Ceres Tactical Commodity 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	ck0001325676
Entity Registrant Name	MANAGED FUTURES PREMIER AVENTIS II L.P.
Entity Central Index Key	1,325,676
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		79,338.9737

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Assets:
Investment in the Master, at fair value	[1]	$ 115,085,621	$ 137,625,666
Cash at MS&Co.		247,049	283,704
Cash at bank		412
Total assets		115,333,082	137,909,370
Accrued expenses:
Ongoing selling agent fees		192,222	229,849
Management fees		119,679	143,148
General Partner fees		95,744	114,519
Professional fees		248,377	257,197
Redemptions payable to Limited Partners		1,831,031	4,872,125
Total liabilities		2,487,053	5,616,838
Partners' Capital:
General Partner, 904.7535 and 1,310.9445 Redeemable Units outstanding at September 30, 2016 and December 31, 2015, respectively		1,238,505	1,662,770
Limited Partners, 81,531.5817 and 102,989.8117 Redeemable Units outstanding at September 30, 2016 and December 31, 2015, respectively		111,607,524	130,629,762
Total partners' capital (net asset value)		112,846,029	132,292,532
Total liabilities and partners' capital		$ 115,333,082	$ 137,909,370
Net asset value per Redeemable Unit		$ 1,368.89	$ 1,268.38
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
General Partner, Redeemable Units outstanding	904.7535	1,310.9445
Limited Partners, Redeemable Units outstanding	81,531.5817	102,989.8117

Statements of Income and Expens

Statements of Income and Expenses and Changes in Partners' Capital - USD ($)		Total	General Partner [Member]	Limited Partners [Member]
Net gains (losses) on investment in the Master:
Net asset value per Redeemable Unit (82,436.3352 and 121,900.6302 Redeemable Units outstanding at September 30, 2016 and 2015, respectively)				$ 1,398.26
Interest income allocated from the Master		$ 8,960
Expenses allocated from the Master		2,485,011
Ongoing selling agent fees		2,928,047
Management fees		1,824,788
General Partner fees		1,459,830
Professional fees		335,629
Total expenses		9,033,305
Net investment loss		(9,024,345)
Net realized gains (losses) on closed contracts allocated from the Master		5,345,524
Net change in unrealized gains (losses) on open contracts allocated from the Master		(4,571,181)
Total trading results		774,343
Net income (loss)		(8,250,002)
Subscriptions			$ 124,831	$ 11,394,455
Redemptions			(596,636)	$ (43,442,581)
Net increase (decrease) in Partners' Capital		(40,769,933)
Partners' Capital, beginning of period at Dec. 31, 2014		202,875,359
Partners' Capital, end of period at Sep. 30, 2015		$ 162,105,426
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit	[1]	$ (68.44)
Weighted average Redeemable Units outstanding		138,641.9149
Net asset value per Redeemable Unit (82,436.3352 and 121,900.6302 Redeemable Units outstanding at September 30, 2016 and 2015, respectively)				$ 1,395.66
Interest income allocated from the Master		$ 2,231
Expenses allocated from the Master		982,209
Ongoing selling agent fees		872,512
Management fees		543,578
General Partner fees		434,863
Professional fees		150,213
Total expenses		2,983,375
Net investment loss		(2,981,144)
Net realized gains (losses) on closed contracts allocated from the Master		(7,700,628)
Net change in unrealized gains (losses) on open contracts allocated from the Master		2,353,105
Total trading results		(5,347,523)
Net income (loss)		(8,328,667)
Subscriptions				$ 147,550
Redemptions			(150,000)	$ (12,858,954)
Net increase (decrease) in Partners' Capital		(21,190,071)
Partners' Capital, beginning of period at Jun. 30, 2015		183,295,497
Partners' Capital, end of period at Sep. 30, 2015		$ 162,105,426
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit	[1]	$ (65.84)
Weighted average Redeemable Units outstanding		127,691.0152
Net asset value per Redeemable Unit (82,436.3352 and 121,900.6302 Redeemable Units outstanding at September 30, 2016 and 2015, respectively)		$ 1,329.82		$ 1,329.82
Net asset value per Redeemable Unit (82,436.3352 and 121,900.6302 Redeemable Units outstanding at September 30, 2016 and 2015, respectively)		$ 1,268.38		$ 1,268.38
Interest income allocated from the Master		$ 163,316
Expenses allocated from the Master		1,885,207
Ongoing selling agent fees		1,856,851
Management fees		1,156,392
General Partner fees		925,115
Professional fees		322,512
Total expenses		6,146,077
Net investment loss		(5,982,761)
Net realized gains (losses) on closed contracts allocated from the Master		17,307,335
Net change in unrealized gains (losses) on open contracts allocated from the Master		(2,115,804)
Total trading results		15,191,531
Net income (loss)		9,208,770
Subscriptions				$ 2,559,667
Redemptions			$ (531,594)	$ (30,683,346)
Net increase (decrease) in Partners' Capital		(19,446,503)
Partners' Capital, beginning of period at Dec. 31, 2015		132,292,532
Partners' Capital, end of period at Sep. 30, 2016		$ 112,846,029
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit	[1]	$ 100.51
Weighted average Redeemable Units outstanding		92,423.9446
Net asset value per Redeemable Unit (82,436.3352 and 121,900.6302 Redeemable Units outstanding at September 30, 2016 and 2015, respectively)				$ 1,463.12
Interest income allocated from the Master		$ 63,429
Expenses allocated from the Master		562,201
Ongoing selling agent fees		584,929
Management fees		364,200
General Partner fees		291,360
Professional fees		106,422
Total expenses		1,909,112
Net investment loss		(1,845,683)
Net realized gains (losses) on closed contracts allocated from the Master		(1,064,122)
Net change in unrealized gains (losses) on open contracts allocated from the Master		(5,130,319)
Total trading results		(6,194,441)
Net income (loss)		(8,040,124)
Subscriptions				$ 34,667
Redemptions				$ (4,067,304)
Net increase (decrease) in Partners' Capital		(12,072,761)
Partners' Capital, beginning of period at Jun. 30, 2016		124,918,790
Partners' Capital, end of period at Sep. 30, 2016		$ 112,846,029
Net gains (losses) on investment in the Master:
Net income (loss) per Redeemable Unit	[1]	$ (94.23)
Weighted average Redeemable Units outstanding		84,661.2275
Net asset value per Redeemable Unit (82,436.3352 and 121,900.6302 Redeemable Units outstanding at September 30, 2016 and 2015, respectively)		$ 1,368.89		$ 1,368.89
[1]	Represents the change in net asset value per Redeemable Unit during the period.

Statements of Income and Expen5

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net asset value per Redeemable Unit outstanding	82,436.3352	121,900.6302

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: Managed Futures Premier Aventis II L.P. (the “Partnership”) is a limited partnership organized on April 20, 2005 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of commodity interests on U.S. and international futures, options on futures and forward markets. The Partnership may also engage, directly or indirectly, in swap transactions and other derivative transactions with the approval of the General Partner (defined below). Initially, the Partnership’s investment strategy focused on energy and energy-related investments. While the Partnership is expected to continue to have exposure to energy and energy-related markets, such trading will no longer be the Partnership’s primary focus. Therefore, the Partnership’s past trading performance will not necessarily be indicative of future results. The commodity interests that are traded by the Partnership, through its investment in MB Master Fund L.P. (the “Master”), are volatile and involve a high degree of market risk. The General Partner may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Master) in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. During the initial offering period, the Partnership sold 11,925 redeemable units of limited partnership interest in the Partnership (“Redeemable Units”). The Partnership commenced trading on September 6, 2005. The Partnership privately and continuously offers Redeemable Units to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings, and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc. All trading decisions for the Partnership are made by Aventis Asset Management, LLC (“Aventis” or the “Advisor”). On February 1, 2013, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in the Master with cash equal to $262,944,186. The Master permits accounts managed by Aventis using its Aventis Diversified Commodity Strategy, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the Master. The General Partner and the Advisor believe that trading through this master/feeder structure should promote efficiency and economy in the trading process. Expenses to investors as a result of the investment in the Master are approximately the same as if the Partnership traded directly and redemption rights are not affected. The General Partner is not aware of any material changes to the Aventis Diversified Commodity Strategy during the fiscal quarter ended September 30, 2016. Generally, a limited partner in the Master withdraws all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner in the Master elects to redeem and informs the Master. However, a limited partner in the Master may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day. During the reporting periods ended September 30, 2016 and 2015, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership and the Master also deposit a portion of their cash in non-trading accounts at JPMorgan Chase Bank, N.A. At September 30, 2016, the Partnership owned approximately 85.0% of the Master. At December 31, 2015, the Partnership owned approximately 86.4% of the Master. It is the Partnership’s intention to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The Master’s trading of futures, forward and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Master engages in such trading through a commodity brokerage account maintained with MS&Co. The Master’s Statements of Financial Condition, Condensed Schedules of Investments and Statements of Income and Expenses and Changes in Partners’ Capital are included herein. The Master has entered into a futures brokerage account agreement with MS&Co. The Partnership has also entered into a futures brokerage account agreement with MS&Co. The Partnership, through its investment in the Master, pays MS&Co. (or will reimburse MS&Co. if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”). The Partnership has also entered into a selling agreement (as amended, the “Selling Agreement”) with Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee equal to 2.00% per year of the Partnership’s adjusted month-end net assets. The ongoing selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered or exempted financial advisors of Morgan Stanley Wealth Management who have sold Redeemable Units in the Partnership. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2016, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2016 and 2015. These financial statements present the results for interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2015. The December 31, 2015 information has been derived from the audited financial statements as of and for the year ended December 31, 2015. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates: Profit Allocation Statement of Cash Flows: Partnership’s Investment: Master’s Investments: Fair Value of Financial Instruments “Financial Instruments,” Master’s Cash Investment Company Status: Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes: Net Income (loss) per Redeemable Unit: “Financial Services – Investment Companies.” Recent Accounting Pronouncement: Recognition and Measurement of Financial Assets and Financial Liabilities There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2015. The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2016 and December 31, 2015 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2016 and 2015 are presented below. MB Master Fund L.P. Statements of Financial Condition (Unaudited) September 30, December 31, Assets: Equity in trading account: Investment in U.S. Treasury bills, at fair value (amortized cost $87,950,992 and $136,740,453 at September 30, 2016 and December 31, 2015, respectively) $ 87,948,050 $ 136,729,500 Cash at MS&Co. 42,127,620 18,724,253 Cash margin 2,231,350 1,595,848 Net unrealized appreciation on open futures contracts 92,991 1,264,050 Options purchased, at fair value (cost $9,089,501 and $1,962,640 at September 30, 2016 and December 31, 2015, respectively) 6,254,044 1,870,654 Total equity in trading account 138,654,055 160,184,305 Cash at bank 412 - Expense reimbursement 15,579 13,048 Total assets $ 138,670,046 $ 160,197,353 Liabilities and Partners’ Capital: Liabilities: Options written, at fair value (premiums received $4,831,890 and $965,751 at September 30, 2016 and December 31, 2015, respectively) $ 3,255,741 $ 797,408 Accrued expenses: Professional fees 30,229 27,299 Total liabilities 3,285,970 824,707 Partners’ Capital: General Partner - - Limited Partners 135,384,076 159,372,646 Total partners’ capital (net asset value) 135,384,076 159,372,646 Total liabilities and partners’ capital $ 138,670,046 $ 160,197,353 MB Master Fund L.P. Condensed Schedule of Investments September 30, 2016 (Unaudited) Number Fair Value % of Partners’ Futures Contracts Purchased Energy 678 $ 751,987 0.56 % Grains 3,861 (1,648,296) (1.22) Softs 476 (337,760) (0.25) Total futures contracts purchased (1,234,069) (0.91) Futures Contracts Sold Energy 765 (366,061) (0.27) Grains 3,896 1,477,521 1.09 Softs 472 215,600 0.16 Total futures contracts sold 1,327,060 0.98 Net unrealized appreciation on open futures contracts $ 92,991 0.07 % Options Purchased Calls Energy 561 $ 1,419,891 1.05 % Grains 2,362 704,956 0.52 Livestock 134 2,210 0.00 ** Softs 1,598 2,087,367 1.54 Puts Energy 688 862,752 0.64 Grains 2,568 318,913 0.24 Softs 1,297 857,955 0.63 Total options purchased (cost $9,089,501) $ 6,254,044 4.62 % Options Written Calls Energy 561 $ (442,629) (0.33) % Grains 1,061 (271,538) (0.20) Softs 2,224 (488,452) (0.36) Puts Energy 794 (1,552,592) (1.15) Grains 680 (280,500) (0.21) Softs 654 (220,030) (0.16) Total options written (premiums received $4,831,890) $ (3,255,741) (2.41) % U.S. Government Securities Face Amount Maturity Date Description Fair Value % of Partners’ $ 13,000,000 11/17/2016 U.S. Treasury bills, 0.28%* (Amortized cost of $12,991,304) $ 12,997,441 9.60 % $ 75,000,000 12/29/2016 U.S. Treasury bills, 0.215%* (Amortized cost of $74,959,688) 74,950,609 55.36 Total U.S. Government Securities $ 87,948,050 64.96 % * Liquid non-cash held as collateral. ** Due to rounding. MB Master Fund L.P. Condensed Schedule of Investments December 31, 2015 Number Fair Value % of Partners’ Futures Contracts Purchased Energy 546 $ 367,730 0.23 % Grains 2,266 (1,136,894) (0.71) Livestock 72 60,157 0.04 Softs 912 342,061 0.21 Total futures contracts purchased (366,946) (0.23) Futures Contracts Sold Energy 505 (433,060) (0.27) Grains 2,317 2,490,319 1.57 Softs 908 (426,263) (0.27) Total futures contracts sold 1,630,996 1.03 Net unrealized appreciation on open futures contracts $ 1,264,050 0.80 % Options Purchased Calls Grains 1,293 $ 295,444 0.19 % Softs 2,784 1,551,522 0.97 Puts Softs 235 23,688 0.01 Total options purchased (cost $1,962,640) $ 1,870,654 1.17 % Options Written Calls Grains 644 $ (16,100) (0.01) % Softs 3,460 (676,499) (0.42) Puts Softs 402 (104,809) (0.07) Total options written (premiums received $965,751) $ (797,408) (0.50) % U.S. Government Securities Face Amount Maturity Date Description Fair Value % of Partners’ $ 119,750,000 3/3/2016 U.S. Treasury bills, 0.015% * (Amortized cost of $119,742,965) $ 119,730,615 75.12 % $ 17,000,000 1/21/2016 U.S. Treasury bills, 0.190% * (Amortized cost of $16,997,488) 16,998,885 10.67 Total U.S. Government Securities $ 136,729,500 85.79 % *Liquid non-cash held as collateral. MB Master Fund L.P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Investment Income: Interest income $ 75,048 $ 2,752 $ 192,354 $ 10,438 Expenses: Clearing fees 642,205 1,115,875 2,147,688 2,738,644 Professional fees 20,104 21,644 61,147 69,867 Total expenses 662,309 1,137,519 2,208,835 2,808,511 Expense reimbursements (48,322) (58,000) (161,741) (94,462) Net expenses 613,987 1,079,519 2,047,094 2,714,049 Net investment loss (538,939) (1,076,767) (1,854,740) (2,703,611) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (1,258,952) (8,882,045) 20,271,967 5,481,775 Net change in unrealized gains (losses) on open contracts (6,045,662) 2,679,213 (2,501,896) (5,053,526) Total trading results (7,304,614) (6,202,832) 17,770,071 428,249 Net income (loss) (7,843,553) (7,279,599) 15,915,331 (2,275,362) Subscriptions—Limited Partners 284,667 3,982,550 5,884,667 23,869,677 Redemptions—Limited Partners (6,465,987) (23,602,913) (45,756,158) (59,903,164) Distribution of interest income to feeder funds (11,988) (1,835) (32,410) (9,521) Net increase (decrease) in Partners’ Capital (14,036,861) (26,901,797) (23,988,570) (38,318,370) Partners’ Capital, beginning of period 149,420,937 216,732,298 159,372,646 228,148,871 Partners’ Capital, end of period $ 135,384,076 $ 189,830,501 $ 135,384,076 $ 189,830,501

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (72.43) $ (42.50) $ 165.24 $ (3.14) Net investment loss (21.80) (23.34) (64.73) (65.30) Increase (decrease) for the period (94.23) (65.84) 100.51 (68.44) Net asset value per Redeemable Unit, beginning of period 1,463.12 1,395.66 1,268.38 1,398.26 Net asset value per Redeemable Unit, end of period $ 1,368.89 $ 1,329.82 $ 1,368.89 $ 1,329.82 Three Months Ended Nine Months Ended 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (6.3) % (6.8) % (6.6) % (6.3) % Operating expenses 6.5 % 6.9 % 6.8 % 6.3 % Incentive fees - % - % - % - % Total expenses 6.5 % 6.9 % 6.8 % 6.3 % Total return: Total return before incentive fees (6.4) % (4.7) % 7.9 % (4.9) % Incentive fees - % - % - % - % Total return after incentive fees (6.4) % (4.7) % 7.9 % (4.9) % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income allocated from the Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and includes the income and expenses allocated from the Master. Financial Highlights of the Master: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: * Net investment loss ** (1.5)% (2.1)% (1.7)% (1.6)% Operating expenses before expense reimbursements 1.9 % 2.2 % 2.0 % 1.7 % Expense reimbursements (0.1)% (0.1)% (0.1)% (0.1)% Operating expenses after expense reimbursements 1.8 % 2.1 % 1.9 % 1.6 % Total return (5.3)% (3.5)% 11.8 % (1.4)% * Annualized. ** Interest income less total expenses, net of expense reimbursements. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2016
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Master’s trading activities is shown in the Statements of Income and Expenses and Changes in Partners’ Capital. The futures brokerage account agreements with MS&Co. give the Partnership and the Master the legal right to net unrealized gains and losses on open futures, forward and option contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in its Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” Trading and transaction fees are based on the number of trades executed by the Advisor for the Master and the Partnership’s percentage ownership of the Master. All clearing fees paid to MS&Co. are borne by the Master and allocated to the Partnership. All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures contracts traded during the three months ended September 30, 2016 and 2015 were 9,458 and 12,360, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2016 and 2015 were 8,736 and 10,066, respectively. The monthly average number of option contracts traded during the three months ended September 30, 2016 and 2015 were 18,705 and 28,900, respectively. The monthly average number of option contracts traded during the nine months ended September 30, 2016 and 2015 were 19,286 and 29,168, respectively. The monthly average number of metals forward contracts traded during the three months ended September 30, 2016 and 2015 were 0 and 1,701, respectively. The monthly average number of metals forward contracts traded during the nine months ended September 30, 2016 and 2015 were 0 and 865, respectively. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2016 and December 31, 2015, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Gross Statements of Statements of Amounts Financial Financial Financial Cash Collateral September 30, 2016 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 4,896,095 $ (4,803,104) $ 92,991 $ - $ - $ 92,991 Options purchased 6,254,044 - 6,254,044 (3,255,741) - 2,998,303 Total assets $ 11,150,139 $ (4,803,104) $ 6,347,035 $ (3,255,741) $ - $ 3,091,294 Liabilities Futures $ (4,803,104) $ 4,803,104 $ - $ - $ - $ - Options written (3,255,741) - (3,255,741) 3,255,741 - - Total liabilities $ (8,058,845) $ 4,803,104 $ (3,255,741) $ 3,255,741 $ - $ - Net fair value $ 3,091,294 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Gross Statements of Statements of Amounts Financial Financial Financial Cash Collateral December 31, 2015 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 3,779,520 $ (2,515,470) $ 1,264,050 $ - $ - $ 1,264,050 Options purchased 1,870,654 - 1,870,654 (797,408) - 1,073,246 Total assets $ 5,650,174 $ (2,515,470) $ 3,134,704 $ (797,408) $ - $ 2,337,296 Liabilities Futures $ (2,515,470) $ 2,515,470 $ - $ - $ - $ - Options written (797,408) - (797,408) 797,408 - - Total liabilities $ (3,312,878) $ 2,515,470 $ (797,408) $ 797,408 $ - $ - Net fair value $ 2,337,296 * * In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s off-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’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 Master is exposed to the amount shown in the Master’s Statements of Financial Condition. In the case of exchange-traded contracts, the Master’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. The following tables indicate the Master’s gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of September 30, 2016 and December 31, 2015, respectively. September 30, 2016 Assets Futures Contracts Energy $ 987,077 Grains 3,560,971 Softs 348,047 Total unrealized appreciation on open futures contracts 4,896,095 Liabilities Futures Contracts Energy (601,151) Grains (3,731,746) Softs (470,207) Total unrealized depreciation on open futures contracts (4,803,104) Net unrealized appreciation on open futures contracts $ 92,991 * Assets Options Purchased Energy $ 2,282,643 Grains 1,023,869 Livestock 2,210 Softs 2,945,322 Total options purchased $ 6,254,044 ** Liabilities Options Written Energy $ (1,995,221) Grains (552,038) Softs (708,482) Total options written $ (3,255,741) *** * This amount is in “Net unrealized appreciation on open futures contracts” in the Master’s Statements of Financial Condition. ** This amount is in “Options purchased, at fair value” in the Master’s Statements of Financial Condition. *** This amount is in “Options written, at fair value” in the Master’s Statements of Financial Condition. December 31, 2015 Assets Futures Contracts Energy $ 397,980 Grains 2,554,401 Livestock 64,005 Softs 763,134 Total unrealized appreciation on open futures contracts 3,779,520 Liabilities Futures Contracts Energy (463,310) Grains (1,200,976) Livestock (3,848) Softs (847,336) Total unrealized depreciation on open futures contracts (2,515,470) Net unrealized appreciation on open futures contracts $ 1,264,050 * Assets Options Purchased Grains 295,444 Softs 1,575,210 Total options purchased $ 1,870,654 ** Liabilities Options Written Grains $ (16,100) Softs (781,308) Total options written $ (797,408) *** * This amount is in “Net unrealized appreciation on open futures contracts” in the Master’s Statements of Financial Condition. ** This amount is in “Options purchased, at fair value” in the Master’s Statements of Financial Condition. *** This amount is in “Options written, at fair value” in the Master’s Statements of Financial Condition. The following table indicates the Master’s total 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 Currencies $ 7,297 $ (26,599) $ (8,509) $ (26,599) Energy (3,887,113) (582,835) 14,132,306 5,292,834 Grains (3,616,262) (1,627,097) 305,452 2,287,002 Livestock (672,913) (792,988) (763,312) 1,205,155 Metals (102,766) (4,442,351) (137,931) (7,140,253) Softs 967,143 1,269,038 4,242,065 (1,189,890) Total $ (7,304,614) * $ (6,202,832) * $ 17,770,071 * $ 428,249 * * This amount is in “Total trading results” in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Master’s Fair Value Measurements. The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts was extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts was calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. The Master considers prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by broker quotes or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2016 and December 31, 2015 and for the periods ended September 30, 2016 and 2015, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2016 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 87,948,050 $ - $ 87,948,050 $ - Futures 4,896,095 4,896,095 - - Options purchased 6,254,044 6,254,044 - - Total assets $ 99,098,189 $ 11,150,139 $ 87,948,050 $ - Liabilities Futures $ 4,803,104 $ 4,803,104 $ - $ - Options written 3,255,741 3,255,741 - - Total liabilities $ 8,058,845 $ 8,058,845 $ - $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 136,729,500 $ - $ 136,729,500 $ - Futures 3,779,520 3,779,520 - - Options purchased 1,870,654 1,870,654 - - Total assets $ 142,379,674 $ 5,650,174 $ 136,729,500 $ - Liabilities Futures $ 2,515,470 $ 2,515,470 $ - $ - Options written 797,408 797,408 - - Total liabilities $ 3,312,878 $ 3,312,878 $ - $ -

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2016
Investments, All Other Investments [Abstract]
Financial Instrument Risks	6. Financial Instrument Risks: In the normal course of business, the Partnership, through its investment in the Master, is party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, forwards, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. None of the Master’s contracts are traded OTC, although contracts may be traded OTC in the future. Futures Contracts. Options. As both a buyer and seller of options, the Master pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Master to potentially unlimited liability; for purchased options the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership/Master does not consider these contracts to be guarantees. London Metals Exchange Forward Contracts. The Master does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. Market risk is the potential for changes in the value of the financial instruments traded by the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master is exposed to market risk equal to the value of the futures, options and forward contracts purchased and unlimited liability on such contracts sold short or written. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s/Master’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s/Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Master has credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Partnership’s/Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Master’s counterparty is an exchange or clearing organization. The General Partner monitors and attempts to control the Partnership’s/Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Master may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Master’s business, these instruments may not be held to maturity.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum13

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates:
Profit Allocation	Profit Allocation
Statement of Cash Flows	Statement of Cash Flows:
Partnership's Investments	Partnership’s Investment:
Master's Investments	Master’s Investments:
Fair Value of Financial Instruments	Fair Value of Financial Instruments “Financial Instruments,”
Master's Cash	Master’s Cash
Investment Company Status	Investment Company Status: Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes:
Net Income (loss) per Redeemable Unit	Net Income (loss) per Redeemable Unit: “Financial Services – Investment Companies.”
Recent Accounting Pronouncement	Recent Accounting Pronouncement: Recognition and Measurement of Financial Assets and Financial Liabilities

Basis of Presentation and Sum14

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Statements of Financial Condition	MB Master Fund L.P. Statements of Financial Condition (Unaudited) September 30, December 31, Assets: Equity in trading account: Investment in U.S. Treasury bills, at fair value (amortized cost $87,950,992 and $136,740,453 at September 30, 2016 and December 31, 2015, respectively) $ 87,948,050 $ 136,729,500 Cash at MS&Co. 42,127,620 18,724,253 Cash margin 2,231,350 1,595,848 Net unrealized appreciation on open futures contracts 92,991 1,264,050 Options purchased, at fair value (cost $9,089,501 and $1,962,640 at September 30, 2016 and December 31, 2015, respectively) 6,254,044 1,870,654 Total equity in trading account 138,654,055 160,184,305 Cash at bank 412 - Expense reimbursement 15,579 13,048 Total assets $ 138,670,046 $ 160,197,353 Liabilities and Partners’ Capital: Liabilities: Options written, at fair value (premiums received $4,831,890 and $965,751 at September 30, 2016 and December 31, 2015, respectively) $ 3,255,741 $ 797,408 Accrued expenses: Professional fees 30,229 27,299 Total liabilities 3,285,970 824,707 Partners’ Capital: General Partner - - Limited Partners 135,384,076 159,372,646 Total partners’ capital (net asset value) 135,384,076 159,372,646 Total liabilities and partners’ capital $ 138,670,046 $ 160,197,353
Condensed Schedule of Investments	MB Master Fund L.P. Condensed Schedule of Investments September 30, 2016 (Unaudited) Number Fair Value % of Partners’ Futures Contracts Purchased Energy 678 $ 751,987 0.56 % Grains 3,861 (1,648,296) (1.22) Softs 476 (337,760) (0.25) Total futures contracts purchased (1,234,069) (0.91) Futures Contracts Sold Energy 765 (366,061) (0.27) Grains 3,896 1,477,521 1.09 Softs 472 215,600 0.16 Total futures contracts sold 1,327,060 0.98 Net unrealized appreciation on open futures contracts $ 92,991 0.07 % Options Purchased Calls Energy 561 $ 1,419,891 1.05 % Grains 2,362 704,956 0.52 Livestock 134 2,210 0.00 ** Softs 1,598 2,087,367 1.54 Puts Energy 688 862,752 0.64 Grains 2,568 318,913 0.24 Softs 1,297 857,955 0.63 Total options purchased (cost $9,089,501) $ 6,254,044 4.62 % Options Written Calls Energy 561 $ (442,629) (0.33) % Grains 1,061 (271,538) (0.20) Softs 2,224 (488,452) (0.36) Puts Energy 794 (1,552,592) (1.15) Grains 680 (280,500) (0.21) Softs 654 (220,030) (0.16) Total options written (premiums received $4,831,890) $ (3,255,741) (2.41) % U.S. Government Securities Face Amount Maturity Date Description Fair Value % of Partners’ $ 13,000,000 11/17/2016 U.S. Treasury bills, 0.28%* (Amortized cost of $12,991,304) $ 12,997,441 9.60 % $ 75,000,000 12/29/2016 U.S. Treasury bills, 0.215%* (Amortized cost of $74,959,688) 74,950,609 55.36 Total U.S. Government Securities $ 87,948,050 64.96 % * Liquid non-cash held as collateral. ** Due to rounding. MB Master Fund L.P. Condensed Schedule of Investments December 31, 2015 Number Fair Value % of Partners’ Futures Contracts Purchased Energy 546 $ 367,730 0.23 % Grains 2,266 (1,136,894) (0.71) Livestock 72 60,157 0.04 Softs 912 342,061 0.21 Total futures contracts purchased (366,946) (0.23) Futures Contracts Sold Energy 505 (433,060) (0.27) Grains 2,317 2,490,319 1.57 Softs 908 (426,263) (0.27) Total futures contracts sold 1,630,996 1.03 Net unrealized appreciation on open futures contracts $ 1,264,050 0.80 % Options Purchased Calls Grains 1,293 $ 295,444 0.19 % Softs 2,784 1,551,522 0.97 Puts Softs 235 23,688 0.01 Total options purchased (cost $1,962,640) $ 1,870,654 1.17 % Options Written Calls Grains 644 $ (16,100) (0.01) % Softs 3,460 (676,499) (0.42) Puts Softs 402 (104,809) (0.07) Total options written (premiums received $965,751) $ (797,408) (0.50) % U.S. Government Securities Face Amount Maturity Date Description Fair Value % of Partners’ $ 119,750,000 3/3/2016 U.S. Treasury bills, 0.015% * (Amortized cost of $119,742,965) $ 119,730,615 75.12 % $ 17,000,000 1/21/2016 U.S. Treasury bills, 0.190% * (Amortized cost of $16,997,488) 16,998,885 10.67 Total U.S. Government Securities $ 136,729,500 85.79 % *Liquid non-cash held as collateral.
Statements of Income and Expenses and Changes in Partners' Capital	MB Master Fund L.P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Investment Income: Interest income $ 75,048 $ 2,752 $ 192,354 $ 10,438 Expenses: Clearing fees 642,205 1,115,875 2,147,688 2,738,644 Professional fees 20,104 21,644 61,147 69,867 Total expenses 662,309 1,137,519 2,208,835 2,808,511 Expense reimbursements (48,322) (58,000) (161,741) (94,462) Net expenses 613,987 1,079,519 2,047,094 2,714,049 Net investment loss (538,939) (1,076,767) (1,854,740) (2,703,611) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (1,258,952) (8,882,045) 20,271,967 5,481,775 Net change in unrealized gains (losses) on open contracts (6,045,662) 2,679,213 (2,501,896) (5,053,526) Total trading results (7,304,614) (6,202,832) 17,770,071 428,249 Net income (loss) (7,843,553) (7,279,599) 15,915,331 (2,275,362) Subscriptions—Limited Partners 284,667 3,982,550 5,884,667 23,869,677 Redemptions—Limited Partners (6,465,987) (23,602,913) (45,756,158) (59,903,164) Distribution of interest income to feeder funds (11,988) (1,835) (32,410) (9,521) Net increase (decrease) in Partners’ Capital (14,036,861) (26,901,797) (23,988,570) (38,318,370) Partners’ Capital, beginning of period 149,420,937 216,732,298 159,372,646 228,148,871 Partners’ Capital, end of period $ 135,384,076 $ 189,830,501 $ 135,384,076 $ 189,830,501

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (72.43) $ (42.50) $ 165.24 $ (3.14) Net investment loss (21.80) (23.34) (64.73) (65.30) Increase (decrease) for the period (94.23) (65.84) 100.51 (68.44) Net asset value per Redeemable Unit, beginning of period 1,463.12 1,395.66 1,268.38 1,398.26 Net asset value per Redeemable Unit, end of period $ 1,368.89 $ 1,329.82 $ 1,368.89 $ 1,329.82 Three Months Ended Nine Months Ended 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (6.3) % (6.8) % (6.6) % (6.3) % Operating expenses 6.5 % 6.9 % 6.8 % 6.3 % Incentive fees - % - % - % - % Total expenses 6.5 % 6.9 % 6.8 % 6.3 % Total return: Total return before incentive fees (6.4) % (4.7) % 7.9 % (4.9) % Incentive fees - % - % - % - % Total return after incentive fees (6.4) % (4.7) % 7.9 % (4.9) % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income allocated from the Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and includes the income and expenses allocated from the Master. Managed Futures Premier Aventis II L.P. Notes to Financial Statements (Unaudited) Financial Highlights of the Master: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: * Net investment loss ** (1.5)% (2.1)% (1.7)% (1.6)% Operating expenses before expense reimbursements 1.9 % 2.2 % 2.0 % 1.7 % Expense reimbursements (0.1)% (0.1)% (0.1)% (0.1)% Operating expenses after expense reimbursements 1.8 % 2.1 % 1.9 % 1.6 % Total return (5.3)% (3.5)% 11.8 % (1.4)% * Annualized. ** Interest income less total expenses, net of expense reimbursements.

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Brokers and Dealers [Abstract]
Summary of Valuation of Master's Investments	The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2016 and December 31, 2015, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Gross Statements of Statements of Amounts Financial Financial Financial Cash Collateral September 30, 2016 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 4,896,095 $ (4,803,104) $ 92,991 $ - $ - $ 92,991 Options purchased 6,254,044 - 6,254,044 (3,255,741) - 2,998,303 Total assets $ 11,150,139 $ (4,803,104) $ 6,347,035 $ (3,255,741) $ - $ 3,091,294 Liabilities Futures $ (4,803,104) $ 4,803,104 $ - $ - $ - $ - Options written (3,255,741) - (3,255,741) 3,255,741 - - Total liabilities $ (8,058,845) $ 4,803,104 $ (3,255,741) $ 3,255,741 $ - $ - Net fair value $ 3,091,294 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Gross Statements of Statements of Amounts Financial Financial Financial Cash Collateral December 31, 2015 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 3,779,520 $ (2,515,470) $ 1,264,050 $ - $ - $ 1,264,050 Options purchased 1,870,654 - 1,870,654 (797,408) - 1,073,246 Total assets $ 5,650,174 $ (2,515,470) $ 3,134,704 $ (797,408) $ - $ 2,337,296 Liabilities Futures $ (2,515,470) $ 2,515,470 $ - $ - $ - $ - Options written (797,408) - (797,408) 797,408 - - Total liabilities $ (3,312,878) $ 2,515,470 $ (797,408) $ 797,408 $ - $ - Net fair value $ 2,337,296 * * In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s off-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’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 Master is exposed to the amount shown in the Master’s Statements of Financial Condition. In the case of exchange-traded contracts, the Master’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 Option Contracts as Separate Assets and Liabilities	The following tables indicate the Master’s gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of September 30, 2016 and December 31, 2015, respectively. September 30, 2016 Assets Futures Contracts Energy $ 987,077 Grains 3,560,971 Softs 348,047 Total unrealized appreciation on open futures contracts 4,896,095 Liabilities Futures Contracts Energy (601,151) Grains (3,731,746) Softs (470,207) Total unrealized depreciation on open futures contracts (4,803,104) Net unrealized appreciation on open futures contracts $ 92,991 * Assets Options Purchased Energy $ 2,282,643 Grains 1,023,869 Livestock 2,210 Softs 2,945,322 Total options purchased $ 6,254,044 ** Liabilities Options Written Energy $ (1,995,221) Grains (552,038) Softs (708,482) Total options written $ (3,255,741) *** * This amount is in “Net unrealized appreciation on open futures contracts” in the Master’s Statements of Financial Condition. ** This amount is in “Options purchased, at fair value” in the Master’s Statements of Financial Condition. *** This amount is in “Options written, at fair value” in the Master’s Statements of Financial Condition. December 31, 2015 Assets Futures Contracts Energy $ 397,980 Grains 2,554,401 Livestock 64,005 Softs 763,134 Total unrealized appreciation on open futures contracts 3,779,520 Liabilities Futures Contracts Energy (463,310) Grains (1,200,976) Livestock (3,848) Softs (847,336) Total unrealized depreciation on open futures contracts (2,515,470) Net unrealized appreciation on open futures contracts $ 1,264,050 * Assets Options Purchased Grains 295,444 Softs 1,575,210 Total options purchased $ 1,870,654 ** Liabilities Options Written Grains $ (16,100) Softs (781,308) Total options written $ (797,408) *** * This amount is in “Net unrealized appreciation on open futures contracts” in the Master’s Statements of Financial Condition. ** This amount is in “Options purchased, at fair value” in the Master’s Statements of Financial Condition. *** This amount is in “Options written, at fair value” in the Master’s Statements of Financial Condition.
Trading Gains and Losses, by Market Sector, on Derivative Instruments	The following table indicates the Master’s total 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 Currencies $ 7,297 $ (26,599) $ (8,509) $ (26,599) Energy (3,887,113) (582,835) 14,132,306 5,292,834 Grains (3,616,262) (1,627,097) 305,452 2,287,002 Livestock (672,913) (792,988) (763,312) 1,205,155 Metals (102,766) (4,442,351) (137,931) (7,140,253) Softs 967,143 1,269,038 4,242,065 (1,189,890) Total $ (7,304,614) * $ (6,202,832) * $ 17,770,071 * $ 428,249 * * This amount is in “Total trading results” in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Derivative Instrument Fair Value Based on Hierarchy	September 30, 2016 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 87,948,050 $ - $ 87,948,050 $ - Futures 4,896,095 4,896,095 - - Options purchased 6,254,044 6,254,044 - - Total assets $ 99,098,189 $ 11,150,139 $ 87,948,050 $ - Liabilities Futures $ 4,803,104 $ 4,803,104 $ - $ - Options written 3,255,741 3,255,741 - - Total liabilities $ 8,058,845 $ 8,058,845 $ - $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 136,729,500 $ - $ 136,729,500 $ - Futures 3,779,520 3,779,520 - - Options purchased 1,870,654 1,870,654 - - Total assets $ 142,379,674 $ 5,650,174 $ 136,729,500 $ - Liabilities Futures $ 2,515,470 $ 2,515,470 $ - $ - Options written 797,408 797,408 - - Total liabilities $ 3,312,878 $ 3,312,878 $ - $ -

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Feb. 01, 2013	Sep. 06, 2005	Sep. 30, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partnership organization formation date					Apr. 20, 2005
Number of units sold during initial offering period				11,925
Maximum number of units sold by partnership	0				0
Percentage of Partnership owned	85.00%	86.40%
Morgan Stanley Wealth Management [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ongoing selling agent fee					2.00%
Limited Partners [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Cash equal, Partnership purchased			$ 262,944,186

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash denominated in foreign currencies	$ (195,839)	$ 89,402
Cost of foreign currencies		$ 91,119
Cash denominated in foreign currencies, proceeds	198,950
Provision for income tax	$ 0

Basis of Presentation and Sum20

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($)		Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $87,950,992 and $136,740,453 at September 30, 2016 and December 31, 2015, respectively)	[1]	$ 115,085,621		$ 137,625,666
Cash at MS&Co.		247,049		283,704
Cash at bank		412
Total assets		115,333,082		137,909,370
Accrued expenses:
Professional fees		248,377		257,197
Total liabilities		2,487,053		5,616,838
Partners' Capital:
General Partner		1,238,505		1,662,770
Limited Partners		111,607,524		130,629,762
Total partners' capital (net asset value)		112,846,029	$ 124,918,790	132,292,532	$ 162,105,426	$ 183,295,497	$ 202,875,359
Total liabilities and partners' capital		115,333,082		137,909,370
MB Master Fund L.P. [Member]
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $87,950,992 and $136,740,453 at September 30, 2016 and December 31, 2015, respectively)		87,948,050		136,729,500
Cash at MS&Co.		42,127,620		18,724,253
Cash margin		2,231,350		1,595,848
Options purchased, at fair value (cost $9,089,501 and $1,962,640 at September 30, 2016 and December 31, 2015, respectively)		6,254,044		1,870,654
Total equity in trading account		138,654,055		160,184,305
Cash at bank		412
Expense reimbursement		15,579		13,048
Total assets		138,670,046		160,197,353
Liabilities:
Options written, at fair value (premiums received $4,831,890 and $965,751 at September 30, 2016 and December 31, 2015, respectively)		3,255,741		797,408
Accrued expenses:
Professional fees		30,229		27,299
Total liabilities		3,285,970		824,707
Partners' Capital:
General Partner		0		0
Limited Partners		135,384,076		159,372,646
Total partners' capital (net asset value)		135,384,076	$ 149,420,937	159,372,646	$ 189,830,501	$ 216,732,298	$ 228,148,871
Total liabilities and partners' capital		138,670,046		160,197,353
MB Master Fund L.P. [Member] | Futures [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts		$ 92,991		$ 1,264,050
[1]	Defined in Note 1.

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Parenthetical) (Detail) - MB Master Fund L.P. [Member] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Investment in U.S. Treasury bills, cost	$ 87,950,992	$ 136,740,453
Cost of options purchased	9,089,501	1,962,640
Stock option redemption premium	$ 4,831,890	$ 965,751

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Detail)		9 Months Ended	12 Months Ended
		Sep. 30, 2016USD ($)Derivative	Dec. 31, 2015USD ($)Derivative
Schedule of Investments [Line Items]
Investment, Fair Value	[1]	$ 115,085,621	$ 137,625,666
MB Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Investment, Fair Value		87,948,050	136,729,500
MB Master Fund L.P. [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ (1,234,069)	$ (366,946)
Percentage of Partners' Capital		(0.91%)	(0.23%)
MB Master Fund L.P. [Member] | Futures [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ 92,991	$ 1,264,050
Percentage of Partners' Capital		0.07%	0.80%
MB Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		678	546
Investment in Master, at fair value		$ 751,987	$ 367,730
Percentage of Partners' Capital		0.56%	0.23%
MB Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		3,861	2,266
Investment in Master, at fair value		$ (1,648,296)	$ (1,136,894)
Percentage of Partners' Capital		(1.22%)	(0.71%)
MB Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative			72
Investment in Master, at fair value			$ 60,157
Percentage of Partners' Capital			0.04%
MB Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		476	912
Investment in Master, at fair value		$ (337,760)	$ 342,061
Percentage of Partners' Capital		(0.25%)	0.21%
MB Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ 1,327,060	$ 1,630,996
Percentage of Partners' Capital		0.98%	1.03%
MB Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		765	505
Investment in Master, at fair value		$ (366,061)	$ (433,060)
Percentage of Partners' Capital		(0.27%)	(0.27%)
MB Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		3,896	2,317
Investment in Master, at fair value		$ 1,477,521	$ 2,490,319
Percentage of Partners' Capital		1.09%	1.57%
MB Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		472	908
Investment in Master, at fair value		$ 215,600	$ (426,263)
Percentage of Partners' Capital		0.16%	(0.27%)
MB Master Fund L.P. [Member] | Option [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ 6,254,044	$ 1,870,654
Percentage of Partners' Capital		4.62%	1.17%
MB Master Fund L.P. [Member] | Option [Member] | Contracts Purchased [Member] | Energy [Member] | Calls [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		561
Investment in Master, at fair value		$ 1,419,891
Percentage of Partners' Capital		1.05%
MB Master Fund L.P. [Member] | Option [Member] | Contracts Purchased [Member] | Energy [Member] | Puts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		688
Investment in Master, at fair value		$ 862,752
Percentage of Partners' Capital		0.64%
MB Master Fund L.P. [Member] | Option [Member] | Contracts Purchased [Member] | Grains [Member] | Calls [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		2,362	1,293
Investment in Master, at fair value		$ 704,956	$ 295,444
Percentage of Partners' Capital		0.52%	0.19%
MB Master Fund L.P. [Member] | Option [Member] | Contracts Purchased [Member] | Grains [Member] | Puts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		2,568
Investment in Master, at fair value		$ 318,913
Percentage of Partners' Capital		0.24%
MB Master Fund L.P. [Member] | Option [Member] | Contracts Purchased [Member] | Livestock [Member] | Calls [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		134
Investment in Master, at fair value		$ 2,210
Percentage of Partners' Capital		0.00%
MB Master Fund L.P. [Member] | Option [Member] | Contracts Purchased [Member] | Softs [Member] | Calls [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1,598	2,784
Investment in Master, at fair value		$ 2,087,367	$ 1,551,522
Percentage of Partners' Capital		1.54%	0.97%
MB Master Fund L.P. [Member] | Option [Member] | Contracts Purchased [Member] | Softs [Member] | Puts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1,297	235
Investment in Master, at fair value		$ 857,955	$ 23,688
Percentage of Partners' Capital		0.63%	0.01%
MB Master Fund L.P. [Member] | Option [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ (3,255,741)	$ (797,408)
Percentage of Partners' Capital		(2.41%)	(0.50%)
MB Master Fund L.P. [Member] | Option [Member] | Contracts Sold [Member] | Energy [Member] | Calls [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		561
Investment in Master, at fair value		$ (442,629)
Percentage of Partners' Capital		(0.33%)
MB Master Fund L.P. [Member] | Option [Member] | Contracts Sold [Member] | Energy [Member] | Puts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		794
Investment in Master, at fair value		$ (1,552,592)
Percentage of Partners' Capital		(1.15%)
MB Master Fund L.P. [Member] | Option [Member] | Contracts Sold [Member] | Grains [Member] | Calls [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1,061	644
Investment in Master, at fair value		$ (271,538)	$ (16,100)
Percentage of Partners' Capital		(0.20%)	(0.01%)
MB Master Fund L.P. [Member] | Option [Member] | Contracts Sold [Member] | Grains [Member] | Puts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		680
Investment in Master, at fair value		$ (280,500)
Percentage of Partners' Capital		(0.21%)
MB Master Fund L.P. [Member] | Option [Member] | Contracts Sold [Member] | Softs [Member] | Calls [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		2,224	3,460
Investment in Master, at fair value		$ (488,452)	$ (676,499)
Percentage of Partners' Capital		(0.36%)	(0.42%)
MB Master Fund L.P. [Member] | Option [Member] | Contracts Sold [Member] | Softs [Member] | Puts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		654	402
Investment in Master, at fair value		$ (220,030)	$ (104,809)
Percentage of Partners' Capital		(0.16%)	(0.07%)
MB Master Fund L.P. [Member] | US Treasury and Government [Member]
Schedule of Investments [Line Items]
Investment, Fair Value		$ 87,948,050	$ 136,729,500
Percentage of Partners' Capital		64.96%	85.79%
MB Master Fund L.P. [Member] | U.S. Treasury Bills, 0.015% [Member]
Schedule of Investments [Line Items]
Investment, Face Amount			$ 119,750,000
Investment, Maturity Date			Mar. 3, 2016
Investment, Fair Value			$ 119,730,615
Percentage of Partners' Capital			75.12%
MB Master Fund L.P. [Member] | U.S. Treasury Bills, 0.190% [Member]
Schedule of Investments [Line Items]
Investment, Face Amount			$ 17,000,000
Investment, Maturity Date			Jan. 21, 2016
Investment, Fair Value			$ 16,998,885
Percentage of Partners' Capital			10.67%
MB Master Fund L.P. [Member] | U.S. Treasury Bills, 0.28% [Member]
Schedule of Investments [Line Items]
Investment, Face Amount		$ 13,000,000
Investment, Maturity Date		Nov. 17, 2016
Investment, Fair Value		$ 12,997,441
Percentage of Partners' Capital		9.60%
MB Master Fund L.P. [Member] | U.S. Treasury Bills, 0.215% [Member]
Schedule of Investments [Line Items]
Investment, Face Amount		$ 75,000,000
Investment, Maturity Date		Dec. 29, 2016
Investment, Fair Value		$ 74,950,609
Percentage of Partners' Capital		55.36%
[1]	Defined in Note 1.

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Parenthetical) (Detail) - MB Master Fund L.P. [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Stock option redemption premium	$ 4,831,890	$ 965,751
Investment in U.S. Treasury bills, Amortized cost	87,950,992	136,740,453
Option [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost	9,089,501	1,962,640
Option [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Stock option redemption premium	4,831,890	965,751
U.S. Treasury Bills, 0.015% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost	$ 12,991,304	$ 119,742,965
Investment, interest rate	0.28%	0.015%
U.S. Treasury Bills, 0.190% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost	$ 74,959,688	$ 16,997,488
Investment, interest rate	0.215%	0.19%

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses and Changes in Partners' Capital (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investment Income:
Interest income	$ 63,429	$ 2,231	$ 163,316	$ 8,960
Expenses:
Professional fees	106,422	150,213	322,512	335,629
Total expenses	1,909,112	2,983,375	6,146,077	9,033,305
Net investment loss	(1,845,683)	(2,981,144)	(5,982,761)	(9,024,345)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(1,064,122)	(7,700,628)	17,307,335	5,345,524
Net change in unrealized gains (losses) on open contracts	(5,130,319)	2,353,105	(2,115,804)	(4,571,181)
Total trading results	(6,194,441)	(5,347,523)	15,191,531	774,343
Net income (loss)	(8,040,124)	(8,328,667)	9,208,770	(8,250,002)
Net increase (decrease) in Partners' Capital	(12,072,761)	(21,190,071)	(19,446,503)	(40,769,933)
Partners' Capital, beginning of period	124,918,790	183,295,497	132,292,532	202,875,359
Partners' Capital, end of period	112,846,029	162,105,426	112,846,029	162,105,426
MB Master Fund L.P. [Member]
Investment Income:
Interest income	75,048	2,752	192,354	10,438
Expenses:
Clearing fees	642,205	1,115,875	2,147,688	2,738,644
Professional fees	20,104	21,644	61,147	69,867
Total expenses	662,309	1,137,519	2,208,835	2,808,511
Expense reimbursements	(48,322)	(58,000)	(161,741)	(94,462)
Net expenses	613,987	1,079,519	2,047,094	2,714,049
Net investment loss	(538,939)	(1,076,767)	(1,854,740)	(2,703,611)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(1,258,952)	(8,882,045)	20,271,967	5,481,775
Net change in unrealized gains (losses) on open contracts	(6,045,662)	2,679,213	(2,501,896)	(5,053,526)
Total trading results	(7,304,614)	(6,202,832)	17,770,071	428,249
Net income (loss)	(7,843,553)	(7,279,599)	15,915,331	(2,275,362)
Subscriptions-Limited Partners	284,667	3,982,550	5,884,667	23,869,677
Redemptions-Limited Partners	(6,465,987)	(23,602,913)	(45,756,158)	(59,903,164)
Distribution of interest income to feeder funds	(11,988)	(1,835)	(32,410)	(9,521)
Net increase (decrease) in Partners' Capital	(14,036,861)	(26,901,797)	(23,988,570)	(38,318,370)
Partners' Capital, beginning of period	149,420,937	216,732,298	159,372,646	228,148,871
Partners' Capital, end of period	$ 135,384,076	$ 189,830,501	$ 135,384,076	$ 189,830,501

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net asset value per Redeemable Unit, beginning of period			$ 1,268.38
Net asset value per Redeemable Unit, end of period	$ 1,368.89	$ 1,329.82	$ 1,368.89	$ 1,329.82
MB Master Fund L.P. [Member]
Ratios to Average Limited Partners' Capital:
Net investment loss	(1.50%)	(2.10%)	(1.70%)	(1.60%)
Operating expenses before expense reimbursements	1.90%	2.20%	2.00%	1.70%
Expense reimbursements	(0.10%)	(0.10%)	(0.10%)	(0.10%)
Operating expenses after expense reimbursements	1.80%	2.10%	1.90%	1.60%
Total return	(5.30%)	(3.50%)	11.80%	(1.40%)
Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ (72.43)	$ (42.50)	$ 165.24	$ (3.14)
Net investment loss	(21.80)	(23.34)	(64.73)	(65.30)
Increase (decrease) for the period	(94.23)	(65.84)	100.51	(68.44)
Net asset value per Redeemable Unit, beginning of period	1,463.12	1,395.66	1,268.38	1,398.26
Net asset value per Redeemable Unit, end of period	$ 1,368.89	$ 1,329.82	$ 1,368.89	$ 1,329.82
Ratios to Average Limited Partners' Capital:
Net investment loss	(6.30%)	(6.80%)	(6.60%)	(6.30%)
Operating expenses	6.50%	6.90%	6.80%	6.30%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	6.50%	6.90%	6.80%	6.30%
Total return:
Total return before incentive fees	(6.40%)	(4.70%)	7.90%	(4.90%)
Incentive fees	(0.00%)	(0.00%)	(0.00%)	(0.00%)
Total return after incentive fees	(6.40%)	(4.70%)	7.90%	(4.90%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016Contractshares	Sep. 30, 2015Contractshares	Sep. 30, 2016Contractshares	Sep. 30, 2015Contractshares
Brokers and Dealers [Abstract]
Monthly average number of futures contracts traded	9,458	12,360	8,736	10,066
Average number of options contracts traded | shares	18,705	28,900	19,286	29,168
Monthly average number of metals forward contracts traded	0	1,701	0	865

Trading Activities - Summary of

Trading Activities - Summary of Valuation of Master's Investments (Detail) - MB Master Fund L.P. [Member] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 11,150,139	$ 5,650,174
Gross Amounts Offset in the Statements of Financial Condition, Assets	(4,803,104)	(2,515,470)
Amounts Presented in the Statements of Financial Condition, Assets	6,347,035	3,134,704
Financial Instruments, Assets	(3,255,741)	(797,408)
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	3,091,294	2,337,296
Gross Amounts Recognized, Liabilities	(8,058,845)	(3,312,878)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	4,803,104	2,515,470
Net Amounts Presented in the Statements of Financial Condition, Liabilities	(3,255,741)	(797,408)
Financial Instruments, Liabilities	3,255,741	797,408
Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Net fair value	3,091,294	2,337,296
Futures [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	4,896,095	3,779,520
Gross Amounts Offset in the Statements of Financial Condition, Assets	(4,803,104)	(2,515,470)
Amounts Presented in the Statements of Financial Condition, Assets	92,991	1,264,050
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	92,991	1,264,050
Gross Amounts Recognized, Liabilities	(4,803,104)	(2,515,470)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	4,803,104	2,515,470
Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Option [Member] | Contracts Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	6,254,044	1,870,654
Amounts Presented in the Statements of Financial Condition, Assets	6,254,044	1,870,654
Financial Instruments, Assets	(3,255,741)	(797,408)
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	2,998,303	1,073,246
Option [Member] | Contracts Sold [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(3,255,741)	(797,408)
Net Amounts Presented in the Statements of Financial Condition, Liabilities	(3,255,741)	(797,408)
Financial Instruments, Liabilities	3,255,741	797,408
Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ 0	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Option Contracts as Separate Assets and Liabilities (Detail) - MB Master Fund L.P. [Member] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Contracts Purchased [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ (1,234,069)	$ (366,946)
Futures [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	92,991	1,264,050
Futures [Member] | Contracts Purchased [Member] | Energy [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	751,987	367,730
Futures [Member] | Contracts Purchased [Member] | Grains [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	(1,648,296)	(1,136,894)
Futures [Member] | Contracts Purchased [Member] | Livestock [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts		60,157
Futures [Member] | Contracts Purchased [Member] | Softs [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	(337,760)	342,061
Futures [Member] | Contracts Sold [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	1,327,060	1,630,996
Futures [Member] | Contracts Sold [Member] | Energy [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	(366,061)	(433,060)
Futures [Member] | Contracts Sold [Member] | Grains [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	1,477,521	2,490,319
Futures [Member] | Contracts Sold [Member] | Softs [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	215,600	(426,263)
Option [Member] | Contracts Purchased [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	6,254,044	1,870,654
Option [Member] | Contracts Sold [Member]
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open contracts	(3,255,741)	(797,408)
Liabilities [Member] | Futures [Member]
Derivative [Line Items]
Derivative liabilities	(4,803,104)	(2,515,470)
Liabilities [Member] | Futures [Member] | Energy [Member]
Derivative [Line Items]
Derivative liabilities	(601,151)	(463,310)
Liabilities [Member] | Futures [Member] | Grains [Member]
Derivative [Line Items]
Derivative liabilities	(3,731,746)	(1,200,976)
Liabilities [Member] | Futures [Member] | Livestock [Member]
Derivative [Line Items]
Derivative liabilities		(3,848)
Liabilities [Member] | Futures [Member] | Softs [Member]
Derivative [Line Items]
Derivative liabilities	(470,207)	(847,336)
Liabilities [Member] | Option [Member] | Contracts Sold [Member]
Derivative [Line Items]
Derivative liabilities	(3,255,741)	(797,408)
Liabilities [Member] | Option [Member] | Contracts Sold [Member] | Energy [Member]
Derivative [Line Items]
Derivative liabilities	(1,995,221)
Liabilities [Member] | Option [Member] | Contracts Sold [Member] | Grains [Member]
Derivative [Line Items]
Derivative liabilities	(552,038)	(16,100)
Liabilities [Member] | Option [Member] | Contracts Sold [Member] | Softs [Member]
Derivative [Line Items]
Derivative liabilities	(708,482)	(781,308)
Assets [Member] | Futures [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	4,896,095	3,779,520
Assets [Member] | Futures [Member] | Energy [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	987,077	397,980
Assets [Member] | Futures [Member] | Grains [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	3,560,971	2,554,401
Assets [Member] | Futures [Member] | Livestock [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts		64,005
Assets [Member] | Futures [Member] | Softs [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	348,047	763,134
Assets [Member] | Option [Member] | Contracts Purchased [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	6,254,044	1,870,654
Assets [Member] | Option [Member] | Contracts Purchased [Member] | Energy [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	2,282,643
Assets [Member] | Option [Member] | Contracts Purchased [Member] | Grains [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	1,023,869	295,444
Assets [Member] | Option [Member] | Contracts Purchased [Member] | Livestock [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	2,210
Assets [Member] | Option [Member] | Contracts Purchased [Member] | Softs [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures and forward contracts	$ 2,945,322	$ 1,575,210

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - MB Master Fund L.P. [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Trading gains and losses	$ (7,304,614)	$ (6,202,832)	$ 17,770,071	$ 428,249
Currencies [Member]
Derivative [Line Items]
Trading gains and losses	7,297	(26,599)	(8,509)	(26,599)
Energy [Member]
Derivative [Line Items]
Trading gains and losses	(3,887,113)	(582,835)	14,132,306	5,292,834
Grains [Member]
Derivative [Line Items]
Trading gains and losses	(3,616,262)	(1,627,097)	305,452	2,287,002
Livestock [Member]
Derivative [Line Items]
Trading gains and losses	(672,913)	(792,988)	(763,312)	1,205,155
Metals [Member]
Derivative [Line Items]
Trading gains and losses	(102,766)	(4,442,351)	(137,931)	(7,140,253)
Softs [Member]
Derivative [Line Items]
Trading gains and losses	$ 967,143	$ 1,269,038	$ 4,242,065	$ (1,189,890)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - MB Master Fund L.P. [Member] - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative assets	$ 99,098,189	$ 142,379,674
Derivative liabilities	8,058,845	3,312,878
U.S. Treasury Bills [Member]
Derivative [Line Items]
Derivative assets	87,948,050	136,729,500
Futures [Member]
Derivative [Line Items]
Derivative assets	4,896,095	3,779,520
Derivative liabilities	4,803,104	2,515,470
Option [Member] | Contracts Purchased [Member]
Derivative [Line Items]
Derivative assets	6,254,044	1,870,654
Option [Member] | Contracts Sold [Member]
Derivative [Line Items]
Derivative liabilities	3,255,741	797,408
Level 1 [Member]
Derivative [Line Items]
Derivative assets	11,150,139	5,650,174
Derivative liabilities	8,058,845	3,312,878
Level 1 [Member] | Futures [Member]
Derivative [Line Items]
Derivative assets	4,896,095	3,779,520
Derivative liabilities	4,803,104	2,515,470
Level 1 [Member] | Option [Member] | Contracts Purchased [Member]
Derivative [Line Items]
Derivative assets	6,254,044	1,870,654
Level 1 [Member] | Option [Member] | Contracts Sold [Member]
Derivative [Line Items]
Derivative liabilities	3,255,741	797,408
Level 2 [Member]
Derivative [Line Items]
Derivative assets	87,948,050	136,729,500
Level 2 [Member] | U.S. Treasury Bills [Member]
Derivative [Line Items]
Derivative assets	$ 87,948,050	$ 136,729,500

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016
Investments, All Other Investments [Abstract]
Financial instruments maturity period	1 year