Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 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 September 30, 2016
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	156,017	$	(46,445	)	$	109,572
Currency		38,761		(12,351	)		26,410
Energy		57,186		(52,599	)		4,587
Indices		33,695		(13,653	)		20,042
Interest rates		30,041		(15,745	)		14,296
Metals		11,901		(24,376	)		(12,475	)
	$	327,601	$	(165,169	)	$	162,432

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 – net 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 September 30, 2016 and December 31, 2015, respectively. 

Trading gain (loss) for the following periods:

	Nine Months Ended September 30,
Type of Futures Contracts	2016			2015
Agriculture	$	222,679		$	(109,355	)
Currency		(14,698	)		(443,817	)
Energy		(66,462	)		149,498
Indices		115,184			(112,781	)
Interest rates		334,005			204,790
Metals		(23,315	)		(165,505	)
	$	567,393		$	(477,170	)

	Three Months Ended September 30,
Type of Futures Contracts		2016			2015
Agriculture	$	88,163		$	(91,186	)
Currency		(78,068	)		(145,463	)
Energy		(1,999	)		204,334
Indices		124,288			(93,326	)
Interest rates		(207,307	)		97,326
Metals		(51,916	)		(10,263	)
	$	(126,839	)	$	(38,578	)

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