Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015 | |
Document And Entity Information | |
Entity Registrant Name | FUTURES PORTFOLIO FUND L.P. |
Entity Central Index Key | 861,441 |
Document Type | 10-K |
Trading Symbol | FPF |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity a Well-known Seasoned Issuer | No |
Entity a Voluntary Filer | No |
Entity's Reporting Status Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,015 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Equity in broker trading accounts | ||
Cash | $ 122,736,345 | $ 240,042,950 |
Net unrealized gain (loss) on open futures contracts | 4,412,678 | 33,424,425 |
Net unrealized gain (loss) on open forward currency contracts | (1,614,491) | (1,409,257) |
Net unrealized gain (loss) on swap contract | 3,440,896 | 8,071,814 |
Total equity in broker trading accounts | 128,975,428 | 280,129,932 |
Cash and cash equivalents | 56,290,425 | 29,900,779 |
Investments in securities, at fair value (cost $453,001,973 and $432,077,493) | 451,049,033 | 430,462,588 |
Certificates of deposit (CDs), at fair value (cost $22,673,242 and $28,848,010) | 22,710,509 | 28,894,203 |
General Partner 1% allocation receivable | 271,430 | |
Subscriptions receivable | 85,414 | 209,400 |
Total assets | 659,382,239 | 769,596,902 |
Liabilities | ||
Trading Advisor management fees payable | 1,301,752 | 1,212,424 |
Trading Advisor incentive fees payable | 216,856 | 10,977,066 |
Commissions and other trading fees payable on open contracts | 138,206 | 146,411 |
Cash Managers fees payable | 109,594 | 111,171 |
General Partner management and performance fees payable | 789,152 | 930,656 |
General Partner 1% allocation payable | 538,285 | |
Selling agent and broker dealer servicing fees payable - General Partner | 735,514 | 838,049 |
Administrative expenses payable - General Partner | 155,471 | 183,163 |
Investment Manager fees payable | 83,884 | 74,621 |
Distribution (12b-1) fees payable | 2,204 | 321 |
Operating services fee payable | 33,554 | 29,848 |
Redemptions payable | 11,143,201 | 10,423,609 |
Subscriptions received in advance | 1,086,965 | 2,577,065 |
Total liabilities | 15,796,353 | 28,042,689 |
Partners' Capital (Net Asset Value) | ||
Non-controlling interest | 22,540,476 | 7,282,068 |
Total partners' capital (net asset value) | 643,585,886 | 741,554,213 |
Total liabilities and partners' capital (net asset value) | 659,382,239 | 769,596,902 |
Class A [Member] | ||
Partners' Capital (Net Asset Value) | ||
Total partners' capital (net asset value) | 412,948,548 | 468,243,719 |
Class B [Member] | ||
Partners' Capital (Net Asset Value) | ||
Total partners' capital (net asset value) | 204,329,032 | 262,572,733 |
Class I [Member] | ||
Partners' Capital (Net Asset Value) | ||
Total partners' capital (net asset value) | $ 3,767,830 | $ 3,455,693 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Investments in securities, at cost | $ 453,001,973 | $ 432,077,493 |
Certificates of deposit (CDs), at cost | $ 22,673,242 | $ 28,848,010 |
General partner allocation percentage | 1.00% | 1.00% |
Class A [Member] | ||
Partners' Capital, units outstanding | 98,034.9581 | 106,074.0114 |
Class B [Member] | ||
Partners' Capital, units outstanding | 33,265.6588 | 41,522.9665 |
Class I [Member] | ||
Partners' Capital, units outstanding | 3,828.4541 | 3,438.9708 |
Consolidated Condensed Schedule
Consolidated Condensed Schedule of Investments of U.S. Treasury Securities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
% of Partners' Capital (Net Asset Value) | 73.61% | 61.95% | |
Investment Owned, at Cost | $ 453,001,973 | $ 432,077,493 | |
U.S. Treasury Securities [Member] | |||
Fair Value | $ 76,996,959 | $ 39,378,298 | |
% of Partners' Capital (Net Asset Value) | 11.96% | 5.31% | |
Investment Owned, at Cost | $ 77,027,397 | $ 39,423,113 | |
U.S. Treasury Securities [Member] | 0.09% U.S. Treasury Bill Due 2016-02-18 [Member] | |||
Face Value | 50,000,000 | ||
Fair Value | $ 49,993,194 | ||
% of Partners' Capital (Net Asset Value) | 7.77% | ||
% Yield | [1] | 0.09% | |
U.S. Treasury Securities [Member] | 0.72% U.S. Treasury Bill Due 2016-12-08 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 1,988,643 | ||
% of Partners' Capital (Net Asset Value) | 0.31% | ||
% Yield | [1] | 0.72% | |
U.S. Treasury Securities [Member] | 0.38% U.S. Treasury Notes Due 2016-01-15 [Member] | |||
Face Value | $ 10,500,000 | 3,000,000 | |
Fair Value | $ 10,517,770 | $ 3,007,072 | |
% of Partners' Capital (Net Asset Value) | 1.63% | 0.41% | |
% Yield | [1] | 0.38% | 0.38% |
U.S. Treasury Securities [Member] | 0.38% U.S. Treasury Notes Due 2016-03-15 [Member] | |||
Face Value | $ 1,750,000 | ||
Fair Value | $ 1,752,420 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.38% | |
U.S. Treasury Securities [Member] | 0.5% U.S. Treasury Notes Due 2016-06-30 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,499,781 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 0.50% | |
U.S. Treasury Securities [Member] | 1.00% U.S. Treasury Notes Due 2016-08-31 [Member] | |||
Face Value | $ 4,600,000 | ||
Fair Value | $ 4,624,882 | ||
% of Partners' Capital (Net Asset Value) | 0.72% | ||
% Yield | [1] | 1.00% | |
U.S. Treasury Securities [Member] | 1.00% U.S. Treasury Notes Due 2016-10-31 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,505,484 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 1.00% | |
U.S. Treasury Securities [Member] | 0.63% U.S. Treasury Notes Due 2016-11-15 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,799,062 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ||
% Yield | [1] | 0.63% | |
U.S. Treasury Securities [Member] | 2.75% U.S. Treasury Notes Due 2016-11-30 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,529,797 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 2.75% | |
U.S. Treasury Securities [Member] | 0.63% U.S. Treasury Notes Due 2016-12-15 [Member] | |||
Face Value | $ 1,788,200 | ||
Fair Value | $ 1,785,926 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ||
% Yield | [1] | 0.63% | |
U.S. Treasury Securities [Member] | 2.38% U.S. Treasury Note Due 2015-02-28 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 1,021,339 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ||
% Yield | [1] | 2.38% | |
U.S. Treasury Securities [Member] | 0.13% U.S. Treasury Note Due 2015-04-30 [Member] | |||
Face Value | $ 5,000,000 | ||
Fair Value | $ 5,002,240 | ||
% of Partners' Capital (Net Asset Value) | 0.67% | ||
% Yield | [1] | 0.13% | |
U.S. Treasury Securities [Member] | 2.5% U.S. Treasury Note Due 2015-04-30 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 1,012,092 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ||
% Yield | [1] | 2.50% | |
U.S. Treasury Securities [Member] | 0.25% U.S. Treasury Note Due 2015-05-31 [Member] | |||
Face Value | $ 5,500,000 | ||
Fair Value | $ 5,504,646 | ||
% of Partners' Capital (Net Asset Value) | 0.74% | ||
% Yield | [1] | 0.25% | |
U.S. Treasury Securities [Member] | 2.13% U.S. Treasury Note Due 2015-05-31 [Member] | |||
Face Value | $ 1,520,000 | ||
Fair Value | $ 1,535,364 | ||
% of Partners' Capital (Net Asset Value) | 0.21% | ||
% Yield | [1] | 2.13% | |
U.S. Treasury Securities [Member] | 0.25% U.S. Treasury Note Due 2015-07-15 [Member] | |||
Face Value | $ 10,500,000 | ||
Fair Value | $ 10,519,056 | ||
% of Partners' Capital (Net Asset Value) | 1.41% | ||
% Yield | [1] | 0.25% | |
U.S. Treasury Securities [Member] | 0.38% U.S. Treasury Note Due 2015-08-31 [Member] | |||
Face Value | $ 3,400,000 | ||
Fair Value | $ 3,408,446 | ||
% of Partners' Capital (Net Asset Value) | 0.46% | ||
% Yield | [1] | 0.38% | |
U.S. Treasury Securities [Member] | 0.38% U.S. Treasury Note Due 2015-11-15 [Member] | |||
Face Value | $ 3,320,000 | ||
Fair Value | $ 3,324,737 | ||
% of Partners' Capital (Net Asset Value) | 0.45% | ||
% Yield | [1] | 0.38% | |
U.S. Treasury Securities [Member] | 1.38% U.S. Treasury Note Due 2015-11-30 [Member] | |||
Face Value | $ 3,000,000 | ||
Fair Value | $ 3,033,626 | ||
% of Partners' Capital (Net Asset Value) | 0.41% | ||
% Yield | [1] | 1.38% | |
U.S. Treasury Securities [Member] | 0.63% U.S. Treasury Note Due 2016-07-15 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,009,680 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.63% | |
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated Condensed Schedul5
Consolidated Condensed Schedule of Investments U.S. Government Sponsored Enterprise Notes | Dec. 31, 2014USD ($) | |
% of Partners' Capital (Net Asset Value) | 61.95% | |
Investment Owned, at Cost | $ 432,077,493 | |
U.S.Government Sponsored Enterprise Notes [Member] | ||
Fair Value | $ 2,000,951 | |
% of Partners' Capital (Net Asset Value) | 0.27% | |
Investment Owned, at Cost | $ 1,999,600 | |
U.S.Government Sponsored Enterprise Notes [Member] | 0.20% Federal Home Loan Banks Due 2015-09-18 [Member] | ||
Face Value | 2,000,000 | |
Fair Value | $ 2,000,951 | |
% of Partners' Capital (Net Asset Value) | 0.27% | |
% Yield | 0.20% | [1] |
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated Condensed Schedul6
Consolidated Condensed Schedule of Investments Commercial Paper - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
% of Partners' Capital (Net Asset Value) | 73.61% | 61.95% | |
Investment Owned, at Cost | $ 453,001,973 | $ 432,077,493 | |
Commercial Paper [Member] | |||
Fair Value | $ 57,258,211 | $ 56,246,377 | |
% of Partners' Capital (Net Asset Value) | 8.91% | 7.58% | |
Investment Owned, at Cost | $ 57,208,099 | $ 56,222,052 | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | |||
Fair Value | $ 35,057,378 | $ 39,972,402 | |
% of Partners' Capital (Net Asset Value) | 5.46% | 5.39% | |
Investment Owned, at Cost | $ 35,039,075 | $ 39,963,544 | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.5% Nissan Motor Acceptance Corporation Due 2016-11-01 [Member] | |||
Face Value | 500,000 | ||
Fair Value | $ 499,928 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.50% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.78% Nissan Motor Acceptance Corporation Due 2016-01-22 [Member] | |||
Face Value | $ 1,600,000 | ||
Fair Value | $ 1,599,272 | ||
% of Partners' Capital (Net Asset Value) | 0.25% | ||
% Yield | [1] | 0.78% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Automotive [Member] | 0.33% Nissan Motor Acceptance Corporation Due 2015-01-15 [Member] | |||
Face Value | 400,000 | ||
Fair Value | $ 399,948 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.33% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.27% Standard Chartered Bank Due 2016-01-21 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,940 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.27% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.27% Manhattan Asset Funding Company LLC Due 2016-12-01 [Member] | |||
Face Value | $ 1,200,000 | ||
Fair Value | $ 1,199,601 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.21% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.3% Credit Suisse (USA), Inc. Due 2015-01-05 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,798,200 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 0.30% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.15% HSBC Bank USA, National Association Due 2015-01-22 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,965 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.15% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.17% Mizuho Funding LLC Due 2015-01-23 [Member] | |||
Face Value | $ 1,300,000 | ||
Fair Value | $ 1,299,865 | ||
% of Partners' Capital (Net Asset Value) | 0.18% | ||
% Yield | [1] | 0.17% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.18% MUFG Union Bank, National Association Due 2015-06-02 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,910 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.18% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.2% Standard Chartered Bank Due 2015-09-02 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,799,610 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 0.20% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.19% Standard Chartered Bank Due 2015-02-17 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,876 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.19% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.17% Sumitomo Mitsui Banking Corporation Due 2015-01-26 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,799,787 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 0.17% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Banks [Member] | 0.23% Sumitomo Mitsui Banking Corporation Due 2015-03-31 [Member] | |||
Face Value | $ 530,000 | ||
Fair Value | $ 529,699 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.23% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.51% Bacardi U.S.A., Inc. Due 2016-06-01 [Member] | |||
Face Value | $ 2,100,000 | ||
Fair Value | $ 2,099,851 | ||
% of Partners' Capital (Net Asset Value) | 0.33% | ||
% Yield | [1] | 0.51% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.45% Brown-Forman Corporation Due 2016-07-01 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,499,888 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 0.45% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.45% Brown-Forman Corporation Due 2016-07-01 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,963 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.45% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.8% Coca-Cola Company Due 2016-11-17 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,689,858 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.80% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.33% Bacardi Corporation Due 2015-07-01 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 1,999,890 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ||
% Yield | [1] | 0.33% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Beverages [Member] | 0.18% Brown-Forman Corporation Due 2015-06-01 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,990 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.18% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Chemicals [Member] | 0.46% Clorox Company Due 2016-01-14 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,917 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.46% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Chemicals [Member] | 0.51% Clorox Company Due 2016-01-27 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,499,448 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 0.51% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.55% American Express Credit Corporation Due 2016-01-19 [Member] | |||
Face Value | $ 375,000 | ||
Fair Value | $ 374,897 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.55% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.42% DCAT, LLC Due 2016-01-15 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,722 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.42% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.28% Gotham Funding Corporation Due 2016-05-01 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,947 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.28% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.92% Hewlett Packard Enterprise Company Due 2016-01-20 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,175 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.92% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.65% ING (U.S.) Funding LLC Due 2016-02-03 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,559 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.65% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.42% Intercontinental Exchange, Inc. Due 2016-04-01 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,940 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.42% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.25% J.P. Morgan Securities LLC Due 2016-01-15 [Member] | |||
Face Value | $ 450,000 | ||
Fair Value | $ 449,956 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.25% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.27% Manhattan Asset Funding Company LLC Due 2016-12-01 [Member] | |||
Face Value | $ 1,400,000 | ||
Fair Value | $ 1,399,885 | ||
% of Partners' Capital (Net Asset Value) | 0.22% | ||
% Yield | [1] | 0.27% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.4% Regency Group, Inc. Due 2016-01-13 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,773 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.40% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.53% The Southern Company Due 2016-04-01 [Member] | |||
Face Value | $ 1,300,000 | ||
Fair Value | $ 1,299,943 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ||
% Yield | [1] | 0.53% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.35% AXA Financial, Inc. Due 2016-12-01 [Member] | |||
Face Value | $ 300,000 | ||
Fair Value | $ 299,946 | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ||
% Yield | [1] | 0.23% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.35% ABN AMRO Funding USA LLC Due 2015-07-28 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 498,987 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.35% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.21% AXA Financial, Inc. Due 2015-02-17 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,799,507 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 0.21% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.17% Gotham Funding Corporation Due 2015-01-20 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,799,839 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 0.17% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.18% ING (U.S.) Funding LLC Due 2015-02-17 [Member] | |||
Face Value | $ 300,000 | ||
Fair Value | $ 299,930 | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ||
% Yield | [1] | 0.18% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.22% ING (U.S.) Funding LLC Due 2015-03-16 [Member] | |||
Face Value | $ 200,000 | ||
Fair Value | $ 199,910 | ||
% of Partners' Capital (Net Asset Value) | 0.03% | ||
% Yield | [1] | 0.22% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.17% Liberty Street Funding LLC Due 2015-01-13 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,904 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 0.17% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.15% National Rural Utilities Cooperative Finance Corp. Due 2015-01-28 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,799,798 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 0.15% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.14% National Rural Utilities Cooperative Finance Corp. Due 2015-04-02 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,934 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.14% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.26% DCAT, LLC Due 2015-02-02 [Member] | |||
Face Value | $ 1,450,000 | ||
Fair Value | $ 1,449,665 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ||
% Yield | [1] | 0.26% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.67% Dominion Resources, Inc. Due 2016-01-27 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,758 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.67% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.78% Enterprise Products Operating LLC Due 2016-01-21 [Member] | |||
Face Value | $ 2,100,000 | ||
Fair Value | $ 2,099,090 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ||
% Yield | [1] | 0.78% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.6% Motiva Enterprises LLC Due 2016-07-01 [Member] | |||
Face Value | $ 2,100,000 | ||
Fair Value | $ 2,099,790 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ||
% Yield | [1] | 0.60% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.32% Oglethorpe Power Corp. Due 2016-05-01 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,986 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.32% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.48% Oglethorpe Power Corp. Due 2016-01-02 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,297 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.48% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.4% Apache Corporation Due 2015-08-01 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,969 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.40% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.41% Apache Corporation Due 2015-09-01 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,799,836 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 0.41% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.37% Dominion Resources, Inc. Due 2015-01-21 [Member] | |||
Face Value | $ 1,200,000 | ||
Fair Value | $ 1,199,753 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.37% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.32% Duke Energy Corporation Due 2015-06-01 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,499,933 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ||
% Yield | [1] | 0.32% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.34% Duke Energy Corporation Due 2015-12-01 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,958 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.34% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.67% Enterprise Products Operating LLC Due 2015-05-01 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,970 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.67% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.52% Enterprise Products Operating LLC Due 2015-06-01 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,877 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 0.52% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.38% ONEOK Partners, L.P. Due 2015-05-01 [Member] | |||
Face Value | $ 1,600,000 | ||
Fair Value | $ 1,599,932 | ||
% of Partners' Capital (Net Asset Value) | 0.22% | ||
% Yield | [1] | 0.38% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.43% ONEOK Partners, L.P. Due 2015-09-01 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,952 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.43% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.15% Questar Corporation Due 2015-05-01 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 1,999,967 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ||
% Yield | [1] | 0.15% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.25% Southern Company Funding Corporation Due 2015-06-01 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,983 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.25% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Energy [Member] | 0.2% Southern Company Funding Corporation Due 2015-07-01 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,499,950 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ||
% Yield | [1] | 0.20% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | HealthCare [Member] | 0.45% Catholic Health Initiatives Due 2016-01-20 [Member] | |||
Face Value | $ 1,850,000 | ||
Fair Value | $ 1,849,561 | ||
% of Partners' Capital (Net Asset Value) | 0.29% | ||
% Yield | [1] | 0.45% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Insurance [Member] | 0.35% AXA Financial, Inc. Due 2016-12-01 [Member] | |||
Face Value | $ 2,200,000 | ||
Fair Value | $ 2,199,766 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ||
% Yield | [1] | 0.35% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | REIT [Member] | 0.45% Simon Property Group, L.P. Due 2016-09-02 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,499,269 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 0.45% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Food [Member] | 0.42% General Mills, Inc. Due 2015-01-21 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,499,650 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ||
% Yield | [1] | 0.42% | |
Commercial Paper [Member] | U.S. Commercial Paper [Member] | Media [Member] | 0.4% CBS Corporation Due 2015-05-01 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 1,999,911 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.40% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | |||
Fair Value | $ 22,200,833 | $ 16,273,975 | |
% of Partners' Capital (Net Asset Value) | 3.45% | 2.19% | |
Investment Owned, at Cost | $ 22,169,024 | $ 16,258,508 | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.99% Bank of China Hong Kong Ltd Due 2016-02-06 [Member] | |||
Face Value | 1,400,000 | ||
Fair Value | $ 1,394,628 | ||
% of Partners' Capital (Net Asset Value) | 0.22% | ||
% Yield | [1] | 0.99% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.23% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2016-11-01 [Member] | |||
Face Value | $ 2,200,000 | ||
Fair Value | $ 2,199,859 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ||
% Yield | [1] | 0.23% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.54% DBS Bank Ltd. Due 2016-11-02 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,754 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.54% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.55% DNB Bank ASA Due 2016-02-23 [Member] | |||
Face Value | $ 3,000,000 | ||
Fair Value | $ 2,998,889 | ||
% of Partners' Capital (Net Asset Value) | 0.47% | ||
% Yield | [1] | 0.55% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.89% Macquarie Bank Limited Due 2016-10-17 [Member] | |||
Face Value | $ 700,000 | ||
Fair Value | $ 695,151 | ||
% of Partners' Capital (Net Asset Value) | 0.11% | ||
% Yield | [1] | 0.89% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.29% Mizuho Bank, Ltd. Due 2016-06-01 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,932 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.29% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.003 Mizuho Bank, Ltd. Due 2016-07-01 [Member] | |||
Face Value | $ 300,000 | ||
Fair Value | $ 299,985 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.30% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.4% Oversea-Chinese Banking Corp. Ltd Due 2016-05-01 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,982 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.40% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.33% Skandinaviska Enskilda Banken AB Due 2016-02-16 [Member] | |||
Face Value | $ 450,000 | ||
Fair Value | $ 449,810 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.33% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.65% Sumitomo Mitsui Bank Due 2016-03-16 [Member] | |||
Face Value | $ 1,600,000 | ||
Fair Value | $ 1,597,833 | ||
% of Partners' Capital (Net Asset Value) | 0.25% | ||
% Yield | [1] | 0.65% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.17% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2015-01-30 [Member] | |||
Face Value | 2,100,000 | ||
Fair Value | $ 2,099,711 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ||
% Yield | [1] | 0.17% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.77% Macquarie Bank Limited Due 2016-06-01 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,488,120 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ||
% Yield | [1] | 0.77% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.13% Nordea Bank AB Due 2015-01-13 [Member] | |||
Face Value | $ 2,500,000 | ||
Fair Value | $ 2,499,892 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ||
% Yield | [1] | 0.13% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Banks [Member] | 0.2% Skandinaviska Enskilda Banken AB Due 2015-06-02 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,900 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.20% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | 0.65% Ontario Teachers Finance Trust Due 2016-01-04 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,178 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.65% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 1.67% Electricite de France SA Due 2017-06-01 [Member] | |||
Face Value | $ 1,200,000 | ||
Fair Value | $ 1,180,966 | ||
% of Partners' Capital (Net Asset Value) | 0.18% | ||
% Yield | [1] | 1.67% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 1.67% Electricite de France SA Due 2017-09-01 [Member] | |||
Face Value | $ 800,000 | ||
Fair Value | $ 787,192 | ||
% of Partners' Capital (Net Asset Value) | 0.12% | ||
% Yield | [1] | 1.67% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.3% Engie Due 2016-01-25 [Member] | |||
Face Value | $ 1,600,000 | ||
Fair Value | $ 1,599,680 | ||
% of Partners' Capital (Net Asset Value) | 0.25% | ||
% Yield | [1] | 0.30% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.27% Engie Due 2016-01-25 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,910 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.27% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.45% Total Capital Canada Ltd. Due 2016-01-21 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,900 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.45% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.44% Electricite de France Due 2016-08-01 [Member] | |||
Face Value | $ 2,500,000 | ||
Fair Value | $ 2,488,600 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ||
% Yield | [1] | 0.44% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.14% GDF Suez Due 2015-05-01 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,994 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.14% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Energy [Member] | 0.17% GDF Suez Due 2015-02-26 [Member] | |||
Face Value | $ 1,600,000 | ||
Fair Value | $ 1,599,577 | ||
% of Partners' Capital (Net Asset Value) | 0.21% | ||
% Yield | [1] | 0.17% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Insurance [Member] | 0.25% Prudential PLC Due 2016-01-19 [Member] | |||
Face Value | $ 1,700,000 | ||
Fair Value | $ 1,699,788 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.25% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Insurance [Member] | 0.17% Prudential Public Limited Company Due 2015-07-01 [Member] | |||
Face Value | $ 2,200,000 | ||
Fair Value | $ 2,199,938 | ||
% of Partners' Capital (Net Asset Value) | 0.30% | ||
% Yield | [1] | 0.17% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Manufacturing [Member] | 0.25% John Deere Financial Limited Due 2016-01-13 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 1,999,833 | ||
% of Partners' Capital (Net Asset Value) | 0.31% | ||
% Yield | [1] | 0.25% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | 0.38% Telstra Corporation Limited Due 2016-02-22 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 399,780 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.38% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | 0.9% Vodafone Group Public Limited Company Due 2016-03-21 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 998,783 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.90% | |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | Consumer Products [Member] | 0.19% Reckitt Benckiser Treasury Services PLC Due 2015-04-21 [Member] | |||
Face Value | $ 3,000,000 | ||
Fair Value | $ 2,998,243 | ||
% of Partners' Capital (Net Asset Value) | 0.40% | ||
% Yield | [1] | 0.19% | |
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated Condensed Schedul7
Consolidated Condensed Schedule of Investments Corporate Notes - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | ||
% of Partners' Capital (Net Asset Value) | 73.61% | 61.95% | ||
Investment Owned, at Cost | $ 453,001,973 | $ 432,077,493 | ||
Corporate Notes [Member] | ||||
Fair Value | $ 264,545,250 | $ 303,770,438 | ||
% of Partners' Capital (Net Asset Value) | 41.11% | 40.97% | ||
Investment Owned, at Cost | $ 266,319,046 | $ 305,337,570 | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | ||||
Fair Value | $ 196,888,445 | $ 208,862,490 | ||
% of Partners' Capital (Net Asset Value) | 30.59% | 28.17% | ||
Investment Owned, at Cost | $ 198,467,053 | $ 209,714,377 | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Advertising [Member] | 5.9% Omnicom Group Inc. Due 2016-04-15 [Member] | ||||
Face Value | 2,379,000 | |||
Fair Value | $ 2,439,009 | |||
% of Partners' Capital (Net Asset Value) | 0.38% | |||
% Yield | [1] | 5.90% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | 7.65% Lockheed Martin Corporation Due 2016-01-05 [Member] | ||||
Face Value | $ 1,200,000 | |||
Fair Value | $ 1,241,939 | |||
% of Partners' Capital (Net Asset Value) | 0.19% | |||
% Yield | [1] | 7.65% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | 0.86% Rockwell Collins, Inc. Due 2016-12-15 [Member] | ||||
Face Value | $ 3,800,000 | |||
Fair Value | $ 3,803,447 | |||
% of Partners' Capital (Net Asset Value) | 0.59% | |||
% Yield | [1] | 0.86% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | 0.59% Rockwell Collins, Inc. Due 2016-12-15 [Member] | ||||
Face Value | 3,800,000 | |||
Fair Value | $ 3,806,001 | |||
% of Partners' Capital (Net Asset Value) | 0.51% | |||
% Yield | [1] | 0.59% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 2.13% American Honda Finance Corporation Due 2017-02-28 [Member] | ||||
Face Value | $ 1,584,000 | |||
Fair Value | $ 1,612,408 | |||
% of Partners' Capital (Net Asset Value) | 0.25% | |||
% Yield | [1] | 2.13% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.78% American Honda Finance Corporation Due 2018-07-13 [Member] | ||||
Face Value | $ 566,000 | |||
Fair Value | $ 565,677 | |||
% of Partners' Capital (Net Asset Value) | 0.09% | |||
% Yield | [1] | 0.78% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.25% Daimler Finance North America LLC Due 2016-11-01 [Member] | ||||
Face Value | $ 700,000 | $ 700,000 | ||
Fair Value | $ 704,161 | $ 706,036 | ||
% of Partners' Capital (Net Asset Value) | 0.11% | 0.10% | ||
% Yield | [1] | 1.25% | 1.25% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 2.63% Daimler Finance North America LLC Due 2016-09-15 [Member] | ||||
Face Value | $ 2,500,000 | $ 4,500,000 | ||
Fair Value | $ 2,542,748 | $ 4,642,061 | ||
% of Partners' Capital (Net Asset Value) | 0.40% | 0.63% | ||
% Yield | [1] | 2.63% | 2.63% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.04% Daimler Finance North America LLC Due 2017-03-08 [Member] | ||||
Face Value | $ 649,000 | |||
Fair Value | $ 649,353 | |||
% of Partners' Capital (Net Asset Value) | 0.10% | |||
% Yield | [1] | 1.04% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.84% Daimler Finance North America LLC Due 2018-02-03 [Member] | ||||
Face Value | $ 6,700,000 | |||
Fair Value | $ 6,623,197 | |||
% of Partners' Capital (Net Asset Value) | 1.03% | |||
% Yield | [1] | 0.84% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.26% Ford Motor Credit Company LLC Due 2018-09-01 [Member] | ||||
Face Value | $ 7,350,000 | |||
Fair Value | $ 7,308,669 | |||
% of Partners' Capital (Net Asset Value) | 1.13% | |||
% Yield | [1] | 1.26% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1% Nissan Motor Acceptance Corporation Due 2016-03-15 [Member] | ||||
Face Value | $ 1,388,000 | |||
Fair Value | $ 1,392,489 | |||
% of Partners' Capital (Net Asset Value) | 0.22% | |||
% Yield | [1] | 1.00% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.3% Nissan Motor Acceptance Corporation Due 2016-09-26 [Member] | ||||
Face Value | $ 1,762,000 | |||
Fair Value | $ 1,761,988 | |||
% of Partners' Capital (Net Asset Value) | 0.27% | |||
% Yield | [1] | 1.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.69% Toyota Motor Credit Corporation Due 2016-09-23 [Member] | ||||
Face Value | $ 1,400,000 | |||
Fair Value | $ 1,397,807 | |||
% of Partners' Capital (Net Asset Value) | 0.22% | |||
% Yield | [1] | 0.69% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.75% Volkswagen Group of America Finance, LLC Due 2017-05-23 [Member] | ||||
Face Value | $ 500,000 | |||
Fair Value | $ 484,025 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | |||
% Yield | [1] | 0.75% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.81% Volkswagen Group of America Finance, LLC Due 2017-11-20 [Member] | ||||
Face Value | $ 200,000 | |||
Fair Value | $ 192,023 | |||
% of Partners' Capital (Net Asset Value) | 0.03% | |||
% Yield | [1] | 0.81% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.55% American Honda Finance Corporation Due 2017-11-12 [Member] | ||||
Face Value | $ 1,700,000 | |||
Fair Value | $ 1,699,452 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 0.55% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 4.5% Nissan Motor Acceptance Corporation Due 2015-01-30 [Member] | ||||
Face Value | $ 1,400,000 | |||
Fair Value | $ 1,430,509 | |||
% of Partners' Capital (Net Asset Value) | 0.19% | |||
% Yield | [1] | 4.50% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.39% Toyota Motor Credit Corporation Due 2015-09-18 [Member] | ||||
Face Value | $ 1,700,000 | |||
Fair Value | $ 1,701,793 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 0.39% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.35% Toyota Motor Credit Corporation Due 2016-09-23 [Member] | ||||
Face Value | $ 1,400,000 | |||
Fair Value | $ 1,398,611 | |||
% of Partners' Capital (Net Asset Value) | 0.19% | |||
% Yield | [1] | 0.35% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.45% Volkswagen Group of America Finance, LLC Due 2016-05-23 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 1,998,934 | |||
% of Partners' Capital (Net Asset Value) | 0.27% | |||
% Yield | [1] | 0.45% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.6% Volkswagen Group of America Finance, LLC Due 2017-05-23 [Member] | ||||
Face Value | $ 500,000 | |||
Fair Value | $ 499,668 | |||
% of Partners' Capital (Net Asset Value) | 0.07% | |||
% Yield | [1] | 0.60% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.67% Volkswagen Group of America Finance, LLC Due 2017-11-20 [Member] | ||||
Face Value | $ 5,000,000 | |||
Fair Value | $ 4,995,919 | |||
% of Partners' Capital (Net Asset Value) | 0.67% | |||
% Yield | [1] | 0.67% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.41% Bank of America, NA Due 2016-03-22 [Member] | ||||
Face Value | $ 5,250,000 | |||
Fair Value | $ 5,265,175 | |||
% of Partners' Capital (Net Asset Value) | 0.82% | |||
% Yield | [1] | 1.41% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.79% Bank of America, NA Due 2016-06-15 [Member] | ||||
Face Value | $ 4,250,000 | |||
Fair Value | $ 4,248,615 | |||
% of Partners' Capital (Net Asset Value) | 0.66% | |||
% Yield | [1] | 0.79% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.13% Bank of America, NA Due 2016-11-14 [Member] | ||||
Face Value | $ 1,473,000 | |||
Fair Value | $ 1,472,341 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 1.13% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.83% Bank of America, NA Due 2016-11-14 [Member] | ||||
Face Value | $ 800,000 | |||
Fair Value | $ 800,400 | |||
% of Partners' Capital (Net Asset Value) | 0.12% | |||
% Yield | [1] | 0.83% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.3% Bank of New York Company, Inc. Due 2016-07-28 [Member] | ||||
Face Value | $ 1,615,000 | |||
Fair Value | $ 1,644,459 | |||
% of Partners' Capital (Net Asset Value) | 0.26% | |||
% Yield | [1] | 2.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1% Branch Banking and Trust Company Due 2017-03-04 [Member] | ||||
Face Value | $ 1,400,000 | |||
Fair Value | $ 1,395,869 | |||
% of Partners' Capital (Net Asset Value) | 0.22% | |||
% Yield | [1] | 1.00% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.86% Capital One Bank Due 2017-02-13 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,498,334 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 0.86% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.15% Capital One Financial Corporation Due 2016-07-15 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,535,652 | |||
% of Partners' Capital (Net Asset Value) | 0.24% | |||
% Yield | [1] | 3.15% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.82% Fifth Third Bank Due 2016-02-26 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,000,681 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 0.82% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 5.35% Goldman Sachs Group, Inc. Due 2016-01-15 [Member] | ||||
Face Value | $ 607,000 | |||
Fair Value | $ 622,609 | |||
% of Partners' Capital (Net Asset Value) | 0.10% | |||
% Yield | [1] | 5.35% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.63% Goldman Sachs Group, Inc. Due 2016-07-02 [Member] | ||||
Face Value | $ 950,000 | $ 1,000,000 | ||
Fair Value | $ 965,675 | $ 1,040,200 | ||
% of Partners' Capital (Net Asset Value) | 0.15% | 0.14% | ||
% Yield | [1] | 3.63% | 3.63% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.31% Goldman Sachs Group, Inc. Due 2017-12-15 [Member] | ||||
Face Value | $ 400,000 | |||
Fair Value | $ 401,900 | |||
% of Partners' Capital (Net Asset Value) | 0.06% | |||
% Yield | [1] | 1.31% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.35% Huntington National Bank Due 2016-02-08 [Member] | ||||
Face Value | $ 880,000 | |||
Fair Value | $ 884,972 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 1.35% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.3% Huntington National Bank Due 2016-11-20 [Member] | ||||
Face Value | $ 900,000 | |||
Fair Value | $ 900,732 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 1.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.03% JPMorgan Chase & Co. Due 2016-02-26 [Member] | ||||
Face Value | $ 4,500,000 | |||
Fair Value | $ 4,509,217 | |||
% of Partners' Capital (Net Asset Value) | 0.70% | |||
% Yield | [1] | 1.03% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 5.75% Morgan Stanley Due 2016-10-18 [Member] | ||||
Face Value | $ 1,060,000 | |||
Fair Value | $ 1,108,690 | |||
% of Partners' Capital (Net Asset Value) | 0.17% | |||
% Yield | [1] | 5.75% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 5.45% Morgan Stanley Due 2017-09-01 [Member] | ||||
Face Value | $ 5,900,000 | |||
Fair Value | $ 6,286,679 | |||
% of Partners' Capital (Net Asset Value) | 0.98% | |||
% Yield | [1] | 5.45% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.91% MUFG Americas Holdings Corporation Due 2018-09-02 [Member] | ||||
Face Value | $ 8,125,000 | |||
Fair Value | $ 8,127,276 | |||
% of Partners' Capital (Net Asset Value) | 1.25% | |||
% Yield | [1] | 0.91% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.7% PNC Funding Corp Due 2016-09-19 [Member] | ||||
Face Value | $ 1,123,000 | |||
Fair Value | $ 1,142,621 | |||
% of Partners' Capital (Net Asset Value) | 0.18% | |||
% Yield | [1] | 2.70% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.8% PNC Realty Investors, Inc. Due 2016-01-28 [Member] | ||||
Face Value | $ 300,000 | |||
Fair Value | $ 301,015 | |||
% of Partners' Capital (Net Asset Value) | 0.05% | |||
% Yield | [1] | 0.80% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.3% PNC Realty Investors, Inc. Due 2016-03-10 [Member] | ||||
Face Value | $ 570,000 | |||
Fair Value | $ 573,028 | |||
% of Partners' Capital (Net Asset Value) | 0.09% | |||
% Yield | [1] | 1.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.1% U.S. Bank National Association Due 2017-01-30 [Member] | ||||
Face Value | $ 1,800,000 | |||
Fair Value | $ 1,805,706 | |||
% of Partners' Capital (Net Asset Value) | 0.28% | |||
% Yield | [1] | 1.10% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.69% U.S. Bank National Association Due 2017-11-09 [Member] | ||||
Face Value | $ 806,000 | |||
Fair Value | $ 804,160 | |||
% of Partners' Capital (Net Asset Value) | 0.12% | |||
% Yield | [1] | 0.69% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.1% UBS AG Due 2016-09-26 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,000,294 | |||
% of Partners' Capital (Net Asset Value) | 0.31% | |||
% Yield | [1] | 1.10% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.97% UBS AG Due 2017-01-06 [Member] | ||||
Face Value | $ 4,750,000 | |||
Fair Value | $ 4,752,655 | |||
% of Partners' Capital (Net Asset Value) | 0.74% | |||
% Yield | [1] | 0.97% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.63% Wells Fargo & Company Due 2016-12-15 [Member] | ||||
Face Value | $ 2,500,000 | |||
Fair Value | $ 2,536,869 | |||
% of Partners' Capital (Net Asset Value) | 0.39% | |||
% Yield | [1] | 2.63% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 4.5% Bank of America Corporation Due 2015-01-04 [Member] | ||||
Face Value | $ 2,250,000 | |||
Fair Value | $ 2,296,733 | |||
% of Partners' Capital (Net Asset Value) | 0.31% | |||
% Yield | [1] | 4.50% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.07% Bank of America Corporation Due 2016-03-22 [Member] | ||||
Face Value | $ 5,250,000 | |||
Fair Value | $ 5,280,431 | |||
% of Partners' Capital (Net Asset Value) | 0.71% | |||
% Yield | [1] | 1.07% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.1% Bank of New York Company, Inc. Due 2015-01-15 [Member] | ||||
Face Value | $ 3,500,000 | |||
Fair Value | $ 3,552,460 | |||
% of Partners' Capital (Net Asset Value) | 0.48% | |||
% Yield | [1] | 3.10% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.2% Bank of New York Company, Inc. Due 2015-02-20 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,009,385 | |||
% of Partners' Capital (Net Asset Value) | 0.27% | |||
% Yield | [1] | 1.20% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.73% Capital One Bank Due 2017-02-13 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,002,978 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 0.73% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1% Capital One Bank Due 2015-06-11 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,500,864 | |||
% of Partners' Capital (Net Asset Value) | 0.20% | |||
% Yield | [1] | 1.00% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.3% Citigroup Inc. Due 2016-01-04 [Member] | ||||
Face Value | $ 9,250,000 | |||
Fair Value | $ 9,300,690 | |||
% of Partners' Capital (Net Asset Value) | 1.25% | |||
% Yield | [1] | 1.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3% Comerica Incorporated Due 2015-09-16 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,047,364 | |||
% of Partners' Capital (Net Asset Value) | 0.28% | |||
% Yield | [1] | 3.00% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.64% Fifth Third Bank Due 2016-02-26 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,001,575 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 0.64% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.63% Goldman Sachs Group, Inc. Due 2015-07-22 [Member] | ||||
Face Value | $ 7,750,000 | |||
Fair Value | $ 7,760,436 | |||
% of Partners' Capital (Net Asset Value) | 1.05% | |||
% Yield | [1] | 0.63% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.04% Goldman Sachs Group, Inc. Due 2017-12-15 [Member] | ||||
Face Value | $ 400,000 | |||
Fair Value | $ 399,585 | |||
% of Partners' Capital (Net Asset Value) | 0.05% | |||
% Yield | [1] | 1.04% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.71% Morgan Stanley Due 2015-10-15 [Member] | ||||
Face Value | $ 5,000,000 | |||
Fair Value | $ 5,011,698 | |||
% of Partners' Capital (Net Asset Value) | 0.68% | |||
% Yield | [1] | 0.71% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.88% State Street Corporation Due 2016-07-03 [Member] | ||||
Face Value | $ 1,158,000 | |||
Fair Value | $ 1,196,872 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 2.88% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 2.45% U.S. Bancorp Due 2015-07-27 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,021,994 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 2.45% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.3% U.S. Bancorp Due 2015-01-10 [Member] | ||||
Face Value | $ 2,500,000 | |||
Fair Value | $ 2,502,280 | |||
% of Partners' Capital (Net Asset Value) | 0.34% | |||
% Yield | [1] | 0.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.25% Wells Fargo & Company Due 2015-02-13 [Member] | ||||
Face Value | $ 2,515,000 | |||
Fair Value | $ 2,529,470 | |||
% of Partners' Capital (Net Asset Value) | 0.34% | |||
% Yield | [1] | 1.25% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.51% Wells Fargo Bank Due 2015-07-20 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,503,156 | |||
% of Partners' Capital (Net Asset Value) | 0.20% | |||
% Yield | [1] | 0.51% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.44% Wells Fargo Bank Due 2016-05-16 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 1,995,105 | |||
% of Partners' Capital (Net Asset Value) | 0.27% | |||
% Yield | [1] | 0.44% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.85% JP Morgan Chase & CO. Due 2016-02-26 [Member] | ||||
Face Value | $ 11,150,000 | |||
Fair Value | $ 11,207,471 | |||
% of Partners' Capital (Net Asset Value) | 1.51% | |||
% Yield | [1] | 0.85% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 0.8% Anheuser-Busch Inbev Finance Inc. Due 2016-01-15 [Member] | ||||
Face Value | $ 1,350,000 | |||
Fair Value | $ 1,354,981 | |||
% of Partners' Capital (Net Asset Value) | 0.21% | |||
% Yield | [1] | 0.80% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 5.6% Anheuser-Busch Inbev Due 2017-01-03 [Member] | ||||
Face Value | $ 750,000 | |||
Fair Value | $ 832,415 | |||
% of Partners' Capital (Net Asset Value) | 0.11% | |||
% Yield | [1] | 5.60% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 1.13% Anheuser-Busch Inbev Due 2017-01-27 [Member] | ||||
Face Value | $ 5,720,000 | |||
Fair Value | $ 5,759,826 | |||
% of Partners' Capital (Net Asset Value) | 0.78% | |||
% Yield | [1] | 1.13% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 1.5% Coca-Cola Company Due 2015-11-15 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,023,435 | |||
% of Partners' Capital (Net Asset Value) | 0.27% | |||
% Yield | [1] | 1.50% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Biotechnology [Member] | 3.05% Gilead Sciences, Inc. Due 2016-01-12 [Member] | ||||
Face Value | $ 750,000 | |||
Fair Value | $ 766,081 | |||
% of Partners' Capital (Net Asset Value) | 0.12% | |||
% Yield | [1] | 3.05% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.8% American Express Credit Corporation Due 2016-09-19 [Member] | ||||
Face Value | $ 1,800,000 | |||
Fair Value | $ 1,837,207 | |||
% of Partners' Capital (Net Asset Value) | 0.29% | |||
% Yield | [1] | 2.80% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.72% American Express Credit Corporation Due 2017-05-06 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 993,291 | |||
% of Partners' Capital (Net Asset Value) | 0.15% | |||
% Yield | [1] | 0.72% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.6% American International Group, Inc. Due 2016-10-18 [Member] | ||||
Face Value | $ 2,700,000 | |||
Fair Value | $ 2,822,703 | |||
% of Partners' Capital (Net Asset Value) | 0.44% | |||
% Yield | [1] | 5.60% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.95% Berkshire Hathaway Finance Corporation Due 2016-08-15 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,506,223 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 0.95% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.6% General Electric Capital Corporation Due 2017-09-01 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,001,768 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 0.60% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.57% Jackson National Life Global Funding Due 2016-07-28 [Member] | ||||
Face Value | $ 2,600,000 | |||
Fair Value | $ 2,602,783 | |||
% of Partners' Capital (Net Asset Value) | 0.40% | |||
% Yield | [1] | 0.57% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.71% MassMutual Global Funding II Due 2016-09-12 [Member] | ||||
Face Value | $ 1,174,000 | |||
Fair Value | $ 1,172,646 | |||
% of Partners' Capital (Net Asset Value) | 0.18% | |||
% Yield | [1] | 0.71% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.3% Metropolitan Life Global Funding I Due 2017-10-04 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,503,816 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 1.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.7% Metropolitan Life Global Funding I Due 2017-10-04 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,003,167 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 0.70% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.66% National Rural Utilities Coop Fin Corp Due 2016-05-27 [Member] | ||||
Face Value | $ 1,240,000 | |||
Fair Value | $ 1,240,664 | |||
% of Partners' Capital (Net Asset Value) | 0.19% | |||
% Yield | [1] | 0.66% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.13% New York Life Global Funding Due 2017-01-03 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,003,318 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 1.13% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.15% Pricoa Global Funding I Due 2016-11-25 [Member] | ||||
Face Value | $ 8,500,000 | |||
Fair Value | $ 8,469,554 | |||
% of Partners' Capital (Net Asset Value) | 1.31% | |||
% Yield | [1] | 1.15% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.98% Principal Life Global Funding II Due 2017-01-12 [Member] | ||||
Face Value | $ 1,800,000 | |||
Fair Value | $ 1,800,152 | |||
% of Partners' Capital (Net Asset Value) | 0.28% | |||
% Yield | [1] | 0.98% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.88% State Street Corporation Due 2016-07-03 [Member] | ||||
Face Value | $ 1,158,000 | |||
Fair Value | $ 1,172,622 | |||
% of Partners' Capital (Net Asset Value) | 0.18% | |||
% Yield | [1] | 2.88% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.25% USAA Capital Corporation Due 2016-12-13 [Member] | ||||
Face Value | $ 1,757,000 | |||
Fair Value | $ 1,787,773 | |||
% of Partners' Capital (Net Asset Value) | 0.28% | |||
% Yield | [1] | 2.25% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.75% American Express Credit Corporation Due 2015-09-15 [Member] | ||||
Face Value | $ 1,800,000 | |||
Fair Value | $ 1,842,345 | |||
% of Partners' Capital (Net Asset Value) | 0.25% | |||
% Yield | [1] | 2.75% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.88% General Electric Capital Corporation Due 2016-12-07 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,009,031 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 0.88% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2% MassMutual Global Funding II Due 2017-05-04 [Member] | ||||
Face Value | $ 798,000 | |||
Fair Value | $ 807,344 | |||
% of Partners' Capital (Net Asset Value) | 0.13% | |||
% Yield | [1] | 2.00% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5.95% Anadarko Petroleum Corporation Due 2016-09-15 [Member] | ||||
Face Value | $ 812,000 | |||
Fair Value | $ 848,602 | |||
% of Partners' Capital (Net Asset Value) | 0.13% | |||
% Yield | [1] | 5.95% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 6.25% Arizona Public Service Company Due 2016-01-08 [Member] | ||||
Face Value | $ 1,000,000 | $ 1,000,000 | ||
Fair Value | $ 1,052,152 | $ 1,109,058 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | 0.15% | ||
% Yield | 6.25% | [1] | 6.25% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.72% Chevron Corporation Due 2017-09-11 [Member] | ||||
Face Value | $ 1,461,000 | |||
Fair Value | $ 1,460,560 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 0.72% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1.88% Dayton Power and Light Company Due 2016-09-15 [Member] | ||||
Face Value | $ 500,000 | $ 500,000 | ||
Fair Value | $ 501,620 | $ 508,275 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | 0.07% | ||
% Yield | 1.88% | [1] | 0.72% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.7% Duke Energy Corporation Due 2017-03-04 [Member] | ||||
Face Value | $ 5,750,000 | |||
Fair Value | $ 5,751,540 | |||
% of Partners' Capital (Net Asset Value) | 0.89% | |||
% Yield | [1] | 0.70% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.76% Georgia Power Company Due 2016-08-15 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,000,453 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 0.76% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 2% Kinder Morgan, Inc. Due 2017-01-12 [Member] | ||||
Face Value | $ 3,350,000 | $ 3,850,000 | ||
Fair Value | $ 3,235,921 | $ 3,839,045 | ||
% of Partners' Capital (Net Asset Value) | 0.50% | 0.52% | ||
% Yield | [1] | 2.00% | 2.00% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 3.25% ONEOK Partners, L.P. Due 2016-01-02 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,028,323 | |||
% of Partners' Capital (Net Asset Value) | 0.32% | |||
% Yield | [1] | 3.25% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5.88% Pioneer Natural Resources Company Due 2016-07-15 [Member] | ||||
Face Value | $ 4,778,000 | $ 4,778,000 | ||
Fair Value | $ 5,002,042 | $ 5,170,227 | ||
% of Partners' Capital (Net Asset Value) | 0.78% | 0.70% | ||
% Yield | [1] | 5.88% | 5.88% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 6% Sierra Pacific Power Company Due 2016-05-15 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,537,909 | |||
% of Partners' Capital (Net Asset Value) | 0.24% | |||
% Yield | [1] | 6.00% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 2.95% Spectra Energy Partners, LP Due 2016-06-15 [Member] | ||||
Face Value | $ 5,500,000 | $ 5,500,000 | ||
Fair Value | $ 5,511,061 | $ 5,632,721 | ||
% of Partners' Capital (Net Asset Value) | 0.86% | 0.76% | ||
% Yield | [1] | 2.95% | 2.95% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.61% Duke Energy Corporation Due 2017-03-04 [Member] | ||||
Face Value | $ 5,750,000 | |||
Fair Value | $ 5,769,731 | |||
% of Partners' Capital (Net Asset Value) | 0.78% | |||
% Yield | [1] | 0.61% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.38% Duke Energy Ohio, Inc. Due 2015-06-03 [Member] | ||||
Face Value | $ 1,273,000 | |||
Fair Value | $ 1,273,193 | |||
% of Partners' Capital (Net Asset Value) | 0.17% | |||
% Yield | [1] | 0.38% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.63% Georgia Power Company Due 2016-08-15 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 999,990 | |||
% of Partners' Capital (Net Asset Value) | 0.13% | |||
% Yield | [1] | 0.63% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 2.6% NextEra Energy Capital Holdings, Inc. Due 2015-01-09 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,019,075 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 2.60% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 3.25% ONEOK Partners, L.P. Due 2016-01-02 [Member] | ||||
Face Value | $ 4,850,000 | |||
Fair Value | $ 5,018,400 | |||
% of Partners' Capital (Net Asset Value) | 0.68% | |||
% Yield | [1] | 3.25% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1.95% Phillips 66 Due 2015-05-03 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,008,813 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 1.95% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Engineering And Construction [Member] | 2.5% ABB Treasury Center (USA), Inc. Due 2016-06-15 [Member] | ||||
Face Value | $ 1,375,000 | |||
Fair Value | $ 1,383,400 | |||
% of Partners' Capital (Net Asset Value) | 0.21% | |||
% Yield | [1] | 2.50% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 1.88% Anthem, Inc. Due 2018-01-15 [Member] | ||||
Face Value | $ 500,000 | |||
Fair Value | $ 502,578 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | |||
% Yield | [1] | 1.88% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 0.77% UnitedHealth Group Incorporated Due 2017-01-17 [Member] | ||||
Face Value | $ 7,750,000 | |||
Fair Value | $ 7,761,182 | |||
% of Partners' Capital (Net Asset Value) | 1.20% | |||
% Yield | [1] | 0.77% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 1.55% Ventas Realty, Limited Partnership Due 2016-09-26 [Member] | ||||
Face Value | $ 2,695,000 | $ 4,360,000 | ||
Fair Value | $ 2,712,922 | $ 4,394,968 | ||
% of Partners' Capital (Net Asset Value) | 0.42% | 0.59% | ||
% Yield | [1] | 1.55% | 1.55% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 2% Zimmer Biomet Holdings, Inc. Due 2018-01-04 [Member] | ||||
Face Value | $ 3,775,000 | |||
Fair Value | $ 3,774,019 | |||
% of Partners' Capital (Net Asset Value) | 0.59% | |||
% Yield | [1] | 2.00% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 0.69% Becton, Dickinson and Company Due 2016-06-15 [Member] | ||||
Face Value | $ 4,400,000 | |||
Fair Value | $ 4,401,875 | |||
% of Partners' Capital (Net Asset Value) | 0.59% | |||
% Yield | [1] | 0.69% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 0.69% Becton, Dickinson and Company Due 2016-06-15 [Member] | ||||
Face Value | $ 500,000 | |||
Fair Value | $ 500,213 | |||
% of Partners' Capital (Net Asset Value) | 0.07% | |||
% Yield | [1] | 0.69% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 3% Medtronic, Inc. Due 2015-03-15 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,519,894 | |||
% of Partners' Capital (Net Asset Value) | 0.20% | |||
% Yield | [1] | 3.00% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.77% John Deere Capital Corporation Due 2017-11-07 [Member] | ||||
Face Value | $ 700,000 | |||
Fair Value | $ 701,864 | |||
% of Partners' Capital (Net Asset Value) | 0.11% | |||
% Yield | [1] | 0.77% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.3% Caterpillar Financial Services Corporation Due 2015-02-19 [Member] | ||||
Face Value | $ 600,000 | |||
Fair Value | $ 600,286 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | |||
% Yield | [1] | 0.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.46% Caterpillar Financial Services Corporation Due 2017-03-03 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 998,874 | |||
% of Partners' Capital (Net Asset Value) | 0.13% | |||
% Yield | [1] | 0.46% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.95% Eaton Corporation Due 2015-02-11 [Member] | ||||
Face Value | $ 5,390,000 | |||
Fair Value | $ 5,403,782 | |||
% of Partners' Capital (Net Asset Value) | 0.73% | |||
% Yield | [1] | 0.95% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 2.95% John Deere Capital Corporation Due 2015-09-03 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,520,722 | |||
% of Partners' Capital (Net Asset Value) | 0.21% | |||
% Yield | [1] | 2.95% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.36% John Deere Capital Corporation Due 2015-06-15 [Member] | ||||
Face Value | $ 2,400,000 | |||
Fair Value | $ 2,401,016 | |||
% of Partners' Capital (Net Asset Value) | 0.32% | |||
% Yield | [1] | 0.36% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.52% John Deere Capital Corporation Due 2016-11-10 [Member] | ||||
Face Value | $ 500,000 | |||
Fair Value | $ 500,920 | |||
% of Partners' Capital (Net Asset Value) | 0.07% | |||
% Yield | [1] | 0.52% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 1.8% AbbVie Inc. Due 2018-05-14 [Member] | ||||
Face Value | $ 7,775,000 | |||
Fair Value | $ 7,755,563 | |||
% of Partners' Capital (Net Asset Value) | 1.20% | |||
% Yield | [1] | 1.80% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 0.57% Bayer US Finance LLC Due 2016-07-10 [Member] | ||||
Face Value | $ 1,400,000 | |||
Fair Value | $ 1,401,153 | |||
% of Partners' Capital (Net Asset Value) | 0.22% | |||
% Yield | [1] | 0.57% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 0.88% EMD FIN LLC Due 2017-03-17 [Member] | ||||
Face Value | $ 500,000 | |||
Fair Value | $ 499,452 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | |||
% Yield | [1] | 0.88% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 5.4% Lowe's Companies, Inc. Due 2016-10-15 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,568,330 | |||
% of Partners' Capital (Net Asset Value) | 0.24% | |||
% Yield | [1] | 5.40% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 5.4% The Home Depot, Inc. Due 2016-01-03 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,050,064 | |||
% of Partners' Capital (Net Asset Value) | 0.32% | |||
% Yield | [1] | 5.40% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 0.68% Walgreens Boots Alliance, Inc. Due 2016-05-18 [Member] | ||||
Face Value | $ 700,000 | |||
Fair Value | $ 700,563 | |||
% of Partners' Capital (Net Asset Value) | 0.09% | |||
% Yield | [1] | 0.68% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 0.4% IBM Due 2016-05-02 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,500,557 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 0.40% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 0.52% Oracle Corporation Due 2017-07-07 [Member] | ||||
Face Value | $ 900,000 | |||
Fair Value | $ 900,450 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 0.52% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Software [Member] | 0.43% Oracle Corporation Due 2017-07-07 [Member] | ||||
Face Value | $ 1,400,000 | |||
Fair Value | $ 1,397,943 | |||
% of Partners' Capital (Net Asset Value) | 0.19% | |||
% Yield | [1] | 0.43% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.4% AT&T Inc. Due 2016-08-15 [Member] | ||||
Face Value | $ 1,500,000 | $ 1,500,000 | ||
Fair Value | $ 1,523,455 | $ 1,543,195 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | 0.21% | ||
% Yield | [1] | 2.40% | 2.40% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.04% Verizon Communications, Inc. Due 2016-09-15 [Member] | ||||
Face Value | $ 2,150,000 | |||
Fair Value | $ 2,170,327 | |||
% of Partners' Capital (Net Asset Value) | 0.34% | |||
% Yield | [1] | 2.04% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2% Verizon Communications, Inc. Due 2016-01-11 [Member] | ||||
Face Value | $ 1,300,000 | $ 1,700,000 | ||
Fair Value | $ 1,312,430 | $ 1,730,594 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | 0.23% | ||
% Yield | [1] | 2.00% | 2.00% | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 0.88% Verizon Communications, Inc. Due 2017-09-06 [Member] | ||||
Face Value | $ 4,800,000 | |||
Fair Value | $ 4,793,185 | |||
% of Partners' Capital (Net Asset Value) | 0.74% | |||
% Yield | [1] | 0.88% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.5% AT&T Inc. Due 2015-08-15 [Member] | ||||
Face Value | $ 694,000 | |||
Fair Value | $ 708,047 | |||
% of Partners' Capital (Net Asset Value) | 0.10% | |||
% Yield | [1] | 2.50% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 0.28% Cisco Systems, Inc. Due 2015-03-09 [Member] | ||||
Face Value | $ 3,000,000 | |||
Fair Value | $ 3,000,766 | |||
% of Partners' Capital (Net Asset Value) | 0.40% | |||
% Yield | [1] | 0.28% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 1.77% Verizon Communications Inc. Due 2016-09-15 [Member] | ||||
Face Value | $ 5,750,000 | |||
Fair Value | $ 5,880,733 | |||
% of Partners' Capital (Net Asset Value) | 0.79% | |||
% Yield | [1] | 1.77% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Transportation [Member] | 1.16% Kansas City Southern Due 2016-10-28 [Member] | ||||
Face Value | $ 4,500,000 | |||
Fair Value | $ 4,496,674 | |||
% of Partners' Capital (Net Asset Value) | 0.70% | |||
% Yield | [1] | 1.16% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Biomedical [Member] | 3.05% Gilead Sciences, Inc. Due 2016-01-12 [Member] | ||||
Face Value | $ 5,000,000 | |||
Fair Value | $ 5,199,308 | |||
% of Partners' Capital (Net Asset Value) | 0.70% | |||
% Yield | [1] | 3.05% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Building Materials [Member] | 4.13% CRH America, Inc. Due 2016-01-15 [Member] | ||||
Face Value | $ 600,000 | |||
Fair Value | $ 628,855 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | |||
% Yield | [1] | 4.13% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 0.3% IBM Due 2016-05-02 [Member] | ||||
Face Value | $ 3,000,000 | |||
Fair Value | $ 3,001,034 | |||
% of Partners' Capital (Net Asset Value) | 0.40% | |||
% Yield | [1] | 0.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Electronics [Member] | 0.28% Honeywell International Inc. Due 2015-11-17 [Member] | ||||
Face Value | $ 1,350,000 | |||
Fair Value | $ 1,350,784 | |||
% of Partners' Capital (Net Asset Value) | 0.18% | |||
% Yield | [1] | 0.28% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Electronics [Member] | 1.3% Thermo Fisher Scientific Inc. Due 2017-01-02 [Member] | ||||
Face Value | $ 4,196,000 | |||
Fair Value | $ 4,198,126 | |||
% of Partners' Capital (Net Asset Value) | 0.57% | |||
% Yield | [1] | 1.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 5.6% American International Group, Inc. Due 2016-10-18 [Member] | ||||
Face Value | $ 784,000 | |||
Fair Value | $ 817,688 | |||
% of Partners' Capital (Net Asset Value) | 0.11% | |||
% Yield | [1] | 5.05% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 0.57% Jackson National Life Global Funding Due 2016-07-28 [Member] | ||||
Face Value | $ 4,000,000 | |||
Fair Value | $ 4,005,871 | |||
% of Partners' Capital (Net Asset Value) | 0.54% | |||
% Yield | [1] | 0.61% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 1.13% New York Life Global Funding Due 2017-01-03 [Member] | ||||
Face Value | $ 2,500,000 | |||
Fair Value | $ 2,501,391 | |||
% of Partners' Capital (Net Asset Value) | 0.34% | |||
% Yield | [1] | 0.26% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 5.6% American International Group, Inc. Due 2016-10-18 [Member] | ||||
Face Value | $ 2,150,000 | |||
Fair Value | $ 2,331,536 | |||
% of Partners' Capital (Net Asset Value) | 0.31% | |||
% Yield | [1] | 5.60% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 3.5% Aon Corporation Due 2015-09-30 [Member] | ||||
Face Value | $ 1,254,000 | |||
Fair Value | $ 1,289,929 | |||
% of Partners' Capital (Net Asset Value) | 0.17% | |||
% Yield | [1] | 3.50% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 3.2% Berkshire Hathaway Inc. Due 2015-11-02 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,522,958 | |||
% of Partners' Capital (Net Asset Value) | 0.21% | |||
% Yield | [1] | 3.20% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 0.61% Metropolitan Life Global Funding I Due 2017-10-04 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,002,004 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 0.61% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 1.3% Metropolitan Life Global Funding I Due 2017-10-04 [Member] | ||||
Face Value | $ 309,000 | |||
Fair Value | $ 309,073 | |||
% of Partners' Capital (Net Asset Value) | 0.04% | |||
% Yield | [1] | 1.30% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 0.5% Pricoa Global Funding I Due 2015-08-19 [Member] | ||||
Face Value | $ 600,000 | |||
Fair Value | $ 600,848 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | |||
% Yield | [1] | 0.50% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 1.15% Pricoa Global Funding I Due 2016-11-25 [Member] | ||||
Face Value | $ 7,500,000 | |||
Fair Value | $ 7,484,700 | |||
% of Partners' Capital (Net Asset Value) | 1.01% | |||
% Yield | [1] | 1.15% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 5.5% Travelers Companies, Inc. Due 2015-01-12 [Member] | ||||
Face Value | $ 2,498,000 | |||
Fair Value | $ 2,612,614 | |||
% of Partners' Capital (Net Asset Value) | 0.35% | |||
% Yield | [1] | 5.50% | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Media [Member] | 0.77% NBCUniversal Media, LLC Due 2016-04-15 [Member] | ||||
Face Value | $ 2,945,000 | |||
Fair Value | $ 2,946,069 | |||
% of Partners' Capital (Net Asset Value) | 0.40% | |||
% Yield | [1] | 0.77% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | ||||
Fair Value | $ 67,656,805 | $ 94,907,948 | ||
% of Partners' Capital (Net Asset Value) | 10.52% | 12.80% | ||
Investment Owned, at Cost | $ 67,851,993 | $ 95,623,193 | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Automotive [Member] | 0.67% Volkswagen International Finance N.V. Due 2016-11-18 [Member] | ||||
Face Value | 5,600,000 | |||
Fair Value | $ 5,684,276 | |||
% of Partners' Capital (Net Asset Value) | 0.76% | |||
% Yield | [1] | 3.73% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.97% UBS AG Due 2017-01-06 [Member] | ||||
Face Value | $ 2,200,000 | |||
Fair Value | $ 2,241,635 | |||
% of Partners' Capital (Net Asset Value) | 0.30% | |||
% Yield | [1] | 3.88% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.38% ABN AMRO Bank N.V. Due 2016-01-22 [Member] | ||||
Face Value | 1,810,000 | $ 800,000 | ||
Fair Value | $ 1,821,127 | $ 808,094 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | 0.11% | ||
% Yield | [1] | 1.38% | 1.38% | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.55% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2016-09-09 [Member] | ||||
Face Value | $ 2,365,000 | |||
Fair Value | $ 2,380,844 | |||
% of Partners' Capital (Net Asset Value) | 0.37% | |||
% Yield | [1] | 1.55% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 5% Barclays Bank PLC Due 2016-09-22 [Member] | ||||
Face Value | $ 2,584,000 | |||
Fair Value | $ 2,685,835 | |||
% of Partners' Capital (Net Asset Value) | 0.42% | |||
% Yield | [1] | 5.00% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.99% Caisse Centrale Desjardins Due 2018-01-29 [Member] | ||||
Face Value | $ 800,000 | |||
Fair Value | $ 799,842 | |||
% of Partners' Capital (Net Asset Value) | 0.12% | |||
% Yield | [1] | 0.99% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.07% Commonwealth Bank of Australia Due 2016-09-20 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,003,104 | |||
% of Partners' Capital (Net Asset Value) | 0.31% | |||
% Yield | [1] | 1.07% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.38% Credit Suisse AG Due 2017-05-26 [Member] | ||||
Face Value | $ 1,800,000 | |||
Fair Value | $ 1,793,903 | |||
% of Partners' Capital (Net Asset Value) | 0.28% | |||
% Yield | [1] | 1.38% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1% Credit Suisse AG Due 2018-04-27 [Member] | ||||
Face Value | $ 8,000,000 | |||
Fair Value | $ 7,959,269 | |||
% of Partners' Capital (Net Asset Value) | 1.23% | |||
% Yield | [1] | 1.00% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.25% Deutsche Bank AG Due 2016-11-01 [Member] | ||||
Face Value | $ 756,000 | |||
Fair Value | $ 767,886 | |||
% of Partners' Capital (Net Asset Value) | 0.12% | |||
% Yield | [1] | 3.25% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.1% HSBC Bank PLC Due 2016-05-24 [Member] | ||||
Face Value | $ 3,700,000 | $ 3,700,000 | ||
Fair Value | $ 3,743,250 | $ 3,831,991 | ||
% of Partners' Capital (Net Asset Value) | 0.58% | 0.52% | ||
% Yield | [1] | 3.10% | 3.10% | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 4% ING Bank N.V. Due 2016-03-15 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,018,058 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 4.00% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.14% ING Bank N.V. Due 2018-08-17 [Member] | ||||
Face Value | $ 5,000,000 | |||
Fair Value | $ 5,024,448 | |||
% of Partners' Capital (Net Asset Value) | 0.78% | |||
% Yield | [1] | 1.14% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2% Macquarie Bank Limited Due 2016-08-15 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,517,041 | |||
% of Partners' Capital (Net Asset Value) | 0.24% | |||
% Yield | [1] | 2.00% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.73% National Australia Bank Limited Due 2016-09-12 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 1,998,123 | |||
% of Partners' Capital (Net Asset Value) | 0.31% | |||
% Yield | [1] | 0.73% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.96% National Australia Bank Limited Due 2018-07-23 [Member] | ||||
Face Value | $ 5,000,000 | |||
Fair Value | $ 5,006,135 | |||
% of Partners' Capital (Net Asset Value) | 0.78% | |||
% Yield | [1] | 0.96% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.88% Nordea Bank AB Due 2016-05-13 [Member] | ||||
Face Value | $ 1,950,000 | $ 1,200,000 | ||
Fair Value | $ 1,952,066 | $ 1,200,334 | ||
% of Partners' Capital (Net Asset Value) | 0.30% | 0.16% | ||
% Yield | [1] | 0.88% | 0.88% | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.38% Rabobank Nederland Due 2017-01-19 [Member] | ||||
Face Value | $ 548,000 | |||
Fair Value | $ 568,507 | |||
% of Partners' Capital (Net Asset Value) | 0.09% | |||
% Yield | [1] | 3.38% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.45% Royal Bank of Canada Due 2016-09-09 [Member] | ||||
Face Value | $ 1,158,000 | |||
Fair Value | $ 1,165,655 | |||
% of Partners' Capital (Net Asset Value) | 0.18% | |||
% Yield | [1] | 1.45% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.9% Sumitomo Mitsui Bank Due 2016-01-18 [Member] | ||||
Face Value | $ 1,200,000 | |||
Fair Value | $ 1,204,890 | |||
% of Partners' Capital (Net Asset Value) | 0.19% | |||
% Yield | [1] | 0.90% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.13% Svenska Handelsbanken AB Due 2016-12-07 [Member] | ||||
Face Value | $ 1,800,000 | |||
Fair Value | $ 1,846,627 | |||
% of Partners' Capital (Net Asset Value) | 0.29% | |||
% Yield | [1] | 3.13% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.86% Toronto-Dominion Bank Due 2018-07-23 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,497,653 | |||
% of Partners' Capital (Net Asset Value) | 0.23% | |||
% Yield | [1] | 0.86% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.7% Australia and New Zealand Banking Group Ltd Due 2015-01-13 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,018,133 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 3.70% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.43% Australia and New Zealand Banking Group Ltd Due 2015-07-05 [Member] | ||||
Face Value | $ 3,950,000 | |||
Fair Value | $ 3,955,079 | |||
% of Partners' Capital (Net Asset Value) | 0.53% | |||
% Yield | [1] | 0.43% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.51% Bank of Montreal Due 2015-09-24 [Member] | ||||
Face Value | $ 4,100,000 | |||
Fair Value | $ 4,104,827 | |||
% of Partners' Capital (Net Asset Value) | 0.55% | |||
% Yield | [1] | 0.51% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.45% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2015-11-09 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,035,808 | |||
% of Partners' Capital (Net Asset Value) | 0.27% | |||
% Yield | [1] | 2.45% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.5% Commonwealth Bank of Australia Due 2015-03-19 [Member] | ||||
Face Value | $ 4,740,000 | |||
Fair Value | $ 4,817,109 | |||
% of Partners' Capital (Net Asset Value) | 0.64% | |||
% Yield | [1] | 3.50% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2% ING Bank N.V. Due 2015-09-25 [Member] | ||||
Face Value | $ 5,650,000 | |||
Fair Value | $ 5,729,740 | |||
% of Partners' Capital (Net Asset Value) | 0.77% | |||
% Yield | [1] | 2.00% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.89% ING Bank N.V. Due 2015-09-25 [Member] | ||||
Face Value | $ 3,050,000 | |||
Fair Value | $ 3,077,627 | |||
% of Partners' Capital (Net Asset Value) | 0.42% | |||
% Yield | [1] | 1.89% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3% ING Group, N.V. Due 2015-01-09 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,535,940 | |||
% of Partners' Capital (Net Asset Value) | 0.21% | |||
% Yield | [1] | 3.00% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.45% Macquarie Bank Limited Due 2015-07-27 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,545,857 | |||
% of Partners' Capital (Net Asset Value) | 0.21% | |||
% Yield | [1] | 3.45% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.49% National Australia Bank Limited Due 2016-09-12 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 1,999,764 | |||
% of Partners' Capital (Net Asset Value) | 0.27% | |||
% Yield | [1] | 0.49% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.2% Rabobank Nederland Due 2015-11-03 [Member] | ||||
Face Value | $ 3,431,000 | |||
Fair Value | $ 3,481,703 | |||
% of Partners' Capital (Net Asset Value) | 0.47% | |||
% Yield | [1] | 3.20% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.35% Sumitomo Mitsui Banking Corporation Due 2015-07-18 [Member] | ||||
Face Value | $ 1,250,000 | |||
Fair Value | $ 1,263,486 | |||
% of Partners' Capital (Net Asset Value) | 0.17% | |||
% Yield | [1] | 1.35% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.72% Svenska Handelsbanken AB (publ) Due 2016-09-23 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,003,919 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 0.72% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.41% Toronto-Dominion Bank Due 2015-01-05 [Member] | ||||
Face Value | $ 5,000,000 | |||
Fair Value | $ 5,006,156 | |||
% of Partners' Capital (Net Asset Value) | 0.68% | |||
% Yield | [1] | 0.41% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.01% Westpac Banking Corporation Due 2015-09-25 [Member] | ||||
Face Value | $ 2,000,000 | |||
Fair Value | $ 2,010,667 | |||
% of Partners' Capital (Net Asset Value) | 0.27% | |||
% Yield | [1] | 1.01% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Beverages [Member] | 0.8% Heineken N.V. Due 2015-01-10 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,003,115 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 0.80% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Diversified Financial Services [Member] | 0.96% GE Capital International Funding Co. Due 2016-04-15 [Member] | ||||
Face Value | $ 1,012,000 | |||
Fair Value | $ 1,012,921 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 0.96% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 3.2% BP Capital Markets P.L.C. Due 2016-11-03 [Member] | ||||
Face Value | $ 750,000 | $ 750,000 | ||
Fair Value | $ 760,566 | $ 776,736 | ||
% of Partners' Capital (Net Asset Value) | 0.12% | 0.10% | ||
% Yield | [1] | 3.20% | 3.20% | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 1.13% CNOOC Finance (2013) Limited Due 2016-09-05 [Member] | ||||
Face Value | $ 4,800,000 | $ 4,800,000 | ||
Fair Value | $ 4,798,968 | $ 4,790,088 | ||
% of Partners' Capital (Net Asset Value) | 0.75% | 0.64% | ||
% Yield | [1] | 1.13% | 1.13% | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.66% Shell International Finance B.V. Due 2017-10-05 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 999,488 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 0.66% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.75% TransCanada PipeLines Limited Due 2016-01-15 [Member] | ||||
Face Value | $ 1,000,000 | $ 1,000,000 | ||
Fair Value | $ 1,003,288 | $ 1,001,178 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | 0.14% | ||
% Yield | [1] | 0.75% | 0.75% | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 3.88% BP Capital Markets P.L.C. Due 2015-10-03 [Member] | ||||
Face Value | $ 2,100,000 | |||
Fair Value | $ 2,137,831 | |||
% of Partners' Capital (Net Asset Value) | 0.29% | |||
% Yield | [1] | 3.88% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.68% Enbridge Inc. Due 2017-02-06 [Member] | ||||
Face Value | $ 8,000,000 | |||
Fair Value | $ 7,950,957 | |||
% of Partners' Capital (Net Asset Value) | 1.07% | |||
% Yield | [1] | 0.68% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.88% TransCanada PipeLines Limited Due 2015-02-03 [Member] | ||||
Face Value | $ 1,500,000 | |||
Fair Value | $ 1,505,135 | |||
% of Partners' Capital (Net Asset Value) | 0.20% | |||
% Yield | [1] | 0.88% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | HealthCare [Member] | 1.35% Covidien International Finance S.A. Due 2015-05-29 [Member] | ||||
Face Value | $ 2,550,000 | |||
Fair Value | $ 2,560,713 | |||
% of Partners' Capital (Net Asset Value) | 0.35% | |||
% Yield | [1] | 1.35% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceutical [Member] | 1.58% Actavis Funding SCS Due 2018-12-03 [Member] | ||||
Face Value | $ 6,790,000 | |||
Fair Value | $ 6,870,944 | |||
% of Partners' Capital (Net Asset Value) | 1.06% | |||
% Yield | [1] | 1.58% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceutical [Member] | 1.03% Takeda Pharmaceutical Co Ltd Due 2015-03-17 [Member] | ||||
Face Value | $ 4,200,000 | |||
Fair Value | $ 4,217,260 | |||
% of Partners' Capital (Net Asset Value) | 0.57% | |||
% Yield | [1] | 1.03% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 2.38% America Movil SAB DE CV Due 2016-08-09 [Member] | ||||
Face Value | $ 1,287,000 | |||
Fair Value | $ 1,300,842 | |||
% of Partners' Capital (Net Asset Value) | 0.20% | |||
% Yield | [1] | 2.38% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 3.13% Deutsche Telekom International Finance B.V. Due 2016-11-04 [Member] | ||||
Face Value | $ 1,300,000 | $ 1,300,000 | ||
Fair Value | $ 1,316,291 | $ 1,341,433 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | 0.18% | ||
% Yield | [1] | 3.13% | 3.13% | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 3.99% Telefonica Emisiones, S.A.U. Due 2016-02-16 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,017,721 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | |||
% Yield | [1] | 3.99% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 2.13% Orange Due 2015-09-16 [Member] | ||||
Face Value | $ 1,000,000 | |||
Fair Value | $ 1,014,535 | |||
% of Partners' Capital (Net Asset Value) | 0.14% | |||
% Yield | [1] | 2.13% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Transportation [Member] | 0.93% Kansas City Southern de Mexico, S.A. de C.V. Due 2016-10-28 [Member] | ||||
Face Value | $ 4,500,000 | |||
Fair Value | $ 4,517,931 | |||
% of Partners' Capital (Net Asset Value) | 0.61% | |||
% Yield | [1] | 0.93% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Insurance [Member] | 3.4% Manulife Financial Corporation Due 2015-09-17 [Member] | ||||
Face Value | $ 1,200,000 | |||
Fair Value | $ 1,233,395 | |||
% of Partners' Capital (Net Asset Value) | 0.17% | |||
% Yield | [1] | 3.40% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Holding Company [Member] | 3.5% Hutchison Whampoa International (11) Ltd Due 2017-01-13 [Member] | ||||
Face Value | $ 222,000 | |||
Fair Value | $ 229,384 | |||
% of Partners' Capital (Net Asset Value) | 0.04% | |||
% Yield | [1] | 3.50% | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Semiconductor [Member] | 5.75% Siemens Financieringsmaatschappij N.V. Due 2016-10-17 [Member] | ||||
Face Value | $ 1,520,000 | |||
Fair Value | $ 1,592,129 | |||
% of Partners' Capital (Net Asset Value) | 0.25% | |||
% Yield | [1] | 5.75% | ||
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated Condensed Schedul8
Consolidated Condensed Schedule of Investments U.S. Asset Backed Securities - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
% of Partners' Capital (Net Asset Value) | 73.61% | 61.95% | |
Investment Owned, at Cost | $ 453,001,973 | $ 432,077,493 | |
U.S. Asset-backed Securities [Member] | |||
Fair Value | $ 52,248,612 | $ 29,066,524 | |
% of Partners' Capital (Net Asset Value) | 8.12% | 3.92% | |
Investment Owned, at Cost | $ 52,447,431 | $ 29,095,158 | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.98% Ally Auto Receivables Trust 2015-2 Due 2018-03-15 [Member] | |||
Face Value | 700,000 | ||
Fair Value | $ 699,431 | ||
% of Partners' Capital (Net Asset Value) | 0.11% | ||
% Yield | [1] | 0.98% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.68% Americredit Automobile Receivables Tr 2014-4 Due 2018-09-04 [Member] | |||
Face Value | $ 258,662 | ||
Fair Value | $ 258,621 | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ||
% Yield | [1] | 0.68% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.07% AmeriCredit Automobile Receivables Trust 2006-A-F Due 2019-08-01 [Member] | |||
Face Value | $ 1,300,000 | ||
Fair Value | $ 1,297,418 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ||
% Yield | [1] | 1.07% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.9% AmeriCredit Automobile Receivables Trust 2006-A-F Due 2019-08-02 [Member] | |||
Face Value | $ 513,173 | ||
Fair Value | $ 512,195 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.90% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.63% Ari Fleet Lease Tr 2012-B Due 2021-01-15 [Member] | |||
Face Value | $ 317,374 | ||
Fair Value | $ 316,798 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.63% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.87% Bank of the West Auto Trust 2015-1 Due 2018-04-16 [Member] | |||
Face Value | $ 486,782 | ||
Fair Value | $ 486,202 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.87% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.07% BMW Vehicle Lease Trust 2015-2 Due 2018-01-22 [Member] | |||
Face Value | $ 1,400,000 | ||
Fair Value | $ 1,396,601 | ||
% of Partners' Capital (Net Asset Value) | 0.22% | ||
% Yield | [1] | 1.07% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.79% Capital Auto Receivables Asset Trust 2013-1 Due 2017-06-20 [Member] | |||
Face Value | $ 67,783 | 990,000 | |
Fair Value | $ 67,786 | $ 990,546 | |
% of Partners' Capital (Net Asset Value) | 0.01% | 0.13% | |
% Yield | [1] | 0.79% | 0.79% |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.81% Capital Auto Receivables Asset Trust 2015-2 Due 2017-10-20 [Member] | |||
Face Value | $ 475,000 | ||
Fair Value | $ 474,265 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.81% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.67% CarMax Auto Owner Trust 2014-4 Due 2018-02-15 [Member] | |||
Face Value | $ 856,429 | $ 1,800,000 | |
Fair Value | $ 855,631 | $ 1,798,570 | |
% of Partners' Capital (Net Asset Value) | 0.13% | 0.24% | |
% Yield | [1] | 0.67% | 0.67% |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.82% Carmax Auto Owner Trust 2015-2 Due 2018-06-15 [Member] | |||
Face Value | $ 1,117,496 | ||
Fair Value | $ 1,115,167 | ||
% of Partners' Capital (Net Asset Value) | 0.17% | ||
% Yield | [1] | 0.82% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.01% Drive Auto Receivables Tr 2015-A Due 2017-11-15 [Member] | |||
Face Value | $ 70,609 | ||
Fair Value | $ 70,592 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | ||
% Yield | [1] | 1.01% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.93% Drive Auto Receivables Tr 2015-B Due 2017-12-15 [Member] | |||
Face Value | $ 220,808 | ||
Fair Value | $ 220,621 | ||
% of Partners' Capital (Net Asset Value) | 0.03% | ||
% Yield | [1] | 0.93% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.06% Enterprise Fleet Financing, LLC Due 2019-03-20 [Member] | |||
Face Value | $ 55,476 | $ 149,691 | |
Fair Value | $ 55,459 | $ 150,183 | |
% of Partners' Capital (Net Asset Value) | 0.01% | 0.02% | |
% Yield | [1] | 1.06% | 1.06% |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.02% Fifth Third Auto Trust 2015-1 Due 2018-05-15 [Member] | |||
Face Value | $ 345,000 | ||
Fair Value | $ 344,327 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 1.02% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.04% Ford Credit Auto Lease 2015-B Due 2018-05-15 [Member] | |||
Face Value | $ 600,000 | ||
Fair Value | $ 598,447 | ||
% of Partners' Capital (Net Asset Value) | 0.09% | ||
% Yield | [1] | 1.04% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.89% Ford Credit Auto Lease Trust 2014-B Due 2017-09-15 [Member] | |||
Face Value | $ 217,000 | ||
Fair Value | $ 216,793 | ||
% of Partners' Capital (Net Asset Value) | 0.03% | ||
% Yield | [1] | 0.89% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.67% Ford Credit Auto Owner Trust 2012-D Due 2018-03-15 [Member] | |||
Face Value | $ 645,000 | ||
Fair Value | $ 644,154 | ||
% of Partners' Capital (Net Asset Value) | 0.10% | ||
% Yield | [1] | 0.67% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.61% Ford Credit Auto Owner Trust 2014-C Due 2017-08-15 [Member] | |||
Face Value | $ 754,588 | ||
Fair Value | $ 754,540 | ||
% of Partners' Capital (Net Asset Value) | 0.12% | ||
% Yield | [1] | 0.61% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.72% Ford Credit Auto Owner Trust 2015-B Due 2018-03-15 [Member] | |||
Face Value | $ 1,332,350 | ||
Fair Value | $ 1,331,478 | ||
% of Partners' Capital (Net Asset Value) | 0.21% | ||
% Yield | [1] | 0.72% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.78% GE Dealer Floorplan Master Not Due 2019-07-20 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 498,239 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.78% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.8% Harley-Davidson Motorcycle Trust 2015-2 Due 2019-01-15 [Member] | |||
Face Value | $ 1,073,001 | ||
Fair Value | $ 1,069,918 | ||
% of Partners' Capital (Net Asset Value) | 0.17% | ||
% Yield | [1] | 0.80% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.77% Honda Auto Receivables 2013-3 Owner Trust Due 2017-05-15 [Member] | |||
Face Value | $ 337,447 | $ 950,000 | |
Fair Value | $ 337,380 | $ 951,142 | |
% of Partners' Capital (Net Asset Value) | 0.05% | 0.13% | |
% Yield | [1] | 0.77% | 0.77% |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.69% Honda Auto Receivables 2013-4 Owner Trust Due 2017-09-18 [Member] | |||
Face Value | $ 2,262,218 | $ 2,000,000 | |
Fair Value | $ 2,260,433 | $ 1,998,994 | |
% of Partners' Capital (Net Asset Value) | 0.36% | 0.27% | |
% Yield | [1] | 0.69% | 0.69% |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.7% Honda Auto Receivables 2015-1 Owner Trust Due 2017-06-15 [Member] | |||
Face Value | $ 528,585 | ||
Fair Value | $ 528,234 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.70% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.92% Honda Auto Receivables 2015-3 Owner Tr Due 2017-11-20 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,511 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.92% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.82% Honda Auto Receivables 2015-4 Owner Trust Due 2018-07-23 [Member] | |||
Face Value | $ 800,000 | ||
Fair Value | $ 798,033 | ||
% of Partners' Capital (Net Asset Value) | 0.12% | ||
% Yield | [1] | 0.82% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.98% Hyundai Auto Lease Securitization Tr 2014-B Due 2017-11-15 [Member] | |||
Face Value | $ 1,900,000 | $ 1,900,000 | |
Fair Value | $ 1,898,765 | $ 1,897,427 | |
% of Partners' Capital (Net Asset Value) | 0.30% | 0.26% | |
% Yield | [1] | 0.98% | 0.98% |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.68% Hyundai Auto Receivables Trust 2015-A Due 2017-10-16 [Member] | |||
Face Value | $ 821,121 | ||
Fair Value | $ 820,891 | ||
% of Partners' Capital (Net Asset Value) | 0.13% | ||
% Yield | [1] | 0.68% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.99% Hyundai Auto Receivables Trust 2015-C Due 2018-11-15 [Member] | |||
Face Value | $ 700,000 | ||
Fair Value | $ 698,990 | ||
% of Partners' Capital (Net Asset Value) | 0.11% | ||
% Yield | [1] | 0.99% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1% Mercedes-Benz Auto Lease Trust 2015-B Due 2018-01-16 [Member] | |||
Face Value | $ 1,020,000 | ||
Fair Value | $ 1,017,989 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 1.00% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.68% Nissan Auto Lease Trust 2015-A Due 2017-11-15 [Member] | |||
Face Value | $ 1,767,624 | ||
Fair Value | $ 1,766,793 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.68% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.67% Nissan Auto Receivables 2013-C Owner Trust Due 2018-08-15 [Member] | |||
Face Value | $ 620,981 | ||
Fair Value | $ 619,775 | ||
% of Partners' Capital (Net Asset Value) | 0.10% | ||
% Yield | [1] | 0.67% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.6% Nissan Auto Receivables 2014-B Owner Trust Due 2017-06-15 [Member] | |||
Face Value | $ 581,520 | $ 1,100,000 | |
Fair Value | $ 581,275 | $ 1,099,819 | |
% of Partners' Capital (Net Asset Value) | 0.09% | 0.15% | |
% Yield | [1] | 0.60% | 0.60% |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.67% Nissan Auto Receivables 2015-A Owner Trust Due 2017-09-15 [Member] | |||
Face Value | $ 1,056,510 | ||
Fair Value | $ 1,055,702 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.67% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.79% Porsche Innovative Lease Owner Tr 2015-1 Due 2017-11-21 [Member] | |||
Face Value | $ 215,904 | ||
Fair Value | $ 215,439 | ||
% of Partners' Capital (Net Asset Value) | 0.03% | ||
% Yield | [1] | 0.79% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.12% Santander Drive Auto Receivables Tr 2015-5 Due 2018-11-15 [Member] | |||
Face Value | $ 450,000 | ||
Fair Value | $ 449,482 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 1.12% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.08% Santander Drive Auto Receivables Trust 2014-4 Due 2018-09-17 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 999,912 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 1.08% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.73% Santander Drive Auto Receivables Trust 2014-5 Due 2018-04-16 [Member] | |||
Face Value | $ 93,553 | ||
Fair Value | $ 93,469 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | ||
% Yield | [1] | 0.73% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.26% Santander Drive Auto Receivables Trust 2015-4 Due 2019-08-04 [Member] | |||
Face Value | $ 1,008,000 | ||
Fair Value | $ 1,006,995 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 1.26% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.66% Toyota Auto Receivables 2015-C Owner Tr Due 2018-02-15 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,531 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.66% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.56% Volkswagen Auto Loan Enhanced Trust 2013-1 Due 2017-08-21 [Member] | |||
Face Value | $ 512,648 | ||
Fair Value | $ 511,991 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.56% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.7% Volkswagen Auto Loan Enhanced Trust 2013-2 Due 2018-04-20 [Member] | |||
Face Value | $ 549,589 | ||
Fair Value | $ 546,997 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ||
% Yield | [1] | 0.70% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.91% Volkswagen Auto Loan Enhanced Trust 2014-1 Due 2018-10-22 [Member] | |||
Face Value | $ 400,000 | ||
Fair Value | $ 397,899 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ||
% Yield | [1] | 0.91% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.21% Ally Master Owner Trust Due 2017-06-15 [Member] | |||
Face Value | $ 525,000 | ||
Fair Value | $ 526,800 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 1.21% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.52% Ally Auto Receivables Trust 2014-SN1 Due 2016-10-20 [Member] | |||
Face Value | $ 795,787 | ||
Fair Value | $ 795,858 | ||
% of Partners' Capital (Net Asset Value) | 0.11% | ||
% Yield | [1] | 0.52% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.56% Americredit Automobile Receivables Trust 2014-4 Due 2018-09-04 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 500,186 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.56% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.46% ARI Fleet Lease Trust 2012-B Due 2021-01-15 [Member] | |||
Face Value | $ 718,153 | ||
Fair Value | $ 717,483 | ||
% of Partners' Capital (Net Asset Value) | 0.10% | ||
% Yield | [1] | 0.46% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.56% BMW Manufacturing Co., LLC Due 2017-09-15 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 1,000,987 | ||
% of Partners' Capital (Net Asset Value) | 0.13% | ||
% Yield | [1] | 0.56% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.61% Ford Credit Auto Owner Trust 2014-C Due 2017-08-15 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 1,997,674 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.61% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.54% Santander Drive Auto Receivables Trust 2014-3 Due 2017-08-15 [Member] | |||
Face Value | $ 1,400,490 | ||
Fair Value | $ 1,400,350 | ||
% of Partners' Capital (Net Asset Value) | 0.19% | ||
% Yield | [1] | 0.54% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 0.56% Santander Drive Auto Receivables Trust 2014-5 Due 2018-04-16 [Member] | |||
Face Value | $ 285,000 | ||
Fair Value | $ 285,078 | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ||
% Yield | [1] | 0.56% | |
U.S. Asset-backed Securities [Member] | Automotive [Member] | 1.51% Volvo Finl Equip LLC Series 2012-1 Due 2017-08-15 [Member] | |||
Face Value | $ 55,000 | ||
Fair Value | $ 55,273 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | ||
% Yield | [1] | 1.51% | |
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.43% Banc of America Commercial Mortgage Trust 2007-1 Due 2049-01-15 [Member] | |||
Face Value | $ 1,540,572 | ||
Fair Value | $ 1,594,549 | ||
% of Partners' Capital (Net Asset Value) | 0.25% | ||
% Yield | [1] | 5.43% | |
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.84% Banc of America Commercial Mortgage Trust 2006-2 Due 1945-10-05 [Member] | |||
Face Value | $ 419,268 | ||
Fair Value | $ 422,547 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 5.84% | |
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.43% Citigroup Commercial Mortgage Trust 2006-C5 Due 2049-10-15 [Member] | |||
Face Value | $ 1,089,084 | ||
Fair Value | $ 1,108,596 | ||
% of Partners' Capital (Net Asset Value) | 0.17% | ||
% Yield | [1] | 5.43% | |
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.48% JPMorgan Chase & Co. Due 2043-04-15 [Member] | |||
Face Value | $ 196,707 | ||
Fair Value | $ 197,562 | ||
% of Partners' Capital (Net Asset Value) | 0.03% | ||
% Yield | [1] | 5.48% | |
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.37% LB-UBS Commercial Mortgage Trust 2006-C6 Due 2039-09-15 [Member] | |||
Face Value | $ 1,977,927 | ||
Fair Value | $ 2,012,480 | ||
% of Partners' Capital (Net Asset Value) | 0.32% | ||
% Yield | [1] | 5.37% | |
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.17% ML-CFC Commercial Mortgage Trust 2006-4 Due 2049-12-12 [Member] | |||
Face Value | $ 1,098,139 | ||
Fair Value | $ 1,125,130 | ||
% of Partners' Capital (Net Asset Value) | 0.17% | ||
% Yield | [1] | 5.17% | |
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 0.45% Morgan Stanley Capital I Trust 2007-HQ11 Due 2044-12-02 [Member] | |||
Face Value | $ 467,442 | ||
Fair Value | $ 461,295 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.45% | |
U.S. Asset-backed Securities [Member] | Commerial Mortgages [Member] | 5.73% Banc of America Commercial Mortgage Trust 2006-2 Due 2045-10-05 [Member] | |||
Face Value | $ 510,119 | ||
Fair Value | $ 539,705 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 5.73% | |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.62% BA Credit Card Trust Due 2020-01-15 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 997,953 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.62% | |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.63% Capital One Multi-Asset Execution Trust Due 2018-11-15 [Member] | |||
Face Value | $ 1,500,000 | $ 1,500,000 | |
Fair Value | $ 1,500,323 | $ 1,499,240 | |
% of Partners' Capital (Net Asset Value) | 0.23% | 0.20% | |
% Yield | [1] | 0.63% | 0.63% |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.01% Chase Issuance Trust Due 2018-10-15 [Member] | |||
Face Value | $ 850,000 | ||
Fair Value | $ 849,923 | ||
% of Partners' Capital (Net Asset Value) | 0.13% | ||
% Yield | [1] | 1.01% | |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.32% Citibank Credit Card Issuance Trust Due 2018-07-09 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,012,261 | ||
% of Partners' Capital (Net Asset Value) | 0.32% | ||
% Yield | [1] | 1.32% | |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.57% Citibank Credit Card Issuance Trust Due 2018-07-11 [Member] | |||
Face Value | $ 1,760,000 | ||
Fair Value | $ 1,760,731 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.57% | |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.02% Citibank Credit Card Issuance Trust Due 2019-02-22 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,501,889 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 1.02% | |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 1.26% World Financial Network Credit Card Master Note Trust Due 2021-03-15 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 997,240 | ||
% of Partners' Capital (Net Asset Value) | 0.15% | ||
% Yield | [1] | 1.26% | |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.31% Chase Issuance Trust Due 2017-10-16 [Member] | |||
Face Value | $ 1,030,000 | ||
Fair Value | $ 1,029,070 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ||
% Yield | [1] | 0.31% | |
U.S. Asset-backed Securities [Member] | Credit Card [Member] | 0.95% GE Capital Credit Card Master Note Trust Due 2018-06-15 [Member] | |||
Face Value | $ 1,185,000 | ||
Fair Value | $ 1,187,398 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.95% | |
U.S. Asset-backed Securities [Member] | Other Sector [Member] | 0.69% CNH Equipment Trust 2013-B Due 2018-08-15 [Member] | |||
Face Value | $ 1,072,358 | $ 1,500,000 | |
Fair Value | $ 1,070,863 | $ 1,500,775 | |
% of Partners' Capital (Net Asset Value) | 0.17% | 0.20% | |
% Yield | [1] | 0.69% | 0.69% |
U.S. Asset-backed Securities [Member] | Other Sector [Member] | 0.87% John Deere Owner Trust 2015 Due 2018-02-15 [Member] | |||
Face Value | $ 926,407 | ||
Fair Value | $ 925,544 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ||
% Yield | [1] | 0.87% | |
U.S. Asset-backed Securities [Member] | Other Sector [Member] | 0.94% Kubota Credit Owner Trust 2015-1 Due 2017-12-15 [Member] | |||
Face Value | $ 338,929 | ||
Fair Value | $ 338,921 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 0.94% | |
U.S. Asset-backed Securities [Member] | Other Sector [Member] | 0.55% GE Dealer Floorplan Master Note Due 2019-07-20 [Member] | |||
Face Value | $ 500,000 | ||
Fair Value | $ 499,111 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.55% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 0.81% Navient Private Ed Loan Tr 2014-A Due 2022-05-16 [Member] | |||
Face Value | $ 46,674 | ||
Fair Value | $ 46,591 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | ||
% Yield | [1] | 0.81% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.43% SLM Private Ed Loan Tr 2012-C Due 2023-08-15 [Member] | |||
Face Value | $ 139,582 | ||
Fair Value | $ 139,847 | ||
% of Partners' Capital (Net Asset Value) | 0.02% | ||
% Yield | [1] | 1.43% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.73% SLM Private Education Loan Trust 2012-A Due 2025-08-15 [Member] | |||
Face Value | $ 49,088 | ||
Fair Value | $ 49,337 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | ||
% Yield | [1] | 1.73% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.08% SLM Private Education Loan Trust 2012-E Due 2023-10-16 [Member] | |||
Face Value | $ 247,119 | ||
Fair Value | $ 246,891 | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ||
% Yield | [1] | 1.08% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 0.64% Navient Private Ed Loan Trust 2014-A Due 2022-05-16 [Member] | |||
Face Value | $ 106,439 | ||
Fair Value | $ 106,345 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | ||
% Yield | [1] | 0.64% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.56% SLM Private Education Loan Trust 2012-A Due 2025-08-15 [Member] | |||
Face Value | $ 90,094 | ||
Fair Value | $ 90,748 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | ||
% Yield | [1] | 1.56% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.26% SLM Private Education Loan Trust 2012-B Due 2021-12-15 [Member] | |||
Face Value | $ 763,940 | ||
Fair Value | $ 765,617 | ||
% of Partners' Capital (Net Asset Value) | 0.10% | ||
% Yield | [1] | 1.26% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 1.26% SLM Private Education Loan Trust 2012-C Due 2023-08-15 [Member] | |||
Face Value | $ 371,170 | ||
Fair Value | $ 372,519 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ||
% Yield | [1] | 1.26% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 0.91% SLM Private Education Loan Trust 2012-E Due 2023-10-16 [Member] | |||
Face Value | $ 486,984 | ||
Fair Value | $ 487,559 | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ||
% Yield | [1] | 0.91% | |
U.S. Asset-backed Securities [Member] | Student Loans [Member] | 0.96% Capital One Multi-Asset Execution Trust Due 2019-09-16 [Member] | |||
Face Value | $ 2,000,000 | $ 2,000,000 | |
Fair Value | $ 1,997,970 | $ 1,993,487 | |
% of Partners' Capital (Net Asset Value) | 0.31% | 0.27% | |
% Yield | [1] | 0.96% | 0.96% |
Total Securities [Member] | |||
Fair Value | $ 451,049,032 | $ 430,462,588 | |
% of Partners' Capital (Net Asset Value) | 70.10% | 58.05% | |
Investment Owned, at Cost | $ 453,001,973 | $ 432,077,493 | |
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated Condensed Schedul9
Consolidated Condensed Schedule of Investments Certificates of Deposit - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
% of Partners' Capital (Net Asset Value) | 73.61% | 61.95% | |
Investment Owned, at Cost | $ 453,001,973 | $ 432,077,493 | |
Certificates of Deposit [Member] | |||
Fair Value | $ 22,710,509 | $ 28,894,203 | |
% of Partners' Capital (Net Asset Value) | 3.53% | 3.89% | |
Investment Owned, at Cost | $ 22,673,242 | $ 28,848,010 | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | |||
Fair Value | $ 12,778,002 | ||
% of Partners' Capital (Net Asset Value) | 172.00% | ||
Investment Owned, at Cost | $ 14,970,784 | ||
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.88% Credit Suisse Group AG Due 2016-09-16 [Member] | |||
Face Value | 1,000,000 | ||
Fair Value | $ 1,002,097 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.88% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.78% National Bank of Canada Due 2017-05-24 [Member] | |||
Face Value | $ 1,622,000 | ||
Fair Value | $ 1,622,403 | ||
% of Partners' Capital (Net Asset Value) | 0.25% | ||
% Yield | [1] | 0.78% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.64% Nordea Bank Finland PLC Due 2017-02-13 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,000,778 | ||
% of Partners' Capital (Net Asset Value) | 0.31% | ||
% Yield | [1] | 0.64% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.5% Norinchukin Bank (NY Branch) Due 2016-11-03 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,002,796 | ||
% of Partners' Capital (Net Asset Value) | 0.31% | ||
% Yield | [1] | 0.50% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.57% Royal Bank of Canada Due 2016-10-14 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 1,000,418 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.57% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.8% Standard Chartered Bank Due 2016-04-08 [Member] | |||
Face Value | $ 1,200,000 | ||
Fair Value | $ 1,203,192 | ||
% of Partners' Capital (Net Asset Value) | 0.19% | ||
% Yield | [1] | 0.80% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.52% Sumitomo Mitsui Bank (NY Branch) Due 2016-12-02 [Member] | |||
Face Value | $ 850,000 | ||
Fair Value | $ 853,973 | ||
% of Partners' Capital (Net Asset Value) | 0.13% | ||
% Yield | [1] | 0.52% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.75% Toronto-Dominion Bank Due 2016-08-08 [Member] | |||
Face Value | $ 1,500,000 | ||
Fair Value | $ 1,503,773 | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ||
% Yield | [1] | 0.75% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 1% Toronto-Dominion Bank Due 2016-08-11 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,002,927 | ||
% of Partners' Capital (Net Asset Value) | 0.31% | ||
% Yield | [1] | 1.00% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.57% Westpac Banking Corporation Due 2016-10-21 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,801,450 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ||
% Yield | [1] | 0.57% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.33% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2015-11-02 [Member] | |||
Face Value | 1,750,000 | ||
Fair Value | $ 1,755,446 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ||
% Yield | [1] | 0.33% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.72% Industrial and Commercial Bank of China Ltd Due 2015-12-05 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,002,760 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.72% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.48% Lloyds Bank plc Due 2015-04-09 [Member] | |||
Face Value | $ 3,000,000 | ||
Fair Value | $ 3,005,530 | ||
% of Partners' Capital (Net Asset Value) | 0.41% | ||
% Yield | [1] | 0.48% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.2% Norinchukin Bank Due 2015-02-24 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,000,458 | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ||
% Yield | [1] | 0.20% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.35% Standard Chartered Bank Due 2015-03-03 [Member] | |||
Face Value | $ 1,200,000 | ||
Fair Value | $ 1,203,781 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.35% | |
Certificates of Deposit [Member] | U.S. Certificates of Deposit [Member] | Banks [Member] | 0.36% Sumitomo Mitsui Banking Corporation Due 2015-01-13 [Member] | |||
Face Value | $ 2,800,000 | ||
Fair Value | $ 2,810,027 | ||
% of Partners' Capital (Net Asset Value) | 0.38% | ||
% Yield | [1] | 0.36% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | |||
Fair Value | $ 16,116,201 | ||
% of Partners' Capital (Net Asset Value) | 217.00% | ||
Investment Owned, at Cost | $ 7,702,458 | ||
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.5% Bank of Nova Scotia Due 2016-09-05 [Member] | |||
Face Value | 2,200,000 | ||
Fair Value | $ 2,200,684 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ||
% Yield | [1] | 0.50% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.73% Canadian Imperial Bank of Commerce Due 2017-05-23 [Member] | |||
Face Value | $ 1,800,000 | ||
Fair Value | $ 1,800,350 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ||
% Yield | [1] | 0.73% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.57% Landesbank Hessen-Thuringen Girozentrale Due 2016-02-19 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,010,319 | ||
% of Partners' Capital (Net Asset Value) | 0.31% | ||
% Yield | [1] | 0.57% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.54% Svenska Handelsbanken AB Due 2016-08-17 [Member] | |||
Face Value | $ 705,000 | ||
Fair Value | $ 705,318 | ||
% of Partners' Capital (Net Asset Value) | 0.11% | ||
% Yield | [1] | 0.54% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.93% Svenska Handelsbanken AB Due 2017-07-12 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 1,000,031 | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ||
% Yield | [1] | 0.93% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.48% Bank of Nova Scotia Due 2015-10-23 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,004,887 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.48% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.42% Bank of Nova Scotia Due 2016-09-05 [Member] | |||
Face Value | $ 2,200,000 | ||
Fair Value | $ 2,200,678 | ||
% of Partners' Capital (Net Asset Value) | 0.29% | ||
% Yield | [1] | 0.42% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.33% Canadian Imperial Bank of Commerce Due 2015-11-16 [Member] | |||
Face Value | $ 2,000,000 | ||
Fair Value | $ 2,000,246 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ||
% Yield | [1] | 0.33% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.55% China Construction Bank Corporation Due 2015-07-01 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 1,001,363 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ||
% Yield | [1] | 0.55% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.75% China Construction Bank Corporation Due 2015-06-04 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 1,002,251 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ||
% Yield | [1] | 0.75% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.63% Credit Suisse Group AG Due 2015-01-15 [Member] | |||
Face Value | $ 1,000,000 | ||
Fair Value | $ 1,001,423 | ||
% of Partners' Capital (Net Asset Value) | 0.13% | ||
% Yield | [1] | 0.63% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.53% Credit Suisse Group AG Due 2015-05-15 [Member] | |||
Face Value | $ 2,500,000 | ||
Fair Value | $ 2,501,385 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ||
% Yield | [1] | 0.53% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.55% Deutsche Bank AG Due 2015-07-23 [Member] | |||
Face Value | $ 3,000,000 | ||
Fair Value | $ 3,003,512 | ||
% of Partners' Capital (Net Asset Value) | 0.40% | ||
% Yield | [1] | 0.55% | |
Certificates of Deposit [Member] | Foreign Certificates of Deposit [Member] | Banks [Member] | 0.28% Rabobank Nederland Due 2015-02-25 [Member] | |||
Face Value | $ 1,400,000 | ||
Fair Value | $ 1,400,456 | ||
% of Partners' Capital (Net Asset Value) | 0.19% | ||
% Yield | [1] | 0.28% | |
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated Condensed Schedu10
Consolidated Condensed Schedule of Investments Open Futures Contracts - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
% of Partners' Capital (Net Asset Value) | 73.61% | 61.95% | |
Investment Owned, at Cost | $ 453,001,973 | $ 432,077,493 | |
U.S. Futures Contracts [Member] | |||
Fair Value | $ 7,337,058 | $ 17,697,572 | |
% of Partners' Capital (Net Asset Value) | 1.14% | 2.39% | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | |||
Fair Value | $ (4,676,235) | $ (5,887,983) | |
% of Partners' Capital (Net Asset Value) | (0.73%) | (0.79%) | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Agricultural Commodities [Member] | |||
Fair Value | $ (87,790) | $ (1,185,132) | |
% of Partners' Capital (Net Asset Value) | (0.01%) | (0.15%) | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Currencies [Member] | |||
Fair Value | $ (13,903) | $ (106,053) | |
% of Partners' Capital (Net Asset Value) | 0.00% | (0.01%) | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Energy [Member] | |||
Fair Value | $ (71,925) | $ (1,530,775) | |
% of Partners' Capital (Net Asset Value) | (0.01%) | (0.21%) | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Equity Indices [Member] | |||
Fair Value | $ (267,223) | $ 2,610,713 | |
% of Partners' Capital (Net Asset Value) | (0.04%) | 0.35% | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Interest Rate Instruments [Member] | |||
Fair Value | $ (1,919,882) | $ 538,929 | |
% of Partners' Capital (Net Asset Value) | (0.30%) | 0.07% | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Metals [Member] | |||
Fair Value | $ (2,395,884) | $ (6,726,433) | |
% of Partners' Capital (Net Asset Value) | (0.38%) | (0.91%) | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Single Stock Futures [Member] | |||
Fair Value | $ 80,372 | $ 510,768 | |
% of Partners' Capital (Net Asset Value) | 0.01% | 0.07% | |
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | |||
Fair Value | $ 12,013,293 | $ 23,585,555 | |
% of Partners' Capital (Net Asset Value) | 1.87% | 3.18% | |
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Agricultural Commodities [Member] | |||
Fair Value | $ 1,382,973 | $ 3,070,083 | |
% of Partners' Capital (Net Asset Value) | 0.21% | 0.42% | |
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Currencies [Member] | |||
Fair Value | $ 1,781,349 | $ 4,168,170 | |
% of Partners' Capital (Net Asset Value) | 0.28% | 0.56% | |
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Energy [Member] | |||
Fair Value | $ 3,397,258 | $ 10,683,171 | [1] |
% of Partners' Capital (Net Asset Value) | 0.53% | 1.44% | [1] |
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Equity Indices [Member] | |||
Fair Value | $ (155,214) | $ (747,654) | |
% of Partners' Capital (Net Asset Value) | (0.02%) | (0.10%) | |
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Interest Rate Instruments [Member] | |||
Fair Value | $ 432,469 | $ 49,057 | |
% of Partners' Capital (Net Asset Value) | 0.07% | 0.01% | |
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Metals [Member] | |||
Fair Value | $ 5,114,526 | $ 6,476,573 | |
% of Partners' Capital (Net Asset Value) | 0.79% | 0.87% | |
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Single Stock Futures [Member] | |||
Fair Value | $ 59,932 | $ (113,845) | |
% of Partners' Capital (Net Asset Value) | 0.01% | (0.02%) | |
Foreign Futures Contracts [Member] | |||
Fair Value | $ (2,924,380) | $ 15,726,853 | |
% of Partners' Capital (Net Asset Value) | (0.45%) | 2.12% | |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | |||
Fair Value | $ (2,791,909) | $ 16,703,276 | |
% of Partners' Capital (Net Asset Value) | (0.43%) | 2.25% | |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Agricultural Commodities [Member] | |||
Fair Value | $ 92,172 | $ 92,841 | |
% of Partners' Capital (Net Asset Value) | 0.01% | 0.01% | |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Currencies [Member] | |||
Fair Value | $ 113,487 | $ (77,868) | |
% of Partners' Capital (Net Asset Value) | 0.02% | (0.01%) | |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Energy [Member] | |||
Fair Value | $ 10,646 | ||
% of Partners' Capital (Net Asset Value) | 0.00% | ||
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Equity Indices [Member] | |||
Fair Value | $ (257,076) | $ 2,888,385 | |
% of Partners' Capital (Net Asset Value) | (0.04%) | 0.39% | |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Interest Rate Instruments [Member] | |||
Fair Value | $ (2,743,226) | $ 13,765,795 | [1] |
% of Partners' Capital (Net Asset Value) | (0.42%) | 1.86% | [1] |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Metals [Member] | |||
Fair Value | $ 1,805 | $ 15,039 | |
% of Partners' Capital (Net Asset Value) | 0.00% | 0.00% | |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Single Stock Futures [Member] | |||
Fair Value | $ 929 | $ 8,438 | |
% of Partners' Capital (Net Asset Value) | 0.00% | 0.00% | |
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | |||
Fair Value | $ (132,471) | $ (976,423) | |
% of Partners' Capital (Net Asset Value) | (0.02%) | (0.13%) | |
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Agricultural Commodities [Member] | |||
Fair Value | $ 82,706 | $ (27,578) | |
% of Partners' Capital (Net Asset Value) | 0.01% | 0.00% | |
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Currencies [Member] | |||
Fair Value | $ 218,328 | $ 25,247 | |
% of Partners' Capital (Net Asset Value) | 0.03% | 0.00% | |
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Energy [Member] | |||
Fair Value | $ 260,934 | $ 453,431 | |
% of Partners' Capital (Net Asset Value) | 0.04% | 0.06% | |
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Equity Indices [Member] | |||
Fair Value | $ (747,330) | $ (571,693) | |
% of Partners' Capital (Net Asset Value) | (0.11%) | (0.08%) | |
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Interest Rate Instruments [Member] | |||
Fair Value | $ 34,671 | $ (855,830) | |
% of Partners' Capital (Net Asset Value) | 0.01% | (0.11%) | |
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Metals [Member] | |||
Fair Value | $ 20,191 | ||
% of Partners' Capital (Net Asset Value) | 0.00% | ||
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Single Stock Futures [Member] | |||
Fair Value | $ (1,971) | ||
% of Partners' Capital (Net Asset Value) | 0.00% | ||
U.S. Exchange Forward Currency [Member] | |||
Fair Value | $ (66,884) | $ 1,286,377 | |
% of Partners' Capital (Net Asset Value) | (0.01%) | 0.17% | |
U.S. Exchange Forward Currency [Member] | Long U.S. Forward Currency Contracts [Member] | |||
Fair Value | $ (153,940) | $ (4,864,209) | |
% of Partners' Capital (Net Asset Value) | (0.02%) | (0.66%) | |
U.S. Exchange Forward Currency [Member] | Short U.S. Forward Currency Contracts [Member] | |||
Fair Value | $ 87,056 | $ 6,150,586 | |
% of Partners' Capital (Net Asset Value) | 0.01% | 0.83% | |
Foreign Exchange Forward Currency [Member] | |||
Fair Value | $ (1,547,607) | $ (2,695,634) | |
% of Partners' Capital (Net Asset Value) | (0.24%) | (0.36%) | |
Foreign Exchange Forward Currency [Member] | Long Foreign Forward Currency Contracts [Member] | |||
Fair Value | $ 713,075 | $ 201,411 | |
% of Partners' Capital (Net Asset Value) | 0.11% | 0.03% | |
Foreign Exchange Forward Currency [Member] | Short Foreign Forward Currency Contracts [Member] | |||
Fair Value | $ (2,260,682) | $ (2,897,045) | |
% of Partners' Capital (Net Asset Value) | (0.35%) | (0.39%) | |
Swap Contract [Member] | Total Return Swap [Member] | Deutsche Bank AG Due 2019-04-01 [Member] | |||
Fair Value | $ 3,440,896 | $ 8,071,814 | |
% of Partners' Capital (Net Asset Value) | 0.53% | 1.09% | |
Futures Contracts [Member] | |||
Fair Value | $ 4,412,678 | $ 33,424,425 | |
% of Partners' Capital (Net Asset Value) | 0.69% | 4.51% | |
Forward Contracts [Member] | |||
Fair Value | $ (1,614,491) | $ (1,409,257) | |
% of Partners' Capital (Net Asset Value) | (0.25%) | (0.19%) | |
[1] | No individual futures or forward currency contract position constituted one percent or greater of partners' capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net realized gain (loss) on: | ||||
Futures and forward contracts | $ 50,926,606 | $ 107,984,227 | $ 4,337,000 | |
Investments in securities and CDs | (338,953) | 1,049,109 | (81,780) | |
Net change in unrealized gain (loss) on: | ||||
Futures, forward contracts and swap contracts | (33,847,899) | 1,433,793 | 20,908,815 | |
Investments in securities and CDs | (180,525) | 575,771 | 349,956 | |
Brokerage commissions and trading expenses | (5,697,454) | (4,832,579) | (4,142,902) | |
Net realized and change in unrealized gain (loss) on investments | 10,861,775 | 104,112,103 | 21,371,089 | |
Income | ||||
Interest income (loss) | 3,317,092 | 2,765,368 | 4,385,819 | |
Expenses | ||||
Trading Advisor management fee | 9,602,774 | 10,863,419 | 16,692,370 | |
Trading Advisor incentive fee | 9,565,572 | 15,970,061 | 550,930 | |
Cash Managers fees | 474,692 | 518,322 | 821,125 | |
General Partner management and performance fees | 10,471,750 | 11,605,429 | 16,673,886 | |
Selling agent and broker dealer servicing fees - General Partner | 9,604,363 | 10,438,411 | 14,343,627 | |
General Partner 1% allocation | (272,098) | 538,285 | (283,366) | |
Administrative expenses - General Partner | 2,084,094 | 2,723,743 | 5,011,567 | |
Investment Manager fees | 1,011,765 | 554,872 | ||
Distribution (12b-1) fees | 21,977 | 628 | ||
Operating services fee | 404,706 | 221,949 | ||
Total expenses | 42,969,595 | 53,435,119 | 53,810,139 | |
Net investment income (loss) | (39,652,503) | (50,669,751) | (49,424,320) | |
Net income (loss) | (28,790,728) | 53,442,352 | (28,053,231) | |
Less: net (income) loss attributable to non-controlling interest | 1,852,537 | (151,622) | ||
Net Income (Loss) attributable to the Fund | (26,938,191) | 53,290,730 | (28,053,231) | |
Class A [Member] | ||||
Expenses | ||||
Net income (loss) | $ (20,791,261) | $ 31,308,587 | $ (20,670,026) | |
Increase (decrease) in net asset value per unit for the year (in dollars per unit) | $ (202.04) | $ 299.79 | $ (114.32) | |
Net income (loss) per unit (in dollars per unit) | [1] | $ (201.98) | $ 265.09 | $ (129.83) |
Weighted average number of units outstanding (in units) | 102,939.0690 | 118,107.6143 | 159,208.4586 | |
Class B [Member] | ||||
Expenses | ||||
Net income (loss) | $ (6,049,067) | $ 21,759,061 | $ (7,288,937) | |
Increase (decrease) in net asset value per unit for the year (in dollars per unit) | $ (181.22) | $ 533.83 | $ (55.38) | |
Net income (loss) per unit (in dollars per unit) | [1] | $ (162.65) | $ 464.2 | $ (99.50) |
Weighted average number of units outstanding (in units) | 37,189.7073 | 46,874.3994 | 73,258.8516 | |
Class I [Member] | ||||
Expenses | ||||
Net income (loss) | $ (97,863) | $ 223,082 | $ (94,268) | |
Increase (decrease) in net asset value per unit for the year (in dollars per unit) | $ (20.81) | $ 94.56 | $ (2.33) | |
Net income (loss) per unit (in dollars per unit) | [1] | $ (26.18) | $ 71.42 | $ (18.46) |
Weighted average number of units outstanding (in units) | 3,737.8571 | 3,123.6227 | 5,107.1020 | |
[1] | (based on weighted average number of units outstanding during the year) |
Consolidated Statements of Op12
Consolidated Statements of Operations (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
General partner allocation percentage | 1.00% | 1.00% | 1.00% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income (loss) | $ (28,790,728) | $ 53,442,352 | $ (28,053,231) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Net change in unrealized (gain) loss from futures, forwards and swap trading | 33,847,899 | (1,433,793) | (20,908,815) |
Net realized and change in unrealized (gain) loss on securities and certificates of deposit | 519,478 | 473,338 | (268,176) |
Purchases of securities and certificates of deposit | (881,073,564) | (881,880,084) | (1,442,002,615) |
Proceeds from disposition of securities and certificates of deposit | 866,151,335 | 995,597,248 | 1,637,173,170 |
Changes in | |||
Trading Advisor management fee payable | 89,328 | (1,300,277) | 445,166 |
Trading Advisor incentive fee payable | (10,760,210) | 10,799,168 | 177,898 |
Commissions and other trading fees payable on open contracts | (8,205) | 1,491 | (133,511) |
Cash Managers fees payable | (1,577) | (53,634) | (142,638) |
General Partner management and performance fees payable | (141,504) | (214,935) | (490,402) |
General Partner 1% allocation receivable/payable | (809,715) | 821,651 | 564,139 |
Selling agent and broker dealer servicing fees payable - General Partner | (102,535) | (178,062) | (364,755) |
Administrative expenses payable - General Partner | (27,692) | (161,486) | (146,141) |
Investment Manager fee payable | 9,263 | 74,621 | |
Distribution (12b-1) fees payable | 1,883 | 321 | |
Operating services fee payable | 3,706 | 29,848 | |
Net cash provided by (used in) operating activities | (21,092,838) | 176,017,767 | 145,850,089 |
Cash flows from financing activities | |||
Subscriptions | 40,025,835 | 36,935,294 | 62,230,923 |
Subscriptions received in advance | 1,086,965 | 2,577,065 | 2,399,374 |
Redemptions | (128,197,392) | (264,469,560) | (431,734,922) |
Non-controlling interest - subscriptions | 25,819,976 | 7,168,316 | |
Non-controlling interest - redemptions | (8,313,699) | (247,270) | |
Non-controlling interest - dividends declared | (2,818,342) | ||
Non-controlling interest - dividends reinvested | 2,572,536 | ||
Net cash provided by (used in) financing activities | (69,824,121) | (218,036,155) | (367,104,625) |
Net increase (decrease) in cash and cash equivalents | (90,916,959) | (42,018,388) | (221,254,536) |
Cash and cash equivalents, beginning of year | 269,943,729 | 311,962,117 | 533,216,653 |
Cash and cash equivalents, end of year | 179,026,770 | 269,943,729 | 311,962,117 |
End of year cash and cash equivalents consists of | |||
Cash in broker trading accounts | 122,736,345 | 240,042,950 | 289,217,101 |
Cash and cash equivalents | 56,290,425 | 29,900,779 | 22,745,016 |
Total end of year cash and cash equivalents | 179,026,770 | 269,943,729 | 311,962,117 |
Supplemental disclosure of cash flow information | |||
Prior year redemptions paid | 10,423,609 | 36,130,211 | 41,157,564 |
Prior year subscriptions received in advance | 2,577,065 | 2,399,374 | 9,060,642 |
Supplemental schedule of non-cash financing activities | |||
Redemptions payable | $ 11,143,201 | $ 10,423,609 | $ 36,130,211 |
Consolidated Statements of Ca14
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
General partner allocation percentage | 1.00% | 1.00% | 1.00% |
Consolidated Statements of Chan
Consolidated Statements of Changes in Partners' Capital (Net Asset Value) - USD ($) | Total | Non-Controlling Interest [Member] | Class A [Member] | Class B [Member] | Class I [Member] |
Balance at beginning at Dec. 31, 2012 | $ 1,263,878,940 | $ 753,610,488 | $ 508,000,871 | $ 2,267,581 | |
Balance at beginning (in units) at Dec. 31, 2012 | 178,207.9880 | 86,910.3630 | 2,484.3408 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (28,053,231) | $ (20,670,026) | $ (7,288,937) | $ (94,268) | |
Subscriptions | 71,291,565 | $ 42,154,405 | $ 26,097,015 | $ 3,040,145 | |
Subscriptions (in units) | 10,050.4027 | 4,492.7783 | 3,305.6618 | ||
Redemptions | $ (426,707,569) | $ (211,357,077) | $ (214,393,808) | $ (956,684) | |
Redemptions (in units) | (51,241.6356) | (37,455.7015) | (1,114.4090) | ||
Transfers | $ (13,236,395) | $ 13,236,395 | |||
Transfers (in units) | (3,221.7139) | 2,299.0022 | |||
Balance at ending at Dec. 31, 2013 | $ 880,409,705 | $ 550,501,395 | $ 325,651,536 | $ 4,256,774 | |
Balance at ending (in units) at Dec. 31, 2013 | 133,795.0412 | 56,246.4420 | 4,675.5936 | ||
Net asset value per unit at beginning of period (in dollars per unit) at Dec. 31, 2012 | $ 4,228.83 | $ 5,845.11 | $ 912.75 | ||
Net asset value per unit at end of period (in dollars per unit) at Dec. 31, 2013 | $ 4,114.51 | $ 5,789.73 | $ 910.42 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | 53,442,352 | $ 151,622 | $ 31,308,587 | $ 21,759,061 | $ 223,082 |
Subscriptions | 46,712,384 | 7,377,716 | $ 24,482,676 | $ 12,851,948 | $ 1,000,044 |
Subscriptions (in units) | 5,990.5800 | 2,381.0576 | 993.3066 | ||
Redemptions | $ (239,010,228) | $ (247,270) | $ (134,543,605) | $ (102,195,146) | $ (2,024,207) |
Redemptions (in units) | (32,878.7600) | (17,689.8054) | (2,229.9294) | ||
Transfers | $ (3,505,334) | $ 3,505,334 | |||
Transfers (in units) | (832.8498) | 585.2723 | |||
Balance at ending at Dec. 31, 2014 | $ 741,554,213 | $ 7,282,068 | $ 468,243,719 | $ 262,572,733 | $ 3,455,693 |
Balance at ending (in units) at Dec. 31, 2014 | 106,074.0114 | 41,522.9665 | 3,438.9708 | ||
Net asset value per unit at end of period (in dollars per unit) at Dec. 31, 2014 | $ 4,414.30 | $ 6,323.56 | $ 1,004.98 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Net income (loss) | (28,790,728) | (1,852,537) | $ (20,791,261) | $ (6,049,067) | $ (97,863) |
Subscriptions | 68,298,890 | 25,695,990 | $ 27,895,857 | $ 14,297,043 | $ 410,000 |
Subscriptions (in units) | 6,332.1539 | 2,265.3247 | 389.4833 | ||
Redemptions | (137,230,683) | (8,339,239) | $ (56,971,712) | $ (71,919,732) | |
Redemptions (in units) | (13,128.0421) | (11,382.5641) | |||
Transfers | $ (5,428,055) | $ 5,428,055 | |||
Transfers (in units) | (1,243.1651) | 859.9317 | |||
Dividends declared | (2,818,342) | (2,818,342) | |||
Dividends reinvested | 2,572,536 | 2,572,536 | |||
Balance at ending at Dec. 31, 2015 | $ 643,585,886 | $ 22,540,476 | $ 412,948,548 | $ 204,329,032 | $ 3,767,830 |
Balance at ending (in units) at Dec. 31, 2015 | 98,034.9581 | 33,265.6588 | 3,828.4541 | ||
Net asset value per unit at end of period (in dollars per unit) at Dec. 31, 2015 | $ 4,212.26 | $ 6,142.34 | $ 984.17 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Description of the Fund Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in three classes, Class A, B and I, which represent units of fractional undivided beneficial interest in and ownership of the Fund. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”). The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally. The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades. Steben & Company, Inc. (“General Partner”), is the general partner of the Fund and a Maryland corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents. The three classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee and class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements and lower General Partner Management Fees (0.75% per annum instead of 1.50% per annum) as well as a General Partner performance fee (7.5% of new profits, described more fully in Footnote 4). During the second quarter of 2014, the Fund purchased $58.5 million of Class I shares of the Steben Managed Futures Strategy Fund (“SMFF”). SMFF is a non-diversified series of shares of beneficial interest of Steben Alternative Investment Fund (the “Trust”), a statutory trust organized under the laws of the State of Delaware, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. SMFF issues four classes of shares: Class A, C, I and N. At December 31, 2015, the Fund owned 71% of the outstanding shares of SMFF and therefore had effective control of that entity. Accordingly, the assets, liabilities and operating results of SMFF have been consolidated with the Fund. The portion of SMFF that is not owned by the Fund is presented as the non-controlling interest. SMFF has a similar investment strategy to the Fund, except that through its wholly-owned subsidiary it uses a total return swap with Deutsche Bank AG to obtain access to the returns of select commodity trading advisors. The General Partner serves as the investment manager of SMFF. During 2015, the Fund redeemed $7 million of its investment in SMFF, which is eliminated in consolidation. Significant Accounting Policies Accounting Principles The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Consolidation The accompanying consolidated financial statements include the accounts of the Fund and SMFF, for which the Fund was the majority shareholder. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. Fair Value of Financial Instruments Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds. Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and U.S. government sponsored enterprise notes. Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the years ended December 31, 2015 and 2014, there were no such transfers between levels. A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are classified within Level 2. The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The fair value of the swap investment is based on quoted market prices for the underlying contracts of the trading advisor programs within the swap and is classified within Level 2. Cash and Cash Equivalents Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk. Brokerage Commissions and Trading Expenses Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed. Redemptions Payable Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to year end. These redemptions have been recorded using the year end net asset value per Unit. Income Taxes The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through December 31, 2015. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2012. Foreign Currency Transactions The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations. Swap Agreement Through its investment in SMFF, the Fund has entered into a total return swap with Deutsche Bank AG. This two-party contract was entered in to exchange, or swap, the returns realized on a basket of CTA programs. Under the terms of the swap agreement, the investment manager of SMFF has the ability to periodically adjust the notional level of the swap, the notional allocation to each CTA program and the mix of CTA programs. The swap was effective April 2, 2014 and has a term of five years, with certain early termination provisions. The swap includes a 0.50% fee to Deutsche Bank AG. At December 31, 2015 and 2014, the notional value of the swap was $98,065,907 and $81,216,511, respectively. SMFF had provided $12,796,500 as collateral in 2015 and 2014, which are included cash in broker trading accounts in the consolidated statements of financial condition. During the year ended December 31, 2015, the swap had depreciation in fair value of $4,630,918 and during the year ended December 31, 2014, the swap had an appreciation in fair value of $8,068,314. Amounts are included in net change in unrealized gain (loss) on futures, forwards and swap contracts in the consolidated statements of operations. Reclassification Certain amounts in the 2014 and 2013 consolidated financial statements have been reclassified to conform to the 2015 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss). New Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance that replaces the existing accounting standards for revenue recognition. The guidance requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration it expects to be entitled to receive in exchange for those goods or services. The standard is effective beginning the first quarter of the Fund’s 2018 fiscal year (with limited early adoption options). The Fund does not expect any material change as a result of implanting this new standard. Business Combinations In December 2014, the FASB issued guidance that supplements existing accounting standards for business combinations. The guidance provides clarification concerning accounting for identifiable intangible assets in a business combination. This standard is effective beginning the first quarter of the Fund’s 2016 fiscal year (with early adoption permitted). The Fund is currently evaluating the impact of this accounting pronouncement. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 2. Fair Value Disclosures The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements: At December 31, 2015 Level 1 Level 2 Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts* $ 4,412,678 $ — $ 4,412,678 Net unrealized gain (loss) on open forward currency contracts* — (1,614,491 ) (1,614,491 ) Net unrealized gain (loss) on swap contract* — 3,440,896 3,440,896 Cash and cash equivalents: Money market fund 7,814,672 — 7,814,672 Investments in securities: U.S. Treasury securities* 76,996,959 — 76,996,959 Asset backed securities* — 52,248,612 52,248,612 Commercial paper* — 57,258,212 57,258,212 Corporate notes* — 264,545,250 264,545,250 Certificates of deposit* — 22,710,509 22,710,509 Total $ 89,224,309 $ 398,588,988 $ 487,813,297 *See the consolidated condensed schedule of investments for further description. At December 31, 2014 Level 1 Level 2 Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts* $ 33,424,425 $ — $ 33,424,425 Net unrealized gain (loss) on open forward currency contracts* — (1,409,257 ) (1,409,257 ) Net unrealized gain (loss) on swap contract* — 8,071,814 8,071,814 Cash and cash equivalents: Money market fund 11,400,634 — 11,400,634 Investments in securities: U.S. Treasury securities* 39,378,298 — 39,378,298 U.S. government sponsored enterprise notes* — 2,000,951 2,000,951 Asset backed securities* — 29,066,524 29,066,524 Commercial paper* — 56,246,377 56,246,377 Corporate notes* — 303,770,438 303,770,438 Certificates of deposit* — 28,894,203 28,894,203 Total $ 84,203,357 $ 426,641,050 $ 510,844,407 *See the consolidated condensed schedule of investments for further description. There were no Level 3 holdings at December 31, 2015 and 2014, or during the years then ended. In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments. |
Derivative Instruments Disclosu
Derivative Instruments Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments Disclosures | 3. Derivative Instruments Disclosures The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At December 31, 2015 and 2014, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: December 31, 2015 Derivative Assets and Liabilities, at fair value Consolidated Statements of Financial Condition Location Gross Gross Amounts Net Amount of Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts Agricultural commodities $ 2,931,852 $ (1,461,791 ) $ 1,470,061 Currencies 3,316,471 (1,217,210 ) 2,099,261 Energy 7,683,689 (4,097,422 ) 3,586,267 Equity indices 1,783,774 (3,210,617 ) (1,426,843 ) Interest rate instruments 3,071,712 (7,267,680 ) (4,195,968 ) Metals 10,856,826 (8,116,188 ) 2,740,638 Single stock futures 349,078 (209,816 ) 139,262 Net unrealized gain (loss) on open futures contracts $ 29,993,402 $ (25,580,724 ) $ 4,412,678 Net unrealized gain (loss) on open forward currency contracts $ 5,908,603 $ (7,523,094 ) $ (1,614,491 ) Net unrealized gain (loss) on swap contract* $ 3,440,896 $ — $ 3,440,896 *At December 31, 2015, the sector exposure of the CTA indices underlying the swap was: Agricultural commodities 6 % Currencies 22 % Energy 5 % Equity indices 12 % Interest rate instruments 47 % Metals 8 % Total 100 % At December 31, 2015, there were 62,863 open futures contracts and 2,065 open forward currency contracts. The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2015 were: Gross Amounts Not Offset in the Counterparty Net Amount of Assets in Financial Instruments Cash Collateral Received Net Amount JP Morgan Securities, LLC $ (1,431,600 ) $ — $ — $ (1,431,600 ) Société Générale Newedge UK Limited* (1,576,239 ) — — (1,576,239 ) SG Americas Securities, LLC** 5,899,215 — — 5,899,215 UBS AG (50,630 ) — — (50,630 ) Deutsche Bank AG 3,398,337 — — 3,398,337 Total $ 6,239,083 $ — $ — $ 6,239,083 *formerly Newedge UK Financial Ltd **formerly Newedge USA, LLC December 31, 2014 Derivative Assets and Liabilities, at fair value Consolidated Statements of Financial Condition Location Gross Gross Amounts Net Amount of Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts Agricultural commodities $ 3,586,791 $ (1,636,577 ) $ 1,950,214 Currencies 4,725,746 (716,250 ) 4,009,496 Energy 11,263,597 (1,647,124 ) 9,616,473 Equity indices 8,159,156 (3,979,405 ) 4,179,751 Interest rate instruments 16,531,993 (3,034,042 ) 13,497,951 Metals 6,662,967 (6,897,788 ) (234,821 ) Single stock futures 619,062 (213,701 ) 405,361 Net unrealized gain (loss) on open futures contracts $ 51,549,312 $ (18,124,887 ) $ 33,424,425 Net unrealized gain (loss) on open forward currency contracts $ 9,242,604 $ (10,651,861 ) $ (1,409,257 ) Net unrealized gain (loss) on swap contract* $ 8,071,814 $ — $ 8,071,814 *At December 31, 2014, the sector exposure of the CTA indices underlying the swap was: Agricultural commodities 5 % Currencies 30 % Energy 2 % Equity indices 12 % Interest rate instruments 45 % Metals 6 % Total 100 % At December 31, 2014, there were 63,480 open futures contracts and 2,160 open forward currency contracts. The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2014 were: Gross Amounts Not Offset in the Counterparty Net Amount of Assets in Financial Instruments Cash Collateral Received Net Amount JP Morgan Securities, LLC $ 5,521,276 $ — $ — $ 5,521,276 Société Générale Newedge UK Limited* (2,696,108 ) — — (2,696,108 ) SG Americas Securities, LLC** 27,903,149 — — 27,903,149 UBS AG 1,286,851 — — 1,286,851 Deutsche Bank AG 8,071,814 — — 8,071,814 Total $ 40,086,982 $ — $ — $ 40,086,982 *formerly Newedge UK Financial Ltd **formerly Newedge USA, LLC For the years ended December 31, 2015, 2014 and 2013, the Fund’s futures and forwards contracts had the following impact on the consolidated statements of operations: 2015 2014 Types of Exposure Net realized Net change Net realized Net change Futures contracts Agricultural commodities $ (9,005,724 ) $ (480,153 ) $ 10,236,600 $ (1,967,178 ) Currencies (847,018 ) (1,910,235 ) 19,428,267 (3,676,354 ) Energy 45,065,516 (6,030,206 ) 608,729 9,596,248 Equity indices (5,916,524 ) (5,606,594 ) (4,992,852 ) (20,685,885 ) Interest rate instruments 27,500,225 (17,693,919 ) 82,550,996 13,869,176 Metals 4,126,059 2,975,459 (5,437,863 ) (1,526,502 ) Single stock futures (197,987 ) (266,099 ) 1,656,587 (143,188 ) Total futures contracts 60,724,547 (29,011,747 ) 104,050,464 (4,533,683 ) Forward currency contracts (8,884,366 ) (205,234 ) 5,547,105 (2,104,332 ) Swap contract — (4,630,918 ) (3,500 ) 8,071,808 Total futures, forward currency and swap contracts $ 51,840,181 $ (33,847,899 ) $ 109,594,069 $ 1,433,793 2013 Types of Exposure Net realized Net change Futures contracts Agricultural commodities $ 321,517 $ 1,793,957 Currencies (967,139 ) 2,706,648 Energy (47,484,893 ) (936,879 ) Equity indices 109,640,028 20,551,449 Interest rate instruments (60,300,646 ) (4,766,790 ) Metals 13,269,933 6,037,761 Single stock futures 3,128,407 453,989 Total futures contracts 17,607,207 25,840,135 Forward currency contracts (13,877,094 ) (4,931,320 ) Total futures and forward currency $ 3,730,113 $ 20,908,815 For the years ended December 31, 2015, 2014 and 2013, the number of futures contracts closed was 1,932,217, 1,408,130 and 1,228,562, respectively, and the number of forward currency contracts closed was 151,846, 36,568 and 42,952, respectively. |
General Partner
General Partner | 12 Months Ended |
Dec. 31, 2015 | |
General Partner | |
General Partner | 4. General Partner At December 31, 2015, 2014 and 2013, and for the years then ended, the General Partner did not maintain a capital balance in the Fund; however, the beneficiary of the majority shareholder of the General Partner had the following investment in Class I Units: 2015 2014 2013 Units Owned 254.4114 254.4114 254.4114 Value of Units $ 250,383 $ 255,679 $ 231,622 The General Partner earns the following compensation: ▪ General Partner Management Fee – the Fund incurs a monthly fee on Class A and Class B Units equal to 1/12 th th ▪ General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of new profits of the Class I Units calculated monthly. The general partner performance fee is payable quarterly in arrears. ▪ Management fee – SMFF incurs a monthly fee equal to 1/12 th ▪ Distribution (12b-1) fee – SMFF incurs a monthly 12b-1 fee of 1/12 th th ▪ Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12 th ▪ Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12 th ▪ Operating Services Fee – SMFF incurs a monthly fee equal to 1/12 th ▪ Administrative Expenses – the Fund incurs a monthly fee equal to 1/12 th Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations. |
Trading Advisor and Cash Manage
Trading Advisor and Cash Managers | 12 Months Ended |
Dec. 31, 2015 | |
Trading Advisor And Cash Managers | |
Trading Advisor and Cash Managers | 5. Trading Advisors and Cash Managers The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0% to 1.5% per annum of allocated net assets (as defined in each respective advisory agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs advisor incentive fees, payable quarterly in arrears, ranging from 12.50% to 30% of net new trading profits (as defined in each respective advisory agreement). J.P. Morgan Investment Management, Inc. and Principal Global Investors, LLC (collectively, the “Cash Managers”) provide cash management services to the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12 th |
Deposits with Brokers
Deposits with Brokers | 12 Months Ended |
Dec. 31, 2015 | |
Deposits With Brokers | |
Deposits with Brokers | 6. Deposits with Brokers To meet margin requirements, the Fund deposits funds with brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with brokers. At December 31, 2015 and 2014, the Fund had margin deposit requirements of $98,809,677 and $104,811,368, respectively. |
Subscriptions, Distributions an
Subscriptions, Distributions and Redemptions | 12 Months Ended |
Dec. 31, 2015 | |
Partners' Capital Notes [Abstract] | |
Subscriptions, Distributions and Redemptions | 7. Subscriptions, Distributions and Redemptions Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000 for Class A and B units and $2,000,000 for Class I units. Units are sold at the respective net asset value per unit for Class A, B or I interests as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At December 31, 2015 and 2014, the Fund received advance subscriptions of $1,086,965 and $2,577,065, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to period-end. The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, Class B or Class I Units owned at the end of any month, subject to five business daysÂ’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement. The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or other self-regulatory organization regulations. |
Trading Activities and Related
Trading Activities and Related Risks | 12 Months Ended |
Dec. 31, 2015 | |
Trading Activities And Related Risks | |
Trading Activities and Related Risks | 8. Trading Activities and Related Risks The Fund engages in the speculative trading of futures, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract. Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than (or none of) the total cash and other property deposited. The Fund uses with SG Americas Securities, LLC (formerly Newedge USA, LLC), JP Morgan Securities, LLC and Deutsche Bank Securities, Inc. as its futures brokers and Société Générale Newedge UK Limited (formerly Newedge UK Finance Limited) and UBG AG as its forward currency counterparties. For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short. In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions. In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund. The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement. The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits. Entering into swap agreements involves, to varying degrees, credit, market, and counterparty risk in excess of the amounts recognized on the consolidated statement of financial condition. The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments. Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure at December 31, 2015. Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Certificates of Deposit Total % of Partners’ Capital (Net Asset Value) United States $ 76,996,959 $ 35,057,378 $ 196,888,445 $ 52,248,612 $ 14,993,807 $ 376,185,201 58.41 % Australia — 3,094,764 10,524,403 — — 13,619,167 2.12 % Switzerland — — 9,753,172 — — 9,753,172 1.52 % Netherlands — — 12,340,048 — — 12,340,048 1.92 % Great Britain — 2,698,571 7,189,651 — — 9,888,222 1.54 % Japan — 5,797,609 3,585,734 — — 9,383,343 1.46 % Canada — 899,078 4,466,438 — 4,001,034 9,366,550 1.46 % Luxumbourg — — 6,870,944 — — 6,870,944 1.07 % Sweden — 449,810 3,798,693 — 1,705,349 5,953,852 0.93 % British Virgin Islands — — 4,798,968 — — 4,798,968 0.75 % France — 4,067,748 — — — 4,067,748 0.63 % Norway — 2,998,889 — — — 2,998,889 0.47 % Germany — — 767,886 — 2,010,319 2,778,205 0.43 % Hong Kong — 1,394,628 — — — 1,394,628 0.22 % Mexico — — 1,300,842 — — 1,300,842 0.20 % Spain — — 1,017,721 — — 1,017,721 0.16 % Ireland — — 1,012,921 — — 1,012,921 0.16 % Singapore — 799,736 — — — 799,736 0.12 % Cayman Islands — — 229,384 — — 229,384 0.04 % Total $ 76,996,959 $ 57,258,211 $ 264,545,250 $ 52,248,612 $ 22,710,509 $ 473,759,541 73.61 % The following table presents the exposure at December 31, 2014. Country or Region U.S. Treasury Securities U.S. Government Sponsored Enterprise Notes Commercial Paper Corporate Notes Asset Backed Securities Certificates of Deposit Total % of Partners’ Capital (Net Asset Value) United States $ 39,378,298 $ 2,000,951 $ 39,972,402 $ 208,862,490 $ 29,066,524 $ 12,778,002 $ 332,058,667 44.77 % Canada — — — 20,801,648 — 6,205,811 27,007,459 3.64 % Netherlands — — — 21,483,148 — 1,400,456 22,883,604 3.09 % Australia — — 1,488,120 15,346,609 — — 16,834,729 2.27 % Great Britain — — 5,198,181 6,746,558 — — 11,944,739 1.61 % Japan — — 2,099,711 7,516,554 — — 9,616,265 1.30 % Switzerland — — — 2,241,635 — 3,502,808 5,744,443 0.77 % Spain — — — 5,684,276 — — 5,684,276 0.77 % France — — 4,488,171 1,014,535 — — 5,502,706 0.74 % Sweden — — 2,999,792 2,204,253 — — 5,204,045 0.70 % British Virgin Islands — — — 4,790,088 — — 4,790,088 0.65 % Mexico — — — 4,517,931 — — 4,517,931 0.61 % Germany — — — — — 3,003,512 3,003,512 0.41 % Luxumbourg — — — 2,560,713 — — 2,560,713 0.35 % China — — — — — 2,003,614 2,003,614 0.27 % Total $ 39,378,298 $ 2,000,951 $ 56,246,377 $ 303,770,438 $ 29,066,524 $ 28,894,203 $ 459,356,791 61.95 % |
Indemnifications
Indemnifications | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Indemnifications | 9. Indemnifications In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The FundÂ’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for such indemnifications. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2015 | |
Financial Highlights | |
Financial Highlights | 10. Financial Highlights The following information presents per unit operating performance data and other ratios for the years ended December 31, 2015, 2014 and 2013, assuming the unit was outstanding throughout the entire year: 2015 2014 Class A Class B Class I Class A Class B Class I Per Unit Operating Performance Net asset value per unit, beginning of year $ 4,414.30 $ 6,323.56 $ 1,004.98 $ 4,114.51 $ 5,789.73 $ 910.42 Net realized and change in unrealized gain (loss) on investments (1) 75.45 113.27 15.59 600.87 853.59 133.42 Net investment income (loss) (1) (277.49 ) (294.49 ) (36.40 ) (301.08 ) (319.76 ) (38.86 ) Total income (loss) from operations (202.04 ) (181.22 ) (20.81 ) 299.79 533.83 94.56 Net asset value per unit, end of year $ 4,212.26 $ 6,142.34 $ 984.17 $ 4,414.30 $ 6,323.56 $ 1,004.98 Total return (4.58 )% (2.87 )% (2.07 )% 7.29 % 9.22 % 10.39 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 6.86 % 5.14 % 4.12 % 7.61 % 5.75 % 4.50 % General Partner 1% allocation (0.05 )% (0.03 )% (0.03 )% 0.07 % 0.08 % 0.08 % Net total expenses 6.81 % 5.11 % 4.09 % 7.68 % 5.83 % 4.58 % Net investment income (loss) (2) (3) (6.38 )% (4.67 )% (3.63 )% (7.24 )% (5.39 )% (4.14 )% 2013 Class A Class B Class I Per Unit Operating Performance Net asset value per unit, beginning of year $ 4,228.83 $ 5,845.11 $ 912.75 Net realized and change in unrealized gain (loss) on investments (1) 103.55 144.03 23.11 Net investment income (loss) (1) (217.87 ) (199.41 ) (25.44 ) Total income (loss) from operations (114.32 ) (55.38 ) (2.33 ) Net asset value per unit, end of year $ 4,114.51 $ 5,789.73 $ 910.42 Total return (2.70 )% (0.95 )% (0.25 )% Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 5.68 % 3.87 % 3.25 % General Partner 1% allocation (0.03 )% (0.02 )% (0.02 )% Net total expenses 5.65 % 3.85 % 3.23 % Net investment income (loss) (2) (3) (5.28 )% (3.46 )% (2.83 )% Total returns are calculated based on the change in value of a Class A, Class B or Class I Unit during the year. An individual partnerÂ’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. (1) (2) (3) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events Subsequent to year end, there were $3,711,421 of contributions and $22,152,165 of redemptions from the Fund. In March 2016, SMFF terminated its swap agreement and began using accounts managed by commodity trading advisors. |
Organization and Summary of S27
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Principles | Accounting Principles The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of the Fund and SMFF, for which the Fund was the majority shareholder. Intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds. Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and U.S. government sponsored enterprise notes. Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the years ended December 31, 2015 and 2014, there were no such transfers between levels. A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and U.S. government sponsored enterprise notes are classified within Level 2. The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The fair value of the swap investment is based on quoted market prices for the underlying contracts of the trading advisor programs within the swap and is classified within Level 2. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk. |
Brokerage Commissions and Trading Expenses | Brokerage Commissions and Trading Expenses Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed. |
Redemptions Payable | Redemptions Payable Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to year end. These redemptions have been recorded using the year end net asset value per Unit. |
Income Taxes | Income Taxes The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the FundÂ’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the FundÂ’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through December 31, 2015. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2012. |
Foreign Currency Transactions | Foreign Currency Transactions The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations. |
Swap Agreement | Swap Agreement Through its investment in SMFF, the Fund has entered into a total return swap with Deutsche Bank AG. This two-party contract was entered in to exchange, or swap, the returns realized on a basket of CTA programs. Under the terms of the swap agreement, the investment manager of SMFF has the ability to periodically adjust the notional level of the swap, the notional allocation to each CTA program and the mix of CTA programs. The swap was effective April 2, 2014 and has a term of five years, with certain early termination provisions. The swap includes a 0.50% fee to Deutsche Bank AG. At December 31, 2015 and 2014, the notional value of the swap was $98,065,907 and $81,216,511, respectively. SMFF had provided $12,796,500 as collateral in 2015 and 2014, which are included cash in broker trading accounts in the consolidated statements of financial condition. During the year ended December 31, 2015, the swap had depreciation in fair value of $4,630,918 and during the year ended December 31, 2014, the swap had an appreciation in fair value of $8,068,314. Amounts are included in net change in unrealized gain (loss) on futures, forwards and swap contracts in the consolidated statements of operations. |
Reclassification | Reclassification Certain amounts in the 2014 and 2013 consolidated financial statements have been reclassified to conform to the 2015 presentation without affecting previously reported partnersÂ’ capital (net asset value) or net income (loss). |
New Accounting Pronouncements | New Accounting Pronouncements Revenue from Contracts with Customers In May 2014, the Financial Accounting Standards Board (the “FASB”) issued guidance that replaces the existing accounting standards for revenue recognition. The guidance requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration it expects to be entitled to receive in exchange for those goods or services. The standard is effective beginning the first quarter of the Fund’s 2018 fiscal year (with limited early adoption options). The Fund does not expect any material change as a result of implanting this new standard. Business Combinations In December 2014, the FASB issued guidance that supplements existing accounting standards for business combinations. The guidance provides clarification concerning accounting for identifiable intangible assets in a business combination. This standard is effective beginning the first quarter of the Fund’s 2016 fiscal year (with early adoption permitted). The Fund is currently evaluating the impact of this accounting pronouncement. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured on recurring basis | The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements: At December 31, 2015 Level 1 Level 2 Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts* $ 4,412,678 $ — $ 4,412,678 Net unrealized gain (loss) on open forward currency contracts* — (1,614,491 ) (1,614,491 ) Net unrealized gain (loss) on swap contract* — 3,440,896 3,440,896 Cash and cash equivalents: Money market fund 7,814,672 — 7,814,672 Investments in securities: U.S. Treasury securities* 76,996,959 — 76,996,959 Asset backed securities* — 52,248,612 52,248,612 Commercial paper* — 57,258,212 57,258,212 Corporate notes* — 264,545,250 264,545,250 Certificates of deposit* — 22,710,509 22,710,509 Total $ 89,224,309 $ 398,588,988 $ 487,813,297 *See the consolidated condensed schedule of investments for further description. At December 31, 2014 Level 1 Level 2 Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts* $ 33,424,425 $ — $ 33,424,425 Net unrealized gain (loss) on open forward currency contracts* — (1,409,257 ) (1,409,257 ) Net unrealized gain (loss) on swap contract* — 8,071,814 8,071,814 Cash and cash equivalents: Money market fund 11,400,634 — 11,400,634 Investments in securities: U.S. Treasury securities* 39,378,298 — 39,378,298 U.S. government sponsored enterprise notes* — 2,000,951 2,000,951 Asset backed securities* — 29,066,524 29,066,524 Commercial paper* — 56,246,377 56,246,377 Corporate notes* — 303,770,438 303,770,438 Certificates of deposit* — 28,894,203 28,894,203 Total $ 84,203,357 $ 426,641,050 $ 510,844,407 *See the consolidated condensed schedule of investments for further description. |
Derivative Instruments Disclo29
Derivative Instruments Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of impact of derivative contracts in statement of financial position | At December 31, 2015 and 2014, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: December 31, 2015 Derivative Assets and Liabilities, at fair value Consolidated Statements of Financial Condition Location Gross Gross Amounts Net Amount of Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts Agricultural commodities $ 2,931,852 $ (1,461,791 ) $ 1,470,061 Currencies 3,316,471 (1,217,210 ) 2,099,261 Energy 7,683,689 (4,097,422 ) 3,586,267 Equity indices 1,783,774 (3,210,617 ) (1,426,843 ) Interest rate instruments 3,071,712 (7,267,680 ) (4,195,968 ) Metals 10,856,826 (8,116,188 ) 2,740,638 Single stock futures 349,078 (209,816 ) 139,262 Net unrealized gain (loss) on open futures contracts $ 29,993,402 $ (25,580,724 ) $ 4,412,678 Net unrealized gain (loss) on open forward currency contracts $ 5,908,603 $ (7,523,094 ) $ (1,614,491 ) Net unrealized gain (loss) on swap contract* $ 3,440,896 $ — $ 3,440,896 December 31, 2014 Derivative Assets and Liabilities, at fair value Consolidated Statements of Financial Condition Location Gross Gross Amounts Net Amount of Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts Agricultural commodities $ 3,586,791 $ (1,636,577 ) $ 1,950,214 Currencies 4,725,746 (716,250 ) 4,009,496 Energy 11,263,597 (1,647,124 ) 9,616,473 Equity indices 8,159,156 (3,979,405 ) 4,179,751 Interest rate instruments 16,531,993 (3,034,042 ) 13,497,951 Metals 6,662,967 (6,897,788 ) (234,821 ) Single stock futures 619,062 (213,701 ) 405,361 Net unrealized gain (loss) on open futures contracts $ 51,549,312 $ (18,124,887 ) $ 33,424,425 Net unrealized gain (loss) on open forward currency contracts $ 9,242,604 $ (10,651,861 ) $ (1,409,257 ) Net unrealized gain (loss) on swap contract* $ 8,071,814 $ — $ 8,071,814 |
Schedule of sector exposure of the CTA indices | *At December 31, 2015, the sector exposure of the CTA indices underlying the swap was: Agricultural commodities 6 % Currencies 22 % Energy 5 % Equity indices 12 % Interest rate instruments 47 % Metals 8 % Total 100 % *At December 31, 2014, the sector exposure of the CTA indices underlying the swap was: Agricultural commodities 5 % Currencies 30 % Energy 2 % Equity indices 12 % Interest rate instruments 45 % Metals 6 % Total 100 % |
Schedule of financial assets, derivative assets, and cash collateral held by counterparties | The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2015 were: Gross Amounts Not Offset in the Counterparty Net Amount of Assets in Financial Instruments Cash Collateral Received Net Amount JP Morgan Securities, LLC $ (1,431,600 ) $ — $ — $ (1,431,600 ) Société Générale Newedge UK Limited* (1,576,239 ) — — (1,576,239 ) SG Americas Securities, LLC** 5,899,215 — — 5,899,215 UBS AG (50,630 ) — — (50,630 ) Deutsche Bank AG 3,398,337 — — 3,398,337 Total $ 6,239,083 $ — $ — $ 6,239,083 *formerly Newedge UK Financial Ltd **formerly Newedge USA, LLC The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2014 were: Gross Amounts Not Offset in the Counterparty Net Amount of Assets in Financial Instruments Cash Collateral Received Net Amount JP Morgan Securities, LLC $ 5,521,276 $ — $ — $ 5,521,276 Société Générale Newedge UK Limited* (2,696,108 ) — — (2,696,108 ) SG Americas Securities, LLC** 27,903,149 — — 27,903,149 UBS AG 1,286,851 — — 1,286,851 Deutsche Bank AG 8,071,814 — — 8,071,814 Total $ 40,086,982 $ — $ — $ 40,086,982 *formerly Newedge UK Financial Ltd **formerly Newedge USA, LLC |
Schedule of derivative contracts, impact on the statements of operations | For the years ended December 31, 2015, 2014 and 2013, the Fund’s futures and forwards contracts had the following impact on the consolidated statements of operations: 2015 2014 Types of Exposure Net realized Net change Net realized Net change Futures contracts Agricultural commodities $ (9,005,724 ) $ (480,153 ) $ 10,236,600 $ (1,967,178 ) Currencies (847,018 ) (1,910,235 ) 19,428,267 (3,676,354 ) Energy 45,065,516 (6,030,206 ) 608,729 9,596,248 Equity indices (5,916,524 ) (5,606,594 ) (4,992,852 ) (20,685,885 ) Interest rate instruments 27,500,225 (17,693,919 ) 82,550,996 13,869,176 Metals 4,126,059 2,975,459 (5,437,863 ) (1,526,502 ) Single stock futures (197,987 ) (266,099 ) 1,656,587 (143,188 ) Total futures contracts 60,724,547 (29,011,747 ) 104,050,464 (4,533,683 ) Forward currency contracts (8,884,366 ) (205,234 ) 5,547,105 (2,104,332 ) Swap contract — (4,630,918 ) (3,500 ) 8,071,808 Total futures, forward currency and swap contracts $ 51,840,181 $ (33,847,899 ) $ 109,594,069 $ 1,433,793 2013 Types of Exposure Net realized Net change Futures contracts Agricultural commodities $ 321,517 $ 1,793,957 Currencies (967,139 ) 2,706,648 Energy (47,484,893 ) (936,879 ) Equity indices 109,640,028 20,551,449 Interest rate instruments (60,300,646 ) (4,766,790 ) Metals 13,269,933 6,037,761 Single stock futures 3,128,407 453,989 Total futures contracts 17,607,207 25,840,135 Forward currency contracts (13,877,094 ) (4,931,320 ) Total futures and forward currency $ 3,730,113 $ 20,908,815 |
General Partner (Tables)
General Partner (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
General Partner | |
Schedule of investment of beneficiary of majority shareholder | At December 31, 2015, 2014 and 2013, and for the years then ended, the General Partner did not maintain a capital balance in the Fund; however, the beneficiary of the majority shareholder of the General Partner had the following investment in Class I Units: 2015 2014 2013 Units Owned 254.4114 254.4114 254.4114 Value of Units $ 250,383 $ 255,679 $ 231,622 |
Trading Activities and Relate31
Trading Activities and Related Risks (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Trading Activities And Related Risks | |
Schedule of exposure in investments | Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure at December 31, 2015. Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Certificates of Deposit Total % of Partners’ Capital (Net Asset Value) United States $ 76,996,959 $ 35,057,378 $ 196,888,445 $ 52,248,612 $ 14,993,807 $ 376,185,201 58.41 % Australia — 3,094,764 10,524,403 — — 13,619,167 2.12 % Switzerland — — 9,753,172 — — 9,753,172 1.52 % Netherlands — — 12,340,048 — — 12,340,048 1.92 % Great Britain — 2,698,571 7,189,651 — — 9,888,222 1.54 % Japan — 5,797,609 3,585,734 — — 9,383,343 1.46 % Canada — 899,078 4,466,438 — 4,001,034 9,366,550 1.46 % Luxumbourg — — 6,870,944 — — 6,870,944 1.07 % Sweden — 449,810 3,798,693 — 1,705,349 5,953,852 0.93 % British Virgin Islands — — 4,798,968 — — 4,798,968 0.75 % France — 4,067,748 — — — 4,067,748 0.63 % Norway — 2,998,889 — — — 2,998,889 0.47 % Germany — — 767,886 — 2,010,319 2,778,205 0.43 % Hong Kong — 1,394,628 — — — 1,394,628 0.22 % Mexico — — 1,300,842 — — 1,300,842 0.20 % Spain — — 1,017,721 — — 1,017,721 0.16 % Ireland — — 1,012,921 — — 1,012,921 0.16 % Singapore — 799,736 — — — 799,736 0.12 % Cayman Islands — — 229,384 — — 229,384 0.04 % Total $ 76,996,959 $ 57,258,211 $ 264,545,250 $ 52,248,612 $ 22,710,509 $ 473,759,541 73.61 % The following table presents the exposure at December 31, 2014. Country or Region U.S. Treasury Securities U.S. Government Sponsored Enterprise Notes Commercial Paper Corporate Notes Asset Backed Securities Certificates of Deposit Total % of Partners’ Capital (Net Asset Value) United States $ 39,378,298 $ 2,000,951 $ 39,972,402 $ 208,862,490 $ 29,066,524 $ 12,778,002 $ 332,058,667 44.77 % Canada — — — 20,801,648 — 6,205,811 27,007,459 3.64 % Netherlands — — — 21,483,148 — 1,400,456 22,883,604 3.09 % Australia — — 1,488,120 15,346,609 — — 16,834,729 2.27 % Great Britain — — 5,198,181 6,746,558 — — 11,944,739 1.61 % Japan — — 2,099,711 7,516,554 — — 9,616,265 1.30 % Switzerland — — — 2,241,635 — 3,502,808 5,744,443 0.77 % Spain — — — 5,684,276 — — 5,684,276 0.77 % France — — 4,488,171 1,014,535 — — 5,502,706 0.74 % Sweden — — 2,999,792 2,204,253 — — 5,204,045 0.70 % British Virgin Islands — — — 4,790,088 — — 4,790,088 0.65 % Mexico — — — 4,517,931 — — 4,517,931 0.61 % Germany — — — — — 3,003,512 3,003,512 0.41 % Luxumbourg — — — 2,560,713 — — 2,560,713 0.35 % China — — — — — 2,003,614 2,003,614 0.27 % Total $ 39,378,298 $ 2,000,951 $ 56,246,377 $ 303,770,438 $ 29,066,524 $ 28,894,203 $ 459,356,791 61.95 % |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Highlights | |
Schedule of per unit operating performance data and other financial ratios | The following information presents per unit operating performance data and other ratios for the years ended December 31, 2015, 2014 and 2013, assuming the unit was outstanding throughout the entire year: 2015 2014 Class A Class B Class I Class A Class B Class I Per Unit Operating Performance Net asset value per unit, beginning of year $ 4,414.30 $ 6,323.56 $ 1,004.98 $ 4,114.51 $ 5,789.73 $ 910.42 Net realized and change in unrealized gain (loss) on investments (1) 75.45 113.27 15.59 600.87 853.59 133.42 Net investment income (loss) (1) (277.49 ) (294.49 ) (36.40 ) (301.08 ) (319.76 ) (38.86 ) Total income (loss) from operations (202.04 ) (181.22 ) (20.81 ) 299.79 533.83 94.56 Net asset value per unit, end of year $ 4,212.26 $ 6,142.34 $ 984.17 $ 4,414.30 $ 6,323.56 $ 1,004.98 Total return (4.58 )% (2.87 )% (2.07 )% 7.29 % 9.22 % 10.39 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 6.86 % 5.14 % 4.12 % 7.61 % 5.75 % 4.50 % General Partner 1% allocation (0.05 )% (0.03 )% (0.03 )% 0.07 % 0.08 % 0.08 % Net total expenses 6.81 % 5.11 % 4.09 % 7.68 % 5.83 % 4.58 % Net investment income (loss) (2) (3) (6.38 )% (4.67 )% (3.63 )% (7.24 )% (5.39 )% (4.14 )% 2013 Class A Class B Class I Per Unit Operating Performance Net asset value per unit, beginning of year $ 4,228.83 $ 5,845.11 $ 912.75 Net realized and change in unrealized gain (loss) on investments (1) 103.55 144.03 23.11 Net investment income (loss) (1) (217.87 ) (199.41 ) (25.44 ) Total income (loss) from operations (114.32 ) (55.38 ) (2.33 ) Net asset value per unit, end of year $ 4,114.51 $ 5,789.73 $ 910.42 Total return (2.70 )% (0.95 )% (0.25 )% Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 5.68 % 3.87 % 3.25 % General Partner 1% allocation (0.03 )% (0.02 )% (0.02 )% Net total expenses 5.65 % 3.85 % 3.23 % Net investment income (loss) (2) (3) (5.28 )% (3.46 )% (2.83 )% Total returns are calculated based on the change in value of a Class A, Class B or Class I Unit during the year. An individual partnerÂ’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. (1) (2) (3) |
Organization and Summary of S33
Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Notional amount | $ 98,065,907 | $ 81,216,511 | ||
Derivative asset collateral | 12,796,500 | 12,796,500 | ||
Appreciation in fair value | 8,068,314 | |||
Depreciation in fair value | 4,630,918 | |||
Fund redeemed | $ (137,230,683) | $ (239,010,228) | $ (426,707,569) | |
Deutsche Bank A G [Member] | ||||
Percentage of fees payment | 0.50% | |||
General Partner [Member] | ||||
Percentage of management fees, prior | 1.75% | |||
Class I [Member] | ||||
Total investment amount in Steben Institutional Fund LLC | $ 58,500,000 | |||
Fund redeemed | $ (2,024,207) | (956,684) | ||
Class I [Member] | General Partner [Member] | ||||
Percentage of management fees, current | 0.75% | |||
Percentage of management fees, prior | 1.50% | |||
Percentage of performance fee | 7.50% | |||
Class A [Member] | ||||
Percentage of selling agent fee | 2.00% | |||
Fund redeemed | $ (56,971,712) | (134,543,605) | (211,357,077) | |
Class B [Member] | ||||
Percentage of broker dealer servicing fee | 0.20% | |||
Fund redeemed | $ (71,919,732) | $ (102,195,146) | $ (214,393,808) |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | $ 4,412,678 | $ 33,424,425 | |
Net unrealized gain (loss) on open forward currency contracts | (1,614,491) | (1,409,257) | |
Recurring [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | [1] | 4,412,678 | 33,424,425 |
Net unrealized gain (loss) on open forward currency contracts | [1] | (1,614,491) | (1,409,257) |
Net unrealized gain (loss) on swap contract | [1] | 3,440,896 | 8,071,814 |
Cash and cash equivalents: | |||
Money market fund | 7,814,672 | 11,400,634 | |
Total | 487,813,297 | 510,844,407 | |
Recurring [Member] | U.S. Treasury Securities [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 76,996,959 | 39,378,298 |
Recurring [Member] | U.S. Asset-backed Securities [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 52,248,612 | 29,066,524 |
Recurring [Member] | Commercial Paper [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 57,258,212 | 56,246,377 |
Recurring [Member] | Corporate Notes [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 264,545,250 | 303,770,438 |
Recurring [Member] | Certificates of Deposit [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 22,710,509 | 28,894,203 |
Recurring [Member] | U.S.Government Sponsored Enterprise Notes [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 2,000,951 | |
Recurring [Member] | Level 1 [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | [1] | 4,412,678 | 33,424,425 |
Cash and cash equivalents: | |||
Money market fund | 7,814,672 | 11,400,634 | |
Total | 89,224,309 | 84,203,357 | |
Recurring [Member] | Level 1 [Member] | U.S. Treasury Securities [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 76,996,959 | 39,378,298 |
Recurring [Member] | Level 2 [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open forward currency contracts | [1] | (1,614,491) | (1,409,257) |
Net unrealized gain (loss) on swap contract | [1] | 3,440,896 | 8,071,814 |
Cash and cash equivalents: | |||
Total | 398,588,988 | 426,641,050 | |
Recurring [Member] | Level 2 [Member] | U.S. Asset-backed Securities [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 52,248,612 | 29,066,524 |
Recurring [Member] | Level 2 [Member] | Commercial Paper [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 57,258,212 | 56,246,377 |
Recurring [Member] | Level 2 [Member] | Corporate Notes [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | 264,545,250 | 303,770,438 |
Recurring [Member] | Level 2 [Member] | Certificates of Deposit [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | $ 22,710,509 | 28,894,203 |
Recurring [Member] | Level 2 [Member] | U.S.Government Sponsored Enterprise Notes [Member] | |||
Cash and cash equivalents: | |||
Total | [1] | $ 2,000,951 | |
[1] | See the consolidated condensed schedule of investments for further description. |
Derivative Instruments Disclo35
Derivative Instruments Disclosures (Details Narrative) - Number | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of futures contracts open | 62,863 | 63,480 | |
Number of forward currency contracts open | 2,065 | 2,160 | |
Number of futures contracts closed | 1,932,217 | 1,408,130 | 1,228,562 |
Number of forward currency contracts closed | 151,846 | 36,568 | 42,952 |
Derivative Instruments Disclo36
Derivative Instruments Disclosures (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | $ 4,412,678 | $ 33,424,425 | |
Net unrealized gain (loss) on open forward currency contracts | (1,614,491) | (1,409,257) | |
Not Designated as Hedging Instrument [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 4,412,678 | 33,424,425 | |
Net unrealized gain (loss) on open forward currency contracts | (1,614,491) | (1,409,257) | |
Net unrealized gain (loss) on swap contract | [1] | 3,440,896 | 8,071,814 |
Not Designated as Hedging Instrument [Member] | Agricultural commodities [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 1,470,061 | 1,950,214 | |
Not Designated as Hedging Instrument [Member] | Currencies [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 2,099,261 | 4,009,496 | |
Not Designated as Hedging Instrument [Member] | Energy [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 3,586,267 | 9,616,473 | |
Not Designated as Hedging Instrument [Member] | Equity indices [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (1,426,843) | 4,179,751 | |
Not Designated as Hedging Instrument [Member] | Interest rate instruments [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (4,195,968) | 13,497,951 | |
Not Designated as Hedging Instrument [Member] | Metals [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 2,740,638 | (234,821) | |
Not Designated as Hedging Instrument [Member] | Single stock futures [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 139,262 | 405,361 | |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (25,580,724) | (18,124,887) | |
Net unrealized gain (loss) on open forward currency contracts | $ (7,523,094) | $ (10,651,861) | |
Net unrealized gain (loss) on swap contract | [1] | ||
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Agricultural commodities [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | $ (1,461,791) | $ (1,636,577) | |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Currencies [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (1,217,210) | (716,250) | |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Energy [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (4,097,422) | (1,647,124) | |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Equity indices [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (3,210,617) | (3,979,405) | |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Interest rate instruments [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (7,267,680) | (3,034,042) | |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Metals [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (8,116,188) | (6,897,788) | |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Single stock futures [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | (209,816) | (213,701) | |
Not Designated as Hedging Instrument [Member] | Assets [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 29,993,402 | 51,549,312 | |
Net unrealized gain (loss) on open forward currency contracts | 5,908,603 | 9,242,604 | |
Net unrealized gain (loss) on swap contract | [1] | 3,440,896 | 8,071,814 |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Agricultural commodities [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 2,931,852 | 3,586,791 | |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Currencies [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 3,316,471 | 4,725,746 | |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Energy [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 7,683,689 | 11,263,597 | |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Equity indices [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 1,783,774 | 8,159,156 | |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Interest rate instruments [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 3,071,712 | 16,531,993 | |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Metals [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | 10,856,826 | 6,662,967 | |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Single stock futures [Member] | |||
Equity in broker trading accounts: | |||
Net unrealized gain (loss) on open futures contracts | $ 349,078 | $ 619,062 | |
[1] | formerly Newedge UK Financial Ltd |
Derivative Instruments Disclo37
Derivative Instruments Disclosures (Details 1) | Dec. 31, 2015 | Dec. 31, 2014 | |
Sector exposure of the CTA indices | [1] | 100.00% | 100.00% |
Agricultural Commodities [Member] | |||
Sector exposure of the CTA indices | [1] | 6.00% | 5.00% |
Currencies [Member] | |||
Sector exposure of the CTA indices | [1] | 22.00% | 30.00% |
Energy [Member] | |||
Sector exposure of the CTA indices | [1] | 5.00% | 2.00% |
Equity Indices [Member] | |||
Sector exposure of the CTA indices | [1] | 12.00% | 12.00% |
Interest Rate Instruments [Member] | |||
Sector exposure of the CTA indices | [1] | 47.00% | 45.00% |
Metals [Member] | |||
Sector exposure of the CTA indices | [1] | 8.00% | 6.00% |
[1] | formerly Newedge UK Financial Ltd |
Derivative Instruments Disclo38
Derivative Instruments Disclosures (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Amount of Assets in the Statement of Financial Condition | $ 6,239,083 | $ 40,086,982 | |
Net Amount | 6,239,083 | 40,086,982 | |
JP Morgan Securities, LLC [Member] | |||
Net Amount of Assets in the Statement of Financial Condition | (1,431,600) | 5,521,276 | |
Net Amount | (1,431,600) | 5,521,276 | |
Societe Generale Newedge UK Limited [Member] | |||
Net Amount of Assets in the Statement of Financial Condition | [1] | (1,576,239) | (2,696,108) |
Net Amount | [1] | (1,576,239) | (2,696,108) |
SG Americas Securities, LLC [Member] | |||
Net Amount of Assets in the Statement of Financial Condition | [2] | 5,899,215 | 27,903,149 |
Net Amount | [2] | 5,899,215 | 27,903,149 |
UBS AG [Member] | |||
Net Amount of Assets in the Statement of Financial Condition | (50,630) | 1,286,851 | |
Net Amount | (50,630) | 1,286,851 | |
Deutsche Bank A G [Member] | |||
Net Amount of Assets in the Statement of Financial Condition | 3,398,337 | 8,071,814 | |
Net Amount | $ 3,398,337 | $ 8,071,814 | |
[1] | formerly Newedge UK Financial Ltd | ||
[2] | formerly Newedge USA, LLC |
Derivative Instruments Disclo39
Derivative Instruments Disclosures (Details 3) - Not Designated as Hedging Instrument [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net realized gain (loss), Future contracts | $ 60,724,547 | $ 104,050,464 | $ 17,607,207 |
Net realized gain (loss), Forward contracts | (8,884,366) | 5,547,105 | (13,877,094) |
Net change in unrealized gain (loss), Future contracts | (29,011,747) | (4,533,683) | 25,840,135 |
Net change in unrealized gain (loss), forward contracts | $ (205,234) | (2,104,332) | (4,931,320) |
Net realized gain (loss), Investment in swap contract | (3,500) | ||
Net change in unrealized gain (loss), Investment in swap contract | $ (4,630,918) | 8,071,808 | |
Net realized gain (loss) | 51,840,181 | 109,594,069 | 3,730,113 |
Net change in unrealized gain (loss) | (33,847,899) | 1,433,793 | 20,908,815 |
Agricultural commodities [Member] | |||
Net realized gain (loss), Future contracts | (9,005,724) | 10,236,600 | 321,517 |
Net change in unrealized gain (loss), Future contracts | (480,153) | (1,967,178) | 1,793,957 |
Currencies [Member] | |||
Net realized gain (loss), Future contracts | (847,018) | 19,428,267 | (967,139) |
Net change in unrealized gain (loss), Future contracts | (1,910,235) | (3,676,354) | 2,706,648 |
Energy [Member] | |||
Net realized gain (loss), Future contracts | 45,065,516 | 608,729 | (47,484,893) |
Net change in unrealized gain (loss), Future contracts | (6,030,206) | 9,596,248 | (936,879) |
Equity indices [Member] | |||
Net realized gain (loss), Future contracts | (5,916,524) | (4,992,852) | 109,640,028 |
Net change in unrealized gain (loss), Future contracts | (5,606,594) | (20,685,885) | 20,551,449 |
Interest rate instruments [Member] | |||
Net realized gain (loss), Future contracts | 27,500,225 | 82,550,996 | (60,300,646) |
Net change in unrealized gain (loss), Future contracts | (17,693,919) | 13,869,176 | (4,766,790) |
Metals [Member] | |||
Net realized gain (loss), Future contracts | 4,126,059 | (5,437,863) | 13,269,933 |
Net change in unrealized gain (loss), Future contracts | 2,975,459 | (1,526,502) | 6,037,761 |
Single stock futures [Member] | |||
Net realized gain (loss), Future contracts | (197,987) | 1,656,587 | 3,128,407 |
Net change in unrealized gain (loss), Future contracts | $ (266,099) | $ (143,188) | $ 453,989 |
General Partner (Details Narrat
General Partner (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selling Agent and broker dealer servicing fees | $ 9,604,363 | $ 10,438,411 | $ 14,343,627 |
General Partner [Member] | |||
Description of management fee | Equal to 1/12 th | ||
Percentage of management fees, prior | 1.75% | ||
Description of admistrative expenses payable fee | Equal to 1/12 th | ||
Description of terms of partnership agreement | Each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations. | ||
Description of operating services Fee | Equal to 1/12 th | ||
Class A [Member] | General Partner [Member] | |||
Description of management fee | Equal to 1/12 th | ||
Description of selling agent fees | Equal to 1/12 th | ||
Selling Agent and broker dealer servicing fees | $ 9,125,238 | 9,881,911 | 13,474,332 |
Description of distribution fee | Monthly 12b-1 fee of 1/12 th | ||
Class B [Member] | General Partner [Member] | |||
Description of management fee | Equal to 1/12 th | ||
Selling Agent and broker dealer servicing fees | $ 479,125 | $ 556,500 | $ 869,295 |
Description of broker dealer servicing fee | Monthly fee equal to 1/12 th | ||
Class C [Member] | General Partner [Member] | |||
Description of distribution fee | 1/12 th | ||
Class I [Member] | General Partner [Member] | |||
Description of management fee | Equal to 1/12 th | ||
Percentage of management fees, prior | 1.50% | ||
Description of performance fee | Equal to 7.5% of new profits of the Class I Units calculated monthly. | ||
Class N [Member] | General Partner [Member] | |||
Description of distribution fee | Monthly 12b-1 fee of 1/12 th |
General Partner (Details)
General Partner (Details) - Class I [Member] - General Partner [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of units | |||
Number of units (in shares) | 254.4114 | 254.4114 | 254.4114 |
Value | $ 250,383 | $ 255,679 | $ 231,622 |
Trading Advisors and Cash Manag
Trading Advisors and Cash Managers (Details Narrative) | 12 Months Ended |
Dec. 31, 2015 | |
Cash Managers [Member] | |
Cash management services | 0.10% |
Trading advisor [Member] | Minimum [Member] | |
Management fee | 0.00% |
Incentive fee | 12.50% |
Trading advisor [Member] | Maximum [Member] | |
Management fee | 1.50% |
Incentive fee | 30.00% |
Deposits with Brokers (Details
Deposits with Brokers (Details Narrative) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits With Brokers | ||
Margin deposit asset requirement | $ 98,809,677 | $ 104,811,368 |
Subscriptions, Distributions 44
Subscriptions, Distributions and Redemptions (Details Narrative) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Subscriptions received in advance | $ 1,086,965 | $ 2,577,065 |
Class A [Member] | ||
Minimum investment amount | 10,000 | |
Class B [Member] | ||
Minimum investment amount | 10,000 | |
Class I [Member] | ||
Minimum investment amount | $ 2,000,000 |
Trading Activities and Relate45
Trading Activities and Related Risks (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Total debt securities and certificates of deposit | $ 473,759,541 | $ 459,356,791 |
% of Partners' Capital (Net Asset Value) (in percent) | 73.61% | 61.95% |
United States [Member] | ||
Total debt securities and certificates of deposit | $ 376,185,201 | $ 332,058,667 |
% of Partners' Capital (Net Asset Value) (in percent) | 58.41% | 44.77% |
Australia [Member] | ||
Total debt securities and certificates of deposit | $ 13,619,167 | $ 16,834,729 |
% of Partners' Capital (Net Asset Value) (in percent) | 2.12% | 2.27% |
Switzerland [Member] | ||
Total debt securities and certificates of deposit | $ 9,753,172 | $ 5,744,443 |
% of Partners' Capital (Net Asset Value) (in percent) | 1.52% | 0.77% |
Netherlands [Member] | ||
Total debt securities and certificates of deposit | $ 12,340,048 | $ 22,883,604 |
% of Partners' Capital (Net Asset Value) (in percent) | 1.92% | 3.09% |
Great Britain [Member] | ||
Total debt securities and certificates of deposit | $ 9,888,222 | $ 11,944,739 |
% of Partners' Capital (Net Asset Value) (in percent) | 1.54% | 1.61% |
Japan [Member] | ||
Total debt securities and certificates of deposit | $ 9,383,343 | $ 9,616,265 |
% of Partners' Capital (Net Asset Value) (in percent) | 1.46% | 1.30% |
Canada [Member] | ||
Total debt securities and certificates of deposit | $ 9,366,550 | $ 27,007,459 |
% of Partners' Capital (Net Asset Value) (in percent) | 1.46% | 3.64% |
Luxumbourg [Member] | ||
Total debt securities and certificates of deposit | $ 6,870,944 | $ 2,560,713 |
% of Partners' Capital (Net Asset Value) (in percent) | 1.07% | 0.35% |
Sweden [Member] | ||
Total debt securities and certificates of deposit | $ 5,953,852 | $ 5,204,045 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.93% | 0.70% |
British Virgin Islands [Member] | ||
Total debt securities and certificates of deposit | $ 4,798,968 | $ 4,790,088 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.75% | 0.65% |
France [Member] | ||
Total debt securities and certificates of deposit | $ 4,067,748 | $ 5,502,706 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.63% | 0.74% |
Norway [Member] | ||
Total debt securities and certificates of deposit | $ 2,998,889 | |
% of Partners' Capital (Net Asset Value) (in percent) | 0.47% | |
Germany [Member] | ||
Total debt securities and certificates of deposit | $ 2,778,205 | $ 3,003,512 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.43% | 0.41% |
Hong Kong [Member] | ||
Total debt securities and certificates of deposit | $ 1,394,628 | |
% of Partners' Capital (Net Asset Value) (in percent) | 0.22% | |
Mexico [Member] | ||
Total debt securities and certificates of deposit | $ 1,300,842 | $ 4,517,931 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.20% | 0.61% |
Spain [Member] | ||
Total debt securities and certificates of deposit | $ 1,017,721 | $ 5,684,276 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.16% | 0.77% |
Ireland [Member] | ||
Total debt securities and certificates of deposit | $ 1,012,921 | |
% of Partners' Capital (Net Asset Value) (in percent) | 0.16% | |
Singapore [Member] | ||
Total debt securities and certificates of deposit | $ 799,736 | |
% of Partners' Capital (Net Asset Value) (in percent) | 0.12% | |
Cayman Islands [Member] | ||
Total debt securities and certificates of deposit | $ 229,384 | |
% of Partners' Capital (Net Asset Value) (in percent) | 0.04% | |
China [Member] | ||
Total debt securities and certificates of deposit | $ 2,003,614 | |
% of Partners' Capital (Net Asset Value) (in percent) | 0.27% | |
U.S. Treasury Securities [Member] | ||
Total debt securities and certificates of deposit | $ 76,996,959 | $ 39,378,298 |
% of Partners' Capital (Net Asset Value) (in percent) | 11.96% | 5.31% |
U.S. Treasury Securities [Member] | United States [Member] | ||
Total debt securities and certificates of deposit | $ 76,996,959 | $ 39,378,298 |
Commercial Paper [Member] | ||
Total debt securities and certificates of deposit | $ 57,258,211 | $ 56,246,377 |
% of Partners' Capital (Net Asset Value) (in percent) | 8.91% | 7.58% |
Commercial Paper [Member] | United States [Member] | ||
Total debt securities and certificates of deposit | $ 35,057,378 | $ 39,972,402 |
Commercial Paper [Member] | Australia [Member] | ||
Total debt securities and certificates of deposit | 3,094,764 | 1,488,120 |
Commercial Paper [Member] | Great Britain [Member] | ||
Total debt securities and certificates of deposit | 2,698,571 | 5,198,181 |
Commercial Paper [Member] | Japan [Member] | ||
Total debt securities and certificates of deposit | 5,797,609 | 2,099,711 |
Commercial Paper [Member] | Canada [Member] | ||
Total debt securities and certificates of deposit | 899,078 | |
Commercial Paper [Member] | Sweden [Member] | ||
Total debt securities and certificates of deposit | 449,810 | 2,999,792 |
Commercial Paper [Member] | France [Member] | ||
Total debt securities and certificates of deposit | 4,067,748 | 4,488,171 |
Commercial Paper [Member] | Norway [Member] | ||
Total debt securities and certificates of deposit | 2,998,889 | |
Commercial Paper [Member] | Hong Kong [Member] | ||
Total debt securities and certificates of deposit | 1,394,628 | |
Commercial Paper [Member] | Singapore [Member] | ||
Total debt securities and certificates of deposit | 799,736 | |
Corporate Notes [Member] | ||
Total debt securities and certificates of deposit | $ 264,545,250 | $ 303,770,438 |
% of Partners' Capital (Net Asset Value) (in percent) | 41.11% | 40.97% |
Corporate Notes [Member] | United States [Member] | ||
Total debt securities and certificates of deposit | $ 196,888,445 | $ 208,862,490 |
Corporate Notes [Member] | Australia [Member] | ||
Total debt securities and certificates of deposit | 10,524,403 | 15,346,609 |
Corporate Notes [Member] | Switzerland [Member] | ||
Total debt securities and certificates of deposit | 9,753,172 | 2,241,635 |
Corporate Notes [Member] | Netherlands [Member] | ||
Total debt securities and certificates of deposit | 12,340,048 | 21,483,148 |
Corporate Notes [Member] | Great Britain [Member] | ||
Total debt securities and certificates of deposit | 7,189,651 | 6,746,558 |
Corporate Notes [Member] | Japan [Member] | ||
Total debt securities and certificates of deposit | 3,585,734 | 7,516,554 |
Corporate Notes [Member] | Canada [Member] | ||
Total debt securities and certificates of deposit | 4,466,438 | 20,801,648 |
Corporate Notes [Member] | Luxumbourg [Member] | ||
Total debt securities and certificates of deposit | 6,870,944 | 2,560,713 |
Corporate Notes [Member] | Sweden [Member] | ||
Total debt securities and certificates of deposit | 3,798,693 | 2,204,253 |
Corporate Notes [Member] | British Virgin Islands [Member] | ||
Total debt securities and certificates of deposit | 4,798,968 | 4,790,088 |
Corporate Notes [Member] | France [Member] | ||
Total debt securities and certificates of deposit | 1,014,535 | |
Corporate Notes [Member] | Germany [Member] | ||
Total debt securities and certificates of deposit | 767,886 | |
Corporate Notes [Member] | Mexico [Member] | ||
Total debt securities and certificates of deposit | 1,300,842 | 4,517,931 |
Corporate Notes [Member] | Spain [Member] | ||
Total debt securities and certificates of deposit | 1,017,721 | 5,684,276 |
Corporate Notes [Member] | Ireland [Member] | ||
Total debt securities and certificates of deposit | 1,012,921 | |
Corporate Notes [Member] | Cayman Islands [Member] | ||
Total debt securities and certificates of deposit | 229,384 | |
U.S. Asset-backed Securities [Member] | ||
Total debt securities and certificates of deposit | $ 52,248,612 | $ 29,066,524 |
% of Partners' Capital (Net Asset Value) (in percent) | 8.12% | 3.92% |
U.S. Asset-backed Securities [Member] | United States [Member] | ||
Total debt securities and certificates of deposit | $ 52,248,612 | $ 29,066,524 |
Certificates of Deposit [Member] | ||
Total debt securities and certificates of deposit | $ 22,710,509 | $ 28,894,203 |
% of Partners' Capital (Net Asset Value) (in percent) | 3.53% | 3.89% |
Certificates of Deposit [Member] | United States [Member] | ||
Total debt securities and certificates of deposit | $ 14,993,807 | $ 12,778,002 |
Certificates of Deposit [Member] | Switzerland [Member] | ||
Total debt securities and certificates of deposit | 3,502,808 | |
Certificates of Deposit [Member] | Netherlands [Member] | ||
Total debt securities and certificates of deposit | 1,400,456 | |
Certificates of Deposit [Member] | Canada [Member] | ||
Total debt securities and certificates of deposit | 4,001,034 | 6,205,811 |
Certificates of Deposit [Member] | Sweden [Member] | ||
Total debt securities and certificates of deposit | 1,705,349 | |
Certificates of Deposit [Member] | Germany [Member] | ||
Total debt securities and certificates of deposit | $ 2,010,319 | 3,003,512 |
Certificates of Deposit [Member] | China [Member] | ||
Total debt securities and certificates of deposit | 2,003,614 | |
U.S.Government Sponsored Enterprise Notes [Member] | ||
Total debt securities and certificates of deposit | $ 2,000,951 | |
% of Partners' Capital (Net Asset Value) (in percent) | 0.27% | |
U.S.Government Sponsored Enterprise Notes [Member] | United States [Member] | ||
Total debt securities and certificates of deposit | $ 2,000,951 |
Financial Highlights (Details)
Financial Highlights (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Class A [Member] | ||||
Per Unit Operating Performance | ||||
Net asset value per unit at beginning of period (in dollars per unit) | $ 4,414.30 | $ 4,114.51 | $ 4,228.83 | |
Net realized and change in unrealized gain (loss) on investments | [1] | 75.45 | 600.87 | 103.55 |
Net investment income (loss) | [1] | (277.49) | (301.08) | (217.87) |
Total income (loss) from operations | (202.04) | 299.79 | (114.32) | |
Net asset value per unit at end of period (in dollars per unit) | $ 4,212.26 | $ 4,414.30 | $ 4,114.51 | |
Total return | (4.58%) | 7.29% | (2.70%) | |
Ratios to average net asset value | ||||
Expenses prior to General Partner 1% allocation | [2] | 6.86% | 7.61% | 5.68% |
General Partner 1% allocation | (0.05%) | 0.07% | (0.03%) | |
Net total expenses | 6.81% | 7.68% | 5.65% | |
Net investment income (loss) | [2],[3] | (6.38%) | (7.24%) | (5.28%) |
Class B [Member] | ||||
Per Unit Operating Performance | ||||
Net asset value per unit at beginning of period (in dollars per unit) | $ 6,323.56 | $ 5,789.73 | $ 5,845.11 | |
Net realized and change in unrealized gain (loss) on investments | [1] | 113.27 | 853.59 | 144.03 |
Net investment income (loss) | [1] | (294.49) | (319.76) | (199.41) |
Total income (loss) from operations | (181.22) | 533.83 | (55.38) | |
Net asset value per unit at end of period (in dollars per unit) | $ 6,142.34 | $ 6,323.56 | $ 5,789.73 | |
Total return | (2.87%) | 9.22% | (0.95%) | |
Ratios to average net asset value | ||||
Expenses prior to General Partner 1% allocation | [2] | 5.14% | 5.75% | 3.87% |
General Partner 1% allocation | (0.03%) | 0.08% | (0.02%) | |
Net total expenses | 5.11% | 5.83% | 3.85% | |
Net investment income (loss) | [2],[3] | (4.67%) | (5.39%) | (3.46%) |
Class I [Member] | ||||
Per Unit Operating Performance | ||||
Net asset value per unit at beginning of period (in dollars per unit) | $ 1,004.98 | $ 910.42 | $ 912.75 | |
Net realized and change in unrealized gain (loss) on investments | [1] | 15.59 | 133.42 | 23.11 |
Net investment income (loss) | [1] | (36.40) | (38.86) | (25.44) |
Total income (loss) from operations | (20.81) | 94.56 | (2.33) | |
Net asset value per unit at end of period (in dollars per unit) | $ 984.17 | $ 1,004.98 | $ 910.42 | |
Total return | (2.07%) | 10.39% | (0.25%) | |
Ratios to average net asset value | ||||
Expenses prior to General Partner 1% allocation | [2] | 4.12% | 4.50% | 3.25% |
General Partner 1% allocation | (0.03%) | 0.08% | (0.02%) | |
Net total expenses | 4.09% | 4.58% | 3.23% | |
Net investment income (loss) | [2],[3] | (3.63%) | (4.14%) | (2.83%) |
[1] | The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, B or I Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding. | |||
[2] | The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period. | |||
[3] | Ratio excludes General Partner 1% allocation. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 21, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fund contributions | $ 68,298,890 | $ 46,712,384 | $ 71,291,565 | |
Fund redeemed | $ (137,230,683) | $ (239,010,228) | $ (426,707,569) | |
Subsequent Event [Member] | ||||
Fund contributions | $ 3,711,421 | |||
Fund redeemed | $ 22,152,165 |