Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2017

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, 2017
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	37,195	$	(2,400	)	$	34,795
Currency		9,512		(6,704	)		2,808
Energy		5,140		(111,076	)		(105,936	)
Indices		18,351		(3,780	)		14,571
Interest rates		8,778		-			8,778
Metals		3,455		(180	)		3,275
	$	82,431	$	(124,140	)	$	(41,709	)

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 statement of financial condition as of March 31, 2017. 

Trading gain (loss) for the following periods:

	Three Months Ended March 31,
Type of Futures Contracts	2017			2016
Agriculture	$	6,807		$	(28,617	)
Currency		7,971			54,881
Energy		(150,031	)		100,861
Indices		376,710			288,800
Interest rates		(185,192	)		211,092
Metals		2,190			11,169
	$	58,455		$	638,186

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