Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 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 June 30, 2016
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	123,133	$	(56,269	)	$	66,864
Currency		87,826		(3,617	)		84,209
Energy		15,467		(47,392	)		(31,925	)
Indices		37,275		(13,844	)		23,431
Interest Rates		171,846		(1,248	)		170,598
Metals		59,045		(10,508	)		48,537
	$	494,592	$	(132,878	)	$	361,714

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 June 30, 2016 and December 31, 2015, respectively. 

Trading gain (loss) for the following periods:

	Six Months Ended June 30,
Type of Futures Contracts	2016			2015
Agriculture	$	134,516		$	(18,170	)
Currency		63,370			(298,355	)
Energy		(64,464	)		(54,835	)
Indices		(9,103	)		(19,455	)
Interest Rates		541,312			107,464
Metals		28,601			(155,242	)
	$	694,232		$	(438,593	)

	Three Months Ended June 30,
Type of Futures Contracts	2016			2015
Agriculture	$	163,133		$	(45,178	)
Currency		8,489			(276,525	)
Energy		(165,325	)		(54,979	)
Indices		(297,904	)		(258,412	)
Interest Rates		330,221			(245,948	)
Metals		17,432			(23,837	)
	$	56,046		$	(904,879	)

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