Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2015

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, 2015
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	32,649	$	(61,049	)	$	(28,400	)
Currency		26,412		(863	)		25,549
Energy		104,889		(74,035	)		30,854
Indices		5,225		(23,774	)		(18,549	)
Interest rates		4,782		(21,653	)		(16,871	)
Metals		11,985		(9,213	)		2,772
	$	185,942	$	(190,587	)	$	(4,645	)

As of December 31, 2014
	Asset		Liability
Type of  futures,	Derivatives		Derivatives			Net
Futures 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

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, 2015 and 2014, respectively. 

Trading gain (loss) for the following periods:

	Year ended December 31,
Type of Futures Contracts	2015			2014			2013
Agriculture	$	(177,298	)	$	(42,004	)	$	441,400
Currency		(480,313	)		790,640			(221,046	)
Energy		687,431			126,535			(430,320	)
Indices		(226,266	)		(566,210	)		394,694
Interest rates		16,128			188,370			(204,765	)
Metals		15,436			21,168			229,275
	$	(164,882	)	$	518,499		$	209,238

See Note (5) for additional information on the trading of derivatives not designed as hedging instruments and the related risks.