(11) Offsetting

As indicated in Note (1), the Trust’s assets are currently indirectly allocated to each of the Trading Companies. All of the Trading Companies utilize RJO as their clearing broker. Each Trading Company has its own separate clearing agreement with RJO, under which each of the Trading Companies are subject to master netting agreements or similar arrangements that allow RJO to offset any assets of the individual entity by any liabilities of the individual Trading Company, as necessary, if RJO determines that the amount of margin is not appropriate or the Trading Company is not able to perform. Each of the Trading Companies hold significant cash deposits with RJO, which can be and is used by the Trading Companies to settle any obligations due to RJO. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties and they do not apply across different Trading Companies.

For financial reporting purposes, the Trust nets its similar derivative assets and liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following tables present the Trust’s derivative assets and liabilities by investment type and by counterparty, net of amounts available for offset under a master netting agreement, along with the related collateral received or pledged by the Trading Companies (cash on deposit with broker) as of March 31, 2017 and December 31, 2016:

	Offsetting of Derivative Assets

	As of March 31, 2017							As of December 31, 2016
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts of Assets Presented in the Statement of Financial Condition		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Financial Condition		Net Amounts of Assets Presented in the Statement of Financial Condition

Description

Futures and forward contracts	$	82,431	$	(25,821	)	$	56,610	$	-	$	-	$	-

	$	82,431	$	(25,821	)	$	56,610	$	-	$	-	$	-

	Derivative Assets and Collateral Held by Counterparty

	As of March 31, 2017								As of December 31, 2016
	Net Amount of Assets in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition						Net Amount of Assets in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition
Individual Trading Companies (with derivative assets and collateral held by RJO)
			Financial Instruments		Cash Collateral Received		Net Amount				Financial Instruments		Cash Collateral Received		Net Amount

OASIS Claughton, LLC	$	56,610	$	-	$	-	$	56,610	$	-	$	-	$	-	$	-

	$	56,610	$	-	$	-	$	56,610	$	-	$	-	$	-	$	-

	Offsetting of Derivative Liabilities

	As of March 31, 2017							As of December 31, 2016
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Condition			Net Amounts of Liabilities Presented in the Statement of Financial Condition		Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Financial Condition		Net Amounts of Liabilities Presented in the Statement of Financial Condition

Description

Futures and forward contracts	$	124,140	$	(25,821	)	$	98,319	$	-	$	-	$	-

	$	124,140	$	(25,821	)	$	98,319	$	-	$	-	$	-

	Derivative Liabilities and Collateral Pledged by Counterparty

	As of March 31, 2017									As of December 31, 2016
Individual Trading Companies (with derivative liabilities and collateral held by RJO)	Net Amount of Liabilities in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition							Net Amount of Liabilities in the Statement of Financial Condition		Gross Amounts Not Offset in the Statement of Financial Condition

			Financial Instruments			Cash Deposits Held by Broker		Net Amount				Financial Instruments		Cash Deposits Held by Broker		Net Amount

OASIS RCM, LLC	$	98,319	$	(98,319	)	$	-	$	-	$	-	$	-	$	-	$	-

	$	98,319	$	(98,319	)	$	-	$	-	$	-	$	-	$	-	$	-