Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 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 June 30, 2017
	Asset		Liability
Type of	Derivatives		Derivatives			Net
Futures Contracts	Fair Value		Fair Value			Fair Value
Agriculture	$	9,650	$	(5,040	)	$	4,610
Currency		21,361		-			21,361
Energy		-		(57,101	)		(57,101	)
Indices		6,690		(2,165	)		4,525
Interest rates		11,777		(4,175	)		7,602
Metals		7,520		-			7,520
	$	56,998	$	(68,481	)	$	(11,483	)

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 June 30, 2017. 

Trading gain (loss) for the following periods:

	Six Months Ended June 30,
Type of Futures Contracts	2017			2016
Agriculture	$	(8,634	)	$	134,516
Currency		113,816			63,370
Energy		(300,578	)		(64,464	)
Indices		362,145			(9,103	)
Interest rates		(332,940	)		541,312
Metals		(52,415	)		28,601
	$	(218,606	)	$	694,232

	Three Months Ended June 30,
Type of Futures Contracts		2017			2016
Agriculture	$	(15,441	)	$	163,133
Currency		105,845			8,489
Energy		(150,546	)		(165,325	)
Indices		(14,564	)		(297,904	)
Interest rates		(147,750	)		330,221
Metals		(54,605	)		17,432
	$	(277,061	)	$	56,046

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