Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 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” 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, 2016, the Trust held no assets or liabilities reported at fair value.  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 December 31, 2015. 

Trading gain (loss) for the following periods:

	Year ended December 31,
Type of Futures Contracts	2016			2015			2014
Agriculture	$	140,538		$	(177,298	)	$	(42,004	)
Currency		(117,250	)		(480,313	)		790,640
Energy		(165,154	)		687,431			126,535
Indices		(59,458	)		(226,266	)		(566,210	)
Interest rates		297,195			16,128			188,370
Metals		(133,786	)		15,436			21,168
	$	(37,915	)	$	(164,882	)	$	518,499

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