FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Alexakos Lee Ann 		2. Issuer Name and Ticker or Trading Symbol

CEDAR FAIR L P [ FUN ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Corp VP Marketing/Advertising
(Last)          (First)          (Middle)

ONE CEDAR POINT DRIVE 		3. Date of Earliest Transaction (MM/DD/YYYY)

3/13/2012
(Street)

SANDUSKY, OH 44870
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Units of Limited Partner Interest   3/13/2012     M    4011   A   (1) 8689   D    
Units of Limited Partner Interest   3/13/2012     D    1765   D $27.99   6924   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Units     (2) 3/13/2012     M         4011    3/13/2012     (3) Units of Limited Partner Interest   4011     (2) 4011   D    
Phantom Units     (2)                  3/4/2013   (4) 3/4/2014   (4) Units of Limited Partner Interest   4135     4135   D    
Phantom Units     (2)                  3/3/2014   (5) 3/3/2015   (5) Units of Limited Partner Interest   3090     3090   D    
Call options to purchase limited partnership units   $28.45                      (6) 11/6/2013   Units of Limited Partner Interest   500     500   D    

Explanation of Responses:
( 1)  These units were granted pursuant to the Partnership's 2008 Omnibus Incentive Plan.
( 2)  Each phantom unit is the economic equivalent of one limited partner unit in Cedar Fair, L.P.
( 3)  Half of this award vested in March 2012. The remaining phantom units will vest in March 2013, assuming the grantee continues to be employed with the Company.
( 4)  This award vests in two equal installments on March 4, 2013 and 2014, respectively, assuming the grantee continues to be employed with the Company.
( 5)  This award vests in two equal installments on March 3, 2014 and 2015, respectively, assuming the grantee continues to be employed with the Company.
( 6)  Options vested at a rate of 20% per year on each anniversary date, beginning on November 6, 2004.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Alexakos Lee Ann
ONE CEDAR POINT DRIVE
SANDUSKY, OH 44870

Corp VP Marketing/Advertising

Signatures
Lee Ann Alexakos 3/15/2012
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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