Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

(10)       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 March 31, 2016
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	86,380	$	(102,038	)	$	(15,658	)
Currency		12,830		(11,688	)		1,142
Energy		47,251		(59,953	)		(12,702	)
Indices		43,064		(4,547	)		38,517
Interest rates		9,015		(14,181	)		(5,166	)
Metals		-		(16,078	)		(16,078	)
	$	198,540	$	(208,485	)	$	(9,945	)

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	)

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 March 31, 2016 and 2015, respectively. 

Trading gain (loss) for the following periods:

	Three Months Ended March 31,
Type of Futures Contracts	2016			2015
Agriculture	$	(28,617	)	$	27,009
Currency		54,881			(21,830	)
Energy		100,861			144
Indices		288,800			238,957
Interest rates		211,092			353,411
Metals		11,169			(131,405	)
	$	638,186		$	466,286

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