Derivatives and Hedging

6 Months Ended

Jun. 30, 2010

Derivatives and Hedging [Abstract]

Derivatives and Hedging

5.  Derivatives and Hedging

The Partnership�s objective is to profit from speculative trading in Futures Interests.  Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategy.  As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.  In regards to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention.

The following tables summarize the valuation of the Partnership�s investments as of June 30, 2011 and December 31, 2010, respectively.

The Effect of Trading Activities on the Statements of Financial Condition as of June 30, 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       six months      (absolute      quantity)
	$	$	$	$	$
Commodity	1,271,673	(2,970,210)	905,796	(681,166)	(1,473,907)	4,311
Equity	1,280,680	(65,995)	�	(566,744)	647,941	1,990
Foreign currency	1,711,995	(804,562)	589,936	(408,634)	1,088,735	9,274
Interest rate	1,567,317	(1,188,124)	44,910	(1,377)	422,726	8,295
Total	5,831,665	(5,028,891)	1,540,642	(1,657,921)	685,495
Unrealized currency loss					(1,046,819)
Total net unrealized loss on open contracts					(361,324)

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2010:

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	13,583,270	(1,631,233)	�	(1,310,915)	10,641,122	5,409
Equity	762,962	(500,929)	239,908	(5,232)	496,709	2,069
Foreign currency	6,060,140	(193,557)	3,957,095	(524,581)	9,299,097	7,961
Interest rate	662,741	(58,143)	330,713	(833,248)	102,063	7,714
Total	21,069,113	(2,383,862)	4,527,716	(2,673,976)	20,538,991
Unrealized currency loss					(735,824)
Total net unrealized gain on open contracts					19,803,167

The following tables summarize the net trading results of the Partnership for the three and six months ended June 30, 2011 and 2010, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2011 included in Total Trading Results:

	For the Three Months	For the Six Months
	Ended June 30, 2011	Ended June 30, 2011
Type of Instrument	$	$
Commodity	(18,360,323)	(4,684,465)
Equity	(11,098,993)	(17,330,260)
Foreign currency	8,155,318	(1,034,810)
Interest rate	5,956,209	142,936
Unrealized currency loss	(147,279)	(310,994)
Total	(15,495,068)	(23,217,593)

Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2011:

	For the Three Months	For the Six Months
	Ended June 30, 2011	Ended June 30, 2011
Trading Results	$	$
Realized	(8,012,979)	(3,053,102)
Net change in unrealized	(7,482,089)	(20,164,491)
Total Trading Results	(15,495,068)	(23,217,593)

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2010 included in Total Trading Results:

	For the Three Months	For the Six Months
	Ended June 30, 2010	Ended June 30, 2010
Type of Instrument	$
Commodity	(22,885,835)	(30,770,151)
Equity	(17,062,188)	(22,711,997)
Foreign currency	(1,343,377)	(4,305,624)
Interest rate	20,094,063	24,537,746
Unrealized currency loss	(1,458,412)	(1,713,228)
Total	(22,655,749)	(34,963,254)

Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2010:

	For the Three Months	For the Six Months
	Ended June 30, 2010	Ended June 30, 2010
Trading Results	$	$
Realized	(6,453,313)	(23,505,750)
Net change in unrealized	(16,202,436)	(11,457,504)
Total Trading Results	(22,655,749)	(34,963,254)