.00%
Currencies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Sector exposure of the CTA indices	22.00%
Energy [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Sector exposure of the CTA indices	5.00%
Equity Indices [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Sector exposure of the CTA indices	12.00%
Interest Rate Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Sector exposure of the CTA indices	47.00%
Metals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Sector exposure of the CTA indices	8.00%

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Derivative Instruments Disclosures (Details 2) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	$ 33,342,985	$ 6,239,083
Financial Instruments (Gross Amounts Not Offset in the Statement of Financial Condition)
Cash Collateral Received (Gross Amounts Not Offset in the Statement of Financial Condition)
Net Amount	33,342,985	6,239,083
3.25% Deutsche Bank AG Due 2016-11-01 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	143,931	3,453,274
Net Amount	143,931	3,453,274
Deutsche Bank Securities, Inc.[Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	218,913	(54,937)
Net Amount	218,913	(54,937)
0.63% J.P. Morgan Securities LLC Due 2016-02-09 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	4,782,930	(1,431,600)
Net Amount	4,782,930	(1,431,600)
SG Americas Securities, LLC [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	24,270,295	5,899,215
Net Amount	24,270,295	5,899,215
Societe Generale Newedge UK Limited [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	1,691,036	(1,576,239)
Net Amount	1,691,036	(1,576,239)
1.23% UBS AG Due 2017-01-06 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Amount of Assets in the Statement of Financial Condition	2,235,880	(50,630)
Net Amount	$ 2,235,880	$ (50,630)

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Derivative Instruments Disclosures (Details 3) - Not Designated as Hedging Instrument [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	$ (19,808,780)	$ (44,961,947)	$ 25,799,821	$ 29,879,583
Net realized gain (loss), Forward contracts	(2,497,769)	(6,278,438)	(2,854,376)	(4,847,408)
Net change in unrealized gain (loss), Future contracts	24,432,073	(24,678,862)	24,859,460	(37,236,249)
Net change in unrealized gain (loss), forward contracts	2,425,438	(1,321,130)	5,685,338	(299,616)
Net realized gain (loss), Investment in swap contract			8,706,658
Net change in unrealized gain (loss), Investment in swap contract		(6,031,161)	(3,440,896)	(2,617,957)
Net realized gain (loss)	(22,306,549)	(51,240,385)	31,652,103	25,032,175
Net change in unrealized gain (loss)	26,857,511	(32,031,153)	27,103,902	(40,153,822)
Agricultural Commodities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(190,529)	(2,233,902)	(2,910,407)	(4,440,817)
Net change in unrealized gain (loss), Future contracts	2,408,534	(5,826,320)	1,741,058	(3,882,276)
Currencies [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(1,027,026)	(10,749,805)	(1,605,859)	5,357,540
Net change in unrealized gain (loss), Future contracts	4,914,015	3,418	3,401,221	(3,894,078)
Energy [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(8,811,210)	(12,596,660)	8,399,839	(2,940,199)
Net change in unrealized gain (loss), Future contracts	(40,256)	(2,481,495)	(3,814,995)	(10,088,284)
Equity Indices [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(17,611,068)	(272,627)	(18,256,874)	24,755,912
Net change in unrealized gain (loss), Future contracts	591,488	(7,139,340)	3,274,549	(8,628,383)
Interest Rate Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	10,481,524	(13,351,590)	45,527,021	16,805,171
Net change in unrealized gain (loss), Future contracts	14,446,300	(12,003,708)	22,245,184	(12,096,380)
Metals [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	(2,762,445)	(5,012,695)	(5,300,003)	(8,887,110)
Net change in unrealized gain (loss), Future contracts	2,062,809	2,508,333	(2,183,411)	1,647,527
Single Stock Futures [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gain (loss), Future contracts	111,974	(744,668)	(53,896)	(770,914)
Net change in unrealized gain (loss), Future contracts	$ 49,183	$ 260,250	$ 195,854	$ (294,375)

XML

Derivative Instruments Disclosures (Details Narrative) - Number	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of futures contracts open			52,047	62,863
Number of forward currency contracts open			2,703	2,065
Number of futures contracts closed	507,922	544,009	944,150	1,001,392
Number of forward currency contracts closed	42,773	45,348	81,938	72,818

XML

General Partner (Details) - Class I [Member] - General Partner [Member] - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Class of units
Units Owned (in shares)	254.4114	254.4114
Value of Units	$ 268,707	$ 250,383

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General Partner (Details Narrative) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Selling Agent and broker dealer servicing fees

$ 2,129,383

$ 2,413,631

$ 4,434,242

$ 5,009,958

General Partner [Member]

Description of management fee

Equal to 1/12th of 1.25% of the month-end net asset value.

Description of admistrative expenses payable fee

Equal to 1/12th of 0.45% of the month-end net asset value.

Description of terms of partnership agreement

Each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations.

Description of operating services Fee

Equal to 1/12th of 0.5% of the month-end net asset value.

Class A [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 1.5% of the month-end net asset value.

Percentage of management fees, prior

1.50%

Description of selling agent fees

Equal to 1/12th of 2% of the month-end net asset value.

Selling Agent and broker dealer servicing fees

2,026,871

2,289,727

$ 4,222,372

4,748,701

Description of distribution fee

Monthly 12b-1 fee of 1/12th of 0.25% of the month-end net asset value.

Class B [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 1.5% of the month-end net asset value.

Percentage of management fees, prior

1.50%

Selling Agent and broker dealer servicing fees

$ 102,512

$ 123,904

$ 211,870

$ 261,257

Description of broker dealer servicing fee

Equal to 1/12th of 0.2% of the month-end net asset value.

Class C [Member] | General Partner [Member]

Description of distribution fee

1/12th of 1% of the month-end value.

Class I [Member] | General Partner [Member]

Description of management fee

Equal to 1/12th of 0.75% of the month-end net asset value.

Percentage of management fees, prior

0.75%

Description of performance fee

Equal to 7.5% of new profits of the Class I Units calculated monthly.

Class N [Member] | General Partner [Member]

Description of distribution fee

Monthly 12b-1 fee of 1/12th of 0.25% of the month-end net asset value.

XML

Trading Advisors and Cash Managers (Details Narrative)	6 Months Ended
	Jun. 30, 2016
Cash Managers [Member]
Cash management services	0.10%
Trading Advisor [Member] | Minimum [Member]
Management fee	0.00%
Incentive fee	0.00%
Trading Advisor [Member] | Maximum [Member]
Management fee	1.50%
Incentive fee	30.00%

XML

Deposits with Brokers (Details Narrative) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Deposits With Brokers
Margin deposit asset requirement	$ 78,927,934	$ 98,809,677

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Subscriptions, Distributions and Redemptions (Details Narrative) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Capital Unit [Line Items]
Subscriptions received in advance	$ 1,657,373	$ 1,086,965
Class A [Member]
Capital Unit [Line Items]
Minimum investment amount	10,000
Class B [Member]
Capital Unit [Line Items]
Minimum investment amount	10,000
Class I [Member]
Capital Unit [Line Items]
Minimum investment amount	$ 2,000,000

XML

Trading Activities and Related Risks (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Total debt securities and certificates of deposit	$ 479,390,592	$ 473,759,542
% of Partners' Capital (Net Asset Value) (in percent)	74.31%	73.61%
United States [Member]
Total debt securities and certificates of deposit	$ 420,075,815	$ 376,185,202
% of Partners' Capital (Net Asset Value) (in percent)	65.11%	58.41%
Australia [Member]
Total debt securities and certificates of deposit	$ 11,714,208	$ 13,619,167
% of Partners' Capital (Net Asset Value) (in percent)	1.82%	2.12%
Switzerland [Member]
Total debt securities and certificates of deposit		$ 9,753,172
% of Partners' Capital (Net Asset Value) (in percent)		1.52%
Netherlands [Member]
Total debt securities and certificates of deposit	$ 8,104,238	$ 12,340,048
% of Partners' Capital (Net Asset Value) (in percent)	1.26%	1.92%
Great Britain [Member]
Total debt securities and certificates of deposit	$ 5,955,879	$ 9,888,222
% of Partners' Capital (Net Asset Value) (in percent)	0.92%	1.54%
Japan [Member]
Total debt securities and certificates of deposit	$ 2,378,968	$ 9,383,343
% of Partners' Capital (Net Asset Value) (in percent)	0.37%	1.46%
Canada [Member]
Total debt securities and certificates of deposit	$ 7,991,752	$ 9,366,550
% of Partners' Capital (Net Asset Value) (in percent)	1.24%	1.46%
Luxumbourg [Member]
Total debt securities and certificates of deposit	$ 6,829,436	$ 6,870,944
% of Partners' Capital (Net Asset Value) (in percent)	1.06%	1.07%
Sweden [Member]
Total debt securities and certificates of deposit	$ 3,936,863	$ 5,953,852
% of Partners' Capital (Net Asset Value) (in percent)	0.61%	0.93%
British Virgin Islands [Member]
Total debt securities and certificates of deposit		$ 4,798,968
% of Partners' Capital (Net Asset Value) (in percent)		0.75%
France [Member]
Total debt securities and certificates of deposit	$ 4,983,465	$ 4,067,748
% of Partners' Capital (Net Asset Value) (in percent)	0.77%	0.63%
Norway [Member]
Total debt securities and certificates of deposit	$ 499,653	$ 2,998,889
% of Partners' Capital (Net Asset Value) (in percent)	0.08%	0.47%
Germany [Member]
Total debt securities and certificates of deposit	$ 1,493,141	$ 2,778,205
% of Partners' Capital (Net Asset Value) (in percent)	0.23%	0.43%
Hong Kong [Member]
Total debt securities and certificates of deposit		$ 1,394,628
% of Partners' Capital (Net Asset Value) (in percent)		0.22%
Mexico [Member]
Total debt securities and certificates of deposit	$ 1,300,237	$ 1,300,842
% of Partners' Capital (Net Asset Value) (in percent)	0.20%	0.20%
Spain [Member]
Total debt securities and certificates of deposit		$ 1,017,721
% of Partners' Capital (Net Asset Value) (in percent)		0.16%
Ireland [Member]
Total debt securities and certificates of deposit		$ 1,012,921
% of Partners' Capital (Net Asset Value) (in percent)		0.16%
Singapore [Member]
Total debt securities and certificates of deposit	$ 1,699,805	$ 799,736
% of Partners' Capital (Net Asset Value) (in percent)	0.26%	0.12%
Cayman Islands [Member]
Total debt securities and certificates of deposit	$ 228,401	$ 229,384
% of Partners' Capital (Net Asset Value) (in percent)	0.04%	0.04%
Bermuda [Member]
Total debt securities and certificates of deposit	$ 2,198,731
% of Partners' Capital (Net Asset Value) (in percent)	0.34%
U.S. Treasury Securities [Member]
Total debt securities and certificates of deposit	$ 73,613,766	$ 76,996,959
% of Partners' Capital (Net Asset Value) (in percent)	11.41%	11.96%
U.S. Treasury Securities [Member] | United States [Member]
Total debt securities and certificates of deposit	$ 73,613,766	$ 76,996,959
U.S. Treasury Securities [Member] | Australia [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Switzerland [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Netherlands [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Great Britain [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Japan [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Canada [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Luxumbourg [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Sweden [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | British Virgin Islands [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | France [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Norway [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Germany [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Hong Kong [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Mexico [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Spain [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Ireland [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Singapore [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Cayman Islands [Member]
Total debt securities and certificates of deposit
U.S. Treasury Securities [Member] | Bermuda [Member]
Total debt securities and certificates of deposit
Commercial Paper [Member]
Total debt securities and certificates of deposit	$ 68,328,376	$ 57,258,211
% of Partners' Capital (Net Asset Value) (in percent)	10.59%	8.90%
Commercial Paper [Member] | United States [Member]
Total debt securities and certificates of deposit	$ 49,020,291	$ 35,057,378
Commercial Paper [Member] | Australia [Member]
Total debt securities and certificates of deposit	698,468	3,094,764
Commercial Paper [Member] | Netherlands [Member]
Total debt securities and certificates of deposit
Commercial Paper [Member] | Great Britain [Member]
Total debt securities and certificates of deposit	4,336,675	2,698,571
Commercial Paper [Member] | Japan [Member]
Total debt securities and certificates of deposit		5,797,609
Commercial Paper [Member] | Canada [Member]
Total debt securities and certificates of deposit	2,898,613	899,078
Commercial Paper [Member] | Luxumbourg [Member]
Total debt securities and certificates of deposit
Commercial Paper [Member] | Sweden [Member]
Total debt securities and certificates of deposit	499,534	449,810
Commercial Paper [Member] | France [Member]
Total debt securities and certificates of deposit	4,983,465	4,067,748
Commercial Paper [Member] | Norway [Member]
Total debt securities and certificates of deposit	499,653	2,998,889
Commercial Paper [Member] | Germany [Member]
Total debt securities and certificates of deposit	1,493,141
Commercial Paper [Member] | Hong Kong [Member]
Total debt securities and certificates of deposit		1,394,628
Commercial Paper [Member] | Mexico [Member]
Total debt securities and certificates of deposit
Commercial Paper [Member] | Singapore [Member]
Total debt securities and certificates of deposit	1,699,805	799,736
Commercial Paper [Member] | Cayman Islands [Member]
Total debt securities and certificates of deposit
Commercial Paper [Member] | Bermuda [Member]
Total debt securities and certificates of deposit	2,198,731
Corporate Notes [Member]
Total debt securities and certificates of deposit	$ 256,071,133	$ 264,545,250
% of Partners' Capital (Net Asset Value) (in percent)	39.69%	41.11%
Corporate Notes [Member] | United States [Member]
Total debt securities and certificates of deposit	$ 217,361,819	$ 196,888,445
Corporate Notes [Member] | Australia [Member]
Total debt securities and certificates of deposit	11,015,740	10,524,403
Corporate Notes [Member] | Switzerland [Member]
Total debt securities and certificates of deposit		9,753,172
Corporate Notes [Member] | Netherlands [Member]
Total debt securities and certificates of deposit	8,104,238	12,340,048
Corporate Notes [Member] | Great Britain [Member]
Total debt securities and certificates of deposit	1,619,204	7,189,651
Corporate Notes [Member] | Japan [Member]
Total debt securities and certificates of deposit	2,378,968	3,585,734
Corporate Notes [Member] | Canada [Member]
Total debt securities and certificates of deposit	4,501,730	4,466,438
Corporate Notes [Member] | Luxumbourg [Member]
Total debt securities and certificates of deposit	6,829,436	6,870,944
Corporate Notes [Member] | Sweden [Member]
Total debt securities and certificates of deposit	2,731,360	3,798,693
Corporate Notes [Member] | British Virgin Islands [Member]
Total debt securities and certificates of deposit		4,798,968
Corporate Notes [Member] | France [Member]
Total debt securities and certificates of deposit
Corporate Notes [Member] | Norway [Member]
Total debt securities and certificates of deposit
Corporate Notes [Member] | Germany [Member]
Total debt securities and certificates of deposit		767,886
Corporate Notes [Member] | Mexico [Member]
Total debt securities and certificates of deposit	1,300,237	1,300,842
Corporate Notes [Member] | Spain [Member]
Total debt securities and certificates of deposit		1,017,721
Corporate Notes [Member] | Ireland [Member]
Total debt securities and certificates of deposit		1,012,921
Corporate Notes [Member] | Singapore [Member]
Total debt securities and certificates of deposit
Corporate Notes [Member] | Cayman Islands [Member]
Total debt securities and certificates of deposit	228,401	229,384
Corporate Notes [Member] | Bermuda [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member]
Total debt securities and certificates of deposit	$ 52,380,686	$ 52,248,612
% of Partners' Capital (Net Asset Value) (in percent)	8.11%	8.12%
U.S. Asset-backed Securities [Member] | United States [Member]
Total debt securities and certificates of deposit	$ 52,380,686	$ 52,248,612
U.S. Asset-backed Securities [Member] | Australia [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Switzerland [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Netherlands [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Great Britain [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Japan [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Canada [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Luxumbourg [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Sweden [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | British Virgin Islands [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | France [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Norway [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Germany [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Hong Kong [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Mexico [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Spain [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Ireland [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Singapore [Member]
Total debt securities and certificates of deposit
U.S. Asset-backed Securities [Member] | Cayman Islands [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member]
Total debt securities and certificates of deposit	$ 28,996,631	$ 22,710,509
% of Partners' Capital (Net Asset Value) (in percent)	4.49%	3.53%
Certificates of Deposit [Member] | United States [Member]
Total debt securities and certificates of deposit	$ 27,699,253	$ 14,993,807
Certificates of Deposit [Member] | Australia [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Netherlands [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Great Britain [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Japan [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Canada [Member]
Total debt securities and certificates of deposit	591,409	4,001,034
Certificates of Deposit [Member] | Luxumbourg [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Sweden [Member]
Total debt securities and certificates of deposit	705,969	1,705,349
Certificates of Deposit [Member] | France [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Norway [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Germany [Member]
Total debt securities and certificates of deposit		$ 2,010,319
Certificates of Deposit [Member] | Mexico [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Singapore [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Cayman Islands [Member]
Total debt securities and certificates of deposit
Certificates of Deposit [Member] | Bermuda [Member]
Total debt securities and certificates of deposit

XML

Financial Highlights (Details) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Class A [Member]
Per Unit Operating Performance
Net asset value per unit, beginning of period		$ 4,494.66	$ 4,693.39	$ 4,212.26	$ 4,414.30
Net realized and change in unrealized gain (loss) on investments	[1]	28.03	(512.66)	380.01	(115.61)
Net investment income (loss)	[1]	(60.66)	(48.92)	(130.24)	(166.88)
Total income (loss) from operations		(32.63)	(561.58)	249.77	(282.49)
Net asset value per unit, end of period		$ 4,462.03	$ 4,131.81	$ 4,462.03	$ 4,131.81
Total return	[2]	(0.73%)	(11.97%)	5.93%	(6.40%)
Ratios to average net asset value
Expenses prior to General Partner 1% allocation	[3],[4]	6.42%	5.37%	6.58%	8.00%
General Partner 1% allocation	[2]	(0.01%)	(0.13%)	0.06%	(0.06%)
Net total expenses		6.41%	5.24%	6.64%	7.94%
Net investment income (loss)	[3],[4],[5]	(5.59%)	(4.92%)	(5.81%)	(7.57%)
Class B [Member]
Per Unit Operating Performance
Net asset value per unit, beginning of period		$ 6,583.48	$ 6,753.46	$ 6,142.34	$ 6,323.56
Net realized and change in unrealized gain (loss) on investments	[1]	42.29	(738.50)	554.8	(166.37)
Net investment income (loss)	[1]	(60.84)	(42.99)	(132.21)	(185.22)
Total income (loss) from operations		(18.55)	(781.49)	422.59	(351.59)
Net asset value per unit, end of period		$ 6,564.93	$ 5,971.97	$ 6,564.93	$ 5,971.97
Total return	[2]	(0.28%)	(11.57%)	6.88%	(5.56%)
Ratios to average net asset value
Expenses prior to General Partner 1% allocation	[3],[4]	4.64%	3.63%	4.74%	6.27%
General Partner 1% allocation	[2]	0.00%	(0.12%)	0.07%	(0.05%)
Net total expenses		4.64%	3.51%	4.81%	6.22%
Net investment income (loss)	[3],[4],[5]	(3.81%)	(3.18%)	(3.97%)	(5.84%)
Class I [Member]
Per Unit Operating Performance
Net asset value per unit, beginning of period		$ 1,056.56	$ 1,073.92	$ 984.17	$ 1,004.98
Net realized and change in unrealized gain (loss) on investments	[1]	6.78	(117.72)	88.79	(27.63)
Net investment income (loss)	[1]	(7.15)	(4.20)	(16.77)	(25.35)
Total income (loss) from operations		(0.37)	(121.92)	72.02	(52.98)
Net asset value per unit, end of period		$ 1,056.19	$ 952.00	$ 1,056.19	$ 952.00
Total return	[2]	(0.03%)	(11.35%)	7.32%	(5.27%)
Ratios to average net asset value
Expenses prior to General Partner 1% allocation	[3],[4]	3.60%	2.57%	3.87%	5.49%
General Partner 1% allocation	[2]	0.00%	(0.12%)	0.07%	(0.06%)
Net total expenses		3.60%	2.45%	3.94%	5.43%
Net investment income (loss)	[3],[4],[5]	(2.78%)	(2.13%)	(3.10%)	(5.06%)

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

[2] Ratios have not been annualized.

[3] Ratios have been annualized.

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

[5] Ratio excludes General Partner 1% allocation.