Trading Activities (Tables)

9 Months Ended

Sep. 30, 2016

Brokers and Dealers [Abstract]

Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting agreements or similar agreements as of September 30, 2016 and December 31, 2015, respectively.

September 30, 2016	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition				Net Amount
							Financial Instruments		Cash Collateral Received/ Pledged*
Assets
Futures	$	2,404,371	$	(1,273,030)	$	1,131,341	$	-	$	-	$	1,131,341
Forwards		1,053,943		(731,337)		322,606		-		-		322,606
Total assets	$	3,458,314	$	(2,004,367)	$	1,453,947	$	-	$	-	$	1,453,947
Liabilities
Futures	$	(1,273,030)	$	1,273,030	$	-	$	-	$	-	$	-
Forwards		(731,337)		731,337		-		-		-		-
Total liabilities	$	(2,004,367)	$	2,004,367	$	-	$	-	$	-	$	-
Net fair value											$	1,453,947	*
December 31, 2015	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial  Condition				Net Amount
							Financial Instruments		Cash Collateral Received/ Pledged*
Assets
Futures	$	3,831,162	$	(2,431,726)	$	1,399,436	$	-	$	-	$	1,399,436
Forwards		1,168,919		(1,125,088)		43,831		-		-		43,831
Total assets	$	5,000,081	$	(3,556,814)	$	1,443,267	$	-	$	-	$	1,443,267
Liabilities
Futures	$	(2,431,726)	$	2,431,726	$	-	$	-	$	-	$	-
Forwards		(1,125,088)		1,125,088		-		-		-		-
Total liabilities	$	(3,556,814)	$	3,556,814	$	-	$	-	$	-	$	-
Net fair value											$	1,443,267	*

* In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2016 and December 31, 2015, respectively.

	September 30, 2016
Assets
Futures Contracts
Commodity	$	1,236,313
Equity		385,966
Currencies		194,614
Interest rates		587,478
Total unrealized appreciation on open futures contracts		2,404,371
Liabilities
Futures Contracts
Commodity		(691,687)
Equity		(341,599)
Currencies		(69,054)
Interest rates		(170,690)
Total unrealized depreciation on open futures contracts		(1,273,030)
Net unrealized appreciation on open futures contracts	$	1,131,341	*
Assets
Forward Contracts
Commodity	$	514,365
Currencies		539,578
Total unrealized appreciation on open forward contracts		1,053,943
Liabilities
Forward Contracts
Commodity		(586,090)
Currencies		(145,247)
Total unrealized depreciation on open forward contracts		(731,337)
Net unrealized appreciation on open forward contracts	$	322,606	**

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

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

	December 31, 2015
Assets
Futures Contracts
Commodity	$	2,019,400
Equity		196,959
Currencies		1,206,216
Interest rates		408,587
Total unrealized appreciation on open futures contracts		3,831,162
Liabilities
Futures Contracts
Commodity		(937,844)
Equity		(421,360)
Currencies		(469,882)
Interest rates		(602,640)
Total unrealized depreciation on open futures contracts		(2,431,726)
Net unrealized appreciation on open futures contracts	$	1,399,436	*
Assets
Forward Contracts
Commodity	$	740,942
Currencies		427,977
Total unrealized appreciation on open forward contracts		1,168,919
Liabilities
Forward Contracts
Commodity		(954,788)
Currencies		(170,300)
Total unrealized depreciation on open forward contracts		(1,125,088)
Net unrealized appreciation on open forward contracts	$	43,831	**

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

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

Trading Gains and Losses by Market Sector on Derivative Instruments Traded

The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2016 and 2015.

	Three Months Ended September 30,						Nine Months Ended September 30,
Sector	2016			2015			2016			2015
Commodity	$	(2,877,622)		$	2,165,636		$	(3,793,652)		$	(4,110,606)
Equity		1,259,997			(3,442,268)			(2,168,569)			(1,424,424)
Currencies		(643,880)			482,957			(828,238)			3,172,201
Interest rates		(831,205)			2,449,800			2,141,205			2,690,760
Total	$	(3,092,710)	***	$	1,656,125	***	$	(4,649,254)	***	$	327,931	***

*** This amount is in “Total trading results” in the Statements of Income and Expenses.