Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 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 June 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	90,603	$	(53,356	)	$	37,247
Currency		91,585		(30,326	)		61,259
Energy		38,044		(71,351	)		(33,307	)
Indices		60,036		(22,518	)		37,518
Interest Rates		95,206		(31,944	)		63,262
Metals		-		(19,723	)		(19,723	)
	$	375,474	$	(229,218	)	$	146,256

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 June 30, 2014 and December 31, 2013, respectively.

As of June 30, 2014
						Net
	Gross					Assets
	Assets		Liabilities			(Liabilities)
Unrealized gain (loss) on open contracts	$	485,031	$	(338,775	)	$	146,256
Total	$	485,031	$	(338,775	)	$	146,256

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:

	Six Months Ended June 30,
Type of Futures Contracts	2014			2013
Agriculture	$	21,979		$	(184,663	)
Currency		47,491			(176,681	)
Energy		(253,590	)		(13,094	)
Indices		(606,093	)		(217,160	)
Interest Rates		17,449			(24,325	)
Metals		(329,162	)		218,337
	$	(1,101,926	)	$	(397,586	)

	Three Months Ended June 30,
Type of Futures Contracts		2014			2013
Agriculture	$	85,934		$	(399,350	)
Currency		21,774			(137,854	)
Energy		(93,929	)		(133,992	)
Indices		62,045			(58,059	)
Interest Rates		250,587			(17,393	)
Metals		(141,499	)		216,034
	$	184,912		$	(530,614	)

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.