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v2.4.0.6
RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2012
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 3 - RELATED PARTY TRANSACTIONS

 

A. General Partner Management Fee

 

The General Partner receives a monthly management fee from the Partnership equal to 0.104% (1.25% annually) for Class A and Class B, 0.0625% (0.75% annually) for Institutional Interests, and 0.0208% (0.25% annually) for Special Interests of the Partnership's management fee net asset value (as defined in the Agreement). The General Partner may declare any limited partner of the Partnership (each, a “Limited Partner” and collectively the “Limited Partners”) a “Special Limited Partner” and the management fees or incentive fees charged to any such partner may be different than those charged to other Limited Partners.

 

Total management fees earned by the General Partner for the three and six months ended June 30, 2012 and 2011 are shown on the Statements of Operations as Management Fee.

 

B. Administrative Fee

 

The General Partner receives a monthly administrative fee from the Partnership equal to 0.0275% (0.33% annually) of the Partnership's management fee net asset value (as defined in the Agreement) attributable to Class A and Class B Interests. Total administrative fees for the three and six months ended June 30, 2012 and 2011 are shown on the Statements of Operations as Administrative Fee.

 

C. Altegris Investments, Inc. and Altegris Futures, L.L.C.

 

Altegris Investments, Inc. (“Altegris Investments”), an affiliate of the General Partner, is registered as a broker-dealer with the SEC. Beginning January 1, 2011, Altegris Futures, L.L.C. (“Altegris Futures”), an affiliate of the General Partner and an introducing broker registered with the CFTC, became the Partnership’s introducing broker. Prior to January 1, 2011, Altegris Investments served as the Partnership’s introducing broker. Altegris Investments has entered into a selling agreement with the Partnership whereby it receives 2% per annum as continuing compensation for Class A Interests sold by Altegris Investments that are outstanding at month end. Altegris Futures, as the Partnership’s introducing broker, receives a portion of the commodity brokerage commissions paid by the Partnership to the Clearing Broker and interest income retained by the Clearing Broker.

 

For the three and six months ended June 30, 2012, commissions and interest income received by Altegris Futures, and continuing compensation received by Altegris Investments amounted to $393,470 and $579,284, respectively. For the three and six months ended June 30, 2011, commissions and interest income received by Altegris Futures, and continuing compensation received by Altegris Investments amounted to $478,250 and $929,574, respectively.

 

The Partnership pays to its clearing brokers and Altegris Futures, at a minimum, brokerage charges at a monthly flat rate of 0.125% (1.5% annually) of the Partnership’s management fee net asset value (as defined). Brokerage charges may exceed the flat rate described above, depending on commission and trading volume levels, which may vary. For the three and six months ended June 30, 2012, brokerage fees paid to Altegris Futures amounted to $74,749 and $191,873, respectively. For the three and six months ended June 30, 2011, brokerage fees paid to Altegris Futures amounted to $193,450 and $275,875, respectively.