0001376474-13-000321.txt : 20130619 0001376474-13-000321.hdr.sgml : 20130619 20130619142934 ACCESSION NUMBER: 0001376474-13-000321 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130619 DATE AS OF CHANGE: 20130619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATLAS FUTURES FUND LIMITED PARTNERSHIP CENTRAL INDEX KEY: 0000865549 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 510380494 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-53111 FILM NUMBER: 13921581 BUSINESS ADDRESS: STREET 1: 505 BROOKFIELD DRIVE CITY: DOVER STATE: DE ZIP: 19901 BUSINESS PHONE: 800-331-1532 MAIL ADDRESS: STREET 1: 505 BROOKFIELD DRIVE CITY: DOVER STATE: DE ZIP: 19901 10-Q 1 atlas_10q.htm ATLAS FUTURES FUND - FORM 10-Q

FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

[X]

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

SECURITIES AND EXCHANGE ACT OF 1934

For the quarterly period ended  March 31, 2013

OR

[   ]

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

SECURITIES EXCHANGE ACT OF 1934

For the transition period from

to

Commission file number  333-53111

Atlas Futures Fund, Limited Partnership

(Exact name of registrant as specified in its charter)

Delaware

51-0380494

(State or other jurisdiction of incorporation

(I.R.S. Employer

or organization)

Identification No.)

505 Brookfield Drive, Dover, DE 19901

(Address of principal executive offices, including zip code)

(800) 331-1532

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate  by  check  mark  whether  the  registrant  (1)  has  filed  all  reports  required  to  be  filed  by  Section  13  or  15(d)  of  the

Securities  Exchange  Act  of  1934  during  the  preceding  12  months  (or  for  such  shorter  period  that  the  registrant  was  required  to

file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X] No [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any,

every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Sec. 232.405 of this

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

Yes [   ] No [   ] Not Applicable.

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. (Check one):

Large accelerated filer [   ]     Accelerated filer [   ]     Non-accelerated filer [X]     Smaller Reporting Company[   ]

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

Yes [  ] No [X]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12,

13 or 15(d) f the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes [   ] No [   ]  Not Applicable.

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable

date.   Not Applicable.


Part 1 - FINANCIAL INFORMATION

Item 1. Financial Statements.

The reviewed financial statements for the Registrant for the three months ended March 31, 2013 are attached hereto at page F-1 and made a part hereof.

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

General Information

During the past quarter and in the future, Registrant, did and will, pursuant to the terms of the Limited Partnership Agreement, engage in the business of speculative and high risk trading of commodity futures and options markets through the services of one or more commodity trading advisors it selects.

Description of Fund Business

The Fund grants the commodity trading advisors a power of attorney that is terminable at the will of either party to trade the equity assigned by the Fund. Clarke Capital Management, Inc. was granted a power of attorney by the Fund and served as a trading advisor for the Fund since the Fund’s inception. Effective April 11, 2012, the Fund's Advisory Agreement with Clarke Capital Management, Inc. was terminated and all open positions were closed. Hamer Trading Inc., an independent registered Commodity Trading Advisor, now serves as the Fund's sole trading advisor and trades its Diversified Systematic Program on behalf of the Fund, commencing April 12, 2012. Since April 12, 2012, Hamer was the sole trading advisor to the Fund. The commodity trading advisors selected to trade for the Fund have discretion to select the trades and do not disclose the methods they use to make those determinations in their disclosure documents or to the Fund or general partner. There is no promise or expectation of a fixed return to the partners. The partners must look solely to trading profits for a return their investment as the interest income is expected to be less than the fixed expenses to operate the Fund.

Assets

The general partner has sole authority to determine the percentage of our assets that will be held on deposit with the futures commission merchant, used for other investments, and held in bank accounts to pay current obligations. As of the date of this Report, the general partner maintained approximately 33.44% of our total assets with the futures commission merchant (“FCM”) for margin for trading by the trading advisor. As of February 10, 2011, the FCM was changed to Vision Financial Markets LLC. Approximately 66.32% of our total assets was maintained as cash and cash equivalents, including bank accounts and Wells Fargo 100% Treasury money market fund. The Fund assets at the FCM consist of cash used as margin to secure futures (formerly called commodity) trades entered on its behalf by the commodity trading advisors it selects. The Fund deposits its cash with one or more FCM’s (brokers) that hold and allocate the cash to use as margin to secure the trades made. The futures held in the Fund accounts are valued at the market price on the close of business each day by the FCM that holds the Fund equity made available for trading.

The Capital accounts of the Partners are immediately responsible for all profit and losses incurred by trading and payment and accrual of the expenses of offering partnership interests for sale and the operation of the partnership.  During the periods of this Report, the fixed costs of operation of the Fund include continuing offering costs, fixed brokerage commissions of 11%, and accounting, legal and other operating fees that must be paid before the limited partners may earn a profit on their investment. The trading advisor is paid a 1% management fee calculated on the prior month-end net assets allocated to it by the Fund to trade, along with a 20% quarterly incentive fee on New Net Profits, as that term is defined in the Fund's Prospectus.

The Fund has not in the past and does not intend in the future to borrow from third parties. Its trades are entered pursuant to a margin agreement with the futures commission merchant which obligates the fund to the actual loss, if any, without reference or limit by the amount of cash posted to secure the trade. The limited partners are not personally liable for the debts of the Fund, including any trading losses. On October 29, 2010, the Fund requested withdrawal of a previously filed post-effective amendment and filed an S-1 registration statement to register




2


additional $10,000,000 in Units. Upon effectiveness on August 27, 2012, the Units began to be offered and sold pursuant to its prospectus under similar terms to the previous offering; however, there is compensation to the affiliated selling agent, Futures Investment Company, of a 6% up front selling commission calculated on the gross subscription amount, in addition to $2,000 paid by the Fund for legal fees associated with the review of the offering by FINRA. As of the date of this Report, $14,820,947 has been sold pursuant to registration statements since inception and, upon redemption by the holder, no Units will be resold.

An Investment in the Fund Depends upon Redemption of Fund Units

The Fund Units are not traded and they have no market value. Liquidity of an investment in the Fund depends upon the credit worthiness of the exchanges, brokers, and third parties of off exchange traded futures that hold Fund equity or have a lien against Fund assets for payment of debts incurred. Those parties must honor their obligations to the Fund for the Fund to be able to obtain the return of its cash from the futures commission merchant that holds the Fund account.

The commodity trading advisors select the markets and the off exchange instruments to be traded. The General Partner selects the futures commission merchants to hold the Fund assets. Both the commodity trading advisors and the general partner believe all parties who hold Fund assets or are otherwise obligated to pay value to the Fund are credit worthy. Margin is an amount to secure the entry of a trade and is not a limit of the profit or loss to be gained from the trade. The general partner currently allocates nearly 100% of the Fund equity to be used as margin to enter trades. Although it is customary for the commodity trading advisors to use 40% or less of the equity available as margin, there is no limit imposed by the Fund upon the amount of equity the advisors may commit to margin. It is possible for the Fund to suffer losses in excess of the margin it posts to secure the trades made.

To have the purchase price or appreciation, if any, of the Units paid to them, partners must use the redemption feature of the Partnership. Distributions, although possible in the sole discretion of the general partner, are not expected to be made. There is no current market for the Units sold, none is expected to develop and the limited partnership agreement limits the ability of a partner to transfer the Units.

Results of Operations

The Fund is subject to ongoing offering and operating expenses; however, profits or losses are primarily generated by the commodity trading advisor by methods that are proprietary to it. These results are not to be construed as an expectation of similar profits in the future. See the Registration Statements, incorporated by reference herein, for an explanation of the operation of the Fund.

The Limited Partnership Agreement grants solely to the General Partner the right to select the trading advisor or advisors and to otherwise manage the operation of the Fund. Clarke Capital Management, Inc. was responsible for the selection of all trades through April 11, 2012 and, thereafter, Hamer Trading Inc. was responsible for all trades. Most of the operational profits and losses for the periods covered in this report have been due to the trading activity of the trading advisors. Net unit value has increased since inception, from $1,000 in October, 1999 to $2,580.50 as of March 31, 2013. Past performance is not necessarily indicative of future results, however.

The gain (loss) in registrant’s net asset value per unit during the three months ended March 31, 2013 and 2012, respectively, was (4.16) % and (7.08) %. The difference over the periods was primarily due to the difference in operational profits due to trading, which were (0.26) % and (3.55) % for the same respective periods (expressed as a percentage of the periods' beginning net asset value per unit). Operational losses due to expenses, similarly calculated, were (3.91) % and (3.54) % for the same respective periods.

Net asset value per unit is calculated to eliminate the effects of capital contributions and redemptions; however, fixed costs will become a greater percentage of overall net assets when net assets decline. Net assets over the three months  ended March 31, 2013 and 2012 were down from beginning to end of the period, and were (14.21)% and (19.01)%,  respectively. The decrease in net assets is due mainly to trading results, described above, redemptions and capital contributions. Redemptions were $(472,006) and $(671,751) over the same respective periods ((11.15) % and




3


(12.74)% of beginning net assets, respectively). Capital contributions over the same respective periods were $43,271 and $0 (1.02% and 0%, respectively). Accordingly, the primary factors in the lower decrease in net assets in the 2013 period versus the 2012 period were fewer redemptions along with greater capital contributions in the 2013 period.

The Fund is charged fixed brokerage commissions of 11%, which are calculated on the Fund’s total trading equity as of the end of the prior month and, therefore, vary according to monthly trading performance, subscriptions and redemptions. The same factors that contribute to increases or decreases in average net assets, therefore, contribute to changes in brokerage commissions paid.

The above described performance was primarily due to the trading of the trading advisors, which traded for the Fund via proprietary methods. The general trading strategy of the programs of both Clarke (currently not trading) and Hamer (currently the sole trader) is trend following. Most, but not all, trade initiations and liquidations are in the direction of the trend. When the previous trading advisor, Clarke, traded its Alpha program for the Fund, it traded approximately 37 domestic and international commodity interests utilizing twelve models with a medium-to-long time frame, risk control and profit-taking characteristics. The current trading advisor, Hamer, trades primarily in futures and options thereon in a variety of 32 markets, including but not limited to grain, currency, metal, energy, financial, stock index, fiber, softs (coffee, cocoa, sugar, and orange juice) markets, both foreign and domestic. It should be noted that there will be times when there is significant correlation between markets within a market sector or between market sectors, possibly in an adverse direction to positions held in the Fund's account. This factor alone, although there are others, will lead to periods of extreme volatility and possibly very large drawdowns in Fund equity.

If a large price movement occurs in a sector that a trading advisor trades, such as agriculture, financials, metals or softs, it does not necessarily mean that the trading advisor will engage in trades that capture such moves. Accordingly, market movements and conditions are not necessarily correlated with Fund performance. As always, past performance is not necessarily indicative of future results.

Pursuant to the Trading Advisory Agreement, the Fund pays a quarterly incentive fee to the trading advisor on new net profits, or those profits achieved on a per unit basis above the advisor's previous high water mark. See Note 5 to the financial statements herein for the current incentive fees. Because Clarke had not recouped prior trading losses prior to its termination, it was not paid an incentive fee in any of the periods covered by this report. Hamer did not achieve a New Net Profit in the three month period ended March 31, 2013, and the previous CTA did not achieve a New Net Profit in the three month period ended March 31, 2012.

The balance of the Fund's income that does not derive from the trading activity of the trading advisor comes from interest income. However, short term interest rates were so low as to produce negligible interest income for the Fund over the periods covered by this report.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

The business of the Fund is speculative and involves a high degree of risk of loss. See the Fund’s Registration Statement and prospectus contained therein, incorporated herein, for a full description of the risks attendant to Fund business.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Registrant has adopted procedures in connection with the operation of its business including, but not limited to, the review of account statements sent to the General Partner before the open of business each day that disclose the positions held overnight in the Fund accounts, the margin to hold those positions, and the amount of profit or loss on each position, and the net balance of equity available in each account. The Fund brokerage account statements and financial books and records accounts are prepared by an independent CPA Firm and then are reviewed each quarter and audited each year by a different independent CPA firm.




4


The General Partner of the Fund, under the actions of its sole principal, Michael Pacult, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or 15d-15(e)) with respect to the Fund as of the end of the period covered by this Report. Based on their evaluation, Mr. Pacult has concluded that these disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

There were no changes in the General Partner’s internal control over financial reporting during the quarter ended March 31, 2013 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting applicable to the Fund.

Part II - OTHER INFORMATION

Item 1. Legal Proceedings

There have been no legal proceedings against the Fund, its General Partner, the CTA, the FCM, the IB or any of their Affiliates, directors or officers, except against the FCM, as follows:

Vision Financial Services LLC

On May 18, 2011, simultaneously with the issuance of a complaint by the NFA, Vision Financial Markets LLC ("Vision") consented to a finding based on a one-count complaint for failure to supervise guaranteed IBs in violation of NFA Compliance Rule 2-9(a). The alleged activities occurred prior to 2009. Without admitting or denying the findings in the Committee’s Decision, Vision consented to pay a fine of $500,000 and to retain an independent consultant to review its supervisory procedures relating to guaranteed IBs. Vision undertook to implement revised procedures for supervising GIBs within 6 months.

The FCM has acted only as clearing brokers for the Fund’s futures accounts and as such it has been paid commissions for executing and clearing trades. The FCM has not passed upon the adequacy or accuracy of the Fund’s prospectus or this report and will not act in any supervisory capacity with respect to the CPO or the CTA, as the case may be, nor participate in the management of the CPO or of the Fund or of the CTA. Therefore, investors should not rely on the FCM in deciding whether or not to participate in the Fund.

The Fund is not aware of any threatened or potential claims or legal proceedings to which the Fund is a party or to which any of its assets are subject. The FCM has represented to the General Partner that that none of the events reported above would interfere with its performance as a clearing broker for the Fund’s account.

Item 1A. Risk Factors

There have been no material changes from risk factors as previously disclosed in the Fund’s 2012 Form 10-K. The risks of the Fund are (1) described fully in its prospectus filed with its registration statement on Form S-1, which is incorporated herein by reference (2) described in summary in Part I of this Form 10-Q, which is incorporated herein by reference.

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

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not Applicable





5


Item 5. Other Information

(a) None

(b) None

Item 6. Exhibits

31.1 Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 32.1 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Form 10-Q for the period ended March 31, 2013, to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:

Atlas Futures Fund, Limited Partnership

By Ashley Capital Management, Incorporated

It’s General Partner



By: __________________________________

Mr. Michael Peter Pacult

Sole Director, Sole Shareholder,

President, and Treasurer of the

General Partner


Date: June 3, 2013





6


Exhibit 31.01

CERTIFICATION

I, Michael Peter Pacult do hereby certify that:

1. I have reviewed this quarterly report on Form 10-Q of Atlas Futures 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; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable 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 the registrant’s board of directors (or persons performing the equivalent functions):

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

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

By: ____________________________________

Michael Peter Pacult

President of Ashley Capital Management, Inc.

General Partner of the Registrant





7


Date: June 3, 2013

EXHIBIT 32.01

CERTIFICATION BY CHIEF EXECUTIVE OFFICER &

CHIEF FINANCIAL OFFICER

I, Michael Peter Pacult, the Chief Executive Officer and Chief Financial Officer of Ashley Capital Management, Inc. as general partner of Atlas Futures Fund, L.P., certify that (i) the Form 10-Q for the period ended March 31, 2013 of Atlas Futures Fund, L.P. fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10-Q for the period ended March 31, 2013 fairly presents, in all material respects, the financial condition and results of operations of Atlas Futures Fund, L.P.

ATLAS FUTURES FUND, LIMITED PARTNERSHIP

By: Ashley Capital Management, Inc., General Partner


By: ______________________________________

Michael Peter Pacult

Chief Executive Officer &

Chief Financial Officer


Date: June 3, 2013




8


ATLAS FUTURES FUND, LIMITED PARTNERSHIP

(A Delaware Limited Partnership)

 

QUARTERLY REPORT

 

March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GENERAL PARTNER:

Ashley Capital Management, Inc.

% Corporate Systems, Inc.

505 Brookfield Drive

Dover, Kent County, Delaware 19901

 

 

Index to the Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

F-2

 

 

 

 

 

 

 

Statements of Assets and Liabilities

 

F-3

 

 

 

 

 

 

 

Condensed Schedule of Investments - March 31, 2013

 

F-4

 

 

 

 

 

 

 

Condensed Schedule of Investments - December 31, 2012

 

F-5

 

 

 

 

 

 

 

Statements of Operations

 

F-6

 

 

 

 

 

 

 

Statements of Changes in Net Assets

 

F-7

 

 

 

 

 

 

 

Statements of Cash Flows

 

F-8

 

 

 

 

 

 

 

Notes to the Financial Statements

 

F-9 - F-15

 

 

 

 

 

 

 

Affirmation of the Commodity Pool Operator

 

F-16

 

 

 

 

 

 





Patke & Associates, Ltd.

Certified Public Accountants

Report of Independent Registered Public Accounting Firm


To the Partners of

Atlas Futures Fund, Limited Partnership


We have reviewed the accompanying statements of assets and liabilities of Atlas Futures Fund, Limited Partnership, including the condensed schedule of investments, as of March 31, 2013, and the related statements of operations, changes in net assets and cash flows for the three months ended March 31, 2013 and 2012.  These financial statements are the responsibility of the Partnership's management.


We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States).  A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters.  It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole.  Accordingly, we do not express such an opinion.


Based on our review, we are not aware of any material modifications that should be made to such interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.


We have previously audited, in accordance with the auditing standards of the Public Company Accounting Oversight Board (United States), the statement of assets and liabilities of Atlas Futures Fund, Limited Partnership, including the condensed schedule of investments, as of December 31, 2012, and the related statements of operations, changes in net assets and cash flows for the year then ended (not presented herein) and in our report dated March 20, 2013, we expressed an unqualified opinion on those financial statements.  In our opinion, the information set forth in the accompanying statement of assets and liabilities as of December 31, 2012 is fairly stated, in all material respects, in relation to the statement of assets and liabilities from which it has been derived.


/s/ Patke & Associates, Ltd.

Patke & Associates, Ltd.

Lincolnshire, Illinois

May 8, 2013


300 Village Green Drive, Suite 210 * Lincolnshire, Illinois 60069 *(847)913-5400

 

 

 

F-2



Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Statements of Assets and Liabilities

(Unaudited)

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

2013

 

2012

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Equity in broker trading accounts

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at broker

$

1,239,930

 

$

1,143,185

 

Net unrealized gain on open futures contracts

102,690

 

221,007

 

Total equity in broker trading accounts

1,342,620

 

1,364,192

 

 

 

 

 

 

U.S. Treasury Bills (cost $0 and $1,999,469, respectively)

-

 

1,999,905

 

 

 

 

 

 

Cash and cash equivalents

2,662,659

 

987,570

 

Subscriptions receivable

-

 

7,263

 

Prepaid expenses

9,420

 

-

 

Total assets

4,014,699

 

4,358,930

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Partner redemptions payable

326,094

 

81,895

 

Accrued commissions payable to related parties

33,341

 

21,593

 

Other accrued liabilities

24,493

 

23,198

 

Total liabilities

383,928

 

126,686

Net assets

$

3,630,771

 

$

4,232,244

 

 

 

 

 

Analysis of net assets

 

 

 

 

 

 

 

 

 

Limited partners

$

3,630,771

 

$

4,232,244

 

General partners

-

 

-

 

Net assets (equivalent to $2,580.50 and $2,692.59 per unit)

$

3,630,771

 

$

4,232,244

 

 

 

 

 

Partnership units outstanding

 

 

 

 

 

 

 

 

 

Limited partners units outstanding

1,407.003

 

1,571.814

 

General partners units outstanding

-

 

-

 

Total partnership units outstanding

1,407.003

 

1,571.814


The accompanying notes are an integral part of the financial statements


F-3




Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Condensed Schedule of Investments

March 31, 2013

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value

 

Percent of Net Assets

 

 

 

 

 

 

 

 

Futures contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Futures contracts held long

 

 

 

 

 

 

 

Agriculture

 

 

$

23,814 

 

0.66%

 

 

Currency

 

 

29,859 

 

0.82%

 

 

Energy

 

 

4,095 

 

0.11%

 

 

Indices

 

 

61,000 

 

1.68%

 

 

Metals

 

 

(30,523)

 

(0.84%) 

 

 

     Total futures contracts held long

 

 

88,245 

 

2.43%

 

 

 

 

 

 

 

 

 

Futures contracts held short

 

 

 

 

 

 

 

Agriculture

 

 

14,476 

 

0.40%

 

 

Currency

 

 

(20,060)

 

(0.55%) 

 

 

Energy

 

 

(7,439)

 

(0.20%) 

 

 

Indices

 

 

400 

 

0.01%

 

 

Metals

 

 

27,068 

 

0.74%

 

 

     Total futures contracts held short

 

 

14,445 

 

0.40%

 

 

 

 

 

 

 

 

 

Net unrealized gain on open futures contracts

 

$

102,690 

 

2.83%


The accompanying notes are an integral part of the financial statements


F-4




Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Condensed Schedule of Investments

December 31, 2012

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Face Value

 

Fair Value

 

Percent of Net Assets

 

 

 

 

 

 

 

 

United States Treasury bills

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States Treasury bills, matures

 

 

 

 

 

 

 

     January 2013 (cost $1,999,469)

$

2,000,000

 

$

1,999,905 

 

47.25%

 

 

 

 

 

 

 

 

Futures contracts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Futures contracts held long

 

 

 

 

 

 

 

Agriculture

 

 

$

33,047 

 

0.78%

 

 

Currency

 

 

2,220 

 

0.05%

 

 

Indices

 

 

95,500 

 

2.26%

 

 

Metals

 

 

1,508 

 

0.04%

 

 

     Total futures contracts held long

 

 

132,275 

 

3.13%

 

 

 

 

 

 

 

 

 

Futures contracts held short

 

 

 

 

 

 

 

Agriculture

 

 

46,349 

 

1.10%

 

 

Currency

 

 

48,266 

 

1.14%

 

 

Energy

 

 

(4,613)

 

(0.11%) 

 

 

Indices

 

 

2,950 

 

0.07%

 

 

Metals

 

 

(4,220)

 

(0.10%) 

 

 

     Total futures contracts held short

 

 

88,732 

 

2.10%

 

 

 

 

 

 

 

 

 

Net unrealized gain on open futures contracts

 

$

221,007

 

5.23%

Atlas Futures Fund, Limited Partnership

 

(A Delaware Limited Partnership)

 

Statements of Operations

 

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2013

 

2012

 

 

 

 

 

 

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

106 

 

$

380 

 

 

          Total investment income

106 

 

380 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Commission expense

114,029 

 

152,275 

 

 

Professional fees

26,120 

 

17,500 

 

 

Management fees

10,741 

 

- 

 

 

Other operating expenses

12,238 

 

2,878 

 

 

          Total expenses

163,128 

 

172,653 

 

 

 

 

 

 

 

 

          Net investment (loss)

(163,022)

 

(172,273)

 

 

 

 

 

 

 

Realized and unrealized gain (loss) from investments and foreign currency

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

Investments

133,150 

 

(40,823)

 

 

Foreign currency translation

(24,549)

 

(3,632)

 

 

Net realized gain (loss) from investments and foreign currency transactions

108,601 

 

(44,455)

 

 

 

 

 

 

 

 

Net unrealized (depreciation) on investments

(118,317)

 

(113,890)

 

 

 

 

 

 

 

 

Net realized and unrealized (loss) from investments and

 

 

 

 

 

    foreign currency

(9,716)

 

(158,345)

 

 

 

 

 

 

 

 

Net (decrease) in net assets resulting from operations

$

(172,738)

 

$

(330,618)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (decrease) per unit (for a single unit outstanding during the entire period)

 

 

 

 

Limited partnership unit

$

(112.09)

 

$

(227.98)

 

 

General partnership unit

$

- 

 

$

- 

 


The accompanying notes are an integral part of the financial statements


F-6




Atlas Futures Fund, Limited Partnership

 

 (A Delaware Limited Partnership)

 

 Statements of Changes in Net Assets

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

 

 

 

2013

 

2012

 

 

 

 

 

Units

 

Net Assets

 

Units

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in net assets from operations

 

 

 

 

 

 

 

 

 

Net investment (loss)

 

 

 

$

(163,022)

 

 

 

$

(172,273)

 

Net realized gain (loss) from investments and foreign currency transactions

 

 

108,601 

 

 

 

(44,455)

 

Net unrealized (depreciation) on investments

 

 

 

(118,317)

 

 

 

(113,890)

 

Net (decrease) in net assets resulting from operations

 

 

 

(172,738)

 

 

 

(330,618)

 

          

 

 

 

 

 

 

 

 

 

 

Capital contributions from limited partners

 

16.061 

 

43,271 

 

- 

 

- 

 

Redemptions by limited partners

 

(180.872)

 

(472,006)

 

(210.220)

 

(671,751)

 

 

               Total (decrease) in net assets

 

(164.811)

 

(601,473)

 

(210.220)

 

(1,002,369)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets at the beginning of the period

 

1,571.814 

 

4,232,244

 

1,637.790

 

5,273,657

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets at the end of the period

 

1,407.003

 

$

3,630,771

 

1,427.570

 

$

4,271,288

 


The accompanying notes are an integral part of the financial statements


F-7





Atlas Futures Fund, Limited Partnership

 

(A Delaware Limited Partnership)

 

Statements of Cash Flows

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

 

2013

 

2012

 

 

 

 

 

 

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

 

 

 

Net (decrease) in net assets resulting from operations

$

(172,738)

 

$

(330,618)

 

 

 

 

 

 

 

Adjustments to reconcile net (decrease) in net assets from

 

 

 

 

 

operations to net cash (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

(Increase) decrease in prepaid expenses

(9,420)

 

1,963 

 

 

Decrease in subscription receivable

7,263 

 

- 

 

 

Unrealized depreciation on investments

118,317 

 

113,890 

 

 

Increase in accrued commissions payable to related parties

11,748 

 

29,853 

 

 

Increase (decrease) in other accrued liabilities

1,295 

 

(7,780)

 

 

 

 

 

 

 

 

Net cash (used in) operating activities

(43,535)

 

(192,692)

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sale of units, net of sales commissions

43,271 

 

- 

 

 

Partner redemptions

(227,807)

 

(1,097,505)

 

 

 

 

 

 

 

 

Net cash (used in) financing activities

(184,536)

 

(1,097,505)

 

 

 

 

 

 

 

 

Net (decrease) in cash and cash equivalents

(228,071)

 

(1,290,197)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

4,130,660 

 

5,674,540 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

$

3,902,589 

 

$

4,384,343 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period cash and cash equivalents consist of:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at broker

$

1,239,930 

 

$

802,987 

 

 

Treasury bills

- 

 

2,999,990 

 

 

Cash and cash equivalents

2,662,659 

 

581,366 

 

 

 

 

 

 

 

 

Total cash and cash equivalents

$

3,902,589 

 

$

4,384,343 

 


The accompanying notes are an integral part of the financial statements


F-8



Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Notes to the Financial Statements

March 31, 2013

(Unaudited)


1.  Nature of the Business


Atlas Futures Fund, Limited Partnership (the "Fund") was formed January 12, 1998 under the laws of the state of Delaware.  The Fund is engaged in the speculative trading of futures contracts in commodities, which commenced in October 1999.  Ashley Capital Management, Inc. (the "Corporate General Partner") and Michael Pacult (the "Individual General Partner" and collectively the "General Partner") are the General Partners and the commodity pool operators ("CPO's") of the Fund.  The sole registered commodity trading advisor ("CTA") of the Fund is Hamer Trading Inc. ("Hamer").  


Regulation - The Fund is a registrant with the Securities and Exchange Commission ("SEC") pursuant to the Securities Act of 1933 ("the Act"). The Fund is subject to the regulations of the SEC and the reporting requirements of the Securities and Exchange Act of 1934. The Fund is also subject to the regulations of the Commodities Futures Trading Commission ("CFTC"), an agency of the U.S. government which regulates most aspects of the commodity futures industry, the rules of the National Futures Association and the requirements of various commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of futures commission merchants ("FCM's") and interbank market makers through which the Fund trades and regulated by commodity exchanges and by exchange markets that may be traded by the advisor.


2.  Significant Accounting Policies


Registration Costs -  The Fund remains open to new partners, and incurs costs required to retain the ability to issue new units.  Such costs, in addition to the costs of recurring annual and quarterly filings with regulatory agencies are expensed as incurred.


Revenue Recognition - Forward contracts, futures and other investments are recorded on the trade date and will be reflected in the statements of operations at the difference between the original contract amount and the fair value on the last business day of the reporting period.


Fair value of forward contracts, futures and other investments is based upon exchange or other applicable closing quotations related to the specific positions.


Interest income is recognized when it is earned.


Use of Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from these estimates.

 

 

F-9




Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Notes to the Financial Statements

March 31, 2013

(Unaudited)


2.  Significant Accounting Policies – Continued


Foreign Currency - The accounting records of the Fund are denominated in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Commodity futures contract transactions are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, effects of changes in exchange rates from all transactions denominated in currencies other than U.S. dollars are disclosed separately.


Fair Value Measurement and Disclosures - Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.  The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).


Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date.  


Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.


Level 3 inputs are unobservable inputs for an asset or liability, including the Fund’s own assumptions used in determining the fair value of investments.  Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.  As of and for the three months ended March 31, 2013 and the year ended December 31, 2012, the Fund did not have any Level 3 assets or liabilities.


Derivative financial instruments, such as futures contracts, which are listed on a national exchange, are valued based on quoted prices from the exchange. To the extent these financial instruments are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.


U.S. Treasury bills are valued at amortized cost, which management has determined approximates fair value.


The following table sets forth by level within the fair value hierarchy the Fund’s investments accounted for at fair value on a recurring basis as of March 31, 2013 and December 31, 2012.

Fair Value at March 31, 2013

Description

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded - Futures Contracts

 $       102,690

 

 

 $                   -

 

 

 $             -

 

 

 $      102,690

 

 

Total  

 

 $       102,690

 

 

 $                   -

 

 

 $             -

 

 

 $      102,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at December 31, 2012

Description

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

 $                    -

 

 

 $   1,999,905

 

 

 $             -

 

 

 $   1,999,905

 

 

Exchange Traded - Futures Contracts

          221,007

 

 

                       -

 

 

                -

 

 

         221,007

 

 

Total  

 

 $       221,007

 

 

 $   1,999,905

 

 

 $             -

 

 

 $   2,220,912

 

 

 

 

Income Taxes - The Fund prepares calendar year U.S. Federal and applicable state information tax returns and reports to the partners their allocable shares of the Fund’s income, expenses and trading gains or losses.  No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner’s respective share of the Fund’s income and expenses as reported for income tax purposes.


Management has continued to evaluate the application of ASC 740, “Income Taxes" to the Fund, and has determined that ASC 740 does not have a material impact on the Fund’s financial statements.  The Fund files federal and state tax returns.  The 2009 through 2012 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.


Statement of Cash Flows - For purposes of the Statement of Cash Flows, the Fund considers all short-term investments with an original maturity of three months or less to be cash equivalents.  Net cash provided by operating activities includes no cash payments for interest or income taxes for the three months ended March 31, 2013 or March 31, 2012.

 

F-10




Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Notes to the Financial Statements

March 31, 2013

(Unaudited)


3.  General Partner Duties


The responsibilities of the General Partner, in addition to directing the trading and investment activity of the Fund, include executing and filing all necessary legal documents, statements and certificates of the Fund, retaining independent public accountants to audit the Fund, employing attorneys to represent the Fund, reviewing the brokerage commission rates to determine reasonableness, maintaining the tax status of the Fund as a limited partnership, maintaining a current list of names, addresses and numbers of units owned by each limited partner and taking such other actions as deemed necessary or desirable to manage the business of the Fund.


If the daily net unit value of the Fund falls to less than 50% of the March 31, 2012 net asset value, or such higher value earned through trading, then the General Partner will immediately suspend all trading, provide all limited partners with notice of the reduction and give all limited partners the opportunity, for fifteen days after such notice, to redeem partnership interests. No trading will commence until after the lapse of the fifteen day period.


4.  Limited Partnership Agreement


The Limited Partnership Agreement provides, among other things, that:


Capital Account - A capital account shall be established for each partner.  The initial balance of each partner's capital account shall be the amount of the initial contributions to the Fund.


Monthly Allocations - Any increase or decrease in the Fund's net asset value as of the end of a month shall be credited or charged to the capital account of each partner in the ratio that the balance of each account bears to the total balance of all accounts.


Any distribution from profits or partners' capital will be made solely at the discretion of the General Partner.


Federal Income Tax Allocations - As of the end of each fiscal year, the Fund's realized capital gain or loss and ordinary income or loss shall be allocated among the partners, after having given effect to the fees and expenses of the Fund.


Subscriptions - Investors must submit subscription agreements and funds at least five business days prior to month end. Subscriptions must be accepted or rejected by the General Partner within five business days. The investor also has five business days to withdraw his subscription. Funds are deposited into an interest bearing subscription account and will be transferred to the Fund's account on the first business day of the month after the subscription is accepted. Interest earned on the subscription funds will accrue to the account of the investor. Futures Investments Company ("FIC"), as selling agent, receives a 6% selling commission on new subscriptions calculated on the gross subscription amount. For the three months ended March 31, 2013, selling commissions earned by FIC were $636.


Redemptions - After holding the investment for a minimum of twelve months, a limited partner may request any or all of his investment be redeemed at the net asset value as of the end of a month. The written request must be received by the General Partner no less than ten days prior to a month end. Redemptions will generally be paid within twenty days of the effective month end. However, in various circumstances due to liquidity, etc. the General Partner may be unable to comply with the request on a timely basis.


5.  Fees


The Fund charged the following fees:


The Corporate General Partner is entitled to a fixed annual brokerage commission of 11% of the prior months ending Net Asset Value plus actual commissions charged by the FCM for trades made on foreign exchanges and forward markets, if any. Prior to August 27, 2012, commissions were calculated on assets available for trading. The Corporate General Partner receives 4% of the commissions and the Fund pays the introducing broker the remaining 7%.


As of April 12, 2012, the fund no longer paid Clarke Capital Management, Inc. ("Clarke") (former CTA) a quarterly incentive fee of 25% of "new net profits".  There were no incentive fees paid to Clarke for three months ended March 31, 2012.


As of April 12, 2012, Hamer began trading as the new CTA.  A quarterly incentive fee of 20% of "new net profits" is paid to Hamer.  There were no incentive fees paid to Hamer for the three months ended March 31, 2013.  


As of April 12, 2012, a monthly management fee of 1% (annual rate) is paid to Hamer, calculated on the prior month end net assets assigned to the Hamer to trade.


The General Partner reserves the right to change the fee structure at its sole discretion.

 

F-11




Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Notes to the Financial Statements

March 31, 2013

(Unaudited)


6.  Related Party Transactions


The Fund pays commissions to the Corporate General Partner and FIC, the introducing broker.  These related parties are 100% and 50%, respectively, owned by Michael Pacult. The Fund shares operating expenses with FIC. Related party transactions were as follows:

 

Commissions included in expenses:

 

 

 

 

For The Three Months Ended March 31,

 

2013

 

2012

 

 

 

 

Corporate General Partner

$

61,355

 

$

53,586

FIC

40,819

 

83,931

 

 

 

 

Commissions included in accrued expenses:

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

2013

 

2012

 

 

 

 

Corporate General Partner

$

12,883

 

$

15,947

FIC

20,458

 

5,646

 

 

 

 

Accrued operating expenses shared with related party:

 

 

 

 

March 31,

 

December 31,

 

2013

 

2012

FIC

$

-

 

$

1,641


In the normal course of business, the Fund has provided general indemnifications to the General Partner, its CTA and others when they act, in good faith, in the best interests of the Fund. The Fund is unable to develop an estimate for future payments resulting from hypothetical claims, but expects the risk of having to make any payments under these indemnifications to be remote.

 

F-12



Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Notes to the Financial Statements

March 31, 2013

(Unaudited)


7.  Trading Activities and Related Risks


The Fund is engaged in speculative trading of U.S. and foreign futures contracts.  The Fund is exposed to both market risk, the risk arising from changes in market value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.


A certain portion of cash in trading accounts are pledged as collateral for futures trading on margin.  Additional deposits may be necessary for any loss on contract value.  The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker's proprietary activities.


Each U.S. commodity exchange with the approval of the CFTC establishes minimum margin requirements for each traded contract.  The FCM may increase the margin requirements above these minimums for any or all contracts.  The Fund maintains cash, cash equivalents and U.S. Treasury Bills to satisfy these margin requirements. At March 31, 2013 and December 31, 2012 these totaled $3,902,589 and  $4,130,660, respectively. Based upon the types and amounts of contracts traded and the amount of liquid assets of the Fund, the General Partner believes there is minimal risk of not being able to meet its margin requirement.


Trading in futures contracts involves entering into contractual commitments to purchase or sell a particular futures contracts at a specified date and price. The gross or face amount of the contract, which is typically many times that of the Fund's net assets being traded, significantly exceeds the Fund's future cash requirements since the Fund intends to close out its open positions prior to settlement. As a result, the Fund is generally subject only to the risk of loss arising from the change in the value of the contracts. The market risk is limited to the gross or face amount of the contracts held of $65,154,683 and $80,929,443  on long positions at March 31, 2013 and December 31, 2012, respectively. However, when the Fund enters into a contractual commitment to sell commodities, it must make delivery of the underlying commodity at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which a commodity can rise is unlimited, entering into commitments to sell commodities exposes the Fund to unlimited potential risk.


Market risk is influenced by a wide variety of factors including government programs and policies, political and economic events, the level and volatility of interest rates, foreign currency exchange rates, the diversification effects among the derivative instruments the Fund holds and the liquidity and inherent volatility of the markets in which the Fund trades.


The net unrealized gains on open futures contracts at March 31, 2013 and December 31, 2012 were $102,690 and $221,007, respectively.


Open contracts generally mature within three months of March 31, 2013.  The latest maturity for open futures contracts is in September 2013. However, the Fund intends to close all contracts prior to maturity.

 

F-13



Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Notes to the Financial Statements

March 31, 2013

(Unaudited)


7.  Trading Activities and Related Risks – Continued


The following tables disclose the fair values of derivative and hedging activities in the Statements of Assets and Liabilities and the Statements of Operations.


 

Derivative Instruments

Statement of Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

Statement of Assets and Liabilities Location

 

Asset Derivatives at March 31, 2013
Fair Value

 

Liability Derivatives March 31, 2013
Fair Value

 

Net

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized gain on open futures contracts

 

 $                 288,955

 

 $                (186,265)

 

 $ 102,690

 

 

 

 

 

 

 

 

 

 

 

Statement of Assets and Liabilities Location

 

Asset Derivatives at December 31, 2012
Fair Value

 

Liability Derivatives at December 31, 2012
Fair Value

 

Net

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized gain on open futures contracts

 

 $                 342,590

 

 $                (121,583)

 

 $ 221,007

 

 

 

 

 

 

 

 

 

Derivative Instruments

Statement of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31,

 

 

 

 

Line Item in the Statement of Operations

 

2013

 

2012

 

 

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net realized gain (loss) from investments and foreign currency transactions

 

 $                    108,601

 

 $                     (44,455)

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized (depreciation) on investments

 

 $                   (118,317)

 

 $                   (113,890)

 

 


Credit risk is the possibility that a loss may occur due to the failure of a counter party to perform according to the terms of a contract.


The Fund has a substantial portion of its assets on deposit with financial institutions. In the event of a financial institution's insolvency, recovery of Fund deposits may be limited to account insurance or other protection afforded deposits.


The Fund has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will succeed. The basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a desirable margin-to-equity ratio. The Fund seeks to minimize credit risk primarily by depositing and maintaining its assets at financial institutions and brokers which it believes to be creditworthy.


8.  Financial Instruments with Off-Balance Sheet Credit and Market Risk


All financial instruments are subject to market risk, the risk that future changes in market conditions may make an instrument less valuable or more onerous.  As the instruments are recognized at fair market value, those changes directly affect reported income.


Included in the definition of financial instruments are securities, restricted securities and derivative financial instruments.  Theoretically, the investments owned by the Fund directly are exposed to a market risk (loss) equal to the notional value of the financial instruments purchased and substantial liability on certain financial instruments purchased short.  Generally, financial instruments can be closed.  However, if the market is not liquid, it could prevent the timely close-out of any unfavorable positions or require the Fund to hold those positions to maturity, regardless of the changes in their value or the trading advisor’s investment strategies.


Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted.  Concentrations of credit risk (whether on or off balance sheet) that arise from financial instruments exist for groups of counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions.

 


9.  Derivative Financial Instruments and Fair Value of Financial Instruments


A derivative financial instrument is a financial agreement whose value is linked to, or derived from, the performance of an underlying asset.  The underlying asset can be currencies, commodities, interest rates, stocks, or any combination.  Changes in the underlying asset indirectly affect the value of the derivative.  As the instruments are recognized at fair value, those changes directly affect reported income.


All investment holdings are recorded in the statement of assets and liabilities at their net asset value (fair value) at the reporting date.  Financial instruments (including derivatives) used for trading purposes are recorded in the statement of assets and liabilities at fair value at the reporting date.  Realized and unrealized changes in fair values are recognized in net investment gain (loss) in the period in which the changes occur.  Interest income arising from trading instruments is included in the statement of operations as part of interest income.


Notional amounts are equivalent to the aggregate face value of the derivative financial instruments.  Notional amounts do not represent the amounts exchanged by the parties to derivatives and do not measure the Fund’s exposure to credit or market risks.  The amounts exchanged are based on the notional amounts and other terms of the derivatives.

 

F-14



Atlas Futures Fund, Limited Partnership

(A Delaware Limited Partnership)

Notes to the Financial Statements

March 31, 2013

(Unaudited)


10.  Indemnifications


In the normal course of business, the Fund enters 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 is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund expects the risk of any future obligation under these indemnifications to be remote.


11.  Financial Highlights

 

 

Three Months Ended March 31,

 

 

 

2013

 

2012

 

Performance per unit (1)

 

 

 

 

 

Net unit value, beginning of the period

 

 $      2,692.59

 

 $      3,219.98

 

 

 

 

 

 

 

Net realized and unrealized (loss) from

 

 

 

 

 

investments and foreign currency

 

               (7.00)

 

           (114.36)

 

Investment income

 

                 0.06

 

                 0.24

 

Expenses

 

           (105.15)

 

           (113.86)

 

 

 

 

 

 

 

Net (decrease) for the period

 

           (112.09)

 

           (227.98)

 

 

 

 

 

 

 

Net unit value at the end of the period

 

 $      2,580.50

 

 $      2,992.00

 

 

 

 

 

 

 

Net assets at the end of the period ($000)

 

 $           3,631

 

 $           4,271

 

 

 

 

 

 

 

Total return (2)

 

            (4.16%)

 

            (7.08%)

 

 

 

 

 

 

 

Number of units outstanding at the end of the period

 

       1,407.003

 

       1,427.570

 

 

 

 

 

 

 

Supplemental Data:

 

 

 

 

 

Ratio to average net assets

 

 

 

 

 

Net investment (loss) (3)

 

         (16.39%)

 

         (14.39%)

 

Expenses (3)

 

         (16.41%)

 

         (14.42%)

 


Total return was calculated based on the change in value of a unit during the period. An individual partner's total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.


(1) Investment income and expenses and net realized and unrealized gains and (losses) on futures transactions are calculated based on a single unit outstanding during the period.


(2) Not annualized.


(3) Annualized.

 

F-15




Atlas Futures Fund, Limited Partnership

Affirmation of the Commodity Pool Operator

Three Months Ended March 31, 2013 and 2012



To the best of the knowledge and belief of the undersigned, the information contained in this report is accurate and complete.


'/s/ Michael Pacult

Michael Pacult

President, Ashley Capital Management, Inc.

General Partner

Atlas Futures Fund, Limited Partnership

 

 

F-16



 

 EX-31.01 2 atlas_ex31z01.htm CERTIFICATION Certification

Exhibit 31.01

CERTIFICATION

I, Michael Peter Pacult do hereby certify that:

1. I have reviewed this quarterly report on Form 10-Q of Atlas Futures 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; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable 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 the registrant’s board of directors (or persons performing the equivalent functions):

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

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

By: ____________________________________

Michael Peter Pacult

President of Ashley Capital Management, Inc.

General Partner of the Registrant




2



 EX-31.02 3 atlas_ex31z02.htm CERTIFICATION BY CEO AND CFO Certification by CEO and CFO

Date: June 3, 2013

EXHIBIT 32.01

CERTIFICATION BY CHIEF EXECUTIVE OFFICER &

CHIEF FINANCIAL OFFICER

I, Michael Peter Pacult, the Chief Executive Officer and Chief Financial Officer of Ashley Capital Management, Inc. as general partner of Atlas Futures Fund, L.P., certify that (i) the Form 10-Q for the period ended March 31, 2013 of Atlas Futures Fund, L.P. fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in the Form 10-Q for the period ended March 31, 2013 fairly presents, in all material respects, the financial condition and results of operations of Atlas Futures Fund, L.P.

ATLAS FUTURES FUND, LIMITED PARTNERSHIP

By: Ashley Capital Management, Inc., General Partner


By: ______________________________________

Michael Peter Pacult

Chief Executive Officer &

Chief Financial Officer


Date: June 3, 2013




2



 EX-101.INS 4 atl-20130331.xml XBRL INSTANCE DOCUMENT 10-Q 2013-03-31 false ATLAS FUTURES FUND LIMITED PARTNERSHIP 0000865549 --12-31 0 Smaller Reporting Company No No No 2013 Q1 1143185 1342620 1364192 1999905 987570 7263 9420 4014699 4358930 326094 81895 33341 21593 24493 23198 383928 126686 3630771 4232244 3630771 4232244 1407.003 1571.814 106 380 106 380 114029 152275 26120 17500 10741 12238 2878 163128 172653 133150 -40823 -24549 -3632 -9716 -158345 -112.09 -227.98 -9420 1963 -7263 11748 29853 1295 -7780 -43535 -192692 43271 227807 1097505 -184536 -1097505 -228071 -1290197 4130660 5674540 1239930 802987 2999990 2662659 581366 3902589 4384343 <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>1.&#160; Nature of the Business</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Atlas Futures Fund, Limited Partnership (the &quot;Fund&quot;) was formed January 12, 1998 under the laws of the state of Delaware.&#160; The Fund is engaged in the speculative trading of futures contracts in commodities, which commenced in October 1999.&#160; Ashley Capital Management, Inc. (the &quot;Corporate General Partner&quot;) and Michael Pacult (the &quot;Individual General Partner&quot; and collectively the &quot;General Partner&quot;) are the General Partners and the commodity pool operators (&quot;CPO's&quot;) of the Fund.&#160; The sole registered commodity trading advisor (&quot;CTA&quot;) of the Fund is Hamer Trading Inc. (&quot;Hamer&quot;).&#160; </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Regulation</u> - The Fund is a registrant with the Securities and Exchange Commission (&quot;SEC&quot;) pursuant to the Securities Act of 1933 (&quot;the Act&quot;). The Fund is subject to the regulations of the SEC and the reporting requirements of the Securities and Exchange Act of 1934. The Fund is also subject to the regulations of the Commodities Futures Trading Commission (&quot;CFTC&quot;), an agency of the U.S. government which regulates most aspects of the commodity futures industry, the rules of the National Futures Association and the requirements of various commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of futures commission merchants (&quot;FCM's&quot;) and interbank market makers through which the Fund trades and regulated by commodity exchanges and by exchange markets that may be traded by the advisor.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>2.&#160; Significant Accounting Policies</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Registration Costs</u> -&#160; The Fund remains open to new partners, and incurs costs required to retain the ability to issue new units.&#160; Such costs, in addition to the costs of recurring annual and quarterly filings with regulatory agencies are expensed as incurred.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Revenue Recognition</u> - Forward contracts, futures and other investments are recorded on the trade date and will be reflected in the statements of operations at the difference between the original contract amount and the fair value on the last business day of the reporting period.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Fair value of forward contracts, futures and other investments is based upon exchange or other applicable closing quotations related to the specific positions.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Interest income is recognized when it is earned.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Use of Accounting Estimates</u> - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&quot;GAAP&quot;) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.&#160; Actual results could differ from these estimates.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Foreign Currency</u> - The accounting records of the Fund are denominated in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Commodity futures contract transactions are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, effects of changes in exchange rates from all transactions denominated in currencies other than U.S. dollars are disclosed separately. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Fair Value Measurement and Disclosures</u> - Accounting Standards Codification (&quot;ASC&quot;) 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.&#160; The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 3 inputs are unobservable inputs for an asset or liability, including the Fund&#146;s own assumptions used in determining the fair value of investments.&#160; Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.&#160; As of and for the three months ended March 31, 2013 and the year ended December 31, 2012, the Fund did not have any Level 3 assets or liabilities. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Derivative financial instruments, such as futures contracts, which are listed on a national exchange, are valued based on quoted prices from the exchange. To the extent these financial instruments are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>U.S. Treasury bills are valued at amortized cost, which management has determined approximates fair value.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The following table sets forth by level within the fair value hierarchy the Fund&#146;s investments accounted for at fair value on a recurring basis as of March 31, 2013 and December 31, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="989" style='width:741.85pt;margin-left:-.7pt;border-collapse:collapse'> <tr style='height:15.75pt'> <td width="989" colspan="14" valign="bottom" style='width:741.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Fair Value at March 31, 2013</b></p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'><b><u>Description</u></b><b> </b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 1</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 2</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="131" colspan="2" valign="bottom" style='width:98.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 3</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="162" colspan="2" valign="bottom" style='width:121.55pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Total</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:10.5pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="281" colspan="2" valign="bottom" style='width:210.65pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Exchange Traded - Futures Contracts</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Total&#160; </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="989" style='width:741.85pt;margin-left:-.7pt;border-collapse:collapse'> <tr style='height:15.75pt'> <td width="989" colspan="14" valign="bottom" style='width:741.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Fair Value at December 31, 2012</b></p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'><b><u>Description</u></b><b> </b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 1</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 2</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="131" colspan="2" valign="bottom" style='width:98.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 3</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="162" colspan="2" valign="bottom" style='width:121.55pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Total</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>U.S. Treasury Bills </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="281" colspan="2" valign="bottom" style='width:210.65pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Exchange Traded - Futures Contracts</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Total&#160; </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;2,220,912&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Income Taxes </u>- The Fund prepares calendar year U.S. Federal and applicable state information tax returns and reports to the partners their allocable shares of the Fund&#146;s income, expenses and trading gains or losses.&nbsp; No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner&#146;s respective share of the Fund&#146;s income and expenses as reported for income tax purposes.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Management has continued to evaluate the application of ASC 740, &#147;Income Taxes&quot; to the Fund, and has determined that ASC 740 does not have a material impact on the Fund&#146;s financial statements.&nbsp; The Fund files federal and state tax returns.&nbsp; The 2009 through 2012 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Statement of Cash Flows</u> - For purposes of the Statement of Cash Flows, the Fund considers all short-term investments with an original maturity of three months or less to be cash equivalents.&#160; Net cash provided by operating activities includes no cash payments for interest or income taxes for the three months ended March 31, 2013 or March 31, 2012.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>3.&#160; General Partner Duties</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The responsibilities of the General Partner, in addition to directing the trading and investment activity of the Fund, include executing and filing all necessary legal documents, statements and certificates of the Fund, retaining independent public accountants to audit the Fund, employing attorneys to represent the Fund, reviewing the brokerage commission rates to determine reasonableness, maintaining the tax status of the Fund as a limited partnership, maintaining a current list of names, addresses and numbers of units owned by each limited partner and taking such other actions as deemed necessary or desirable to manage the business of the Fund.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>If the daily net unit value of the Fund falls to less than 50% of the March 31, 2012 net asset value, or such higher value earned through trading, then the General Partner will immediately suspend all trading, provide all limited partners with notice of the reduction and give all limited partners the opportunity, for fifteen days after such notice, to redeem partnership interests. No trading will commence until after the lapse of the fifteen day period.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>4.&#160; Limited Partnership Agreement</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Limited Partnership Agreement provides, among other things, that: </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Capital Account </u>- A capital account shall be established for each partner.&#160; The initial balance of each partner's capital account shall be the amount of the initial contributions to the Fund.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Monthly Allocations</u> - Any increase or decrease in the Fund's net asset value as of the end of a month shall be credited or charged to the capital account of each partner in the ratio that the balance of each account bears to the total balance of all accounts.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Any distribution from profits or partners' capital will be made solely at the discretion of the General Partner.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Federal Income Tax Allocations</u> - As of the end of each fiscal year, the Fund's realized capital gain or loss and ordinary income or loss shall be allocated among the partners, after having given effect to the fees and expenses of the Fund.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Subscriptions</u> - Investors must submit subscription agreements and funds at least five business days prior to month end. Subscriptions must be accepted or rejected by the General Partner within five business days. The investor also has five business days to withdraw his subscription. Funds are deposited into an interest bearing subscription account and will be transferred to the Fund's account on the first business day of the month after the subscription is accepted. Interest earned on the subscription funds will accrue to the account of the investor. Futures Investments Company (&quot;FIC&quot;), as selling agent, receives a 6% selling commission on new subscriptions calculated on the gross subscription amount. For the three months ended March 31, 2013, selling commissions earned by FIC were $636.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Redemptions</u> - After holding the investment for a minimum of twelve months, a limited partner may request any or all of his investment be redeemed at the net asset value as of the end of a month. The written request must be received by the General Partner no less than ten days prior to a month end. Redemptions will generally be paid within twenty days of the effective month end. However, in various circumstances due to liquidity, etc. the General Partner may be unable to comply with the request on a timely basis. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>5.&#160; Fees</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Fund charged the following fees:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Corporate General Partner is entitled to a fixed annual brokerage commission of 11% of the prior months ending Net Asset Value plus actual commissions charged by the FCM for trades made on foreign exchanges and forward markets, if any. Prior to August 27, 2012, commissions were calculated on assets available for trading. The Corporate General Partner receives 4% of the commissions and the Fund pays the introducing broker the remaining 7%.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>As of April 12, 2012, the fund no longer paid Clarke Capital Management, Inc. (&quot;Clarke&quot;) (former CTA) a quarterly incentive fee of 25% of &quot;new net profits&quot;.&#160; There were no incentive fees paid to Clarke for three months ended March 31, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>As of April 12, 2012, Hamer began trading as the new CTA.&#160; A quarterly incentive fee of 20% of &quot;new net profits&quot; is paid to Hamer.&#160; There were no incentive fees paid to Hamer for the three months ended March 31, 2013.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>As of April 12, 2012, a monthly management fee of 1% (annual rate) is paid to Hamer, calculated on the prior month end net assets assigned to the Hamer to trade.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The General Partner reserves the right to change the fee structure at its sole discretion.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>6.&#160; Related Party Transactions</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Fund pays commissions to the Corporate General Partner and FIC, the introducing broker.&#160; These related parties are 100% and 50%, respectively, owned by Michael Pacult. The Fund shares operating expenses with FIC. Related party transactions were as follows:</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="789" style='width:591.45pt;margin-left:-.7pt;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><b>Commissions included in expenses:</b></p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="317" colspan="3" valign="bottom" style='width:237.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>For The Three Months Ended March 31,</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Corporate General Partner</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;61,355&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;53,586&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>FIC</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>40,819&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>83,931&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:48.0pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><b>Commissions included in accrued expenses:</b></p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>March 31,</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31,</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Corporate General Partner</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;12,883&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;15,947&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>FIC</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>20,458&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5,646&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><b>Accrued operating expenses shared with related party:</b></p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>March 31,</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31,</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>FIC</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,641&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>In the normal course of business, the Fund has provided general indemnifications to the General Partner, its CTA and others when they act, in good faith, in the best interests of the Fund. The Fund is unable to develop an estimate for future payments resulting from hypothetical claims, but expects the risk of having to make any payments under these indemnifications to be remote.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>7.&#160; Trading Activities and Related Risks</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Fund is engaged in speculative trading of U.S. and foreign futures contracts.&#160; The Fund is exposed to both market risk, the risk arising from changes in market value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>A certain portion of cash in trading accounts are pledged as collateral for futures trading on margin.&#160; Additional deposits may be necessary for any loss on contract value.&#160; The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker's proprietary activities.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Each U.S. commodity exchange with the approval of the CFTC establishes minimum margin requirements for each traded contract.&#160; The FCM may increase the margin requirements above these minimums for any or all contracts.&#160; The Fund maintains cash, cash equivalents and U.S. Treasury Bills to satisfy these margin requirements. At March 31, 2013 and December 31, 2012 these totaled $3,902,589 and&#160; $4,130,660, respectively. Based upon the types and amounts of contracts traded and the amount of liquid assets of the Fund, the General Partner believes there is minimal risk of not being able to meet its margin requirement.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Trading in futures contracts involves entering into contractual commitments to purchase or sell a particular futures contracts at a specified date and price. The gross or face amount of the contract, which is typically many times that of the Fund's net assets being traded, significantly exceeds the Fund's future cash requirements since the Fund intends to close out its open positions prior to settlement. As a result, the Fund is generally subject only to the risk of loss arising from the change in the value of the contracts. The market risk is limited to the gross or face amount of the contracts held of $65,154,683 and $80,929,443&#160; on long positions at March 31, 2013 and December 31, 2012, respectively. However, when the Fund enters into a contractual commitment to sell commodities, it must make delivery of the underlying commodity at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which a commodity can rise is unlimited, entering into commitments to sell commodities exposes the Fund to unlimited potential risk.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Market risk is influenced by a wide variety of factors including government programs and policies, political and economic events, the level and volatility of interest rates, foreign currency exchange rates, the diversification effects among the derivative instruments the Fund holds and the liquidity and inherent volatility of the markets in which the Fund trades.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The net unrealized gains on open futures contracts at March 31, 2013 and December 31, 2012 were $102,690 and $221,007, respectively.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Open contracts generally mature within three months of March 31, 2013.&#160; The latest maturity for open futures contracts is in September 2013. However, the Fund intends to close all contracts prior to maturity.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The following tables disclose the fair values of derivative and hedging activities in the Statements of Assets and Liabilities and the Statements of Operations.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="1217" style='width:913.1pt;margin-left:-.7pt;border-collapse:collapse'> <tr align="left"> <td width="1217" colspan="9" valign="bottom" style='width:913.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Derivative Instruments</b></p> </td> </tr> <tr align="left"> <td width="1217" colspan="9" valign="bottom" style='width:913.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Statement of Assets and Liabilities</b></p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Statement of Assets and Liabilities Location</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Asset Derivatives at March 31, 2013 Fair Value</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Liability Derivatives March 31, 2013 Fair Value</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Net</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Derivatives not designated as hedge instruments under ASC 815</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160; Futures contracts</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net unrealized gain on open futures contracts</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;288,955&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;(186,265)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;102,690&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Statement of Assets and Liabilities Location</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Asset Derivatives at December 31, 2012 Fair Value</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Liability Derivatives at December 31, 2012 Fair Value</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Net</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Derivatives not designated as hedge instruments under ASC 815</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160; Futures contracts</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net unrealized gain on open futures contracts</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;342,590&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;(121,583)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;221,007&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="1217" colspan="9" valign="bottom" style='width:913.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Derivative Instruments</b></p> </td> </tr> <tr align="left"> <td width="1217" colspan="9" valign="bottom" style='width:913.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Statement of Operations</b></p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="365" colspan="3" valign="bottom" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended March 31,</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Line Item in the Statement of Operations</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Derivatives not designated as hedge instruments under ASC 815</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160; Futures contracts</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net realized gain (loss) from investments and foreign currency transactions</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;108,601&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;(44,455)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Derivatives not designated as hedge instruments under ASC 815</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160; Futures contracts</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net unrealized (depreciation) on investments</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;(118,317)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;(113,890)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Credit risk is the possibility that a loss may occur due to the failure of a counter party to perform according to the terms of a contract.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Fund has a substantial portion of its assets on deposit with financial institutions. In the event of a financial institution's insolvency, recovery of Fund deposits may be limited to account insurance or other protection afforded deposits.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The Fund has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will succeed. The basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a desirable margin-to-equity ratio. The Fund seeks to minimize credit risk primarily by depositing and maintaining its assets at financial institutions and brokers which it believes to be creditworthy.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>8.&#160; Financial Instruments with Off-Balance Sheet Credit and Market Risk</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>All financial instruments are subject to market risk, the risk that future changes in market conditions may make an instrument less valuable or more onerous.&#160; As the instruments are recognized at fair market value, those changes directly affect reported income.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Included in the definition of financial instruments are securities, restricted securities and derivative financial instruments.&#160; Theoretically, the investments owned by the Fund directly are exposed to a market risk (loss) equal to the notional value of the financial instruments purchased and substantial liability on certain financial instruments purchased short.&#160; Generally, financial instruments can be closed.&#160; However, if the market is not liquid, it could prevent the timely close-out of any unfavorable positions or require the Fund to hold those positions to maturity, regardless of the changes in their value or the trading advisor&#146;s investment strategies.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted.&#160; Concentrations of credit risk (whether on or off balance sheet) that arise from financial instruments exist for groups of counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>9.&#160; Derivative Financial Instruments and Fair Value of Financial Instruments</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>A derivative financial instrument is a financial agreement whose value is linked to, or derived from, the performance of an underlying asset.&#160; The underlying asset can be currencies, commodities, interest rates, stocks, or any combination.&#160; Changes in the underlying asset indirectly affect the value of the derivative.&#160; As the instruments are recognized at fair value, those changes directly affect reported income.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>All investment holdings are recorded in the statement of assets and liabilities at their net asset value (fair value) at the reporting date.&#160; Financial instruments (including derivatives) used for trading purposes are recorded in the statement of assets and liabilities at fair value at the reporting date.&#160; Realized and unrealized changes in fair values are recognized in net investment gain (loss) in the period in which the changes occur.&#160; Interest income arising from trading instruments is included in the statement of operations as part of interest income.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Notional amounts are equivalent to the aggregate face value of the derivative financial instruments.&#160; Notional amounts do not represent the amounts exchanged by the parties to derivatives and do not measure the Fund&#146;s exposure to credit or market risks.&#160; The amounts exchanged are based on the notional amounts and other terms of the derivatives.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>10.&#160; Indemnifications</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>In the normal course of business, the Fund enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Fund&#146;s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund expects the risk of any future obligation under these indemnifications to be remote.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>11.&#160; Financial Highlights</b></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='margin-left:-.7pt;border-collapse:collapse'> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td colspan="3" valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Three Months Ended March 31,</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Performance per unit (1)</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='border:none;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:1.6pt'>Net unit value, beginning of the period</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;2,692.59&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;3,219.98&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>Net realized and unrealized (loss) from</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:2.4pt'>investments and foreign currency</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(7.00)&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.5in'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(114.36)&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:1.6pt'>Investment income</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.06&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>0.24&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:1.6pt'>Expenses</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(105.15)&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.5in'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(113.86)&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:3.2pt'>Net (decrease) for the period</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:48.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(112.09)&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:48.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(227.98)&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:48.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:48.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:48.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:4.0pt'>Net unit value at the end of the period</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:60.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;2,580.50&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:60.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;2,992.00&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net assets at the end of the period ($000)</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;3,631&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;4,271&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Total return (2)</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(4.16%)&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(7.08%)&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Number of units outstanding at the end of the period</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,407.003&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>1,427.570&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Supplemental Data:</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Ratio to average net assets </p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:1.6pt'>Net investment (loss) (3)</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(16.39%)&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(14.39%)&nbsp;</p> </td> </tr> <tr align="left"> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:1.6pt'>Expenses (3)</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(16.41%)&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:24.0pt'>&nbsp;</p> </td> <td valign="bottom" style='padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>(14.42%)&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Total return was calculated based on the change in value of a unit during the period. An individual partner's total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>(1) Investment income and expenses and net realized and unrealized gains and (losses) on futures transactions are calculated based on a single unit outstanding during the period.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>(2) Not annualized.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>(3) Annualized.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Registration Costs</u> -&#160; The Fund remains open to new partners, and incurs costs required to retain the ability to issue new units.&#160; Such costs, in addition to the costs of recurring annual and quarterly filings with regulatory agencies are expensed as incurred.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Revenue Recognition</u> - Forward contracts, futures and other investments are recorded on the trade date and will be reflected in the statements of operations at the difference between the original contract amount and the fair value on the last business day of the reporting period.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Fair value of forward contracts, futures and other investments is based upon exchange or other applicable closing quotations related to the specific positions.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Interest income is recognized when it is earned.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Use of Accounting Estimates</u> - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&quot;GAAP&quot;) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.&#160; Actual results could differ from these estimates.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Foreign Currency</u> - The accounting records of the Fund are denominated in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Commodity futures contract transactions are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, effects of changes in exchange rates from all transactions denominated in currencies other than U.S. dollars are disclosed separately. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Fair Value Measurement and Disclosures</u> - Accounting Standards Codification (&quot;ASC&quot;) 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.&#160; The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Level 3 inputs are unobservable inputs for an asset or liability, including the Fund&#146;s own assumptions used in determining the fair value of investments.&#160; Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.&#160; As of and for the three months ended March 31, 2013 and the year ended December 31, 2012, the Fund did not have any Level 3 assets or liabilities. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Derivative financial instruments, such as futures contracts, which are listed on a national exchange, are valued based on quoted prices from the exchange. To the extent these financial instruments are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>U.S. Treasury bills are valued at amortized cost, which management has determined approximates fair value.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>The following table sets forth by level within the fair value hierarchy the Fund&#146;s investments accounted for at fair value on a recurring basis as of March 31, 2013 and December 31, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="989" style='width:741.85pt;margin-left:-.7pt;border-collapse:collapse'> <tr style='height:15.75pt'> <td width="989" colspan="14" valign="bottom" style='width:741.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Fair Value at March 31, 2013</b></p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'><b><u>Description</u></b><b> </b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 1</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 2</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="131" colspan="2" valign="bottom" style='width:98.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 3</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="162" colspan="2" valign="bottom" style='width:121.55pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Total</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:10.5pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="281" colspan="2" valign="bottom" style='width:210.65pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Exchange Traded - Futures Contracts</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Total&#160; </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="989" style='width:741.85pt;margin-left:-.7pt;border-collapse:collapse'> <tr style='height:15.75pt'> <td width="989" colspan="14" valign="bottom" style='width:741.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Fair Value at December 31, 2012</b></p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'><b><u>Description</u></b><b> </b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 1</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 2</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="131" colspan="2" valign="bottom" style='width:98.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 3</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="162" colspan="2" valign="bottom" style='width:121.55pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Total</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>U.S. Treasury Bills </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="281" colspan="2" valign="bottom" style='width:210.65pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Exchange Traded - Futures Contracts</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Total&#160; </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;2,220,912&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Income Taxes </u>- The Fund prepares calendar year U.S. Federal and applicable state information tax returns and reports to the partners their allocable shares of the Fund&#146;s income, expenses and trading gains or losses.&nbsp; No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner&#146;s respective share of the Fund&#146;s income and expenses as reported for income tax purposes.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'>Management has continued to evaluate the application of ASC 740, &#147;Income Taxes&quot; to the Fund, and has determined that ASC 740 does not have a material impact on the Fund&#146;s financial statements.&nbsp; The Fund files federal and state tax returns.&nbsp; The 2009 through 2012 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Statement of Cash Flows</u> - For purposes of the Statement of Cash Flows, the Fund considers all short-term investments with an original maturity of three months or less to be cash equivalents.&#160; Net cash provided by operating activities includes no cash payments for interest or income taxes for the three months ended March 31, 2013 or March 31, 2012.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="989" style='width:741.85pt;margin-left:-.7pt;border-collapse:collapse'> <tr style='height:15.75pt'> <td width="989" colspan="14" valign="bottom" style='width:741.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Fair Value at March 31, 2013</b></p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'><b><u>Description</u></b><b> </b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 1</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 2</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="131" colspan="2" valign="bottom" style='width:98.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 3</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="162" colspan="2" valign="bottom" style='width:121.55pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Total</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:10.5pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:10.5pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="281" colspan="2" valign="bottom" style='width:210.65pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Exchange Traded - Futures Contracts</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Total&#160; </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;102,690&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="989" style='width:741.85pt;margin-left:-.7pt;border-collapse:collapse'> <tr style='height:15.75pt'> <td width="989" colspan="14" valign="bottom" style='width:741.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Fair Value at December 31, 2012</b></p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'><b><u>Description</u></b><b> </b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 1</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="176" colspan="2" valign="bottom" style='width:132.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 2</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="131" colspan="2" valign="bottom" style='width:98.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Level 3</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="162" colspan="2" valign="bottom" style='width:121.55pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b><u>Total</u></b></p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>U.S. Treasury Bills </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="281" colspan="2" valign="bottom" style='width:210.65pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Exchange Traded - Futures Contracts</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.75pt'> <td width="265" valign="bottom" style='width:198.85pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>Total&#160; </p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.4pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;221,007&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="161" valign="bottom" style='width:120.45pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,999,905&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.2pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="146" valign="bottom" style='width:109.75pt;border:none;border-bottom:double windowtext 2.25pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;2,220,912&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt;height:15.75pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="789" style='width:591.45pt;margin-left:-.7pt;border-collapse:collapse'> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><b>Commissions included in expenses:</b></p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="317" colspan="3" valign="bottom" style='width:237.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>For The Three Months Ended March 31,</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Corporate General Partner</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;61,355&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;53,586&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>FIC</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>40,819&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>83,931&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:48.0pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><b>Commissions included in accrued expenses:</b></p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>March 31,</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31,</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>Corporate General Partner</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;12,883&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;15,947&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>FIC</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>20,458&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>5,646&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'><b>Accrued operating expenses shared with related party:</b></p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>March 31,</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>December 31,</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="159" valign="bottom" style='width:119.0pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> </tr> <tr style='height:15.0pt'> <td width="472" valign="bottom" style='width:354.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p style='margin:0in;margin-bottom:.0001pt'>FIC</p> </td> <td width="159" valign="bottom" style='width:119.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;-&nbsp;</p> </td> <td width="23" valign="bottom" style='width:17.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="135" valign="bottom" style='width:101.45pt;padding:0in 5.4pt 0in 5.4pt;height:15.0pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;1,641&nbsp;</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="1217" style='width:913.1pt;margin-left:-.7pt;border-collapse:collapse'> <tr align="left"> <td width="1217" colspan="9" valign="bottom" style='width:913.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Derivative Instruments</b></p> </td> </tr> <tr align="left"> <td width="1217" colspan="9" valign="bottom" style='width:913.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Statement of Assets and Liabilities</b></p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Statement of Assets and Liabilities Location</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Asset Derivatives at March 31, 2013 Fair Value</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Liability Derivatives March 31, 2013 Fair Value</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Net</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Derivatives not designated as hedge instruments under ASC 815</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160; Futures contracts</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net unrealized gain on open futures contracts</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;288,955&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;(186,265)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;102,690&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Statement of Assets and Liabilities Location</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Asset Derivatives at December 31, 2012 Fair Value</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Liability Derivatives at December 31, 2012 Fair Value</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>Net</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Derivatives not designated as hedge instruments under ASC 815</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160; Futures contracts</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net unrealized gain on open futures contracts</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;342,590&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;(121,583)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right;text-indent:.8pt'>$&nbsp;221,007&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;text-indent:12.0pt'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="1217" colspan="9" valign="bottom" style='width:913.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Derivative Instruments</b></p> </td> </tr> <tr align="left"> <td width="1217" colspan="9" valign="bottom" style='width:913.1pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'><b>Statement of Operations</b></p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="365" colspan="3" valign="bottom" style='width:3.8in;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>For the three months ended March 31,</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Line Item in the Statement of Operations</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2013</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>2012</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Derivatives not designated as hedge instruments under ASC 815</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160; Futures contracts</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net realized gain (loss) from investments and foreign currency transactions</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;108,601&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;(44,455)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="212" valign="bottom" style='width:158.75pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Derivatives not designated as hedge instruments under ASC 815</p> </td> <td width="151" valign="bottom" style='width:113.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&#160; Futures contracts</p> </td> <td width="331" valign="bottom" style='width:247.95pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>Net unrealized (depreciation) on investments</p> </td> <td width="29" valign="bottom" style='width:21.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;(118,317)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>&nbsp;</p> </td> <td width="175" valign="bottom" style='width:130.9pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;text-align:right'>$&nbsp;(113,890)&nbsp;</p> </td> <td width="16" valign="bottom" style='width:11.8pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> <td width="115" valign="bottom" style='width:86.1pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> </td> </tr> </table> 23814 0.0066 29859 0.0082 4095 0.0011 61000 0.0168 -30523 -0.0084 88245 0.0243 14476 0.0040 -20060 -0.0055 -7439 -0.0020 400 0.0001 27068 0.0074 14445 0.0040 102690 0.0283 2000000 1999905 0.4725 33047 0.0078 2220 0.0005 95500 0.0226 1508 0.0004 132275 0.0313 46349 0.0110 48266 0.0114 -4613 -0.0011 2950 0.0007 -4220 -0.0010 8732 0.0210 221007 0.0523 -163022 -172273 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Trading Activities and Related Risks: Schedule of Derivative Instruments (Tables) link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - Statements of Changes in Net Assets (Unaudited) - Member's Equity link:presentationLink link:definitionLink link:calculationLink 000160 - Disclosure - 10. Indemnifications link:presentationLink link:definitionLink link:calculationLink 000060 - Statement - Condensed Schedule of Investments (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000310 - Disclosure - 7. Trading Activities and Related Risks (Details) link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000320 - Disclosure - 7. Trading Activities and Related Risks: Schedule of Derivative Instruments (Details) link:presentationLink link:definitionLink link:calculationLink 000250 - Disclosure - 2. Significant Accounting Policies: Fair Value Measurement and Disclosures, Policy: Fair Value, Assets Measured on Recurring Basis (Tables) link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - 3. General Partner Duties link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Statements of Assets and Liabilities (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000180 - Disclosure - 2. Significant Accounting Policies: Registration Costs (Policies) link:presentationLink link:definitionLink link:calculationLink 000240 - Disclosure - 2. Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - 5. Fees link:presentationLink link:definitionLink link:calculationLink 000280 - Disclosure - 1. Nature of The Business (Details) link:presentationLink link:definitionLink link:calculationLink 000300 - Disclosure - 6. Related Party Transactions: Schedule of Related Party Transactions (Details) link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000170 - Disclosure - 11. Financial Highlights link:presentationLink link:definitionLink link:calculationLink 000290 - Disclosure - 2. Significant Accounting Policies: Fair Value Measurement and Disclosures, Policy: Fair Value, Assets Measured on Recurring Basis (Details) link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - 2. Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 000330 - Disclosure - 11. Financial Highlights (Details) link:presentationLink link:definitionLink link:calculationLink 000230 - Disclosure - 2. Significant Accounting Policies: Income Tax, Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 000260 - Disclosure - 6. Related Party Transactions: Schedule of Related Party Transactions (Tables) link:presentationLink link:definitionLink link:calculationLink 000220 - Disclosure - 2. Significant Accounting Policies: Fair Value Measurement and Disclosures, Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 000150 - Disclosure - 9. Derivative Financial Instruments and Fair Value of Financial Instruments link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - 1. Nature of The Business link:presentationLink link:definitionLink link:calculationLink 000190 - Disclosure - 2. Significant Accounting Policies: Revenue Recognition (Policies) link:presentationLink link:definitionLink link:calculationLink 000120 - Disclosure - 6. Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 000140 - Disclosure - 8. Financial Instruments With Off-balance Sheet Credit and Market Risk link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - 7. Trading Activities and Related Risks link:presentationLink link:definitionLink link:calculationLink 000200 - Disclosure - 2. Significant Accounting Policies: Use of Estimates, Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 000210 - Disclosure - 2. Significant Accounting Policies: Foreign Currency Transactions and Translations Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - 4. Limited Partnership Agreement link:presentationLink link:definitionLink link:calculationLink XML 10 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
11. Financial Highlights
 3 Months Ended
Mar. 31, 2013
Notes  
11. Financial Highlights

11.  Financial Highlights

 

 

 

Three Months Ended March 31,

 

 

2013

 

2012

Performance per unit (1)

 

 

 

 

Net unit value, beginning of the period

 

$ 2,692.59 

 

$ 3,219.98 

 

 

 

 

 

Net realized and unrealized (loss) from

 

 

 

 

investments and foreign currency

 

(7.00) 

 

(114.36) 

Investment income

 

0.06 

 

0.24 

Expenses

 

(105.15) 

 

(113.86) 

 

 

 

 

 

Net (decrease) for the period

 

(112.09) 

 

(227.98) 

 

 

 

 

 

Net unit value at the end of the period

 

$ 2,580.50 

 

$ 2,992.00 

 

 

 

 

 

Net assets at the end of the period ($000)

 

$ 3,631 

 

$ 4,271 

 

 

 

 

 

Total return (2)

 

(4.16%) 

 

(7.08%) 

 

 

 

 

 

Number of units outstanding at the end of the period

 

1,407.003 

 

1,427.570 

 

 

 

 

 

Supplemental Data:

 

 

 

 

Ratio to average net assets

 

 

 

 

Net investment (loss) (3)

 

(16.39%) 

 

(14.39%) 

Expenses (3)

 

(16.41%) 

 

(14.42%) 

 

Total return was calculated based on the change in value of a unit during the period. An individual partner's total returns and ratios may vary from the above total returns and ratios based on the timing of additions and redemptions.

 

(1) Investment income and expenses and net realized and unrealized gains and (losses) on futures transactions are calculated based on a single unit outstanding during the period.

 

(2) Not annualized.

 

(3) Annualized.
XML 11 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Changes in Net Assets (Unaudited) - Member's Equity (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Details    
Net Income (Loss) $ (163,022) $ (172,273)
Net realized gain (loss) from investments and foreign currency transactions 108,601 (44,455)
Net unrealized (depreciation) on investments (118,317) (113,890)
Net (decrease) in net assets resulting from operations (172,738) (330,618)
Partners' Capital Account, Units, Contributed 16.061  
Proceeds from Contributed Capital 43,271  
Partners' Capital Account, Units, Redeemed (180.872) (210.220)
Partners' Capital Account, Redemptions (472,006) (671,751)
Partners' Capital Account, Units, Period Increase (Decrease) (164.811) (210.220)
Increase (Decrease) in Net Assets (601,473) (1,002,369)
Total partnership units outstanding, start of period 1,571.814 1,637.790
Assets, Net, start of period 4,232,244 5,273,657
Total partnership units outstanding, end of period 1,407.003 1,427.570
Assets, Net, end of period $ 3,630,771 [1] $ 4,271,288 [1]
[1] Investment income and expenses and net realized and unrealized gains and (losses) on futures transactions are calculated based on a single unit outstanding during the period.
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4. Limited Partnership Agreement
 3 Months Ended
Mar. 31, 2013
Notes  
4. Limited Partnership Agreement

4.  Limited Partnership Agreement

 

The Limited Partnership Agreement provides, among other things, that:

 

Capital Account - A capital account shall be established for each partner.  The initial balance of each partner's capital account shall be the amount of the initial contributions to the Fund.

 

Monthly Allocations - Any increase or decrease in the Fund's net asset value as of the end of a month shall be credited or charged to the capital account of each partner in the ratio that the balance of each account bears to the total balance of all accounts.

 

Any distribution from profits or partners' capital will be made solely at the discretion of the General Partner.

 

Federal Income Tax Allocations - As of the end of each fiscal year, the Fund's realized capital gain or loss and ordinary income or loss shall be allocated among the partners, after having given effect to the fees and expenses of the Fund.

 

Subscriptions - Investors must submit subscription agreements and funds at least five business days prior to month end. Subscriptions must be accepted or rejected by the General Partner within five business days. The investor also has five business days to withdraw his subscription. Funds are deposited into an interest bearing subscription account and will be transferred to the Fund's account on the first business day of the month after the subscription is accepted. Interest earned on the subscription funds will accrue to the account of the investor. Futures Investments Company ("FIC"), as selling agent, receives a 6% selling commission on new subscriptions calculated on the gross subscription amount. For the three months ended March 31, 2013, selling commissions earned by FIC were $636.

 

Redemptions - After holding the investment for a minimum of twelve months, a limited partner may request any or all of his investment be redeemed at the net asset value as of the end of a month. The written request must be received by the General Partner no less than ten days prior to a month end. Redemptions will generally be paid within twenty days of the effective month end. However, in various circumstances due to liquidity, etc. the General Partner may be unable to comply with the request on a timely basis.

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2. Significant Accounting Policies: Cash and Cash Equivalents, Policy (Policies)
 3 Months Ended
Mar. 31, 2013
Policies  
Cash and Cash Equivalents, Policy

Statement of Cash Flows - For purposes of the Statement of Cash Flows, the Fund considers all short-term investments with an original maturity of three months or less to be cash equivalents.  Net cash provided by operating activities includes no cash payments for interest or income taxes for the three months ended March 31, 2013 or March 31, 2012.
XML 15 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
2. Significant Accounting Policies: Registration Costs (Policies)
 3 Months Ended
Mar. 31, 2013
Policies  
Registration Costs

Registration Costs -  The Fund remains open to new partners, and incurs costs required to retain the ability to issue new units.  Such costs, in addition to the costs of recurring annual and quarterly filings with regulatory agencies are expensed as incurred.
XML 16 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
7. Trading Activities and Related Risks: Schedule of Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2013
Tables/Schedules  
Schedule of Derivative Instruments

 

Derivative Instruments

Statement of Assets and Liabilities

 

 

Statement of Assets and Liabilities Location

 

Asset Derivatives at March 31, 2013 Fair Value

 

Liability Derivatives March 31, 2013 Fair Value

 

Net

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized gain on open futures contracts

 

$ 288,955 

 

$ (186,265) 

 

$ 102,690 

 

 

 

 

 

 

 

 

 

 

 

Statement of Assets and Liabilities Location

 

Asset Derivatives at December 31, 2012 Fair Value

 

Liability Derivatives at December 31, 2012 Fair Value

 

Net

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized gain on open futures contracts

 

$ 342,590 

 

$ (121,583) 

 

$ 221,007 

 

 

 

 

 

 

 

 

 

Derivative Instruments

Statement of Operations

 

 

 

 

For the three months ended March 31,

 

 

 

 

Line Item in the Statement of Operations

 

2013

 

2012

 

 

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net realized gain (loss) from investments and foreign currency transactions

 

$ 108,601 

 

$ (44,455) 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized (depreciation) on investments

 

$ (118,317) 

 

$ (113,890) 

 

 
XML 17 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6
6. Related Party Transactions: Schedule of Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2013
Tables/Schedules  
Schedule of Related Party Transactions

 

Commissions included in expenses:

 

 

 

 

For The Three Months Ended March 31,

 

2013

 

2012

Corporate General Partner

$ 61,355 

 

$ 53,586 

FIC

40,819 

 

83,931 

 

 

 

 

Commissions included in accrued expenses:

 

 

 

 

March 31,

 

December 31,

 

2013

 

2012

Corporate General Partner

$ 12,883 

 

$ 15,947 

FIC

20,458 

 

5,646 

 

 

 

 

Accrued operating expenses shared with related party:

 

 

 

 

March 31,

 

December 31,

 

2013

 

2012

FIC

$ - 

 

$ 1,641 

 
XML 18 R31.htm IDEA: XBRL DOCUMENT v2.4.0.6
7. Trading Activities and Related Risks (Details) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Details    
Contracts held on long positions $ 65,154,683 $ 80,929,443
Net unrealized gains on open futures contracts $ 102,690 $ 221,007
XML 19 R25.htm IDEA: XBRL DOCUMENT v2.4.0.6
2. Significant Accounting Policies: Fair Value Measurement and Disclosures, Policy: Fair Value, Assets Measured on Recurring Basis (Tables)
 3 Months Ended
Mar. 31, 2013
Tables/Schedules  
Fair Value, Assets Measured on Recurring Basis

 

Fair Value at March 31, 2013

Description

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded - Futures Contracts

$ 102,690 

 

 

$ - 

 

 

$ - 

 

 

$ 102,690 

 

 

Total 

 

$ 102,690 

 

 

$ - 

 

 

$ - 

 

 

$ 102,690 

 

 

 

Fair Value at December 31, 2012

Description

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

$ - 

 

 

$ 1,999,905 

 

 

$ - 

 

 

$ 1,999,905 

 

 

Exchange Traded - Futures Contracts

221,007 

 

 

- 

 

 

- 

 

 

221,007 

 

 

Total 

 

$ 221,007 

 

 

$ 1,999,905 

 

 

$ - 

 

 

$ 2,220,912 

 

 
XML 20 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Schedule of Investments (Unaudited) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Futures contracts held long, Fair Value $ 88,245 $ 132,275
Futures contracts held long, percent of net assets 2.43% 3.13%
Futures contracts held short, Fair Value 14,445 8,732
Futures contracts held short, percent of net assets 0.40% 2.10%
Net unrealized gain on open futures contracts 102,690 221,007
Net unrealized gain on open futures contracts, percent of net assets 2.83% 5.23%
US Treasury Bills, Face Value   2,000,000
US Treasury Bills, Fair Value   1,999,905
US Treasury Bills, percent of net assets   47.25%
Agriculture
    
Futures contracts held long, Fair Value 23,814 33,047
Futures contracts held long, percent of net assets 0.66% 0.78%
Futures contracts held short, Fair Value 14,476 46,349
Futures contracts held short, percent of net assets 0.40% 1.10%
Currency
    
Futures contracts held long, Fair Value 29,859 2,220
Futures contracts held long, percent of net assets 0.82% 0.05%
Futures contracts held short, Fair Value (20,060) 48,266
Futures contracts held short, percent of net assets (0.55%) 1.14%
Energy
    
Futures contracts held long, Fair Value 4,095  
Futures contracts held long, percent of net assets 0.11%  
Futures contracts held short, Fair Value (7,439) (4,613)
Futures contracts held short, percent of net assets (0.20%) (0.11%)
Indices
    
Futures contracts held long, Fair Value 61,000 95,500
Futures contracts held long, percent of net assets 1.68% 2.26%
Futures contracts held short, Fair Value 400 2,950
Futures contracts held short, percent of net assets 0.01% 0.07%
Metals
    
Futures contracts held long, Fair Value (30,523) 1,508
Futures contracts held long, percent of net assets (0.84%) 0.04%
Futures contracts held short, Fair Value $ 27,068 $ (4,220)
Futures contracts held short, percent of net assets 0.74% (0.10%)
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2. Significant Accounting Policies
 3 Months Ended
Mar. 31, 2013
Notes  
2. Significant Accounting Policies

2.  Significant Accounting Policies

 

Registration Costs -  The Fund remains open to new partners, and incurs costs required to retain the ability to issue new units.  Such costs, in addition to the costs of recurring annual and quarterly filings with regulatory agencies are expensed as incurred.

 

Revenue Recognition - Forward contracts, futures and other investments are recorded on the trade date and will be reflected in the statements of operations at the difference between the original contract amount and the fair value on the last business day of the reporting period.

 

Fair value of forward contracts, futures and other investments is based upon exchange or other applicable closing quotations related to the specific positions.

 

Interest income is recognized when it is earned.

 

Use of Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from these estimates.

 

Foreign Currency - The accounting records of the Fund are denominated in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Commodity futures contract transactions are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, effects of changes in exchange rates from all transactions denominated in currencies other than U.S. dollars are disclosed separately.

 

Fair Value Measurement and Disclosures - Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.  The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

 

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date. 

 

Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

 

Level 3 inputs are unobservable inputs for an asset or liability, including the Fund’s own assumptions used in determining the fair value of investments.  Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.  As of and for the three months ended March 31, 2013 and the year ended December 31, 2012, the Fund did not have any Level 3 assets or liabilities.

 

Derivative financial instruments, such as futures contracts, which are listed on a national exchange, are valued based on quoted prices from the exchange. To the extent these financial instruments are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

 

U.S. Treasury bills are valued at amortized cost, which management has determined approximates fair value.

 

The following table sets forth by level within the fair value hierarchy the Fund’s investments accounted for at fair value on a recurring basis as of March 31, 2013 and December 31, 2012.

 

Fair Value at March 31, 2013

Description

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded - Futures Contracts

$ 102,690 

 

 

$ - 

 

 

$ - 

 

 

$ 102,690 

 

 

Total 

 

$ 102,690 

 

 

$ - 

 

 

$ - 

 

 

$ 102,690 

 

 

 

Fair Value at December 31, 2012

Description

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

$ - 

 

 

$ 1,999,905 

 

 

$ - 

 

 

$ 1,999,905 

 

 

Exchange Traded - Futures Contracts

221,007 

 

 

- 

 

 

- 

 

 

221,007 

 

 

Total 

 

$ 221,007 

 

 

$ 1,999,905 

 

 

$ - 

 

 

$ 2,220,912 

 

 

 

Income Taxes - The Fund prepares calendar year U.S. Federal and applicable state information tax returns and reports to the partners their allocable shares of the Fund’s income, expenses and trading gains or losses.  No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner’s respective share of the Fund’s income and expenses as reported for income tax purposes.

 

Management has continued to evaluate the application of ASC 740, “Income Taxes" to the Fund, and has determined that ASC 740 does not have a material impact on the Fund’s financial statements.  The Fund files federal and state tax returns.  The 2009 through 2012 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.

 

Statement of Cash Flows - For purposes of the Statement of Cash Flows, the Fund considers all short-term investments with an original maturity of three months or less to be cash equivalents.  Net cash provided by operating activities includes no cash payments for interest or income taxes for the three months ended March 31, 2013 or March 31, 2012.
XML 22 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
5. Fees
 3 Months Ended
Mar. 31, 2013
Notes  
5. Fees

5.  Fees

 

The Fund charged the following fees:

 

The Corporate General Partner is entitled to a fixed annual brokerage commission of 11% of the prior months ending Net Asset Value plus actual commissions charged by the FCM for trades made on foreign exchanges and forward markets, if any. Prior to August 27, 2012, commissions were calculated on assets available for trading. The Corporate General Partner receives 4% of the commissions and the Fund pays the introducing broker the remaining 7%.

 

As of April 12, 2012, the fund no longer paid Clarke Capital Management, Inc. ("Clarke") (former CTA) a quarterly incentive fee of 25% of "new net profits".  There were no incentive fees paid to Clarke for three months ended March 31, 2012.

 

As of April 12, 2012, Hamer began trading as the new CTA.  A quarterly incentive fee of 20% of "new net profits" is paid to Hamer.  There were no incentive fees paid to Hamer for the three months ended March 31, 2013. 

 

As of April 12, 2012, a monthly management fee of 1% (annual rate) is paid to Hamer, calculated on the prior month end net assets assigned to the Hamer to trade.

 

The General Partner reserves the right to change the fee structure at its sole discretion.

 
XML 23 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
3. General Partner Duties
 3 Months Ended
Mar. 31, 2013
Notes  
3. General Partner Duties

3.  General Partner Duties

 

The responsibilities of the General Partner, in addition to directing the trading and investment activity of the Fund, include executing and filing all necessary legal documents, statements and certificates of the Fund, retaining independent public accountants to audit the Fund, employing attorneys to represent the Fund, reviewing the brokerage commission rates to determine reasonableness, maintaining the tax status of the Fund as a limited partnership, maintaining a current list of names, addresses and numbers of units owned by each limited partner and taking such other actions as deemed necessary or desirable to manage the business of the Fund.

 

If the daily net unit value of the Fund falls to less than 50% of the March 31, 2012 net asset value, or such higher value earned through trading, then the General Partner will immediately suspend all trading, provide all limited partners with notice of the reduction and give all limited partners the opportunity, for fifteen days after such notice, to redeem partnership interests. No trading will commence until after the lapse of the fifteen day period.
XML 24 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
1. Nature of The Business (Details)
 3 Months Ended
Mar. 31, 2013
Details  
Entity Incorporation, Date of Incorporation Jan. 12, 1998
Entity Incorporation, State Country Name Delaware
XML 25 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
7. Trading Activities and Related Risks: Schedule of Derivative Instruments (Details) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Details      
Fair Value, Asset Derivates $ 288,955   $ 342,590
Fair Value, Liability Derivates (186,265)   (121,583)
Fair Value, Net Derivates 102,690   221,007
Futures contracts under Net realized gain (loss) from investments 108,601 (44,455)  
Futures contracts, under Net unrealized appreciation on investments $ (118,317) $ (113,890)  
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Statements of Operations (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Statements of Operations    
Interest income $ 106 $ 380
Total investment income 106 380
Commission expense 114,029 152,275
Professional fees 26,120 17,500
Management fees 10,741  
Other operating expenses 12,238 2,878
Total expenses 163,128 172,653
Net Income (Loss) (163,022) (172,273)
Net realized gain (loss) on investments 133,150 (40,823)
Net realized gain (loss) from Foreign currency translation (24,549) (3,632)
Net realized gain (loss) from investments and foreign currency transactions 108,601 (44,455)
Net unrealized (depreciation) on investments (118,317) (113,890)
Net realized and unrealized gain (loss) from investments and foreign currency (9,716) (158,345)
Net (decrease) in net assets resulting from operations $ (172,738) $ (330,618)
Limited partnership unit $ (112.09) $ (227.98)
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8. Financial Instruments With Off-balance Sheet Credit and Market Risk
 3 Months Ended
Mar. 31, 2013
Notes  
8. Financial Instruments With Off-balance Sheet Credit and Market Risk

8.  Financial Instruments with Off-Balance Sheet Credit and Market Risk

 

All financial instruments are subject to market risk, the risk that future changes in market conditions may make an instrument less valuable or more onerous.  As the instruments are recognized at fair market value, those changes directly affect reported income.

 

Included in the definition of financial instruments are securities, restricted securities and derivative financial instruments.  Theoretically, the investments owned by the Fund directly are exposed to a market risk (loss) equal to the notional value of the financial instruments purchased and substantial liability on certain financial instruments purchased short.  Generally, financial instruments can be closed.  However, if the market is not liquid, it could prevent the timely close-out of any unfavorable positions or require the Fund to hold those positions to maturity, regardless of the changes in their value or the trading advisor’s investment strategies.

 

Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted.  Concentrations of credit risk (whether on or off balance sheet) that arise from financial instruments exist for groups of counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions.
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Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Statements of Cash Flows    
Net (decrease) in net assets resulting from operations $ (172,738) $ (330,618)
Changes in operating assets and liabilities:    
(Increase) Decrease in prepaid expenses (9,420) 1,963
Decrease in subscription receivable 7,263  
Unrealized depreciation on investments 118,317 113,890
Increase in accrued commissions payable to related parties 11,748 29,853
Increase (decrease) in other accrued liabilities 1,295 (7,780)
Net cash (used in) operating activities (43,535) (192,692)
Cash Flows from Financing Activities    
Proceeds from sale of units, net of sales commissions 43,271  
Partner redemptions (227,807) (1,097,505)
Net cash (used in) financing activities (184,536) (1,097,505)
Net (decrease) in cash and cash equivalents (228,071) (1,290,197)
Cash and cash equivalents, beginning of period 4,130,660 5,674,540
Cash and cash equivalents, end of period 3,902,589 4,384,343
End of period cash and cash equivalents consists of:    
Cash and cash equivalents at broker 1,239,930 802,987
Treasury bills    [1] 2,999,990
Cash and cash equivalents 2,662,659 581,366
Total cash and cash equivalents $ 3,902,589 $ 4,384,343
[1] U.S. Treasury Bills (cost $0)
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Statements of Assets and Liabilities (Unaudited) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Equity in broker trading accounts    
Cash and cash equivalents at broker $ 1,239,930 $ 1,143,185
Net unrealized gain on open futures contracts 102,690 221,007
Total equity in broker trading accounts 1,342,620 1,364,192
Treasury bills    [1] 1,999,905 [2]
Cash and cash equivalents 2,662,659 987,570
Subscriptions receivable   7,263
Prepaid expenses 9,420  
Total assets 4,014,699 4,358,930
Liabilities    
Partner redemptions payable 326,094 81,895
Accrued commissions payable to related parties 33,341 21,593
Other accrued liabilities 24,493 23,198
Total liabilities 383,928 126,686
Net assets    
Limited partners 3,630,771 4,232,244
Net assets $ 3,630,771 [3] $ 4,232,244 [4]
Partnership units outstanding    
Limited partners units outstanding 1,407.003 1,571.814
Total partnership units outstanding 1,407.003 1,571.814
[1] U.S. Treasury Bills (cost $0)
[2] U.S. Treasury Bills (cost $1,999,469)
[3] Net assets (equivalent to $2,580.50 per unit)
[4] Net assets (equivalent to $2,692.59 per unit)
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M"HO0,\XT5><[OI:E$Y\@#NFLR-9'DJ7H#,[L0=N2: MDR+;!>Q18S%`+IH$NF&%,XD]SPH#PXH]CEK(J,J@O-RQ.BC.7W&NA[)I-\@, M+C]QL8`E#R#L;9@C5L%<^1,QTFVAQ]2ETYH^;?#$5?**,(O6%(OV3T+19_+D MPT*:"=^,)]8@CAS&Z0OIOCSP()0[%:JXY0`["4]/T MU)[_;>W-7>HB;G]XK[1GG\\@ACK#3!WO4K3PM8FH2I?!%"RN5W9RIV!+-+M0 MHM(A5IB]C2RV-E4:AY*V/]2S(M.229KNC99+DD#,2R59E!4O/O@T\(5XM'RB M5L%:A)FIXHEK[]*,-D%0+;*L0\KR0&;3;@LO1Z_\PO.=[T60#6^,\Y`;62HW MH&@?5>Y(+.2KW)3-MP7FCH02$BLWO^S/%')?,I:6^W:1L/AU9Z&+DZ25`[[T M)Q/,9`V5/WOT0A>Y/7+]&L@#O7.A%S"]:6]B-.S<<809[D;VI7AWPLP(573N M"QG%\![&4.0&F3*2V]!SWZRL*>5-7]HM/)Q8(NP3M<#K,VQ<$S#S[(19J44; M5O(]?R[_+LR+"@ZYSC.RD*WZS+]T/DB$*C_%Y)+O@E/FX.*#6F?V]F2Q[)1- M=^MXYV[W?+,RC)^(BVCQ4J?MZQ9K<3M1_?+0+Q+@>1!0)+HLJ;1/2CP0*Y$[ M\5`46,R-[W.6:;:TV*^ZA2VO9M\C*H%N:0E[+JU\>5C#Y`4`?=Y'@4VYY)6" MCEO``K`ILDI!JO2<6AT=(!9ZLHV5WE^1P@ MD;CRUR^3)-L"9_EV;Q'0NM.V_EV$^/@_ M4$L!`AX#%`````@`O'/30B+TMUU<50``GJ,$`!``&````````0```*2!```` M`&%T;"TR,#$S,#,S,2YX;6Q55`4``Z3XP5%U>`L``00E#@``!#D!``!02P$" M'@,4````"`"\<]-"%B<*M"$$```.&@``%``8```````!````I(&F50``871L M+3(P,3,P,S,Q7V-A;"YX;6Q55`4``Z3XP5%U>`L``00E#@``!#D!``!02P$" M'@,4````"`"\<]-"JV%-^C0)``#0=0``%``8```````!````I($56@``871L M+3(P,3,P,S,Q7V1E9BYX;6Q55`4``Z3XP5%U>`L``00E#@``!#D!``!02P$" M'@,4````"`"\<]-"5\'"<.L?``!YDP$`%``8```````!````I(&78P``871L M+3(P,3,P,S,Q7VQA8BYX;6Q55`4``Z3XP5%U>`L``00E#@``!#D!``!02P$" M'@,4````"`"\<]-"C+3*)<85```I<0$`%``8```````!````I('0@P``871L M+3(P,3,P,S,Q7W!R92YX;6Q55`4``Z3XP5%U>`L``00E#@``!#D!``!02P$" M'@,4````"`"\<]-"/3^#X1P,``!]>P``$``8```````!````I('DF0``871L M+3(P,3,P,S,Q+GAS9%54!0`#I/C!475X"P`!!"4.```$.0$``%!+!08````` ..!@`&`!0"``!*I@`````` ` end XML 33 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
2. Significant Accounting Policies: Fair Value Measurement and Disclosures, Policy: Fair Value, Assets Measured on Recurring Basis (Details) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Fair Value of Assets, Exchange Traded Futures Contracts $ 102,690 $ 221,007
Fair Value of Assets, Fund's Investments 102,690 2,220,912
Fair Value of Assets, U.S. Treasury Bills   1,999,905
Fair Value, Inputs, Level 1
    
Fair Value of Assets, Exchange Traded Futures Contracts 102,690 221,007
Fair Value of Assets, Fund's Investments 102,690 221,007
Fair Value, Inputs, Level 2
    
Fair Value of Assets, Fund's Investments   1,999,905
Fair Value of Assets, U.S. Treasury Bills   $ 1,999,905
XML 34 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
2. Significant Accounting Policies: Income Tax, Policy (Policies)
 3 Months Ended
Mar. 31, 2013
Policies  
Income Tax, Policy

Income Taxes - The Fund prepares calendar year U.S. Federal and applicable state information tax returns and reports to the partners their allocable shares of the Fund’s income, expenses and trading gains or losses.  No provision for income taxes has been made in the accompanying financial statements as each partner is individually responsible for reporting income or loss based on such partner’s respective share of the Fund’s income and expenses as reported for income tax purposes.

 

Management has continued to evaluate the application of ASC 740, “Income Taxes" to the Fund, and has determined that ASC 740 does not have a material impact on the Fund’s financial statements.  The Fund files federal and state tax returns.  The 2009 through 2012 tax years generally remain subject to examination by the U.S. federal and most state tax authorities.
XML 35 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
7. Trading Activities and Related Risks
 3 Months Ended
Mar. 31, 2013
Notes  
7. Trading Activities and Related Risks

7.  Trading Activities and Related Risks

 

The Fund is engaged in speculative trading of U.S. and foreign futures contracts.  The Fund is exposed to both market risk, the risk arising from changes in market value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract.

 

A certain portion of cash in trading accounts are pledged as collateral for futures trading on margin.  Additional deposits may be necessary for any loss on contract value.  The Commodity Exchange Act requires a broker to segregate all customer transactions and assets from such broker's proprietary activities.

 

Each U.S. commodity exchange with the approval of the CFTC establishes minimum margin requirements for each traded contract.  The FCM may increase the margin requirements above these minimums for any or all contracts.  The Fund maintains cash, cash equivalents and U.S. Treasury Bills to satisfy these margin requirements. At March 31, 2013 and December 31, 2012 these totaled $3,902,589 and  $4,130,660, respectively. Based upon the types and amounts of contracts traded and the amount of liquid assets of the Fund, the General Partner believes there is minimal risk of not being able to meet its margin requirement.

 

Trading in futures contracts involves entering into contractual commitments to purchase or sell a particular futures contracts at a specified date and price. The gross or face amount of the contract, which is typically many times that of the Fund's net assets being traded, significantly exceeds the Fund's future cash requirements since the Fund intends to close out its open positions prior to settlement. As a result, the Fund is generally subject only to the risk of loss arising from the change in the value of the contracts. The market risk is limited to the gross or face amount of the contracts held of $65,154,683 and $80,929,443  on long positions at March 31, 2013 and December 31, 2012, respectively. However, when the Fund enters into a contractual commitment to sell commodities, it must make delivery of the underlying commodity at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which a commodity can rise is unlimited, entering into commitments to sell commodities exposes the Fund to unlimited potential risk.

 

Market risk is influenced by a wide variety of factors including government programs and policies, political and economic events, the level and volatility of interest rates, foreign currency exchange rates, the diversification effects among the derivative instruments the Fund holds and the liquidity and inherent volatility of the markets in which the Fund trades.

 

The net unrealized gains on open futures contracts at March 31, 2013 and December 31, 2012 were $102,690 and $221,007, respectively.

 

Open contracts generally mature within three months of March 31, 2013.  The latest maturity for open futures contracts is in September 2013. However, the Fund intends to close all contracts prior to maturity.

 

The following tables disclose the fair values of derivative and hedging activities in the Statements of Assets and Liabilities and the Statements of Operations.

 

Derivative Instruments

Statement of Assets and Liabilities

 

 

Statement of Assets and Liabilities Location

 

Asset Derivatives at March 31, 2013 Fair Value

 

Liability Derivatives March 31, 2013 Fair Value

 

Net

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized gain on open futures contracts

 

$ 288,955 

 

$ (186,265) 

 

$ 102,690 

 

 

 

 

 

 

 

 

 

 

 

Statement of Assets and Liabilities Location

 

Asset Derivatives at December 31, 2012 Fair Value

 

Liability Derivatives at December 31, 2012 Fair Value

 

Net

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized gain on open futures contracts

 

$ 342,590 

 

$ (121,583) 

 

$ 221,007 

 

 

 

 

 

 

 

 

 

Derivative Instruments

Statement of Operations

 

 

 

 

For the three months ended March 31,

 

 

 

 

Line Item in the Statement of Operations

 

2013

 

2012

 

 

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net realized gain (loss) from investments and foreign currency transactions

 

$ 108,601 

 

$ (44,455) 

 

 

 

 

 

 

 

 

 

 

 

Derivatives not designated as hedge instruments under ASC 815

  Futures contracts

Net unrealized (depreciation) on investments

 

$ (118,317) 

 

$ (113,890) 

 

 

 

Credit risk is the possibility that a loss may occur due to the failure of a counter party to perform according to the terms of a contract.

 

The Fund has a substantial portion of its assets on deposit with financial institutions. In the event of a financial institution's insolvency, recovery of Fund deposits may be limited to account insurance or other protection afforded deposits.

 

The Fund has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will succeed. The basic market risk control procedures consist of continuously monitoring open positions, diversification of the portfolio and maintenance of a desirable margin-to-equity ratio. The Fund seeks to minimize credit risk primarily by depositing and maintaining its assets at financial institutions and brokers which it believes to be creditworthy.
XML 36 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
6. Related Party Transactions: Schedule of Related Party Transactions (Details) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Corporate General Partner
    
Commissions included in expenses: $ 61,355 $ 53,586
Commissions included in accrued expenses: 12,883 15,947
FIC
    
Commissions included in expenses: 40,819 83,931
Commissions included in accrued expenses: 20,458 5,646
Accrued operating expenses shared with related party:   $ 1,641
XML 37 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
10. Indemnifications
 3 Months Ended
Mar. 31, 2013
Notes  
10. Indemnifications

10.  Indemnifications

 

In the normal course of business, the Fund enters 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 is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. The Fund expects the risk of any future obligation under these indemnifications to be remote.
XML 38 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
6. Related Party Transactions
 3 Months Ended
Mar. 31, 2013
Notes  
6. Related Party Transactions

6.  Related Party Transactions

 

The Fund pays commissions to the Corporate General Partner and FIC, the introducing broker.  These related parties are 100% and 50%, respectively, owned by Michael Pacult. The Fund shares operating expenses with FIC. Related party transactions were as follows:

 

Commissions included in expenses:

 

 

 

 

For The Three Months Ended March 31,

 

2013

 

2012

Corporate General Partner

$ 61,355 

 

$ 53,586 

FIC

40,819 

 

83,931 

 

 

 

 

Commissions included in accrued expenses:

 

 

 

 

March 31,

 

December 31,

 

2013

 

2012

Corporate General Partner

$ 12,883 

 

$ 15,947 

FIC

20,458 

 

5,646 

 

 

 

 

Accrued operating expenses shared with related party:

 

 

 

 

March 31,

 

December 31,

 

2013

 

2012

FIC

$ - 

 

$ 1,641 

 

In the normal course of business, the Fund has provided general indemnifications to the General Partner, its CTA and others when they act, in good faith, in the best interests of the Fund. The Fund is unable to develop an estimate for future payments resulting from hypothetical claims, but expects the risk of having to make any payments under these indemnifications to be remote.
XML 39 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
1. Nature of The Business
 3 Months Ended
Mar. 31, 2013
Notes  
1. Nature of The Business

1.  Nature of the Business

 

Atlas Futures Fund, Limited Partnership (the "Fund") was formed January 12, 1998 under the laws of the state of Delaware.  The Fund is engaged in the speculative trading of futures contracts in commodities, which commenced in October 1999.  Ashley Capital Management, Inc. (the "Corporate General Partner") and Michael Pacult (the "Individual General Partner" and collectively the "General Partner") are the General Partners and the commodity pool operators ("CPO's") of the Fund.  The sole registered commodity trading advisor ("CTA") of the Fund is Hamer Trading Inc. ("Hamer"). 

 

Regulation - The Fund is a registrant with the Securities and Exchange Commission ("SEC") pursuant to the Securities Act of 1933 ("the Act"). The Fund is subject to the regulations of the SEC and the reporting requirements of the Securities and Exchange Act of 1934. The Fund is also subject to the regulations of the Commodities Futures Trading Commission ("CFTC"), an agency of the U.S. government which regulates most aspects of the commodity futures industry, the rules of the National Futures Association and the requirements of various commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of futures commission merchants ("FCM's") and interbank market makers through which the Fund trades and regulated by commodity exchanges and by exchange markets that may be traded by the advisor.
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11. Financial Highlights (Details) (USD $)
 3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Dec. 31, 2011
Details        
Net unit value, start of period $ 2,692.59 [1] $ 3,219.98 [1]    
Net realized and unrealized gain (loss) from investments, per unit $ (7.00) [1] $ (114.36) [1]    
Investment income per unit $ 0.06 [1] $ 0.24 [1]    
Expenses, per unit $ (105.15) [1] $ (113.86) [1]    
Net (decrease) in net assets resulting from operations for the period, per unit $ (112.09) [1] $ (227.98) [1]    
Net unit value, end of period $ 2,580.50 [1] $ 2,992.00 [1]    
Assets, Net, end of period $ 3,630,771 [1] $ 4,271,288 [1] $ 4,232,244 $ 5,273,657
Total Return (4.16%) [2] (7.08%) [2]    
Total partnership units outstanding, end of period 1,407.003 1,427.570 1,571.814 1,637.790
Net investment (loss) over Net Assets (16.39%) [3] (14.39%) [3]    
Expenses over Net Assets (16.41%) [3] (14.42%) [3]    
[1] Investment income and expenses and net realized and unrealized gains and (losses) on futures transactions are calculated based on a single unit outstanding during the period.
[2] Not annualized.
[3] Annualized.
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2. Significant Accounting Policies: Revenue Recognition (Policies)
 3 Months Ended
Mar. 31, 2013
Policies  
Revenue Recognition

Revenue Recognition - Forward contracts, futures and other investments are recorded on the trade date and will be reflected in the statements of operations at the difference between the original contract amount and the fair value on the last business day of the reporting period.

 

Fair value of forward contracts, futures and other investments is based upon exchange or other applicable closing quotations related to the specific positions.

 

Interest income is recognized when it is earned.
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9. Derivative Financial Instruments and Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2013
Notes  
9. Derivative Financial Instruments and Fair Value of Financial Instruments

9.  Derivative Financial Instruments and Fair Value of Financial Instruments

 

A derivative financial instrument is a financial agreement whose value is linked to, or derived from, the performance of an underlying asset.  The underlying asset can be currencies, commodities, interest rates, stocks, or any combination.  Changes in the underlying asset indirectly affect the value of the derivative.  As the instruments are recognized at fair value, those changes directly affect reported income.

 

All investment holdings are recorded in the statement of assets and liabilities at their net asset value (fair value) at the reporting date.  Financial instruments (including derivatives) used for trading purposes are recorded in the statement of assets and liabilities at fair value at the reporting date.  Realized and unrealized changes in fair values are recognized in net investment gain (loss) in the period in which the changes occur.  Interest income arising from trading instruments is included in the statement of operations as part of interest income.

 

Notional amounts are equivalent to the aggregate face value of the derivative financial instruments.  Notional amounts do not represent the amounts exchanged by the parties to derivatives and do not measure the Fund’s exposure to credit or market risks.  The amounts exchanged are based on the notional amounts and other terms of the derivatives.
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2. Significant Accounting Policies: Fair Value Measurement and Disclosures, Policy (Policies)
 3 Months Ended
Mar. 31, 2013
Policies  
Fair Value Measurement and Disclosures, Policy

Fair Value Measurement and Disclosures - Accounting Standards Codification ("ASC") 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.  The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

 

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date. 

 

Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.

 

Level 3 inputs are unobservable inputs for an asset or liability, including the Fund’s own assumptions used in determining the fair value of investments.  Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.  As of and for the three months ended March 31, 2013 and the year ended December 31, 2012, the Fund did not have any Level 3 assets or liabilities.

 

Derivative financial instruments, such as futures contracts, which are listed on a national exchange, are valued based on quoted prices from the exchange. To the extent these financial instruments are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

 

U.S. Treasury bills are valued at amortized cost, which management has determined approximates fair value.

 

The following table sets forth by level within the fair value hierarchy the Fund’s investments accounted for at fair value on a recurring basis as of March 31, 2013 and December 31, 2012.

 

Fair Value at March 31, 2013

Description

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchange Traded - Futures Contracts

$ 102,690 

 

 

$ - 

 

 

$ - 

 

 

$ 102,690 

 

 

Total 

 

$ 102,690 

 

 

$ - 

 

 

$ - 

 

 

$ 102,690 

 

 

 

Fair Value at December 31, 2012

Description

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

$ - 

 

 

$ 1,999,905 

 

 

$ - 

 

 

$ 1,999,905 

 

 

Exchange Traded - Futures Contracts

221,007 

 

 

- 

 

 

- 

 

 

221,007 

 

 

Total 

 

$ 221,007 

 

 

$ 1,999,905 

 

 

$ - 

 

 

$ 2,220,912 

 

 
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2. Significant Accounting Policies: Use of Estimates, Policy (Policies)
 3 Months Ended
Mar. 31, 2013
Policies  
Use of Estimates, Policy

Use of Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.  Actual results could differ from these estimates.
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Document and Entity Information
 3 Months Ended
Mar. 31, 2013
Document and Entity Information:  
Entity Registrant Name ATLAS FUTURES FUND LIMITED PARTNERSHIP
Document Type 10-Q
Document Period End Date Mar. 31, 2013
Amendment Flag false
Entity Central Index Key 0000865549
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 0
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status No
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2013
Document Fiscal Period Focus Q1
Entity Incorporation, Date of Incorporation Jan. 12, 1998
Entity Incorporation, State Country Name Delaware
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2. Significant Accounting Policies: Foreign Currency Transactions and Translations Policy (Policies)
 3 Months Ended
Mar. 31, 2013
Policies  
Foreign Currency Transactions and Translations Policy

Foreign Currency - The accounting records of the Fund are denominated in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Commodity futures contract transactions are translated into U.S. dollars at the exchange rates on the dates of such transactions. On the accompanying financial statements, effects of changes in exchange rates from all transactions denominated in currencies other than U.S. dollars are disclosed separately.