Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2014

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 March 31, 2014
	Asset			Liability
Type of	Derivatives			Derivatives				Net
Futures Contracts	Fair Value			Fair Value				Fair Value
Agriculture		$	73,553		$	(91,362	)		$	(17,809	)
Currency			52,579			(52,046	)			533
Energy			6,505			(23,494	)			(16,989	)
Indices			136,365			(53,039	)			83,326
Interest Rate			32,114			(35,713	)			(3,599	)
Metals			51,207			(2,287	)			48,920
		$	352,323		$	(257,941	)		$	94,382

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

The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts in the consolidated statements of financial condition as of March 31, 2014 and 2013, respectively.

As of March 31, 2014
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized Gain (loss) on open contracts	$	435,382	$	(341,000	)	$	94,382
Total	$	435,382	$	(341,000	)	$	94,382

As of December 31, 2013
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized Gain (loss) on open contracts	$	1,095,940	$	(333,304	)	$	762,636
Total	$	1,095,940	$	(333,304	)	$	762,636

Trading gain (loss) for the following periods:

	Three Months Ended March 31,
Type of Futures Contracts	2014			2013
Agriculture	$	(63,955	)	$	212,660
Currency		25,717			(36,443	)
Energy		(159,661	)		120,898
Indices		(668,139	)		(159,118	)
Interest Rates		(233,138	)		(6,931	)
Metals		(187,662	)		1,962
	$	(1,286,838	)	$	133,028

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.