Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 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” any derivatives through operations.

Derivatives not designated as hedging instruments:

As of September 30, 2014
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	182,410	$	(6,733	)	$	175,677
Currency		144,381		(7,143	)		137,238
Energy		19,285		(25,928	)		(6,643	)
Indices		14,350		(96,574	)		(82,224	)
Interest Rates		32,675		(35,625	)		(2,950	)
Metals		116,018		-			116,018
	$	509,119	$	(172,003	)	$	337,116

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

As of September 30, 2014
	Gross					Net
						Assets
	Assets		Liabilities			(Liabilities)
Unrealized Gain (loss) on open contracts	$	568,726	$	(231,610	)	$	337,116
Total	$	568,726	$	(231,610	)	$	337,116

As of December 31, 2013
	Gross					Net
						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:

	Nine Months Ended September 30,
Type of Futures Contracts	2014			2013
Agriculture	$	355,800		$	264,053
Currency		290,288			(291,173	)
Energy		(702,474	)		(221,429	)
Indices		(425,168	)		(263,585	)
Interest Rates		128,532			(120,876	)
Metals		(98,254	)		51,016
	$	(451,276	)	$	(581,994	)

	Three Months Ended September 30,
Type of Futures Contracts	2014			2013
Agriculture	$	333,821		$	448,716
Currency		242,765			(114,491	)
Energy		(448,884	)		(208,334	)
Indices		180,925			(46,465	)
Interest Rates		111,083			(96,551	)
Metals		230,940			(167,282	)
	$	650,650		$	(184,407	)

See Note (5) for additional information on the trading of derivatives not designed as hedging instruments (i.e., “speculative trading”) and the related risks.