Continuing the work that we have been involved in during the
last year or so, we performed a complete analysis of the single nucleon
observables in two-flavor partially-quenched 
PT, (PQPT).
We examined masses, magnetic moments, matrix elements of the twist-two
operators and the axial matrix elements up to next-to-leading order.
We found that there are more invariants in the partially-quenched theory that
in QCD. It is not clear if these additional terms will lead to complications in
the extraction of QCD matrix elements, but at this point it appears that they
will not.