Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 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 December 31, 2014
	Asset		Liability
Type of  Futures,	Derivatives		Derivatives				Net
Forwards Contracts	Fair Value		Fair Value				Fair Value
Agriculture	$	119,669		$	(95,121	)		$	24,548
Currency		60,876			(31,502	)			29,374
Energy		218,011			(15,424	)			202,587
Indices		12,875			(13,050	)			(175	)
Interest Rates		168,536			(2,275	)			166,261
Metals		44,235			(875	)			43,360
	$	624,202		$	(158,247	)		$	465,955

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 and in purchased options on futures and written options on futures contracts in the consolidated statements of financial condition as of December 31, 2014 and 2013, respectively.  

Trading gain (loss) for the following periods:

	Year ended December 31,
Type of Futures Contracts	2014			2013			2012
Agriculture	$	(42,004	)	$	441,400		$	(361,619	)
Currency		790,640			(221,046	)		(598,618	)
Energy		126,535			(430,320	)		(483,184	)
Indices		(566,210	)		394,694			(655,571	)
Interest Rates		188,370			(204,765	)		162,682
Metals		21,168			229,275			(462,793	)
	$	518,499		$	209,238		$	(2,399,103	)

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.