Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

(11)       Derivative Instruments and Hedging Activities.

The Trust does not utilize “hedge accounting” and instead “marks-to-market” its derivatives through operations.

Derivatives not designated as hedging instruments:

As of December 31, 2013
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	223,192		$	(37,817	)		$	185,375
Currency			94,958			(1,663	)			93,295
Energy			15,843			(38,517	)			(22,674	)
Indices			438,814			(46,548	)			392,266
Interest Rates			129,505			(94,051	)			35,454
Metals			78,920			-				78,920
		$	981,232		$	(218,596	)		$	762,636

As of December 31, 2012
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	678,316		$	(369,972	)		$	308,344
Currency			94,041			(185,622	)			(91,581	)
Energy			76,522			(202,853	)			(126,331	)
Indices			60,504			(55,851	)			4,653
Interest Rates			30,579			(20,778	)			9,801
Metals			23,749			(23,693	)			56
		$	963,711		$	(858,769	)		$	104,942

The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts and in purchased options on futures and written options on futures contracts in the consolidated statements of financial condition as of December 31, 2013 and 2012, respectively.

Trading gain (loss) for the following periods:

	Year ended December 31
Type of Futures Contracts	2013			2012			2011
Agriculture	$	441,400		$	(361,619	)	$	(1,105,067	)
Currency		(221,046	)		(598,618	)		(1,380,681	)
Energy		(430,320	)		(483,184	)		63,841
Indices		394,694			(655,571	)		865,269
Interest Rates		(204,765	)		162,682			935,552
Metals		229,275			(462,793	)		276,344
	$	209,238		$	(2,399,103	)	$	(344,742	)

See Note (5) for additional information on the Trust’s purpose for entering into derivatives not designed as hedging instruments and its overall risk management strategies.