Exhibit 13.1
                                                                  ------------





                       PROFUTURES DIVERSIFIED FUND, L.P.

                                 ANNUAL REPORT

                               December 31, 2004



<PAGE>

                         NATIONAL FUTURES ASSOCIATION


                            Chicago, Illinois 60606



                                Commodity Pool:

                       PROFUTURES DIVERSIFIED FUND, L.P.



               Annual Report Pursuant to Part 4 of Chapter I of
                  Ttle 17 of the Code of Federal Regulations


                     For the year ended December 31, 2004








                           Commodity Pool Operator:

                               ProFutures, Inc.
                        11719 Bee Cave Road, Suite 200
                              Austin, Texas 78738
                                (800) 348-3601


<PAGE>


                       PROFUTURES DIVERSIFIED FUND, L.P.



                            ----------------------

                               TABLE OF CONTENTS

                            ----------------------


                                                                           PAGES
                                                                           -----


Affirmation of the Commodity Pool Operator                                    1

Report of Independent Registered Public Accounting Firm                       2

Financial Statements

   Statements of Financial Condition                                          3

   Condensed Schedules of Investments                                         4

   Statements of Operations                                                   5

   Statements of Changes in Partners' Capital (Net Asset Value)               6

   Notes to Financial Statements                                          7 - 11


<PAGE>


                       PROFUTURES DIVERSIFIED FUND, L.P.
                  AFFIRMATION OF THE COMMODITY POOL OPERATOR
                               ---------------













To the best of the knowledge and belief of the undersigned, the information
contained in the Annual Report for the year ended December 31, 2004 is
accurate and complete.







                                             /s/ GARY D. HALBERT
                                             -----------------------------------
                                             Gary D. Halbert, President
                                             ProFutures, Inc.
                                             PROFUTURES DIVERSIFIED FUND, L.P.


<PAGE>


           REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
           -------------------------------------------------------


To the Partners
ProFutures Diversified Fund, L.P.


We have audited the accompanying statements of financial condition of
ProFutures Diversified Fund, L.P., including the condensed schedules of
investments, as of December 31, 2004 and 2003, and the related statements of
operations and changes in partners' capital (net asset value) for the years
ended December 31, 2004, 2003 and 2002. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Partnership is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Partnership's internal
control over financial reporting. Accordingly, we express no such opinion. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of ProFutures Diversified Fund,
L.P. as of December 31, 2004 and 2003, and the results of its operations and
the changes in its net asset values for the years ended December 31, 2004,
2003 and 2002, in conformity with U.S. generally accepted accounting
principles.


                 /s/ ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.


Hunt Valley, Maryland
March 24, 2005


<PAGE>


<TABLE>
<CAPTION>

                       PROFUTURES DIVERSIFIED FUND, L.P.
                       STATEMENTS OF FINANCIAL CONDITION
                          December 31, 2004 and 2003
                               --------------------
                                                       2004              2003
                                                       ----              ----
ASSETS
    <S>                                           <C>                <C>
    Equity in broker trading accounts
        Cash                                      $   23,446,968     $  19,912,171
        Unrealized gain on open futures contracts        513,916         2,016,022
                                                  ---------------    --------------

                Deposits with broker                  23,960,884        21,928,193

    Cash                                                  13,007             2,693
    Cash deposits in forward trading collateral
       accounts                                        9,084,727        12,770,126
    Unrealized gain (loss) on open forward
       currency contracts                               (279,320)          602,882
                                                  ---------------    --------------

                Total assets                      $   32,779,298     $  35,303,894
                                                  ===============    ==============

LIABILITIES
    Accounts payable                              $       32,176     $      16,615
    Commissions and other trading fees
        on open contracts                                 18,294            42,749
    Incentive fees payable                               114,258           609,264
    Management fees payable                              285,660           324,421
    Redemptions payable                                  247,257           685,164
                                                  ---------------    --------------

                Total liabilities                        697,645         1,678,213
                                                  ---------------    --------------

PARTNERS' CAPITAL (Net Asset Value)
    General Partner - 225 units outstanding
        at December 31, 2004 and 2003                    607,384           584,564
    Limited Partners - 11,657 and 12,716 units
        outstanding at December 31, 2004 and 2003     31,474,269        33,041,117
                                                  ---------------    --------------

                Total partners' capital
                    (Net Asset Value)                 32,081,653        33,625,681
                                                  ---------------    --------------

                                                  $   32,779,298     $  35,303,894
                                                  ===============    ==============

                            See accompanying notes.
</TABLE>



<PAGE>



                       PROFUTURES DIVERSIFIED FUND, L.P.
                      CONDENSED SCHEDULES OF INVESTMENTS
                          December 31, 2004 and 2003
                                ---------------
                                        2004                       2003
                               ----------------------      ---------------------

                                             % of Net                  % of Net
                                               Asset                     Asset
                                               -----                     -----
                                    Value      Value        Value        Value
                                    -----      -----        -----        -----


Agricultural                     $   7,095      0.02%    $    21,471      0.06%
Currency                            58,110      0.18%        208,492      0.62%
Energy                              26,157)    (0.08)%       116,904      0.35%
Interest rate                       95,860      0.30%        234,248      0.70%
Metal                              112,468      0.35%        877,367      2.61%
Stock index                        349,027      1.09%        558,645      1.66%
                                 ---------     -----     -----------     -----

Total long futures contracts     $ 596,403      1.86%    $ 2,017,127      6.00%
                                 ---------     ------    -----------     -----

Agricultural                     $ (39,719)    (0.12)%        13,648      0.04%
Currency                           (13,726)    (0.04)%       (13,476)    (0.04)%
Energy                              20,802      0.06%              0      0.00%
Interest rate                       26,762      0.08%         (9,156)    (0.03)%
Metal                              (76,877)    (0.24)%        (1,161)    (0.00)%
Stock index                            271      0.00%          9,040      0.03%
                                 ---------     ------    -----------      -----

Total short futures contracts    $ (82,487)    (0.26)%        (1,105)    (0.00)%
                                 ---------     ------    -----------     ------

Total futures contracts          $ 513,916      1.60%    $ 2,016,022      6.00%
                                 ==========     =====    ===========      =====

Long forward currency contracts  $ 495,257      1.54%    $ (666,790)     (1.98)%
Short forward currency contracts  (774,577)    (2.41)%    1,269,672       3.77%
                                 ---------     ------    -----------      -----

Total forward currency contracts $(279,320)    (0.87)%      602,882       1.79%
                                 ===========   =======   ===========      =====


                            See accompanying notes.

<PAGE>



<TABLE>
<CAPTION>

                       PROFUTURES DIVERSIFIED FUND, L.P.
                            STATEMENT OF OPERATIONS
             For the Years Ended December 31, 2004, 2003 and 2002
                                ---------------

                                                          2004              2003             2002
                                                          ----              ----             ----

<S>                                                    <C>               <C>              <C>
TRADING GAINS (LOSSES)
  Gain (loss) from futures trading
       Realized                                        $   6,744,693     $   7,100,121    $   6,268,491
       Change in unrealized                               (1,502,106)         (316,950)         659,039
       Brokerage commissions                                (856,269)         (870,743)      (1,047,627)
                                                       --------------    --------------   --------------

           Gain from futures trading                       4,386,318         5,912,428        5,879,903
                                                       --------------    --------------   --------------

    Gain (loss) from forward currency trading
       Realized                                              805,336         1,353,380                0
       Change in unrealized                                 (882,202)          602,882                0
                                                       --------------    --------------   --------------

           Gain (loss) from forward currency trading         (76,866)        1,956,262                0
                                                       --------------    --------------   --------------

           Total trading gains                             4,309,452         7,868,690        5,879,903
                                                       --------------    --------------   --------------

NET INVESTMENT INCOME (LOSS)
  Income
      Interest income                                        442,893           352,209          510,306
                                                       --------------    --------------   --------------

  Expenses
      Incentive fees                                       1,138,118         1,456,891        1,104,271
      Management fees                                      2,160,170         2,130,952        2,065,751
      Operating expenses                                     202,142           170,722          162,291
                                                       --------------    --------------   --------------

           Total expenses                                  3,500,430         3,758,565        3,332,313
                                                       --------------    --------------   --------------

           Net investment (loss)                          (3,057,537)      (3,406,356)       (2,822,007)
                                                       --------------    --------------   --------------

           NET INCOME                                  $   1,251,915     $   4,462,334    $   3,057,896
                                                       ==============    ==============   ==============

NET INCOME PER GENERAL
  AND LIMITED PARTNER UNIT

      (based on weighted average number of
      units outstanding during the year of
      12,454, 13,669 and 15,142, respectively)         $      100.52     $      326.46    $      201.95
                                                       ==============    ==============   ==============

INCREASE IN NET ASSET VALUE
  PER GENERAL AND LIMITED
  PARTNER UNIT                                         $      101.44     $      324.44    $      235.20
                                                       ==============    ==============   ==============

                                  See accompanying notes.
</TABLE>



<PAGE>


<TABLE>
<CAPTION>
                              PROFUTURES DIVERSIFIED FUND, L.P.
                STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
                    For the Years Ended December 31, 2004, 2003 and 2002
                                       ---------------

                                       Total
                                      Number of                      Partners' Capital
                                                      ------------------------------------------------
                                        Units           General          Limited           Total
                                    ---------------   -------------   --------------   ---------------
<S>                                         <C>       <C>             <C>              <C>
Balances at December 31, 2001               16,570    $    458,665    $  33,325,130    $   33,783,795


Net income for the year
  ended December 31, 2002                                   52,912        3,004,984         3,057,896


Redemptions                                (2,441)               0       (4,711,350)       (4,711,350)
                                    ---------------   -------------   --------------   ---------------

Balances at December 31, 2002              14,129          511,577       31,618,764        32,130,341


Net income for the year
  ended December 31, 2003                                   72,987        4,389,347         4,462,334

Redemptions                                (1,188)               0       (2,966,994)       (2,966,994)
                                     ---------------   -------------  --------------   ---------------

Balances at December 31, 2003              12,941          584,564       33,041,117        33,625,681

Net income for the year
    ended December 31, 2004                                 22,820        1,229,095        1,251,915

Redemptions                                (1,059)               0       (2,795,943)       (2,795,943)
                                    ---------------   -------------   --------------   ---------------

Balances at December 31, 2004              11,882     $    607,384    $  31,474,269    $   32,081,653
                                    ===============   =============   ==============  ================

                                                  Net Asset Value Per Unit
                                    ------------------------------------------------

                                                       December 31,
                                          2004             2003            2002
                                    ---------------   -------------   --------------

                                    $   2,699.92      $  2,598.48     $  2,274.04
                                    ===============   =============   ==============

                                                See accompanying notes.

</TABLE>


<PAGE>


                       PROFUTURES DIVERSIFIED FUND, L.P.
                         NOTES TO FINANCIAL STATEMENTS

                               ---------------



Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
        -----------------------------------------------------------
        A.  General Description of the Partnership

            ProFutures Diversified Fund, L.P. (the Partnership) is a Delaware
            limited partnership which operates as a commodity investment pool.
            The Partnership engages in the speculative trading of futures
            contracts and interbank forward currency contracts.

        B.  Regulation

            As a registrant with the Securities and Exchange Commission, the
            Partnership is subject to the regulatory requirements under the
            Securities Act of 1933 and the Securities Exchange Act of 1934. As
            a commodity investment pool, the Partnership is subject to the
            regulations of the Commodity Futures Trading Commission, an agency
            of the United States (U.S.) government which regulates most
            aspects of the commodity futures industry; rules of the National
            Futures Association, an industry self-regulatory organization; and
            the requirements of commodity exchanges, Futures Commission
            Merchants (brokers), and interbank market makers through which the
            Partnership trades.

        C.  Method of Reporting

            The Partnership's financial statements are presented in accordance
            with accounting principles generally accepted in the United States
            of America, which require the use of certain estimates made by the
            Partnership's management. Transactions are accounted for on the
            trade date. Gains or losses are realized when contracts are
            liquidated. Unrealized gains or losses on open contracts (the
            difference between contract trade price and market price) are
            reflected in the statement of financial condition as a net gain or
            loss, as there exists a right of offset of unrealized gains or
            losses in accordance with Financial Accounting Standards Board
            Interpretation No. 39 - "Offsetting of Amounts Related to Certain
            Contracts." Any change in net unrealized gain or loss from the
            preceding period is reported in the statement of operations.

            For purposes of both financial reporting and calculation of
            redemption value, Net Asset Value per Unit is calculated by
            dividing Net Asset Value by the total number of units outstanding.

        D.  Brokerage Commissions

            Brokerage commissions include other trading fees and are charged
            to expense when contracts are opened.

        E.  Income Taxes

            The Partnership prepares calendar year U.S. and applicable state
            information tax returns and reports to the partners their
            allocable shares of the Partnership's income, expenses and trading
            gains or losses.


<PAGE>


                       PROFUTURES DIVERSIFIED FUND, L.P.
                  NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               ---------------

Note 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
        -----------------------------------------------------------
        (CONTINUED)
        -----------

        F.  Foreign Currency Transactions

            The  Partnership's   functional   currency  is  the  U.S.  dollar;
            however,  it transacts  business in currencies other than the U.S.
            dollar.  Assets and  liabilities  denominated in currencies  other
            than the U.S.  dollar  are  translated  into U.S.  dollars  at the
            rates  in  effect  at the  date  of  the  statement  of  financial
            condition.  Income and expense  items  denominated  in  currencies
            other than the U.S.  dollar are  translated  into U.S.  dollars at
            the  rates  in  effect   during  the  period.   Gains  and  losses
            resulting  from the  translation  to U.S.  dollars are reported in
            income currently.

        G.  Statements of Cash Flows

            The Partnership has elected not to provide statements of cash
            flows as permitted by Statement of Financial Accounting Standards
            No. 102 - "Statement of Cash Flows - Exemption of Certain
            Enterprises and Classification of Cash Flows from Certain
            Securities Acquired for Resale."

Note 2. GENERAL PARTNER
        ---------------

        The General Partner of the Partnership is ProFutures, Inc., which
        conducts and manages the business of the Partnership. The Agreement of
        Limited Partnership requires the General Partner to contribute to the
        Partnership an amount in the aggregate equal to at least the greater
        of (i) 3% of the aggregate initial capital contributions of all
        partners or $100,000, whichever is less, or (ii) 1% of the aggregate
        initial capital contributions of all partners.

        The Agreement of Limited Partnership also requires that the General
        Partner maintain in the aggregate a net worth at least equal to (i)
        the lesser of $250,000 or 15% of the aggregate initial capital
        contributions of any limited partnerships for which it acts as general
        partner and which are capitalized at less than $2,500,000; and (ii)
        10% of the aggregate initial capital contributions of any limited
        partnerships for which it acts as general partner and which are
        capitalized at greater than $2,500,000.

        Effective October 22, 2004, ProFutures, Inc. has a callable stock
        subscription agreement with Man Financial Inc. (MFI), the
        Partnership's broker, whereby MFI has subscribed to purchase (up to
        $7,000,000, subject to conditions set forth in the stock subscription
        agreement dated October 22, 2004) the number of shares of common stock
        of ProFutures, Inc. necessary to maintain the General Partner's net
        worth requirements. Prior to October 22, 2004, ProFutures, Inc. had a
        callable stock subscription agreement with ABN AMRO Incorporated
        (ABN), the Partnership's prior broker, whereby ABN had subscribed to
        purchase (up to $7,000,000, subject to the conditions set forth in the
        stock subscription agreement as amended effective May 20, 2002) the
        number of shares of common stock of ProFutures, Inc. necessary to
        maintain the General Partner's net worth requirements.

        The Partnership pays the General Partner a monthly management fee of
        1/4 of 1% (3% annually) of month-end Net Asset Value. Effective
        October 16, 2004, the Partnership pays the General Partner an
        additional monthly management fee of .0625% (.75% annually) of the
        Partnership's month-end Net Asset Value for consulting services
        rendered to the Partnership.


<PAGE>
                       PROFUTURES DIVERSIFIED FUND, L.P.
                  NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               ---------------

Note 2. GENERAL PARTNER (CONTINUED)
        ---------------------------

        Total management fees earned by ProFutures, Inc. for the years ended
        December 31, 2004, 2003 and 2002 were $1,050,783, $1,026,367 and
        $925,637, respectively. Management fees payable to ProFutures, Inc. as
        of December 31, 2004 and 2003 were $101,471 and $87,415, respectively.

Note 3. CONSULTANTS
        ------------

        On October 25, 2004, the Partnership entered into a consulting
        agreement effective November 1, 2004, with Altegris Investments, Inc.
        (Altegris), whereby Altegris will recommend the selection and
        termination of the Partnership's trading advisors and the allocation
        and reallocation of the Partnership's assets. Pursuant to the
        consulting agreement, Altegris receives a monthly consulting fee equal
        to .0208% (.25% annually) of the Partnership's month-end Net Asset
        Value. The consulting fee (included in management fees in the
        statement of operations) earned by Altegris totaled $13,651 for the
        year ended December 31, 2004.

        Prior to October 15, 2004, Kenmar Global Strategies Inc. (Kenmar)
        assisted the General Partner in making decisions about which commodity
        trading advisors to hire, the allocations among the advisors and the
        day-to-day monitoring and risk management of the Partnership's trading
        activities. Kenmar received a monthly management fee of 1/12 of 1% (1%
        annually) of month-end Net Asset Value. Effective October 15, 2004,
        ProFutures, Inc. terminated the consulting agreement between Kenmar
        and the Partnership. Accordingly, Kenmar was paid a pro rated monthly
        management fee for the period October 1, 2004 through October 15,
        2004. Management fees earned by Kenmar totaled $266,317, $342,122 and
        $308,546 for the years ended December 31, 2004, 2003 and 2002,
        respectively.

Note 4. COMMODITY TRADING ADVISORS
        --------------------------

        The Partnership has trading advisory contracts with several commodity
        trading advisors to furnish investment management services to the
        Partnership. The trading advisors receive management fees ranging from
        1% to 2% annually of Allocated Net Asset Value (as defined in each
        respective trading advisory contract). In addition, the trading
        advisors receive quarterly incentive fees ranging from 20% to 25% of
        Trading Profits (as defined). Total management fees earned by the
        trading advisors amounted to $829,419, $762,463 and $831,568 for the
        years ended December 31, 2004, 2003 and 2002, respectively.

Note 5. DEPOSITS WITH BROKER
        --------------------

        The Partnership deposits funds with MFI (ABN prior to October 2004) to
        act as broker, subject to Commodity Futures Trading Commission
        regulations and various exchange and broker requirements. Margin
        requirements are satisfied by the deposit of cash with such broker.
        The Partnership earns interest income on its assets deposited with the
        broker.


<PAGE>
                       PROFUTURES DIVERSIFIED FUND, L.P.
                  NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               ---------------

Note 6. SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
        --------------------------------------------

        Investments in the Partnership were made by subscription agreement,
        subject to acceptance by the General Partner. The Partnership's most
        recent offering of Units of Limited Partnership Interest terminated on
        April 30, 1995.

        The Partnership 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 units owned, subject to restrictions
        in the Agreement of Limited Partnership.

Note 7. TRADING ACTIVITIES AND RELATED RISKS
        ------------------------------------

        The Partnership engages in the speculative trading of U.S. and foreign
        futures contracts and forward currency contracts (collectively,
        "derivatives"). The Partnership is exposed to both market risk, the
        risk arising from changes in the market value of the contracts, 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 broker. Additional deposits may be necessary for any loss on
        contract value. The Commodity Exchange Act 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 bills) 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
        total cash and other property deposited.

        For derivatives, risks arise from changes in the market value of the
        contracts. Theoretically, the Partnership is exposed to a market risk
        equal to the notional contract value of futures and forward currency
        contracts purchased and unlimited liability on such contracts sold
        short.

        The Partnership has a portion of its assets on deposit with a
        financial institution in connection with its trading of forward
        currency contracts and its cash management activities. In the event of
        a financial institution's insolvency, recovery of Partnership assets
        on deposit may be limited to account insurance or other protection
        afforded such deposits. Since forward currency contracts are traded in
        unregulated markets between principals, the Partnership also assumes
        the risk of loss from counterparty nonperformance.

        The General Partner has established procedures to actively monitor
        market risk and minimize credit risk, although there can be no
        assurance that it will, in fact, succeed in doing so. The General
        Partner's basic market risk control procedures consist of continuously
        monitoring the trading activity of the various commodity trading
        advisors, with the actual market risk controls being applied by
        Altegris (Kenmar prior to October 15, 2004), as a consultant, and the
        advisors themselves. The General Partner seeks to minimize credit risk
        primarily by depositing and maintaining the Partnership's assets at
        financial institutions and brokers which the General Partner believes
        to be creditworthy. The Limited Partners bear the risk of loss only to
        the extent of the market value of their respective investments and, in
        certain specific circumstances, distributions and redemptions
        received.


<PAGE>

                       PROFUTURES DIVERSIFIED FUND, L.P.
                  NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                               ---------------

Note 8. GUARANTEES
        ----------

        In the normal course of business, the Partnership enters into
        contracts and agreements that contain a variety of representations and
        warranties and which provide general indemnifications. The
        Partnership's maximum exposure under these arrangements is unknown, as
        this would involve future claims that may be made against the
        Partnership that have not yet occurred. The Partnership expects the
        risk of any future obligation under these indemnifications to be
        remote.

Note 9. FINANCIAL HIGHLIGHTS
        --------------------

        The following information presents per unit operating performance data
        and other supplemental financial data for the years ended December 31,
        2004, 2003 and 2002. This information has been derived from
        information presented in the financial statements.

<TABLE>
<CAPTION>

                                                                 2004             2003          2002
                                                                 ----             ----          ----
        Per Unit Performance
        (for a unit outstanding throughout the entire year)
        ---------------------------------------------------

        <S>                                                     <C>             <C>            <C>
        Net asset value per unit at beginning of year           $2,598.48       $2,274.04      $2,038.84
                                                                ---------       ---------      ---------

        Income (loss) from operations:
           Total trading gains(1)                                  346.95          573.64         421.57
           Net investment (loss)(1)                               (245.51)        (249.20)       (186.37)
                                                                ---------       ---------      ---------
               Total income from operations                        101.44          324.44         235.20
                                                                ---------       ---------      ---------
        Net asset value per unit at end of year                 $2,699.92       $2,598.48      $2,274.04
                                                                =========       =========      =========
        Total Return                                                3.90%          14.27%         11.54%
                                                                =========       ========       =========
        Supplemental Data

        Ratios to average net asset value:
           Expenses prior to incentive fees                         7.19%           6.83%          7.38%
           Incentive fees                                           3.47%           4.33%          3.65%
                                                                ---------       ---------      ---------
               Total expenses                                      10.66%          11.16%         11.03%
                                                                =========       ========       =========
           Net investment (loss)(2)                                (5.85)%         (5.79)%        (5.69)%
                                                                =========       ========       =========

</TABLE>

        Total returns are calculated based on the change in value of a unit
        during the year. An individual partner's total returns and ratios may
        vary from the above total returns and ratios based on the timing of
        redemptions.

---------
(1)  The net investment (loss) per unit is calculated by dividing the net
     investment (loss) by the average number of units outstanding during the
     year. Total trading gains 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
     total trading gains per unit due to the timing of trading gains and
     losses during the year relative to the number of units outstanding.
(2)  Excludes incentive fees.