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Derivatives and Hedging (Tables)
 12 Months Ended
Dec. 31, 2012
Derivative Instruments and Hedging Activities, Disclosures [Line Items]  
Schedule of Effect of Trading Activities on the Statements of Financial Condition
The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012 and 2011:

December 31, 2012

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain/(Loss)
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
 
Commodity
 
 
763,693
 
 
 
(1,021,268
)
 
 
1,051,860
 
 
 
(1,134,848
)
 
 
(340,563
)
 
 
4,025
 
Equity
 
 
1,842,840
 
 
 
(517,175
)
 
 
–
 
 
 
(36,283
)
 
 
1,289,382
 
 
 
1,915
 
Foreign currency
 
 
1,878,922
 
 
 
(1,022,609
)
 
 
2,196,364
 
 
 
(253,560
)
 
 
2,799,117
 
 
 
5,689
 
Interest rate
 
 
759,302
 
 
 
 (607,381
)
 
 
3,225
 
 
 
(147,863
)
 
 
7,283
 
 
 
9,810
 
Total
 
 
5,244,757
 
 
 
(3,168,433
)
 
 
3,251,449
 
 
 
(1,572,554
)
 
 
3,755,219
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,203,865
)
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,551,354
 
 
 
 
 
 
December 31, 2011

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain/(Loss)
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
 
Commodity
 
 
418,029
 
 
 
(822,942
)
 
 
4,381,649
 
 
 
(2,417,431
)
 
 
1,559,305
 
 
 
4,077
 
Equity
 
 
307,762
 
 
 
(7,656
)
 
 
94,660
 
 
 
(143,961
)
 
 
250,805
 
 
 
1,386
 
Foreign currency
 
 
739,841
 
 
 
(106,865
)
 
 
2,115,906
 
 
 
(300,292
)
 
 
2,448,590
 
 
 
7,744
 
Interest rate
 
 
3,538,706
 
 
 
 (109,261
)
 
 
139,283
 
 
 
(121,941
)
 
 
3,446,787
 
 
 
7,073
 
Total
 
 
5,004,338
 
 
 
(1,046,724
)
 
 
6,731,498
 
 
 
(2,983,625
)
 
 
7,705,487
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,303,588
)
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,401,899
 
 
 
 
 
Schedule of Effect of Trading Activities on the Statements of Income and Expenses
The Effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010, included in Total Trading Results:

  December 31, 
   
2012
  
2011
  
2010
 
Type of Instrument
 $  $  $ 
Commodity
  (12,872,729)  (17,215,862)  10,078,791 
Equity
  6,993,095   (27,174,382)  (14,372,116)
Foreign currency
  (2,206,555)  (11,400,426)  13,050,193 
Interest rate
  1,388,041   19,104,345   24,513,376 
Unrealized currency gain (loss)
  99,725   (567,763)  31,129 
Proceeds from Litigation
   –    –   337,120 
Total
  (6,598,423)  (37,254,088)  33,638,493 

 
Line Items on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010:

  
December 31,
 
   
2012
  
2011
  
2010
 
Trading Results
 $  $  $ 
Net realized
  (2,747,878)  (23,852,820)  25,513,507 
Net change in unrealized
  (3,850,545)  (13,401,268)  7,787,866 
Proceeds from Litigation
   –    –   337,120 
Total
  (6,598,423)  (37,254,088)  33,638,493 
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]
  
Derivative Instruments and Hedging Activities, Disclosures [Line Items]  
Schedule of Effect of Trading Activities on the Statements of Financial Condition
The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012 and 2011:

December 31, 2012

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
Foreign currency
 
 
47,414
 
 
 
(41,869
)
 
 
58,435
 
 
 
(22,608
)
 
 
41,372
 
 
 
1,498
 
Total
 
 
47,414
 
 
 
(41,869
)
 
 
58,435
 
 
 
(22,608
)
 
 
41,372
 
 
 
 
 
Unrealized currency gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,833
 
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
43,205
 
 
 
 
 

 
 
 
 
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
Option Contracts at Fair Value
 
 
 
 
 
$
 
 
 
 
 
Options purchased
 
 
–
 
 
 
1
 
Options written
 
 
–
 
 
 
1
 

December 31, 2011

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain/(Loss)
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
Foreign currency
 
 
34,016
 
 
 
(124,363
)
 
 
4,823
 
 
 
(38,337
)
 
 
(123,861
)
 
 
4,996
 
Total
 
 
34,016
 
 
 
(124,363
)
 
 
4,823
 
 
 
(38,337
)
 
 
(123,861
)
 
 
 
 
Unrealized currency gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
35,474
 
 
 
 
 
Total net unrealized loss on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(88,387
)
 
 
 
 

 
 
 
 
 
 
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
Option Contracts at Fair Value
 
 
 
 
 
$
 
 
 
 
 
Options purchased
 
 
1,534
 
 
 
1
 
Options written
 
 
–
 
 
 
1
 
Schedule of Effect of Trading Activities on the Statements of Income and Expenses
The Effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010, in Total Trading Results:
 
  December 31,  
   
2012
  
2011
  
2010
 
Type of Instrument
 $  $  $ 
Commodity
  (2,081,165)  –   – 
Foreign currency
  174,080   (1,647,809)  808,671 
Unrealized currency gain (loss)
  (33,641)  (46,233)  29,966 
Total
  (1,940,726)  (1,694,042)  838,637 

 
Line Items on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010:

  December 31, 
   
2012
  
2011
  
2010
 
Trading Results
 $  $  $ 
Net realized
  (199,068)  (483,261)  (745,965)
Net change in unrealized
  133,331   (1,210,781)  1,584,602 
Realized loss on investment in KR Master Fund
  (488,412)  –   – 
Realized loss on investment in FL Master Fund
  (2,033,985)  –   – 
Realized loss on investment in Cambridge Master Fund
  (44,139)  –   – 
Unrealized appreciation on investment in FL Master Fund
  514,630   –   – 
Unrealized appreciation on investment in KR Master Fund
  52,939   –   – 
Unrealized appreciation on investment in Cambridge Master Fund
  123,978    –    – 
Total
  (1,940,726)  (1,694,042)  838,637 
Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]
  
Derivative Instruments and Hedging Activities, Disclosures [Line Items]  
Schedule of Effect of Trading Activities on the Statements of Financial Condition
The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012 and 2011:

December 31, 2012

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain/(Loss)
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
 
Commodity
 
 
15,953
 
 
 
(74,679
)
 
 
34,996
 
 
 
(23,285
)
 
 
(47,015
)
 
 
195
 
Equity
 
 
51,479
 
 
 
(8,381
)
 
 
15,186
 
 
 
(15,625
)
 
 
42,659
 
 
 
46
 
Foreign currency
 
 
125,101
 
 
 
(46,320
)
 
 
53,721
 
 
 
(28,930
)
 
 
103,572
 
 
 
892
 
Interest rate
 
 
44,541
 
 
 
 (18,952
)
 
 
–
 
 
 
(19,479
)
 
 
6,110
 
 
 
405
 
Total
 
 
237,074
 
 
 
(148,332
)
 
 
103,903
 
 
 
(87,319
)
 
 
105,326
 
 
 
 
 
Unrealized currency gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
876,453
 
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
981,779
 
 
 
 
 

 
 
 
 
 
 
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
Option Contracts at Fair Value
 
 
 
 
 
$
 
 
 
 
 
Options purchased
 
 
–
 
 
 
1
 
Options written
 
 
(22,859
)
 
 
14
 

December 31, 2011

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
 
Commodity
 
 
26,687
 
 
 
(42,619
)
 
 
281,332
 
 
 
(69,359
)
 
 
196,041
 
 
 
233
 
Equity
 
 
10,832
 
 
 
(5,231
)
 
 
3,176
 
 
 
(1,161
)
 
 
7,616
 
 
 
39
 
Foreign currency
 
 
22,399
 
 
 
(18,270
)
 
 
54,621
 
 
 
(21,149
)
 
 
37,601
 
 
 
1,920
 
Interest rate
 
 
72,718
 
 
 
 (4,626
)
 
 
21,080
 
 
 
(4,515
)
 
 
84,657
 
 
 
277
 
Total
 
 
132,636
 
 
 
(70,746
)
 
 
360,209
 
 
 
(96,184
)
 
 
325,915
 
 
 
 
 
Unrealized currency gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
894,862
 
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,220,777
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
Option Contracts at Fair Value
 
 
 
 
 
$
 
 
 
 
 
Options purchased
 
 
814
 
 
 
1
 
Options written
 
 
–
 
 
 
1
 
Schedule of Effect of Trading Activities on the Statements of Income and Expenses
The Effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010, included in Total Trading Results:
 
  December 31, 
   
2012
  
2011
  
2010
 
Type of Instrument
 $  $  $ 
Commodity
  (261,829)  (864,562)  176,977 
Equity
  224,150   (965,779)  (119,010)
Foreign currency
  171,401   (735,607)  1,416,646 
Interest rate
  6,538   1,137,203   2,032,378 
Unrealized currency loss
  (18,409)  (61,781)  (34,349)
Proceeds from Litigation
   –    –   29,602 
Total
  121,851   (1,490,526)  3,502,244 
 
Line Items on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010:

  December 31, 
   
2012
  
2011
  
2010
 
Trading Results
 $  $  $ 
Net realized
  370,013   (1,151,478)  3,283,491 
Net change in unrealized
  (248,162)  (339,048)  189,151 
Proceeds from Litigation
   –    –   29,602 
Total
  121,851   (1,490,526)  3,502,244 
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]
  
Derivative Instruments and Hedging Activities, Disclosures [Line Items]  
Schedule of Effect of Trading Activities on the Statements of Financial Condition
The Partnership held no futures or forward contracts; therefore, there were no net unrealized gains or losses on futures or forward contracts.
 
December 31, 2011

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain (Loss)
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
 
Commodity
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
752
 
Equity
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
328
 
Foreign currency
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
6,514
 
Interest rate
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
2,260
 
Total
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
 
 
Unrealized currency gain (loss)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—
 
 
 
 
 
Total net unrealized gain (loss) on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
—
 
 
 
 
 
Schedule of Effect of Trading Activities on the Statements of Income and Expenses
The Effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010, included in Total Trading Results:

 
 
December 31,
 
 
2012
 
 
2011
 
 
2010
 
Type of Instrument
 
$
 
 
$
 
 
$
 
Commodity
 
 
(1,374,285
)
 
 
(18,052,648
)
 
 
27,847,302
 
Equity
 
 
(3,098,127
)
 
 
(2,778,840
)
 
 
1,553,897
 
Foreign currency
 
 
(39,186
)
 
 
(14,779,073
)
 
 
1,814,321
 
Interest rate
 
 
2,280,070
 
 
 
7,707,782
 
 
 
5,580,325
 
Unrealized currency gain (loss)
 
 
–
 
 
 
(86,013
)
 
 
47,508
 
Proceeds from Litigation
 
 
 –
 
 
 
 –
 
 
 
220,755
 
Total
 
 
(2,231,528
)
 
 
(27,988,792
)
 
 
37,064,108
 

Line Items on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010:

 
 
December 31,
 
 
2012
 
 
2011
 
 
2010
 
Trading Results
 
$
 
 
$
 
 
$
 
Net realized
 
 
–
 
 
 
2,750,625
 
 
 
11,512,792
 
Net change in unrealized
 
 
–
 
 
 
(8,555,065
)
 
 
7,129,344
 
Realized gain (loss) on investment in BHM I, LLC
 
 
(429,295
)
 
 
(958,118
)
 
 
1,679,125
 
Realized loss on investment in PGR Master Fund
 
 
(25,751
)
 
 
–
 
 
 
–
 
Realized gain on investment in MB Master Fund
 
 
3,838
 
 
 
–
 
 
 
–
 
Unrealized appreciation (depreciation) on investment in BHM I, LLC
 
 
(687,951
)
 
 
(21,346,446
)
 
 
16,522,092
 
Unrealized appreciation (depreciation) on investment in PGR Master Fund
 
 
(1,252,834
)
 
 
240,600
 
 
 
–
 
Unrealized appreciation (depreciation) on investment in MB Master Fund
 
 
160,465
 
 
 
(120,388
)
 
 
–
 
Proceeds from Litigation
 
 
 –
 
 
 
 –
 
 
 
220,755
 
Total Trading Results
 
 
(2,231,528
)
 
 
(27,988,792
)
 
 
37,064,108
 
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]
  
Derivative Instruments and Hedging Activities, Disclosures [Line Items]  
Schedule of Effect of Trading Activities on the Statements of Financial Condition
The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012 and 2011:

December 31, 2012

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain/(Loss)
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 
 
 
 
$
 
 
Commodity
 
 
503,509
 
 
 
(759,234
)
 
 
451,092
 
 
 
(401,945
)
 
 
(206,578
)
 
 
1,895
 
Equity
 
 
1,289,387
 
 
 
(324,377
)
 
 
33
 
 
 
(9,417
)
 
 
955,626
 
 
 
1,525
 
Foreign currency
 
 
751,769
 
 
 
(682,406
)
 
 
1,511,142
 
 
 
(188,174
)
 
 
1,392,331
 
 
 
4,077
 
Interest rate
 
 
845,015
 
 
 
 (522,310
)
 
 
4,461
 
 
 
(26,938
)
 
 
300,228
 
 
 
6,112
 
Total
 
 
3,389,680
 
 
 
(2,288,327
)
 
 
1,966,728
 
 
 
(626,474
)
 
 
2,441,607
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3,483,151
)
 
 
 
 
Total net unrealized loss on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,041,544
)
 
 
 
 

 
 
 
 
 
 
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
Option Contracts at Fair Value
 
 
 
 
 
$
 
 
 
 
 
Options purchased
 
 
–
 
 
 
6
 
Options written
 
 
–
 
 
 
6
 
 
December 31, 2011

 
 
 
 
 
 
Futures and Forward Contracts
 
 
 
 
Long
Unrealized
Gain
 
 
 
 
 
Long
Unrealized
Loss
 
 
 
 
 
Short
Unrealized
Gain
 
 
 
 
 
Short
Unrealized
Loss
 
 
 
 
 
Net
Unrealized
Gain
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
 
Commodity
 
 
461,717
 
 
 
(267,888
)
 
 
2,598,439
 
 
 
(1,871,409
)
 
 
920,859
 
 
 
2,650
 
Equity
 
 
123,510
 
 
 
(5,714
)
 
 
458,154
 
 
 
(107,670
)
 
 
468,280
 
 
 
1,700
 
Foreign currency
 
 
456,046
 
 
 
(117,644
)
 
 
1,480,181
 
 
 
(262,174
)
 
 
1,556,409
 
 
 
10,673
 
Interest rate
 
 
3,295,555
 
 
 
 (360,727
)
 
 
5,324
 
 
 
(13,300
)
 
 
2,926,852
 
 
 
7,484
 
Total
 
 
4,336,828
 
 
 
(751,973
)
 
 
4,542,098
 
 
 
(2,254,553
)
 
 
5,872,400
 
 
 
 
 
Unrealized currency gain
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,893,771
 
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8,766,171
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
Number of
Contracts
Outstanding
for the Year
(Absolute
Quantity)
 
Option Contracts at Fair Value
 
 
 
 
 
$
 
 
 
 
 
Options purchased
 
 
1,507
 
 
 
7
 
Options written
 
 
(3,460
)
 
 
7
 
Schedule of Effect of Trading Activities on the Statements of Income and Expenses
The Effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010, included in Total Trading Results:

  
December 31,
 
   
2012
  
2011
  
2010
 
Type of Instrument
 $  $  $ 
Commodity
  7,806,061   (13,197,401)  5,109,902 
Equity
  (58,323,819)  (16,512,047)  (8,075,989)
Foreign currency
  (30,995,834)  (3,771,234)  8,722,783 
Interest rate
  68,102,911   33,707,895   34,568,150 
Unrealized currency gain (loss)
  (6,376,922)  87,382   (596,713)
Proceeds from Litigation
   –   10,951   164,828 
Total
  (19,787,603)   325,546   39,892,961 

Line Items on the Statements of Income and Expenses for the years ended December 31, 2012, 2011, and 2010:

   
2012
  
2011
  
2010
 
Trading Results
 $  $  $ 
Net realized
  (6,219,265)  11,402,800   29,840,644 
Net change in unrealized
  (9,809,697)  (11,820,187)  9,887,489 
Realized gain (loss) on investment in Blackwater Master Fund
  (4,657,167)  167,699   – 
Unrealized appreciation on Investment in Blackwater Master Fund
  898,526   564,283   – 
Proceeds from Litigation
   –   10,951   164,828 
Total Trading Results
  (19,787,603)  325,546   39,892,961