10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.20549

FORM 10-Q

x Quarterly report pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

For the quarterly period ended September 30, 2014

or

o Transition report pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934

For the transition period from ____________ to _____________

COMMISSION FILE NUMBER 0-49767

MLM INDEX™ FUND

(Exact name of registrant as specified in its charter)

DELAWARE	Unleveraged Series: 22-2897229
	Leveraged Series: 22-3722683
	Commodity L/N Unleveraged Series: 27-1198002
	Commodity L/S Unleveraged Series: 20-8806944

(State or other jurisdiction of incorporation or organization) (IRS Employer Identification Number)

405 South State Street, Newtown, PA

(Address of principal executive offices)

18940

(Zip Code)

(267) 759-3500

(Registrant's telephone number including area code)

N/A

(Former name, former address and former fiscal year, if

changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports

required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months, and (2) has been subject to such filing

requirements for the past 90 days.

Yes xNo o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes xNo o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,  a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer,”  “large accelerated filer,” and “smaller reporting company” “ in Rule 12-b-2 of the Exchange Act. (Check One):

Large Accelerated Filer o AcceleratedFiler o Non-Accelerated Filer x  Smaller Reporting Company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12-b-2 of the Exchange Act).

Yes oNo x

MLM Index™ Fund

Index to FORM 10-Q

September 30, 2014

PART I – FINANCIAL INFORMATION
Item 1	Unaudited Condensed Financial Statements:	Page Number
MLM Index™ Unleveraged Series		4-10
MLM Index™ Leveraged Series		11-17
MLM Commodity L/N Unleveraged Series		18-24
MLM Commodity L/S Unleveraged Series		25-31
Total Trust		32-38
Notes to Unaudited Condensed Financial Statements		39-52
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53-57
Item 3	Quantitative and Qualitative Disclosures of Market Risk	57-59
Item 4	Controls and Procedures	59-60
PART II – OTHER INFORMATION
Item 1	Legal Proceedings	61
Item 1A	Risk Factors	61
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	61
Item 3	Defaults Upon Senior Securities	61
Item 4	Mine Safety Disclosures	61
Item 5	Other Information	61
Item 6	Exhibits	62

3

Item 1. Financial Statements.

MLM INDEX™ FUND

CONDENSED STATEMENTS OF FINANCIAL CONDITION

MLM Index^TM Unleveraged Series

As of September 30, 2014 (Unaudited) and December 31, 2013

ASSETS	September 30, 2014		December 31, 2013
Cash and cash equivalents	$	53,455,368	$	38,783,078
Due from broker		4,232,472		4,228,397
Net unrealized gain on open futures contracts, at fair value		1,913,688		581,248
Interest receivable		177		7
Total assets	$	59,601,705	$	43,592,730
LIABILITIES AND INVESTORS’ INTEREST
Liabilities
Redemptions payable	$	613,438	$	4,728,284
Brokerage commissions payable		14,710		14,594
Management fee payable		24,602		19,388
Accrued expenses		8,865		8,652
Total liabilities		661,615		4,770,918
Investors’ interest		58,940,090		38,821,812
Total liabilities and investors’ interest	$	59,601,705	$	43,592,730

See Notes to Unaudited Condensed Financial Statements.

4

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

MLM Index^TM Unleveraged Series

September 30, 2014 (Unaudited)

Description	Number of Contracts			Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Financial		137		$	12,115		0.02	%
Commodity		21			76,710		0.13
		158			88,825		0.15
Short futures contracts
Financial		(171	)		748,231		1.27
Commodity		(327	)		1,076,632		1.83
		(498	)		1,824,863		3.10
Net unrealized gain on open futures contracts, at fair value				$	1,913,688		3.25	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

5

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

MLM Index^TM Unleveraged Series

December 31, 2013

Description	Number of contracts			Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Financial		50		$	164,220		0.42	%
Commodity		50			5,205		0.01
		100			169,425		0.43
Short futures contracts
Financial		(152	)		392,430		1.01
Commodity		(160	)		19,393		0.05
		(312	)		411,823		1.06
Net unrealized gain on open futures contracts, at fair value				$	581,248		1.49	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

6

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

MLM Index^TM Unleveraged Series

For the three and nine months ended September 30, 2014 and 2013 (Unaudited)

	For the three months ended September 30, 2014			For the three months ended September 30, 2013			For the nine months ended September 30, 2014			For the nine months ended September 30, 2013
Investment income
Interest	$	5,209		$	3,693		$	13,569		$	17,966
Expenses
Brokerage commissions		47,006			48,774			125,582			144,975
Management fee		73,474			61,593			171,326			180,347
Operating expenses		59,136			50,665			143,298			148,035
Total expenses		179,616			161,032			440,206			473,357
Net investment loss		(174,407	)		(157,339	)		(426,637	)		(455,391	)
Realized and unrealized gain (loss) on investments
Net realized (loss) gain on investments		(52,692	)		357,848			24,861			(998,403	)
Net change in unrealized appreciation and depreciation on investments		1,714,662			(400,021	)		1,321,918			52,648
Net realized and unrealized gain (loss) on investments		1,661,970			(42,173	)		1,346,779			(945,755	)
Net gain (loss)	$	1,487,563		$	(199,512	)	$	920,142		$	(1,401,146	)

See Notes to Unaudited Condensed Financial Statements.

7

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS’ INTEREST

MLM Index^TM Unleveraged Series

For the nine months ended September 30, 2014 (Unaudited)

	Unleveraged Series
	Class A Shares			Class B Shares			Class C Shares		Class D Shares			Class E Shares		Total Unleveraged Series
Investors’ interest at December 31, 2013	$	1,133,968		$	786,759		$	1,175	$	36,899,910		$	─	$	38,821,812
Subscriptions		─			─			─		3,275,000			19,599,401		22,874,401
Redemptions		(741,914	)		(64,093	)		─		(2,870,258	)		─		(3,676,265	)
Net (loss) income		(13,022	)		4,254			8		417,912			510,990		920,142
Investors’ interest at September 30, 2014	$	379,032		$	726,920		$	1,183	$	37,722,564		$	20,110,391	$	58,940,090
Shares at December 31, 2013		11,165			6,674			11		342,573			─
Subscriptions		─			─			─		30,845			195,994
Redemptions		(7,431	)		(551	)		─		(26,819	)		─
Shares at September 30, 2014		3,734			6,123			11		346,599			195,994
Net asset value per share:
September 30, 2014	$	101.52		$	118.73		$	104.06	$	108.84			102.61

See Notes to Unaudited Condensed Financial Statements.

8

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS’ INTEREST

MLM Index^TM Unleveraged Series

For the nine months ended September 30, 2013 (Unaudited)

	Unleveraged Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Total Unleveraged Series
Investors’ interest at December 31, 2012	$	2,677,401		$	3,111,377		$	53,171		$	32,572,328		$	38,414,277
Subscriptions		─			─			─			16,995,000			16,995,000
Redemptions		(1,001,617	)		(2,193,199	)		(50,416	)		(6,698,262	)		(9,943,494	)
Net loss		(87,500	)		(73,680	)		(1,590	)		(1,238,376	)		(1,401,146	)
Investors’ interest at September 30, 2013	$	1,588,284		$	844,498		$	1,165		$	41,630,690		$	44,064,637
Shares at December 31, 2012		25,400			25,686			500			295,650
Subscriptions		─			─			─			156,624
Redemptions		(9,669	)		(18,461	)		(489	)		(62,058	)
Shares at September 30, 2013		15,731			7,225			11			390,216
Net asset value per share:
September 30, 2013	$	100.97		$	116.91		$	102.52		$	106.69

See Notes to Unaudited Condensed Financial Statements.

9

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

MLM Index^TM Unleveraged Series

For the nine months ended September 30, 2014 and 2013 (Unaudited)

	September 30, 2014			September 30, 2013
Cash flows from operating activities
Net income (loss)	$	920,142		$	(1,401,146	)
Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities
Net change in operating assets and liabilities
Due from broker		(4,075	)		1,001,892
Net unrealized gain on open futures contracts		(1,332,440	)		(47,330	)
Interest receivable		(170	)		(77,627	)
Brokerage commissions payable		116			1,241
Management fee payable		5,214			1,546
Accrued expenses		213			9,709
Net cash and cash equivalents used in operating activities		(411,000	)		(511,715	)
Cash flows from financing activities
Subscriptions received, net of selling commissions		22,874,401			15,075,000
Redemptions paid		(7,791,111	)		(10,000,703	)
Net cash and cash equivalents provided by financing activities		15,083,290			5,074,297
Net increase in cash and cash equivalents		14,672,290			4,562,582
Cash and cash equivalents at beginning of period		38,783,078			36,597,519
Cash and cash equivalents at end of period	$	53,455,368		$	41,160,101
Supplemental disclosure of non-cash financing activities:
Redemptions payable	$	613,438		$	353,916
Subscriptions recorded which were received in advance	$	─		$	1,950,000

See Notes to Unaudited Condensed Financial Statements.

10

MLM INDEX™ FUND

CONDENSED STATEMENTS OF FINANCIAL CONDITION

MLM Index^TM Leveraged Series

As of September 30, 2014 (Unaudited) and December 31, 2013

ASSETS	September 30, 2014		December 31, 2013
Cash and cash equivalents	$	9,672	$	354,768
Due from broker		3,732,197		5,751,321
Net unrealized gain on open futures contracts, at fair value		381,124		191,379
Total assets	$	4,122,993	$	6,297,468
LIABILITIES AND INVESTORS’ INTEREST
Liabilities
Redemptions payable	$	39,334	$	1,818,018
Brokerage commissions payable		3,404		6,411
Management fee payable		4,355		8,401
Accrued expenses		1,650		1,398
Total liabilities		48,743		1,834,228
Investors’ interest		4,074,250		4,463,240
Total liabilities and investors’ interest	$	4,122,993	$	6,297,468

See Notes to Unaudited Condensed Financial Statements.

11

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

MLM Index^TM Leveraged Series

September 30, 2014 (Unaudited)

Description	Number of contracts			Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Financial		27		$	240		0.01	%
Commodity		4			14,410		0.35
		31			14,650		0.36
Short futures contracts
Financial		(34	)		145,782		3.58
Commodity		(66	)		220,692		5.42
		(100	)		366,474		9.00
Net unrealized gain on open futures contracts, at fair value				$	381,124		9.36	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

12

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

MLM Index^TM Leveraged Series

December 31, 2013

Description	Number of contracts			Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Financial		17		$	52,113		1.17	%
Commodity		18			2,638		0.06
		35			54,751		1.23
Short futures contracts
Financial		(52	)		134,146		3.01
Commodity		(55	)		2,482		0.06
		(107	)		136,628		3.07
Net unrealized gain on open futures contracts, at fair value				$	191,379		4.30	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

13

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

MLM Index^TM Leveraged Series

For the three and nine months ended September 30, 2014 and 2013 (Unaudited)

	For the three months ended September 30, 2014			For the three months ended September 30, 2013			For the nine months ended September 30, 2014			For the nine months ended September 30, 2013
Investment income
Interest	$	17		$	─		$	31		$	2,561
Expenses
Interest		─			137			─			─
Brokerage commissions		10,783			25,810			35,374			116,924
Management fee		12,991			32,082			42,839			142,976
Operating expenses		4,451			9,182			14,621			44,539
Total expenses		28,225			67,211			92,834			304,439
Net investment loss		(28,208	)		(67,211	)		(92,803	)		(301,878	)
Realized and unrealized gain (loss) on investments
Net realized gain (loss) on investments		11,946			214,922			51,203			(1,255,705	)
Net change in unrealized appreciation and depreciation on investments		313,549			(213,295	)		188,666			204,081
Net realized and unrealized gain (loss) on investments		325,495			1,627			239,869			(1,051,624	)
Net gain (loss)	$	297,287		$	(65,584	)	$	147,066		$	(1,353,502	)

See Notes to Unaudited Condensed Financial Statements.

14

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS’ INTEREST

MLM Index^TM Leveraged Series

For the nine months ended September 30, 2014 (Unaudited)

	Class A Shares			Class B Shares			Class C Shares		Class D Shares			Total Leveraged Series
Investors’ interest at December 31, 2013	$	369,018		$	1,118,984		$	1,010	$	2,974,228		$	4,463,240
Subscriptions		─			─			─		─			─
Redemptions		(260,250	)		(226,982	)		─		(48,824	)		(536,056	)
Net (loss) income		(6,058	)		27,160			38		125,926			147,066
Investors’ interest at September 30, 2014	$	102,710		$	919,162		$	1,048	$	3,051,330		$	4,074,250
Shares at December 31, 2013		4,998			12,268			14		31,023
Subscriptions		─			─			─		─
Redemptions		(3,641	)		(2,546	)		─		(513	)
Shares at September 30, 2014		1,357			9,722			14		30,510
Net asset value per share:
September 30, 2014	$	75.68		$	94.55		$	77.63	$	100.02

See Notes to Unaudited Condensed Financial Statements.

15

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS’ INTEREST

MLM Index^TM Leveraged Series

For the nine months ended September 30, 2013 (Unaudited)

	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Total Leveraged Series
Investors’ interest at December 31, 2012	$	1,823,994		$	5,070,580		$	1,075		$	13,142,456		$	20,038,105
Subscriptions		─			90,000			─			─			90,000
Redemptions		(329,170	)		(2,921,997	)		─			(8,184,713	)		(11,435,880	)
Net loss		(170,290	)		(341,140	)		(96	)		(841,976	)		(1,353,502	)
Investors’ interest at September 30, 2013	$	1,324,534		$	1,897,443		$	979		$	4,115,767		$	7,338,723
Shares at December 31, 2012		22,834			52,162			14			129,732
Subscriptions		─			926			─			─
Redemptions		(4,405	)		(31,639	)		─			(85,375	)
Shares at September 30, 2013		18,429			21,449			14			44,357
Net asset value per share:
September 30, 2013	$	71.87		$	88.47		$	72.56		$	92.79

See Notes to Unaudited Condensed Financial Statements.

16

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

MLM Index^TM Leveraged Series

For the nine months ended September 30, 2014 and 2013 (Unaudited)

	September 30, 2014			September 30, 2013
Cash flows from operating activities
Net income (loss)	$	147,066		$	(1,353,502	)
Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in)operating activities
Net change in operating assets and liabilities
Due from broker		2,019,124			1,262,225
Net unrealized gain on open futures contracts		(189,745	)		(199,934	)
Interest receivable		─			5
Other assets		─			1,073
Brokerage commissions payable		(3,007	)		(12,080	)
Management fee payable		(4,046	)		(16,040	)
Accrued expenses		252			699
Net cash and cash equivalents provided by (used in) operating activities		1,969,644			(317,554	)
Cash flows from financing activities
Subscriptions received, net of selling commissions		─			─
Redemptions paid		(2,314,740	)		(12,646,741	)
Net cash and cash equivalents used in financing activities		(2,314,740	)		(12,646,741	)
Net decrease in cash and cash equivalents		(345,096	)		(12,964,295	)
Cash and cash equivalents at beginning of period		354,768			14,038,218
Cash and cash equivalents at end of period	$	9,672		$	1,073,923
Supplemental disclosure of non-cash financing activities:
Redemptions payable	$	39,334		$	21,509
Subscriptions recorded which were received in advance	$	─		$	90,000

See Notes to Unaudited Condensed Financial Statements.

17

MLM INDEX™ FUND

CONDENSED STATEMENTS OF FINANCIAL CONDITION

MLM Commodity L/N Index Unleveraged Series

As of September 30, 2014 (Unaudited) and December 31, 2013

ASSETS	September 30, 2014		December 31, 2013
Cash and cash equivalents	$	126,587,694	$	123,776,520
Due from broker		2,817,802		5,734,958
Net unrealized gain on open futures contracts, at fair value		666,770		78,333
Interest receivable		39		19
Total assets	$	130,072,305	$	129,589,830
LIABILITIES AND INVESTORS’ INTEREST
Liabilities
Brokerage commissions payable		31,474		31,849
Management fee payable		53,993		54,163
Accrued expenses		24,708		24,721
Subscriptions received in advance		250,000		─
Total liabilities		360,175		110,733
Investors’ interest		129,712,130		129,479,097
Total liabilities and investors’ interest	$	130,072,305	$	129,589,830

See Notes to Unaudited Condensed Financial Statements.

18

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

MLM Commodity L/N Index Unleveraged Series

September 30, 2014 (Unaudited)

Description	Number of contracts		Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Commodity		184	$	666,770		0.51	%
Net unrealized gain on open futures contracts, at fair value			$	666,770		0.51	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

19

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

MLM Commodity L/N Index Unleveraged Series

December 31, 2013

Description	Number of contracts		Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Commodity		676	$	78,333		0.06	%
Net unrealized gain on open futures contracts, at fair value			$	78,333		0.06	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

20

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

Commodity L/N Unleveraged Series

For the three and nine months ended September 30, 2014 and 2013 (Unaudited)

	For the three months ended September 30, 2014			For the three months ended September 30, 2013			For the nine months ended September 30, 2014			For the nine months ended September 30, 2013
Investment income
Interest	$	18,842		$	14,736		$	52,953		$	55,385
Expenses
Brokerage commissions		98,229			95,152			296,711			275,419
Management fee		165,312			162,427			500,988			460,695
Operating expenses		140,389			138,949			424,675			388,156
Total expenses		403,930			396,528			1,222,374			1,124,270
Net investment loss		(385,088	)		(381,792	)		(1,169,421	)		(1,068,885	)
Realized and unrealized (loss) gain on investments
Net realized (loss) gain on investments		(4,757,657	)		1,348,420			(2,885,410	)		(4,792,180	)
Net change in unrealized depreciation and appreciation on investments		(907,514	)		541,685			587,864			301,091
Net realized and unrealized (loss) gain on investments		(5,665,171	)		1,890,105			(2,297,546	)		(4,491,089	)
Net (loss) income	$	(6,050,259	)	$	1,508,313		$	(3,466,967	)	$	(5,559,974	)

See Notes to Unaudited Condensed Financial Statements.

21

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS’ INTEREST

MLM Commodity L/N Index Unleveraged Series

For the nine months ended September 30, 2014 (Unaudited)

	Class D Shares			Class E Shares			Total Commodity L/N Unleveraged Series
Investors’ interest at December 31, 2013	$	74,744,967		$	54,734,130		$	129,479,097
Subscriptions		3,700,000			─			3,700,000
Net loss		(2,135,095	)		(1,331,872	)		(3,466,967	)
Investors’ interest at September 30, 2014	$	76,309,872		$	53,402,258		$	129,712,130
Shares at December 31, 2013		819,002			618,735
Subscriptions		39,614			─
Shares at September 30, 2014		858,616			618,735
Net asset value per share:
September 30, 2014	$	88.88		$	86.31

See Notes to Unaudited Condensed Financial Statements.

22

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS’ INTEREST

MLM Commodity L/N Index Unleveraged Series

For the nine months ended September 30, 2013 (Unaudited)

	Class D Shares			Class E Shares			Total Commodity L/N Unleveraged Series
Investors’ interest at December 31, 2012	$	71,782,634		$	37,485,428		$	109,268,062
Subscriptions		5,523,122			20,015,348			25,538,470
Net loss		(3,440,809	)		(2,119,165	)		(5,559,974	)
Investors’ interest at September 30, 2013	$	73,864,947		$	55,381,611		$	129,246,558
Shares at December 31, 2012		740,605			400,000
Subscriptions		58,790			218,735
Shares at September 30, 2013		799,395			618,735
Net asset value per share:
September 30, 2013	$	92.40		$	89.51

See Notes to Unaudited Condensed Financial Statements.

23

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

MLM Commodity L/N Index Unleveraged Series

For the nine months ended September 30, 2014 and 2013 (Unaudited)

	September 30, 2014			September 30, 2013
Cash flows from operating activities
Net loss	$	(3,466,967	)	$	(5,559,974	)
Adjustments to reconcile net loss to net cash and cash equivalents used in operating activities
Net change in operating assets and liabilities
Due from broker		2,917,156			4,211,776
Net unrealized gain on open futures contracts		(588,437	)		(308,012	)
Interest receivable		(20	)		(93,161	)
Brokerage commissions payable		(375	)		4,621
Management fee payable		(170	)		8,327
Accrued expenses		(13	)		33,707
Net cash and cash equivalents used in operating activities		(1,138,826	)		(1,702,716	)
Cash flows from financing activities
Subscriptions received, net of selling commissions		3,950,000			25,538,470
Net cash and cash equivalents provided by financing activities		3,950,000			25,538,470
Net increase in cash and cash equivalents		2,811,174			23,835,754
Cash and cash equivalents at beginning of period		123,776,520			100,936,268
Cash and cash equivalents at end of period	$	126,587,694		$	124,772,022

See Notes to Unaudited Condensed Financial Statements.

24

MLM INDEX™ FUND

CONDENSED STATEMENTS OF FINANCIAL CONDITION

MLM Commodity L/S Index Unleveraged Series

As of September 30, 2014 (Unaudited) and December 31, 2013

ASSETS	September 30, 2014		December 31, 2013
Cash and cash equivalents	$	37,738,322	$	32,852,364
Due from broker		3,224,374		4,620,026
Net unrealized gain on open futures contracts, at fair value		3,385,079		134,376
Interest receivable		42		1
Total assets	$	44,347,817	$	37,606,767
LIABILITIES AND INVESTORS’ INTEREST
Liabilities
Brokerage commissions payable		12,207		12,046
Management fee payable		17,255		15,812
Accrued expenses		6,940		6,833
Total liabilities		36,402		34,691
Investors’ interest		44,311,415		37,572,076
Total liabilities and investors’ interest	$	44,347,817	$	37,606,767

See Notes to Unaudited Condensed Financial Statements.

25

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

MLM Commodity L/S Index Unleveraged Series

September 30, 2014 (Unaudited)

Description	Number of contracts			Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Commodity		61		$	222,020		0.50	%
Short futures contracts
Commodity		(971	)		3,163,059		7.14
Net unrealized gain on open futures contracts, at fair value				$	3,385,079		7.64	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

26

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

MLM Commodity L/S Index Unleveraged Series

December 31, 2013

Description	Number of contracts			Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Commodity		197		$	21,828		0.06	%
Short futures contracts
Commodity		(625	)		112,548		0.30
Net unrealized gain on open futures contracts, at fair value				$	134,376		0.36	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

27

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

MLM Commodity L/S Index Unleveraged Series

For the three and nine months ended September 30, 2014 and 2013 (Unaudited)

	For the three months ended September 30, 2014			For the three months ended September 30, 2013			For the nine months ended September 30, 2014			For the nine months ended September 30, 2013
Investment income
Interest	$	5,071		$	3,550		$	13,556		$	19,417
Expenses
Brokerage commissions		38,373			38,085			113,398			125,716
Management fee		47,966			47,604			141,747			157,145
Operating expenses		40,439			40,289			119,912			133,692
Total expenses		126,778			125,978			375,057			416,553
Net investment loss		(121,707	)		(122,428	)		(361,501	)		(397,136	)
Realized and unrealized gain (loss) on investments
Net realized (loss) gain on investments		(542,367	)		476,242			(1,374,300	)		(2,276,495	)
Net change in unrealized appreciation on investments		2,921,636			(233,770	)		3,250,140			986,310
Net realized and unrealized gain (loss) on investments		2,379,269			242,472			1,875,840			(1,290,185	)
Net gain (loss)	$	2,257,562		$	120,044		$	1,514,339		$	(1,687,321	)

See Notes to Unaudited Condensed Financial Statements.

28

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS’ INTEREST

MLM Commodity L/S Index Unleveraged Series

For the nine months ended September 30, 2014 (Unaudited)

	Total Commodity L/S Unleveraged Series
Investors’ interest at December 31, 2013	$	37,572,076
Subscriptions		5,225,000
Net income		1,514,339
Investors’ interest at September 30, 2014	$	44,311,415
Shares at December 31, 2013		441,627
Subscriptions		63,740
Shares at September 30, 2014		505,367
Net asset value per share:
September 30, 2014	$	87.68

See Notes to Unaudited Condensed Financial Statements.

29

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS’ INTEREST

MLM Commodity L/S Index Unleveraged Series

For the nine months ended September 30, 2013 (Unaudited)

	Total Commodity L/S Unleveraged Series
Investors’ interest at December 31, 2012	$	46,937,636
Subscriptions		11,500,000
Redemptions		(19,038,470	)
Net loss		(1,687,321	)
Investors’ interest at September 30, 2013	$	37,711,845
Shares at December 31, 2012		530,192
Subscriptions		133,049
Redemptions		(223,267	)
Shares at September 30, 2013		439,974
Net asset value per share:
September 30, 2013	$	85.71

See Notes to Unaudited Condensed Financial Statements.

30

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

MLM Commodity L/S Index Unleveraged Series

For the nine months ended September 30, 2014 and 2013 (Unaudited)

	September 30, 2014			September 30, 2013
Cash flows from operating activities
Net income (loss)	$	1,514,339		$	(1,687,321	)
Adjustments to reconcile net income (loss) to net cash and cash equivalents used in operating activities
Net change in operating assets and liabilities
Due from broker		1,395,652			(698,528	)
Net unrealized gain on open futures contracts		(3,250,703	)		(989,724	)
Interest receivable		(41	)		(30,908	)
Brokerage commissions payable		161			(3,402	)
Management fee payable		1,443			(4,100	)
Accrued expenses		107			9,649
Net cash and cash equivalents used in operating activities		(339,042	)		(3,404,334	)
Cash flows from financing activities
Subscriptions received, net of selling commissions		5,225,000			11,500,000
Redemptions paid		─			(19,038,470	)
Net cash and cash equivalents provided by (used in) financing activities		5,225,000			(7,538,470	)
Net increase (decrease) in cash and cash equivalents		4,885,958			(10,942,804	)
Cash and cash equivalents at beginning of period		32,852,364			43,740,617
Cash and cash equivalents at end of period	$	37,738,322		$	32,797,813

See Notes to Unaudited Condensed Financial Statements.

31

MLM INDEX™ FUND

CONDENSED STATEMENTS OF FINANCIAL CONDITION

Trust Total

As of September 30, 2014 (Unaudited) and December 31, 2013

ASSETS	September 30, 2014		December 31, 2013
Cash and cash equivalents	$	217,791,056	$	195,766,730
Due from broker		14,006,845		20,334,702
Net unrealized gain on open futures contracts, at fair value		6,346,661		985,336
Interest receivable		258		27
Total assets	$	238,144,820	$	217,086,795
LIABILITIES AND INVESTORS’ INTEREST
Liabilities
Redemptions payable	$	652,772	$	6,546,302
Brokerage commissions payable		61,795		64,900
Management fee payable		100,205		97,764
Subscriptions received in advance		250,000		─
Accrued expenses		42,163		41,604
Total liabilities		1,106,935		6,750,570
Investors’ interest		237,037,885		210,336,225
Total liabilities and investors’ interest	$	238,144,820	$	217,086,795

See Notes to Unaudited Condensed Financial Statements.

32

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

Trust Total

September 30, 2014 (Unaudited)

Description	Number of contracts			Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Financial		164		$	12,355		0.01	%
Commodity		270			979,910		0.41
		434			992,265		0.42
Short futures contracts
Financial		(205	)		894,013		0.38
Commodity		(1,364	)		4,460,383		1.88
		(1,569	)		5,354,396		2.26
Net unrealized gain on open futures contracts, at fair value				$	6,346,661		2.68	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

33

MLM INDEX™ FUND

CONDENSED SCHEDULE OF INVESTMENTS

Trust Total

December 31, 2013

Description	Number of contracts			Unrealized gain		Percentage of investors’ interest
Futures*
Long futures contracts
Financial		67		$	216,333		0.10	%
Commodity		941			108,004		0.05
		1,008			324,337		0.15
Short futures contracts
Financial		(204	)		526,576		0.25
Commodity		(840	)		134,423		0.06
		(1,044	)		660,999		0.31
Net unrealized gain on open futures contracts, at fair value				$	985,336		0.46	%

* Derivatives are not designated as hedging instruments.

See Notes to Unaudited Condensed Financial Statements.

34

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENTS OF OPERATIONS

Trust Total

For the three and nine months ended September 30, 2014 and 2013 (Unaudited)

	For the three months ended September 30, 2014			For the three months ended September 30, 2013			For the nine months ended September 30, 2014			For the nine months ended September 30, 2013
Investment income
Interest	$	29,139		$	21,979		$	80,109		$	95,329
Expenses
Interest		─			137			─			─
Brokerage commissions		194,391			207,821			571,065			663,034
Management fee		299,743			303,706			856,900			941,163
Operating expenses		244,415			239,085			702,506			714,422
Total expenses		738,549			750,749			2,130,471			2,318,619
Net investment loss		(709,410	)		(728,770	)		(2,050,362	)		(2,223,290	)
Realized and unrealized (loss) gain on investments
Net realized (loss) gain on investments		(5,340,770	)		2,397,432			(4,183,646	)		(9,322,783	)
Net change in unrealized appreciation and depreciation on investments		4,042,333			(305,401	)		5,348,588			1,544,130
Net realized and unrealized (loss) gain on investments		(1,298,437	)		2,092,031			1,164,942			(7,778,653	)
Net (loss) income	$	(2,007,847	)	$	1,363,261		$	(885,420	)	$	(10,001,943	)

See Notes to Unaudited Condensed Financial Statements.

35

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS INTEREST

Trust Total

For the nine months ended September 30, 2014 (Unaudited)

	Total investor interest
Investors’ interest at December 31, 2013	$	210,336,225
Subscriptions		31,799,401
Redemptions		(4,212,321	)
Net loss		(885,420	)
Investors’ interest at September 30, 2014	$	237,037,885

See Notes to Unaudited Condensed Financial Statements.

36

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS INTEREST

Trust Total

For the nine months ended September 30, 2013 (Unaudited)

	Total investor interest ($100 par value per share)
Investors’ interest at December 31, 2012	$	214,658,080
Subscriptions		54,123,470
Redemptions		(40,417,844	)
Net loss		(10,001,943	)
Investors’ interest at September 30, 2013	$	218,361,763

See Notes to Unaudited Condensed Financial Statements.

37

MLM INDEX™ FUND

UNAUDITED CONDENSED STATEMENT OF CASH FLOWS

Trust Total

For the nine months ended September 30, 2014 and 2013 (Unaudited)

	September 30, 2014			September 30, 2013
Cash flows from operating activities
Net loss	$	(885,420	)	$	(10,001,943	)
Adjustments to reconcile net loss to net cash and cash equivalents provided by (used in)operating activities
Net change in operating assets and liabilities
Due from broker		6,327,857			5,777,365
Net unrealized gain on open futures contracts		(5,361,325	)		(1,545,000	)
Interest receivable		(231	)		(201,691	)
Other assets		─			1,073
Brokerage commissions payable		(3,105	)		(9,620	)
Management fee payable		2,441			(10,267	)
Accrued expenses		559			53,764
Net cash and cash equivalents provided by (used in) operating activities		80,776			(5,936,319	)
Cash flows from financing activities
Subscriptions received, net of selling commissions		32,049,401			52,113,470
Redemptions paid		(10,105,851	)		(41,685,914	)
Net cash and cash equivalents provided by financing activities		21,943,550			10,427,556
Net increase in cash and cash equivalents		22,024,326			4,491,237
Cash and cash equivalents at beginning of period		195,766,730			195,312,622
Cash and cash equivalents at end of period	$	217,791,056		$	199,803,859
Supplemental disclosure of non-cash financing activities:
Redemptions payable	$	652,772		$	375,425
Subscriptions recorded which were received in advance	$	0		$	2,040,000

See Notes to Unaudited Condensed Financial Statements.

38

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements

September 30, 2014

The following discussion of the notes to financial statements is applicable to both the MLM Index Fund and each of its Series (the MLM Index Unleveraged Series, the MLM Index Leveraged Series, the MLM Commodity L/N Index Unleveraged Series and the MLM Commodity L/S Index Unleveraged Series).

1. Organization

MLM Index™ Fund was formed under the Business Trust Statute of the State of Delaware as a business trust in December 1997 and commenced operations on January 4, 1999.  The MLM Index™ Fund was organized for the primary purpose of seeking capital appreciation through the speculative trading of a diversified portfolio of futures contracts using the MLM Index™ Trading Program, which is based upon the MLM Index™ (the “Index”). The Index is a benchmark of the hypothetical returns available to a futures investor. The Index is comprised of a diverse portfolio of futures markets, including both financial and tangible markets.

At September 30, 2014, the MLM Index™ Fund is comprised of four series: the MLM Index™ Unleveraged Series (“Unleveraged Series”), the MLM Index™ Leveraged Series (“Leveraged Series”), the MLM Commodity L/N Index Unleveraged Series (“Commodity L/N” or “Commodity L/N Unleveraged Series”) and the MLM Commodity L/S Index Unleveraged Series (“Commodity L/S” or “Commodity L/S Unleveraged Series”).  MLM Index™ Fund and its series are collectively referred to herein as the “Trust”.

Mount Lucas Management LP (the “Manager”) is the Manager for the Trust and its Series.  The Manager is a registered investment advisor under the Investment Advisers Act of 1940, is registered as a Commodity Pool Operator and a Commodity Trading Advisor with the Commodity Futures Trading Commission and is a member of the National Futures Association.

2. Summary of Significant Accounting Policies

Basis of Presentation

The Trust is comprised of four series: the Unleveraged Series, which attempts to replicate the Index without leverage, the Leveraged Series, which attempts to replicate the Index at three times leverage, the Commodity L/N Unleveraged Series which attempts to replicate the MLM Commodity Long/Neutral Index without leverage and the MLM Commodity L/S Unleveraged Series which attempts to replicate the MLM Commodity Long/Short Index without leverage (collectively, the “Series”). The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP).  The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been omitted.  In the opinion of the Manager, the financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to state fairly the financial positions of the Trust and each Series as of September 30, 2014 and the results of its operations for the three and nine months ended September 30, 2014 and 2013.  The operating results for these interim periods may not be indicative of the results expected for a full year.  These financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2013.

39

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

2. Summary of Significant Accounting Policies (continued)

Use of Estimates

The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid financial instruments with maturities of three months or less, when purchased.  Certain of each Series' cash at broker is restricted to meet margin requirements (see Note 5).

Due from Broker

Each Series' trading activities utilize one broker located in the United States. Due from broker represents cash balances held, and amounts receivable or payable for transactions not settled at September 30, 2014 and December 31, 2013.

Fair Value Measurements

Each Series has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded on the statement of assets and liabilities are categorized based on the inputs to the valuation techniques as follows:

Level 1:

Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market (examples include active exchange-traded equity securities, listed derivatives, most U.S. government and agency securities, and certain other sovereign government obligations).

Level 2:

Financial assets and liabilities whose values are based on the following:

a) Quoted prices for similar assets or liabilities in active markets (for example, restricted stock);

b) Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

c) Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and

d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability (for example, certain mortgage loans).

40

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

2. Summary of Significant Accounting Policies (continued)

Fair Value Measurements (continued)

Level 3:

Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability (examples include private equity investments, certain commercial mortgage whole loans and long-dated or complex derivatives, including certain foreign exchange options and long-dated options on gas and power).

As required by US GAAP, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2014 and December 31, 2013, all of the derivative instruments held by the Trust are fair valued based on quoted prices in active markets (Level 1).

Each Series' trading positions are valued at fair value and cash equivalents are carried at their net asset value per share including accrued interest, as applicable. All positions including the net unrealized appreciation or depreciation are included under the caption “net unrealized gain/(loss) on open futures contracts” on the statements of financial condition. Fair value is principally based on quoted market prices or broker or dealer price quotations. The resulting change in unrealized profit or loss is reflected in net gain (loss) on change in unrealized appreciation (depreciation) on investments on the statements of operations.

Investment Transactions and Investment Income

All securities transactions are recorded on a trade-date basis. Realized gain and loss are recorded using specific identification method. Interest income is recorded using the accrual basis of accounting.

Income Taxes

Each of the Series of the Trust is classified for Federal income tax purposes as a separate partnership. Investors in each Series will reflect their proportionate share of realized profit or loss on their separate tax returns. Accordingly, no provisions for income taxes are required for the Trust or any Series.

All of the Series of the Trust recognize tax benefits or expenses of uncertain tax positions in the year such determination is made when the positions were “more likely than not” to be sustained assuming examination by tax authorities.  The Manager has reviewed all of the Series of the Trust’s tax positions for all open years (after December 31, 2010) and concluded that no provision for unrecognized tax benefits or expense is required in these financial statements.  The Trust has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as interest or other expense.  The 2011 through 2013 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

Redemptions Payable

For purposes of both financial reporting and calculation of redemption value, Net Asset Value per unit is calculated by dividing Net Asset Value of each Series by the number of outstanding investors’ interests for that Series.

41

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

3. Cash and Cash Equivalents

The Trust’s cash and cash equivalents consisted of:

September 30, 2014	Unleveraged Series		Leveraged Series		Commodity L/N Unleveraged Series		Commodity L/S Unleveraged Series		Trust Total
Institutional Treasury Money Market Fund	$	21,447,000	$	3,000	$	4,886,000	$	5,112,000	$	31,448,000
U.S. Government Agency Securities		31,898,873		─		121,591,310		32,529,125		186,019,308
Cash		108,051		4,903		108,486		96,068		317,508
Cash in Checking Account		1,444		1,769		1,898		1,129		6,240
Total	$	53,455,368	$	9,672	$	126,587,694	$	37,738,322	$	217,791,056

December 31, 2013	Unleveraged Series		Leveraged Series		Commodity L/N Unleveraged Series		Commodity L/S Unleveraged Series		Trust Total
Institutional Treasury Money Market Fund	$	293,000	$	4,000	$	2,127,000	$	66,000	$	2,490,000
U.S. Government Agency Securities		38,439,414		299,995		121,557,716		32,694,535		192,991,660
Cash		48,922		48,951		89,866		90,574		278,313
Cash in Checking Account		1,742		1,822		1,938		1,255		6,757
Total	$	38,783,078	$	354,768	$	123,776,520	$	32,852,364	$	195,766,730

42

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

4. Investors’ Interest

The Trust is comprised of four series: the Unleveraged Series, which attempts to replicate the Index without leverage, the Leveraged Series, which attempts to replicate the Index at three times leverage, the Commodity L/N Unleveraged Series which attempts to replicate the MLM Commodity Long/Neutral Index without leverage and the Commodity L/S Unleveraged Series which attempts to replicate the MLM Commodity Long/Short Index without leverage (collectively, the “Series”).  The MLM Commodity L/S Index is a subset of the MLM Index and contains only the commodity futures contracts of the entire MLM Index.  The MLM Commodity L/N Index contains the same commodity futures contracts, but does not have short positions when the MLM Index algorithm indicates a short position in a particular contract.  Class A, Class B, Class C, Class D and Class E shares are sold by authorized selling agents appointed by the Manager to accredited investors at a price equal to each Class’s net asset value. Shares may be redeemed at net asset value as of the last day of any month upon at least ten business days’ written notice to the Manager.  As of September 30, 2014, the Commodity L/N Leveraged Series and the Commodity L/S Leveraged Series have not commenced trading and have no assets. In addition, as of September 30, 2014, the Commodity L/N Unleveraged Series and the Commodity L/S Unleveraged Series have never had any investors in classes A, B or C.  Furthermore, as of September 30, 2014, the Leveraged Series and the Commodity L/S Unleveraged Series have never had any investors in class E.

The Manager allocates profits and losses among the investors of a Series based on the balance in each investor’s capital account.

The Class A and Class C shares are subject to a sales commission of 0% to 4% of the subscription amount, payable to the selling agent from the investor’s investment for each series. The amount of the sales commission will be determined by the selling agent.

5. Margin Requirements

The Trust had margin requirements as follows at September 30, 2014 and December 31, 2013:

	September 30, 2014		December 31, 2013
Unleveraged Series	$	1,217,968	$	788,023
Leveraged Series		241,144		266,992
Commodity L/N Unleveraged Series		242,880		1,530,033
Commodity L/S Unleveraged Series		1,888,040		1,615,519
Total	$	3,590,032	$	4,200,567

Each Series' margin requirements were satisfied by net unrealized profits and cash at the broker.

43

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

6. Management Fee and Other Fees and Expenses

Each Series pays the Manager a management fee as a percentage of net assets, as of the first day of each month at the annualized rates as follows:

Prior to May 1, 2013:

	Unleveraged, Commodity L/N Unleveraged Series, and Commodity L/S Unleveraged Series
	Brokerage fee			Management fee			Organizational fee			Operating expense			Selling expense			Total fees and commissions
Class A		0.85	%		1.50	%		N/	A		0.35	%		4.00	%		6.70	%
Class B		0.85	%		0.50	%		N/	A		0.35	%		N/	A		1.70	%
Class C		0.40	%		1.00	%		N/	A		0.35	%		4.00	%		5.75	%
Class D		0.40	%		0.50	%		N/	A		0.35	%		N/	A		1.25	%
Class E		0.15	%		0.50	%		N/	A		0.35	%		N/	A		1.00	%

	Leveraged Series
	Brokerage fee			Management fee			Organizational fee			Operating expense			Selling expense			Total fees and commissions
Class A		1.75	%		2.80	%		N/	A		0.35	%		4.00	%		8.90	%
Class B		1.75	%		1.30	%		N/	A		0.35	%		N/	A		3.40	%
Class C		0.90	%		2.05	%		N/	A		0.35	%		4.00	%		7.30	%
Class D		0.90	%		1.30	%		N/	A		0.35	%		N/	A		2.55	%
Class E		0.35	%		1.30	%		N/	A		0.35	%		N/	A		2.00	%

44

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

6. Management Fee and Other Fees and Expenses (continued)

Effective May 1, 2013:

Unleveraged, Commodity L/N Unleveraged Series, and Commodity L/S Unleveraged Series

Brokerage fee

Management fee

Organizational fee

Operating expense

Selling expense

Total fees and commissions

Class A

N/A

*

2.70

%

N/

A

N/A

*

4.00

%

6.70

%

Class B

N/A

*

1.70

%

N/

A

N/A

*

N/

A

1.70

%

Class C

N/A

*

1.75

%

N/

A

N/A

*

4.00

%

5.75

%

Class D

N/A

*

1.25

%

N/

A

N/A

*

N/

A

1.25

%

Class E

N/A

*

1.00

%

N/

A

N/A

*

N/

A

1.00

%

Leveraged Series

Brokerage fee

Management fee

Organizational fee

Operating expense

Selling expense

Total fees And commissions

Class A

N/A

*

4.90

%

N/

A

N/A

*

4.00

%

8.90

%

Class B

N/A

*

3.40

%

N/

A

N/A

*

N/

A

3.40

%

Class C

N/A

*

3.30

%

N/

A

N/A

*

4.00

%

7.30

%

Class D

N/A

*

2.55

%

N/

A

N/A

*

N/

A

2.55

%

Class E

N/A

*

2.00

%

N/

A

N/A

*

N/

A

2.00

%

* Effective May 1, 2013, brokerage fee and operating expenses are included in the management fee charged by the Manager.  The total of Brokerage fee, Management fee and Operating expense fee is unchanged and presented separately in the statement of operations.

Each Series pays the cash manager and banking fees directly.

45

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

7. Derivative Financial Instruments

Derivatives are subject to various risks similar to non-derivative financial instruments including market, credit, liquidity and operational risk. The risks of derivatives should not be viewed in isolation but rather should be considered on an aggregate basis along with the Trust’s other trading-related activities.

Each Series purchases and sells futures in financial instruments and commodities.  Each Series records its derivative activities on a mark-to-market basis with realized and unrealized gains (losses) recognized currently in the statements of operations and in due from brokers on the statements of financial condition.

The following tables reflect the fair value of each Series derivative financial instruments at September 30, 2014 and December 31, 2013:

	September 30, 2014					December 31, 2013
Unleveraged Series	Asset		Liability			Asset		Liability
Financial futures	$	830,104	$	(69,758	)	$	572,412	$	(15,762	)
Commodity futures		1,228,395		(75,053	)		238,206		(213,608	)
Total	$	2,058,499	$	(144,811	)	$	810,618	$	(229,370	)

	September 30, 2014					December 31, 2013
Leveraged Series	Asset		Liability			Asset		Liability
Financial futures	$	160,956	$	(14,934	)	$	194,140	$	(7,881	)
Commodity futures		249,463		(14,361	)		78,556		(73,436	)
Total	$	410,419	$	(29,295	)	$	272,696	$	(81,317	)

	September 30, 2014				December 31, 2013
Commodity L/N Unleveraged Series	Asset		Liability		Asset		Liability
Commodity futures	$	666,770	$	─	$	275,213	$	(196,880	)
Total	$	666,770	$	─	$	275,213	$	(196,880	)

	September 30, 2014					December 31, 2013
Commodity L/S Unleveraged Series	Asset		Liability			Asset		Liability
Commodity futures	$	3,582,607	$	(197,528	)	$	946,194	$	(811,818	)
Total	$	3,582,607	$	(197,528	)	$	946,194	$	(811,818	)

	September 30, 2014					December 31, 2013
Trust Total	Asset		Liability			Asset		Liability
Financial futures	$	991,060	$	(84,692	)	$	766,552	$	(23,643	)
Commodity futures		5,727,235		(286,942	)		1,538,169		(1,295,742	)
Total	$	6,718,295	$	(371,634	)	$	2,304,721	$	(1,319,385	)

46

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

7. Derivative Financial Instruments (continued)

The following tables reflect the realized and unrealized gains (losses) from derivative financial instruments for the three and nine months ended September 30, 2014 and 2013.  (Included in the unrealized gain (loss) amounts on the Condensed Statement of Operations for September 30, 2014 and 2013, are unrealized gains (losses) from U.S. Government Agency Securities and unrealized gains (losses) from currency positions.):

	Three months ended September 30, 2014							Three months ended September 30, 2013
Unleveraged	Realized			Unrealized		Total		Realized		Unrealized			Total
Financial futures	$	190,537		$	690,674	$	881,211	$	177,709	$	(301,242	)	$	(123,533	)
Commodity futures		(243,229	)		1,038,864		795,635		180,139		(98,332	)		81,807
Total	$	(52,692	)	$	1,729,538	$	1,676,846	$	357,848	$	(399,574	)	$	(41,726	)

	Three months ended September 30, 2014							Three months ended September 30, 2013
Leveraged	Realized			Unrealized		Total		Realized		Unrealized			Total
Financial futures	$	58,326		$	120,498	$	178,824	$	105,806	$	(169,569	)	$	(63,763	)
Commodity futures		(46,380	)		196,911		150,531		109,116		(42,115	)		67,001
Total	$	11,946		$	317,409	$	329,355	$	214,922	$	(211,684	)	$	3,238

	Three months ended September 30, 2014									Three months ended September 30, 2013
Commodity L/N	Realized			Unrealized			Total			Realized		Unrealized		Total
Commodity futures	$	(4,757,657	)	$	(908,249	)	$	(5,665,906	)	$	1,348,420	$	543,354	$	1,891,774
Total	$	(4,757,657	)	$	(908,249	)	$	(5,665,906	)	$	1,348,420	$	543,354	$	1,891,774

	Three months ended September 30, 2014							Three months ended September 30, 2013
Commodity L/S	Realized			Unrealized		Total		Realized		Unrealized			Total
Commodity futures	$	(542,367	)	$	2,921,711	$	2,379,344	$	476,242	$	(232,884	)	$	243,358
Total	$	(542,367	)	$	2,921,711	$	2,379,344	$	476,242	$	(232,884	)	$	243,358

	Three months ended September 30, 2014								Three months ended September 30, 2013
Trust Total	Realized			Unrealized		Total			Realized		Unrealized			Total
Financial futures	$	248,863		$	811,172	$	1,060,035		$	283,515	$	(470,811	)	$	(187,296	)
Commodity futures		(5,589,633	)		3,249,237		(2,340,396	)		2,113,917		170,023			2,283,940
Total	$	(5,340,770	)	$	4,060,409	$	(1,280,361	)	$	2,397,432	$	(300,788	)	$	2,096,644

47

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

7. Derivative Financial Instruments (continued)

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Unleveraged	Realized			Unrealized		Total		Realized			Unrealized			Total
Financial futures	$	466,151		$	203,696	$	669,847	$	(681,784	)	$	(143,248	)	$	(825,032	)
Commodity futures		(441,290	)		1,128,744		687,454		(316,619	)		190,578			(126,041	)
Total	$	24,861		$	1,332,440	$	1,357,301	$	(998,403	)	$	47,330		$	(951,073	)

	Nine months ended September 30, 2014								Nine months ended September 30, 2013
Leveraged	Realized			Unrealized			Total		Realized			Unrealized			Total
Financial futures	$	159,589		$	(40,237	)	$	119,352	$	(599,596	)	$	(101,145	)	$	(700,741	)
Commodity futures		(108,386	)		229,982			121,596		(656,109	)		301,079			(355,030	)
Total	$	51,203		$	189,745		$	240,948	$	(1,255,705	)	$	199,934		$	(1,055,771	)

	Nine months ended September 30, 2014								Nine months ended September 30, 2013
Commodity L/N	Realized			Unrealized		Total			Realized			Unrealized		Total
Commodity futures	$	(2,885,410	)	$	588,437	$	(2,296,973	)	$	(4,792,180	)	$	308,012	$	(4,484,168	)
Total	$	(2,885,410	)	$	588,437	$	(2,296,973	)	$	(4,792,180	)	$	308,012	$	(4,484,168	)

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Commodity L/S	Realized			Unrealized		Total		Realized			Unrealized		Total
Commodity futures	$	(1,374,300	)	$	3,250,703	$	1,876,403	$	(2,276,495	)	$	989,724	$	(1,286,771	)
Total	$	(1,374,300	)	$	3,250,703	$	1,876,403	$	(2,276,495	)	$	989,724	$	(1,286,771	)

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Trust Total	Realized			Unrealized		Total		Realized			Unrealized			Total
Financial futures	$	625,740		$	163,459	$	789,199	$	(1,281,380	)	$	(244,393	)	$	(1,525,773	)
Commodity futures		(4,809,386	)		5,197,866		388,480		(8,041,403	)		1,789,393			(6,252,010	)
Total	$	(4,183,646	)	$	5,361,325	$	1,177,679	$	(9,322,783	)	$	1,545,000		$	(7,777,783	)

The following tables reflect the trading activity for derivative financial instruments for the three months and six months ended September 30, 2014 and 2013:

	Number of Contracts Opened		Number of Contracts Closed		Number of Contracts Opened		Number of Contracts Closed
	Three months ended September 30, 2014		Three months ended September 30, 2014		Three months ended September 30, 2013		Three months ended September 30, 2013
Unleveraged		738		660		517		513
Leveraged		146		134		278		311
Commodity L/N		482		1,299		414		628
Commodity L/S		943		681		695		648
Trust Total		2,309		2,774		1,904		2,100

48

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

7. Derivative Financial Instruments (continued)

	Number of Contracts Opened		Number of Contracts Closed		Number of Contracts Opened		Number of Contracts Closed
	Nine months ended September 30, 2014		Nine months ended September 30, 2014		Nine months ended September 30, 2013		Nine months ended September 30, 2013
Unleveraged		2,039		1,795		2,025		1,943
Leveraged		513		524		1,760		2,107
Commodity L/N		4,297		4,789		2,669		3,093
Commodity L/S		3,439		3,229		3,798		3,884
Trust Total		10,288		10,337		10,252		11,027

49

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

8. Financial Highlights

The following represents the per share operating performance and ratios to the average investors’ interest and other supplemental information for the nine months ended September 30, 2014:

	Unleveraged Series															Leveraged Series												Commodity L/N Unleveraged Series						Commodity L/S Unleveraged Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class E Shares			Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class D Shares			Class E Shares			Class D Shares
Per share operating performance:
Net asset value per share at December 31, 2013/issuance	$	101.57		$	117.90		$	103.38		$	107.71		$	100.00	(1)	$	73.83		$	91.22		$	74.84		$	95.88		$	91.26		$	88.46		$	85.08
Loss from investment operations:
Net investment loss		(1.42	)		(0.78	)		(1.07	)		(0.71	)		(0.22	)		(1.76	)		(1.18	)		(1.38	)		(1.25	)		(0.60	)		(0.59	)		(0.55	)
Net realized and unrealized gain  (loss) on investment transactions		1.37			1.61			1.75			1.84			2.83			3.61			4.51			4.17			5.39			(1.78	)		(1.56	)		3.15
Total from investment operations		(0.05	)		0.83			0.68			1.13			2.61			1.85			3.33			2.79			4.14			(2.38	)		(2.15	)		2.60
Net asset value per share at  September 30, 2014	$	101.52		$	118.73		$	104.06		$	108.84		$	102.61		$	75.68		$	94.55		$	77.63		$	100.02		$	88.88		$	86.31		$	87.68
Total Return:		(0.05	)%		0.70	%		0.66	%		1.05	%		2.61	%(2)		2.51	%		3.65	%		3.73	%		4.32	%		(2.61	)%		(2.43	)%		3.06	%
Ratio to Average Investors’ Interest:
Net investment loss		(1.60	)%		(0.68	)%		(1.04	)%		(0.66	)%		(0.22	)%(2)		(2.91	)%		(1.35	)%		(1.86	)%		(1.31	)%		(0.66	)%		(0.66	)%		(0.63	)%
Expenses		(1.63	)%		(0.71	)%		(1.07	)%		(0.69	)%		(0.22	)%(2)		(2.89	)%		(1.33	)%		(1.85	)%		(1.30	)%		(0.70	)%		(0.70	)%		(0.66	)%

Total return is calculated as the change in the net asset value per share for the nine months ended September 30, 2014.  The per share operating performance and ratios are computed based upon the weighted average shares outstanding and the weighted average of investors’ interest, respectively for each class, for the nine months ended September 30, 2014.

(1) Net asset value at date of issuance.

(2) Total return, ratios of Net investment loss and Expenses to average investors interest calculated from date of issuance.

50

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

8. Financial Highlights (continued)

The following represents the per share operating performance and ratios to the average investors’ interest and other supplemental information for the nine months ended September 30, 2013:

	Unleveraged Series												Leveraged Series												Commodity L/N Unleveraged Series						Commodity L/S Unleveraged Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class D Shares			Class E Shares			Class D Shares
Per share operating performance:
Net asset value per share at December 31, 2012	$	105.41		$	121.13		$	106.27		$	110.17		$	79.88		$	97.21		$	79.67		$	101.31		$	96.92		$	93.71		$	88.53
Loss from investment operations:
Net investment loss		(1.46	)		(0.80	)		(1.09	)		(0.73	)		(1.84	)		(1.21	)		(1.42	)		(1.26	)		(0.61	)		(0.59	)		(0.56	)
Net realized and unrealized loss on investment transactions		(2.98	)		(3.42	)		(2.66	)		(2.75	)		(6.17	)		(7.53	)		(5.69	)		(7.26	)		(3.91	)		(3.61	)		(2.26	)
Total from investment operations		(4.44	)		(4.22	)		(3.75	)		(3.48	)		(8.01	)		(8.74	)		(7.11	)		(8.52	)		(4.52	)		(4.20	)		(2.82	)
Net asset value per share at  September 30, 2013	$	100.97		$	116.91		$	102.52		$	106.69		$	71.87		$	88.47		$	72.56		$	92.79		$	92.40		$	89.51		$	85.71
Total Return:		(4.21	)%		(3.48	)%		(3.53	)%		(3.16	)%		(10.03	)%		(8.99	)%		(8.92	)%		(8.41	)%		(4.66	)%		(4.48	)%		(3.19	)%
Ratio to Average Investors’ Interest:
Net investment loss		(1.50	)%		(0.77	)%		(1.37	)%		(0.66	)%		(2.54	)%		(1.45	)%		(1.89	)%		(1.48	)%		(0.64	)%		(0.63	)%		(0.66	)%
Expenses		(1.54	)%		(0.82	)%		(1.44	)%		(0.70	)%		(2.56	)%		(1.47	)%		(1.90	)%		(1.51	)%		(0.69	)%		(0.67	)%		(0.71	)%

Total return is calculated as the change in the net asset value per share for the nine months ended September 30, 2013.  The per share operating performance and ratios are computed based upon the weighted average shares outstanding and the weighted average of investors’ interest, respectively for each class, for the nine months ended September 30, 2013.

51

MLM Index ™ Fund

Notes to Unaudited Condensed Financial Statements (continued)

September 30, 2014

9. Subsequent Events

From October 1, 2014 through November 7, 2014, the Trust had no subscriptions for any Series.

The Trust had redemptions of approximately $139,000 for the Unleveraged Series and $18,000 for the Leveraged Series.  There were no redemptions for the  Commodity L/N Unleveraged Series or the Commodity L/S Unleveraged Series.

52

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

General

The purpose of the Trust is to replicate the results of the MLM Index™ or subset thereof, an index designed to measure the risk premium available to futures traders. Designed as such, the results of the Trust and each of its respective Series depend on two factors, the results of the MLM Index™ itself, and the Manager's ability to replicate that Index. It is important to note that the Manager also calculates the results of the MLM Index™. Thus, their role is twofold - to calculate the results of the MLM Index™, and to replicate the results of the MLM Index™ for the Trust. Any changes made to the composition of the MLM Index™ by the MLM Index™ Committee of the Manager will affect the trading of the Trust and each of the Series, since the objective is to replicate the MLM Index™ as published.

The Trust consists of several separate series of interests (each, a “Series”), each with its own assets and liabilities. Under the Trust Agreement, the Trust may issue multiple Series of Interests. The Trust maintains separate and distinct records for each Series and the assets associated with each such Series are held and accounted for separately from the other assets of the Trust and of any other Series thereof. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing, with respect to a particular Series, can only be enforced against the assets of such Series only and not against the assets of the Trust generally or the assets of any other Series.

Currently the Trust has four active series of interests: the Unleveraged Series, the Leveraged Series, the Commodity L/N Unleveraged Series (or “Commodity L/N Series”) and the Commodity L/S Unleveraged Series (or “Commodity L/S Series”). The Unleveraged Series attempts to replicate the MLM Index™ without any leverage, while the Leveraged Series trades the Trading Program at three times leverage. Leverage is the ability to control large dollar amounts of a commodity with a comparatively small amount of capital. The Leveraged Series purchases or sells $3 fair value of contracts for every $1 invested in the Series. The Commodity L/S Unleveraged Series and Commodity L/N Unleveraged Series attempt to replicate the MLM Commodity Long/Short Index and MLM Commodity Long/Neutral Index respectively, without leverage.

Results of the MLM Index™

The MLM Index™ is calculated from the prices of 22 liquid futures markets. These markets are traded on domestic and foreign exchanges. For each market, the MLM Index™ generally uses the price of 4 different delivery months each year. For example, in the Japanese Yen futures market, the MLM Index™ uses the March, June, September and December delivery months. On the day before trading day, the MLM Index™ determines whether to hold a long or short position in each constituent contract based on the calculation methodology of the MLM Index™. Once established, that position is held for the subsequent period, at which time it is re-evaluated. The monthly results of each constituent market are then used to calculate the MLM Index™ return. The objective of the Trust is to replicate this monthly return.  The MLM Commodity L/S Index is a subset of the MLM Index and contains only the commodity futures markets of the entire MLM Index.  The MLM Commodity L/N Index contains the same commodity futures contracts, but does not have short positions when the MLM Index algorithm indicates a short position in a particular contract.

The volatility of the constituent markets in the MLM Index™ can affect the results of a Series. The influences on this volatility are varied and unpredictable. However, since the object of each Series is to replicate the MLM Index™, the Manager takes no unusual action to mitigate this volatility. The role of the Manager is to buy or sell the appropriate number of futures contracts in each constituent market such that the aggregate return of those positions replicates as closely as possible the results of the MLM Index™ and its subsets.

53

In order to accomplish this objective, the Manager must calculate the number of contracts based on the assets in each Series. Since the MLM Index™ rebalances positions each month, at that time the Manager must ascertain the asset level and execute orders to achieve the desired allocations. This is achieved by adding the performance results of each Series for the month to the assets at the beginning of the month, and adding additions of capital from new subscriptions and subtracting redemptions in order to determine the asset level at the end of the period.

Summary of Critical Accounting Policies

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles.  Management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Other than accruals maintained in the normal course of business, neither management nor the Trust prepares, maintains or updates any estimates.  Management believes that the estimates utilized in preparing the financial statements are reasonable and prudent; however, actual results could differ from those estimates. The Trust's significant accounting policies are described in detail in Note 2 of the Notes to Financial Statements.

The Trust records all investments at fair value in its financial statements, with changes in fair value reported as a component of realized and unrealized gain (loss) on investments in the Statements of Operations. Generally, fair values are based on market prices; however, in certain circumstances, significant judgments and estimates are involved in determining fair value in the absence of an active market closing price.

Financial Condition

To replicate the results of the MLM Index™, each Series must execute trades on domestic or foreign futures exchanges. The Manager deposits a percentage of the assets of each Series into separate accounts at Citigroup Global Markets. The amount deposited is determined by the margin requirement established by the exchanges to hold the positions in each Series.

Each Series' assets are held in separate custodial accounts at State Street Bank and Trust (the “Bank").   The Trust has contracted with Aberdeen Asset Management (“Aberdeen”) to manage the money in these accounts so as to maximize the interest income which accrues to each Series, while maintaining strict credit controls as determined by the CE Act. When Citigroup Global Markets requires additional assets to maintain the positions for a Series, the Bank makes a wire transfer to Citigroup Global Markets. If Citigroup Global Markets has surplus assets in a Series account, Citigroup Global Markets makes a wire transfer to the account at the Bank.

The Trust owns no capital assets and does not borrow money. Since the objective of the Trust is to replicate the results of the MLM Index™, its entire asset base participates in the speculative trading of futures contracts. As such, all the assets of each Series are at risk. The level of assets will be determined by the results of each Series, and the effect of addition of capital and the redemption of Series interests. These variables are impossible to predict with any certainty.

54

Liquidity

The majority of each Series' assets are held in liquid short-term interest rate instruments. Each Series takes substantial exposure in futures markets, which requires relatively small deposits, called margin, to hold the positions. As of September 30, 2014, increases (decreases) in cash and cash equivalents amounted to approximately $14.7m, ($0.3m), $2.8m and $4.9m for the Unleveraged Series, Leveraged Series, Commodity L/N Series and the Commodity L/S Series of the Trust, respectively.  As at September 30, 2014, increases (decreases) in due from broker amounted to approximately $0, $2.0m, $2.9m and $1.4m for the Unleveraged Series, Leveraged Series, Commodity L/N Series and the Commodity L/S Series of the Trust, respectively. Net cash provided by (used in) operations amounted to approximately $(0.4m), $2.0m, $(1.1m) and $(0.3m) for the Unleveraged Series, Leveraged Series, Commodity L/N Series and the Commodity L/S Series of the Trust, respectively. For the period ended September 30, 2014 the Unleveraged Series, Leveraged Series, Commodity L/N Series and the Commodity L/S Series generated net income (loss) from operations of approximately $0.9m, $0.1m, $(3.5m) and $1.5m, respectively. In general, each unleveraged Series will have about 5% of its assets on deposit with brokers as margin and each leveraged Series will have about 15% of its assets on deposit with brokers as margin, with the balance held in custodial accounts with a major financial institution.

A holder of interests in a Series may liquidate that holding at the end of any month at the net asset value of the interests, upon 10 days written notice to the Manager. While the Manager generally must honor all requests for redemption if presented in proper form, the Manager may suspend temporarily any redemption if the effect of such redemption, either alone or in conjunction with other redemptions, would impair the relevant Series' ability to operate if the impairment would be caused by a third party other than the Manager. Further, the right to obtain a redemption is contingent upon the relevant Series having property sufficient to discharge its liabilities on the date of redemption. Under certain circumstances, the Manager may find it advisable to establish a reserve for contingent liabilities. In such event, the amount receivable by a redeeming holder of interests will be reduced by his proportionate share of the reserve. There is no secondary market for interests in the Trust, and none is anticipated. There are restrictions for transfer of interests.

Although each Series trades in futures contracts which are in general liquid, the exchanges impose daily trading limits, which act to suspend trading when a particular market or contract trades up or down to a pre-determined price level. Should this happen, and a Series was attempting to execute trades in that situation, the Series may not be able to accurately replicate the results of the MLM Index™. These rules have not had a material impact on the operation of any Series to date.  Each Series generally trades only in the largest and most liquid futures contracts, and generally has available approximately 85%-95% of its assets in the form of highly liquid money market securities.  The Trust believes that, except in extreme market conditions, all open positions can be liquidated in an efficient, orderly fashion.

Off-Balance Sheet Arrangements

The Trust has no off-balance sheet arrangements that it believes does or will be reasonably likely to have a material current or future effect on any Series' results of operations, financial condition, liquidity, capital expenditures or capital resources.

55

Market and Credit Risks

The nature of the Trust is such that it undertakes substantial market risk in following its mandate to replicate the MLM Index™ and its subsets. Although the Manager monitors the intraday and daily valuation of each portfolio, no extraordinary measures are taken to reduce market risk. Specifically, the Manager maintains positions required to match, as closely as possible, the return of the MLM Index™ and its subsets.  There could be certain circumstances where the Manager might be called upon to make a change to this policy, such as the closing of an exchange or some other emergency situation.  In such case, management would use its best efforts to respond to such circumstances with the interests of the investors in mind.

The MLM Index™ and its subsets are not designed to predict which market will exhibit positive performance in any given year.  The Manager does not select the constituent markets based on expectations of future performance.  The MLM Index™ and its subsets are designed to represent participation in a diverse basket of futures contracts using a trend-following algorithm.  The MLM Index™ and its subsets are a diversified Index producing different levels of return in the various sectors from year to year.

Each Series incurs various kinds of credit risk in its operations. In order to facilitate the trading of a Series, assets must be placed with Futures Commission Merchants. Management of the Trust deals only with established registered firms, and monitors their financial condition on an ongoing basis. In addition, if a Series were to enter into over-the-counter transactions (“OTC transactions”), additional counterparty risk would be incurred. There were no OTC transactions during the nine months ended September 30, 2014 in any Series.

Results of Operations

At September 30, 2014 and December 31, 2013, the Series of the Trust had assets as follows:

Trust Series	September 30, 2014		December 31, 2013
Unleveraged Series	$	59,601,705	$	43,592,730
Leveraged Series	$	4,122,993	$	6,297,468
Commodity L/N Unleveraged Series	$	130,072,305	$	129,589,830
Commodity L/S Unleveraged Series	$	44,347,817	$	37,606,767
Total	$	238,144,820	$	217,086,795

At September 30, 2014 and December 31, 2013, the Series of the Trust had liabilities as follows:

Trust Series	September 30, 2014		December 31, 2013
Unleveraged Series	$	661,615	$	4,770,918
Leveraged Series	$	48,743	$	1,834,228
Commodity L/N Unleveraged Series	$	360,175	$	110,733
Commodity L/S Unleveraged Series	$	36,402	$	34,691
Total	$	1,106,935	$	6,750,570

Net income (loss) from operations for the Series of the Trust for the nine months ended September 30, 2014 and September 30, 2013 was as follows:

Trust Series	September 30, 2014			September 30, 2013
Unleveraged Series	$	920,142		$	(1,401,146	)
Leveraged Series	$	147,066		$	(1,353,502	)
Commodity L/N Unleveraged Series	$	(3,466,967	)	$	(5,559,974	)
Commodity L/S Unleveraged Series	$	1,514,339		$	(1,687,321	)
Total	$	(885,420	)	$	(10,001,943	)

56

The Trust’s net income (loss) is directly related to the performance of the MLM Index™, which the Trust is designed to replicate.  For the nine months ended September 30, 2014, MLM Index™ performance and its subsets were 2.14%, (1.66%) and 4.21% for the MLM Index, MLM Commodity Index L/N and the MLM Commodity Index L/S respectively.  Performance was (2.16%), (3.69%) and (1.83%) respectively for the same period ended September 30, 2013.  A Series' performance may be negative in years when the MLM Index™ is positive or have greater losses when the MLM Index™ is negative due to the timing of subscriptions and redemptions, and the fees charged. Since inception of the Trust, the correlation of monthly results between each Series and the MLM Index™ and its subsets adjusted for fees is 0.99.

The following table represents the performance by class for the MLM Index™ Fund for the nine months ended September 30, 2014 and 2013.

September 30, 2014

	Unleveraged Series															Leveraged Series												Unleveraged Commodity L/N Series						Unleveraged Commodity L/S Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class E Shares			Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class D Shares			Class E Shares			Class D Shares
Total Return:		(0.05	)%		0.70	%		0.66	%		1.05	%		2.61	%		2.51	%		3.65	%		3.73	%		4.32	%		(2.61	)%		(2.43	)%		3.06	%

September 30, 2013

	Unleveraged Series												Leveraged Series												Unleveraged Commodity L/N Series						Unleveraged Commodity L/S Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class D Shares			Class E Shares			Class D Shares
Total Return:		(4.21	)%		(3.48	)%		(3.53	)%		(3.16	)%		(10.03	)%		(8.99	)%		(8.92	)%		(8.41	)%		(4.66	)%		(4.48	)%		(3.19	)%

The components of the return of the MLM Index™ are the capital gains earned from the changes in futures market prices, and the interest income earned on cash balances. The mechanics and rules of futures markets allow the Trust to earn interest on approximately 100% of the assets in the Trust. The interest income takes two forms, directly from the Trust's futures broker paid on the margin deposits held by the broker, and excess cash.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The following is a discussion of the quantification of market risk for the Trust.  Such calculations are often referred to as Value-at-Risk (“VAR”).  The method used here may or may not differ from other methods used for VAR calculations by other firms.  There is no one generally accepted method of VAR calculation and this method may not be comparable to methods used by others.

The market risk, or VAR of the Trust, is directly related to the composition of the MLM Index™.  Each month, the position of the MLM Index™ can be either long or short based on a 252 business day moving average rule.  Since positions can be offset inside of sectors (one contract long in a particular commodity and one contract short in a related commodity), specific sector risk is less relevant than the historical risk of the MLM Index™ as a whole.  Since the objective of the Trust is to replicate the MLM Index™, it is reasonable to use the historic values of that Index to estimate market risk.

57

The VAR of each Series is calculated as follows:

1. The manager calculates the standard deviation of the historical returns of the MLM Index™ and its subsets on an asset-weighted basis over two time periods, using daily returns over the preceding 1 year ending at the date of this report, and using monthly returns over the preceding 10 years.  It is important to note that this calculation is made on the historical data of the MLM Index™ and its subsets.  It is not based on the actual trading of the Trust and does not include any operational risk.  The standard deviation is used to measure the dispersion of the returns of the MLM Index™ and its subsets.

2. For the purposes of VAR, one attempts to estimate the size of a loss that may occur with some small probability.  It does not estimate the possibility of some total loss, only the probability of a loss of some magnitude.  The calculation is complicated by the fact that the standard deviation of the distribution assumes a normal distribution, which may or may not be a good estimate of the actual distribution.  For the purposes of this estimate, the Manager has chosen to calculate the size of a daily and monthly loss that might occur with a probability of 1% (1 chance in 100).  To do this, the standard deviation is multiplied by 2.35 to the standard 99% confidence interval, and by 1.5 to adjust for the possibility of a non-normal distribution.  For daily returns, this estimate is a loss of 0.95%.  For monthly returns the estimate is a loss of 9.53%.

3. To ascertain a dollar loss amount for each Series, the assets of the Series as of September 30, 2014 are multiplied by the estimate of the risk calculated in step 2 above.  The risk estimate is based on the unleveraged and leveraged series of the Trust, with the leveraged assets having three times the risk of the unleveraged assets.  Based on the asset levels as of September 30, 2014, the manager estimates that the amount each Series of the Trust could expect to lose as follows in any given day and in any given month.

Trust Series	Any Given Day	Any Given Month
Unleveraged Series	$0.3 million	$3.1 million
Leveraged Series	$0.1 million	$0.7 million
Commodity L/N Unleveraged Series	$1.4 million	$13.7 million
Commodity L/S Unleveraged Series	$0.6 million	$6.1 million

The estimate above, though reasonable, should not be taken as an assurance that losses in a Series could not be greater than these amounts.  This is simply a quantitative estimate based on the historical performance of the MLM Index™ and its subsets.  The loss that occurs with small probability may be substantially greater than the loss indicated above.  Also, market conditions could change dramatically from the conditions that prevailed over the period used to calculate the estimate, affecting the realized volatility of the market.  Furthermore, other factors could affect trading, such as the inability to execute orders in a particular market, due to operational or regulatory restrictions that may alter the pattern of a Series' returns.  Specifically, the Manager advises other funds in addition to the Trust.  In certain markets there is a limit to the size a position that one entity can control (speculative limits).  Since positions cannot exceed speculative limits, the Manager may have to allocate positions across accounts and funds, resulting in a less than complete replication of the MLM Index™ and its subsets.    It is best to remember the fact that, as outlined in the offering for the Trust, that all the assets invested are at risk of loss.

Since the calculation of the VAR does not look at the specific instrument risks, but rather the results of the MLM Index™ and its subsets as a whole, risks related to actual execution are not included in the calculation. For example, counter-party risks from OTC transactions are not factored into the calculation.

58

Additional market risk may be attributed to the actual execution of the orders for a Series. Each Series executes the majority of its orders on the last day of each month. As assets of a Series grow, large orders may be placed in periods of reduced liquidity. Such orders may move the markets in which they are executed, adversely affecting the performance of the Trust. The Manager makes every effort to execute all orders efficiently, but general levels of liquidity are beyond the control of management. In certain circumstances, markets may move to the daily trading limits imposed by the exchanges, and a Series may be unable to execute the necessary orders to replicate the MLM Index™ and its subsets, causing extensive slippage.

Non-Market Risk

Risk from Brokers - Each Series' futures commission merchant, Citigroup Global Markets, holds some portion of the assets of the Series as margin deposits for futures trading. A failure of Citigroup Global Markets could cause the portion of the Series’ assets held there to be at risk or unavailable for an undetermined period of time.

Speculative Limits - Certain futures exchanges require that positions deemed speculative in nature (as opposed to commercial hedge positions) cannot exceed certain pre-defined levels. All positions in the control of the Manager must be aggregated to determine compliance with these rules. Should the assets of the Manager reach a level such that positions may be capped, accurate replication of the MLM Index™ for the Trust may be difficult or impossible. The Manager may also use certain OTC derivatives to achieve the same exposure without exceeding speculative limits. These OTC products would involve taking additional counter-party risk for a Series in order to achieve accurate replication of the MLM Index™. For example, if it was determined that a Series must hold 10 contracts of Soybeans for a specific delivery, the Series could execute the appropriate futures contracts on the appropriate futures exchange. Or, the Manager of each Series may choose to enter into a swap agreement, which would have substantially the same economic effect of the futures position, but would be executed in the over-the-counter market. The swap contract would change the nature of the counter-party from an organized exchange to a single dealer, and would materially increase the non-market risk of holding the position. No Series has yet utilized OTC swap contracts.

Item 4. Controls and Procedures.

As of the end of the period covered by this Quarterly Report, the Manager’s President and the Chief Financial Officer (collectively the “Certifying Officers”), as well as the other key members of our management, maintain a system of disclosure controls and procedures with respect to each Series individually, as well as the Trust as a whole, that is designed to provide reasonable assurance that information, which is required to be disclosed, is accumulated and communicated to management in a timely manner.

59

(a) Evaluation of disclosure controls and procedures. As of the end of the period covered by this Quarterly Report, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures with respect to each Series individually, as well as the Trust as a whole, and have concluded that our disclosure controls and procedures with respect to each Series individually, as well as the Trust as a whole, are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosures.  Based on such evaluation we have concluded these disclosure controls are effective as of September 30, 2014.

(b) Changes in internal control over financial reporting. There has been no change in management’s internal control over financial reporting that occurred in the second fiscal quarter that has materially affected, or is reasonably likely to materially affect, management’s internal control over financial reporting with respect to each Series individually, as well as the Trust as a whole.

The Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer, Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer, Section 1350 Certification of Principal Executive Officer and Section 1350 Certification of Principal Financial Officer, included as Exhibit 31.1, Exhibit 31.2, Exhibit 32.1 and Exhibit 32.2 hereto, respectively, are applicable with respect to each Series individually, as well as to the Trust as a whole.

60

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.

The Manager is not aware of any proceedings threatened or pending against the Trust and its affiliates which, if determined adversely, would have a material adverse effect on the financial condition or results of operations of the Trust.

Item 1a. Risk Factors.

None.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

	Unleveraged Series										Leveraged Series								Unleveraged Commodity L/N Series				Unleveraged Commodity L/S Series
	Class A		Class B		Class C		Class D		Class E		Class A		Class B		Class C		Class D		Class D		Class E		Class D
Jul-14 Subscriptions	$	-	$	-	$	-	$	2,400,000	$	19,599,401	$	-	$	-	$	-	$	-	$	-	$	-	$	100,000
Subscriptions Units		-		-		-		22,612		195,994		-		-		-		-		-		-		1,199
# of Purchasers		-		-		-		1		1		-		-		-		-		-		-		1
Unit Price	$	99.36	$	115.91	$	101.61	$	106.14	$	100.0	$	70.57	$	87.85	$	72.11	$	92.73	$	93.05	$	90.30	$	83.39
Aug-14 Subscriptions	$	-	$	-	$	-	$	275,000	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Subscriptions Units		-		-		-		2,595		-		-		-		-		-		-		-		-
# of Purchasers		-		-		-		1		-		-		-		-		-		-		-		-
Unit Price	$	99.09	$	115.69	$	101.41	$	105.98	$	99.87	$	70.18	$	87.47	$	71.81	$	92.40	$	90.05	$	87.41	$	83.05
Sep-14 Subscriptions	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	5,125,000
Subscriptions Units		-		-		-		-		-		-		-		-		-		-		-		62,541
# of Purchasers		-		-		-		-		-		-		-		-		-		-		-		2
Unit Price	$	99.47	$	116.23	$	101.88	$	106.51	$	100.39	$	71.22	$	88.87	$	72.96	$	93.94	$	88.79	$	86.21	$	81.95

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information.

None.

61

Item 6. Exhibits and Reports of Form 8-K.

(a) Exhibits
31.1	Certification of President of the Manager Pursuant to Rule 13A-14(a) and Rule 15D-14(a), of the Securities Exchange Act, as amended.
31.2	Certification of Chief Operating Officer of the Manager Pursuant to Rule 13A-14(a) and Rule 15D-14(a), of the Securities Exchange Act, as amended.
32.1	Certification of President of the Manager Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Operating Officer of the Manager Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension label Linkbase
101.PRE	XBRL Extension Presentation Linkbase

62

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

MLM INDEX™ FUND

By:   Mount Lucas Management LP

Its:  Manager

By:  /s/ Timothy J. Rudderow, Sr

Timothy J. Rudderow, Sr

President

Date: November 7, 2014

63

EX-31.1

Exhibit 31.1

MLM INDEX™ FUND

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Timothy J. Rudderow Sr, certify that:

1) I have reviewed this report on Form 10-Q of MLM Index™ Fund;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and  have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	By: /s/ Timothy J. Rudderow, Sr
	Timothy J. Rudderow, Sr
	President of Mount Lucas Management LP
Date: November 7, 2014

EX-31.2

Exhibit 31.2

MLM INDEX™ FUND

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, James A. Mehling, certify that:

1) I have reviewed this report on Form 10-Q of MLM Index™ Fund;

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	By: /s/ James A. Mehling
	James A. Mehling, Vice President and
	Chief Operating Officer and Chief Financial Officer of
	Mount Lucas Management LP
Date: November 7, 2014

EX-32.1

Exhibit 32.1

Section 906 Certification

The following statement is provided by the undersigned to accompany the Form 10-Q of the MLM Index™ Fund pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

The undersigned certifies that the foregoing Report on Form 10-Q fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the MLM Index™ Fund.

Date: November 7, 2014

By: /s/ Timothy J. Rudderow, Sr.

Timothy J. Rudderow, Sr.

President

Mount Lucas Management LP,

the manager of the MLM Index ™ Fund

EX-32.2

Exhibit 32.2

Section 906 Certification

The following statement is provided by the undersigned to accompany the Form 10-Q of the MLM Index™ Fund pursuant to 18 U.S.C §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

The undersigned certifies that the foregoing Report on Form 10-Q fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the MLM Index™ Fund

Date: November 7, 2014

By: /s/ James A. Mehling

Vice President, Chief Operating Officer and Chief Financial Officer

Mount Lucas Management LP,

the manager of the MLM Index ™ Fund

XML

Investors' Interest (Details)	9 Months Ended
	Sep. 30, 2014 Fund
Investors' Interest [Abstract]
Number of funds in the trust	4
Number of times the fund attempts to replicate leverage	3
Number of business days' written notice required to redeem shares, minimum	10 days
Percentage of sales commissions related to Class A and Class C shares, minimum (in hundredths)	0.00%
Percentage of sales commissions related to Class A and Class C shares, maximum (in hundredths)	4.00%

XML

Cash and Cash Equivalents

9 Months Ended

Sep. 30, 2014

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents

3. Cash and Cash Equivalents

The Trust’s cash and cash equivalents consisted of:

September 30, 2014	Unleveraged Series		Leveraged Series		Commodity L/N Unleveraged Series		Commodity L/S Unleveraged Series		Trust Total
Institutional Treasury Money Market Fund	$	21,447,000	$	3,000	$	4,886,000	$	5,112,000	$	31,448,000
U.S. Government Agency Securities		31,898,873		─		121,591,310		32,529,125		186,019,308
Cash		108,051		4,903		108,486		96,068		317,508
Cash in Checking Account		1,444		1,769		1,898		1,129		6,240
Total	$	53,455,368	$	9,672	$	126,587,694	$	37,738,322	$	217,791,056

December 31, 2013	Unleveraged Series		Leveraged Series		Commodity L/N Unleveraged Series		Commodity L/S Unleveraged Series		Trust Total
Institutional Treasury Money Market Fund	$	293,000	$	4,000	$	2,127,000	$	66,000	$	2,490,000
U.S. Government Agency Securities		38,439,414		299,995		121,557,716		32,694,535		192,991,660
Cash		48,922		48,951		89,866		90,574		278,313
Cash in Checking Account		1,742		1,822		1,938		1,255		6,757
Total	$	38,783,078	$	354,768	$	123,776,520	$	32,852,364	$	195,766,730

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Financial Highlights (Details) (USD $)	9 Months Ended
	Sep. 30, 2014		Sep. 30, 2013
Commodity L/N Unleveraged Series [Member] | Class D [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 91.26		$ 96.92
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (0.60)		$ (0.61)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ (1.78)		$ (3.91)
Net income from investment operations (in dollars per share)	$ (2.38)		$ (4.52)
Net asset value per share at September 30 (in dollars per share)	$ 88.88		$ 92.40
Total Return (in hundredths)	(2.61%)		(4.66%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(0.66%)		(0.64%)
Expenses (in hundredths)	(0.70%)		(0.69%)
Commodity L/N Unleveraged Series [Member] | Class E [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 88.46		$ 93.71
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (0.59)		$ (0.59)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ (1.56)		$ (3.61)
Net income from investment operations (in dollars per share)	$ (2.15)		$ (4.20)
Net asset value per share at September 30 (in dollars per share)	$ 86.31		$ 89.51
Total Return (in hundredths)	(2.43%)		(4.48%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(0.66%)		(0.63%)
Expenses (in hundredths)	(0.70%)		(0.67%)
Commodity L/S Unleveraged Series [Member] | Class D [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 85.08		$ 88.53
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (0.55)		$ (0.56)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 3.15		$ (2.26)
Net income from investment operations (in dollars per share)	$ 2.60		$ (2.82)
Net asset value per share at September 30 (in dollars per share)	$ 87.68		$ 85.71
Total Return (in hundredths)	3.06%		(3.19%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(0.63%)		(0.66%)
Expenses (in hundredths)	(0.66%)		(0.71%)
Unleveraged [Member] | Class A [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 101.57		$ 105.41
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (1.42)		$ (1.46)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 1.37		$ (2.98)
Net income from investment operations (in dollars per share)	$ (0.05)		$ (4.44)
Net asset value per share at September 30 (in dollars per share)	$ 101.52		$ 100.97
Total Return (in hundredths)	(0.05%)		(4.21%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(1.60%)		(1.50%)
Expenses (in hundredths)	(1.63%)		(1.54%)
Unleveraged [Member] | Class B [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 117.90		$ 121.13
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (0.78)		$ (0.80)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 1.61		$ (3.42)
Net income from investment operations (in dollars per share)	$ 0.83		$ (4.22)
Net asset value per share at September 30 (in dollars per share)	$ 118.73		$ 116.91
Total Return (in hundredths)	0.70%		(3.48%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(0.68%)		(0.77%)
Expenses (in hundredths)	(0.71%)		(0.82%)
Unleveraged [Member] | Class C [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 103.38		$ 106.27
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (1.07)		$ (1.09)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 1.75		$ (2.66)
Net income from investment operations (in dollars per share)	$ 0.68		$ (3.75)
Net asset value per share at September 30 (in dollars per share)	$ 104.06		$ 102.52
Total Return (in hundredths)	0.66%		(3.53%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(1.04%)		(1.37%)
Expenses (in hundredths)	(1.07%)		(1.44%)
Unleveraged [Member] | Class D [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 107.71		$ 110.17
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (0.71)		$ (0.73)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 1.84		$ (2.75)
Net income from investment operations (in dollars per share)	$ 1.13		$ (3.48)
Net asset value per share at September 30 (in dollars per share)	$ 108.84		$ 106.69
Total Return (in hundredths)	1.05%		(3.16%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(0.66%)		(0.66%)
Expenses (in hundredths)	(0.69%)		(0.70%)
Unleveraged [Member] | Class E [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 100.00	[1]
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (0.22)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 2.83
Net income from investment operations (in dollars per share)	$ 2.61
Net asset value per share at September 30 (in dollars per share)	$ 102.61
Total Return (in hundredths)	2.61%	[2]
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(0.22%)	[2]
Expenses (in hundredths)	(0.22%)	[2]
Leveraged [Member] | Class A [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 73.83		$ 79.88
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (1.76)		$ (1.84)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 3.61		$ (6.17)
Net income from investment operations (in dollars per share)	$ 1.85		$ (8.01)
Net asset value per share at September 30 (in dollars per share)	$ 75.68		$ 71.87
Total Return (in hundredths)	2.51%		(10.03%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(2.91%)		(2.54%)
Expenses (in hundredths)	(2.89%)		(2.56%)
Leveraged [Member] | Class B [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 91.22		$ 97.21
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (1.18)		$ (1.21)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 4.51		$ (7.53)
Net income from investment operations (in dollars per share)	$ 3.33		$ (8.74)
Net asset value per share at September 30 (in dollars per share)	$ 94.55		$ 88.47
Total Return (in hundredths)	3.65%		(8.99%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(1.35%)		(1.45%)
Expenses (in hundredths)	(1.33%)		(1.47%)
Leveraged [Member] | Class C [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 74.84		$ 79.67
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (1.38)		$ (1.42)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 4.17		$ (5.69)
Net income from investment operations (in dollars per share)	$ 2.79		$ (7.11)
Net asset value per share at September 30 (in dollars per share)	$ 77.63		$ 72.56
Total Return (in hundredths)	3.73%		(8.92%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(1.86%)		(1.89%)
Expenses (in hundredths)	(1.85%)		(1.90%)
Leveraged [Member] | Class D [Member]
Per share operating performance [Abstract]
Net asset value per share, at December 31 / issuance (in dollars per share)	$ 95.88		$ 101.31
Income (loss) from investment operations [Abstract]
Net investment expense (in dollars per share)	$ (1.25)		$ (1.26)
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	$ 5.39		$ (7.26)
Net income from investment operations (in dollars per share)	$ 4.14		$ (8.52)
Net asset value per share at September 30 (in dollars per share)	$ 100.02		$ 92.79
Total Return (in hundredths)	4.32%		(8.41%)
Ratio to Average Investors' Interest [Abstract]
Net investment expense (in hundredths)	(1.31%)		(1.48%)
Expenses (in hundredths)	(1.30%)		(1.51%)

[1] Net asset value at date of issuance.

[2] Total return, ratio of Net investment expense and Expenses calculated from data of issuance.

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Derivative Financial Instruments (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014 Contract	Sep. 30, 2013 Contract	Sep. 30, 2014 Contract	Sep. 30, 2013 Contract	Dec. 31, 2013
Derivatives [Line Items]
Asset	$ 6,718,295		$ 6,718,295		$ 2,304,721
Liability	(371,634)		(371,634)		(1,319,385)
Realized	(5,340,770)	2,397,432	(4,183,646)	(9,322,783)
Unrealized	4,060,409	(300,788)	5,361,325	1,545,000
Total derivatives realized and unrealized gain or (loss)	(1,280,361)	2,096,644	1,177,679	(7,777,783)
Number of Contracts Opened	2,309	1,904	10,288	10,252
Number of Contracts Closed	2,774	2,100	10,337	11,027
Financial futures [Member]
Derivatives [Line Items]
Asset	991,060		991,060		766,552
Liability	(84,692)		(84,692)		(23,643)
Realized	248,863	283,515	625,740	(1,281,380)
Unrealized	811,172	(470,811)	163,459	(244,393)
Total derivatives realized and unrealized gain or (loss)	1,060,035	(187,296)	789,199	(1,525,773)
Commodity futures [Member]
Derivatives [Line Items]
Asset	5,727,235		5,727,235		1,538,169
Liability	(286,942)		(286,942)		(1,295,742)
Realized	(5,589,633)	2,113,917	(4,809,386)	(8,041,403)
Unrealized	3,249,237	170,023	5,197,866	1,789,393
Total derivatives realized and unrealized gain or (loss)	(2,340,396)	2,283,940	388,480	(6,252,010)
Unleveraged Series [Member]
Derivatives [Line Items]
Asset	2,058,499		2,058,499		810,618
Liability	(144,811)		(144,811)		(229,370)
Realized	(52,692)	357,848	24,861	(998,403)
Unrealized	1,729,538	(399,574)	1,332,440	47,330
Total derivatives realized and unrealized gain or (loss)	1,676,846	(41,726)	1,357,301	(951,073)
Number of Contracts Opened	738	517	2,039	2,025
Number of Contracts Closed	660	513	1,795	1,943
Unleveraged Series [Member] | Financial futures [Member]
Derivatives [Line Items]
Asset	830,104		830,104		572,412
Liability	(69,758)		(69,758)		(15,762)
Realized	190,537	177,709	466,151	(681,784)
Unrealized	690,674	(301,242)	203,696	(143,248)
Total derivatives realized and unrealized gain or (loss)	881,211	(123,533)	669,847	(825,032)
Unleveraged Series [Member] | Commodity futures [Member]
Derivatives [Line Items]
Asset	1,228,395		1,228,395		238,206
Liability	(75,053)		(75,053)		(213,608)
Realized	(243,229)	180,139	(441,290)	(316,619)
Unrealized	1,038,864	(98,332)	1,128,744	190,578
Total derivatives realized and unrealized gain or (loss)	795,635	81,807	687,454	(126,041)
Leveraged Series [Member]
Derivatives [Line Items]
Asset	410,419		410,419		272,696
Liability	(29,295)		(29,295)		(81,317)
Realized	11,946	214,922	51,203	(1,255,705)
Unrealized	317,409	(211,684)	189,745	199,934
Total derivatives realized and unrealized gain or (loss)	329,355	3,238	240,948	(1,055,771)
Number of Contracts Opened	146	278	513	1,760
Number of Contracts Closed	134	311	524	2,107
Leveraged Series [Member] | Financial futures [Member]
Derivatives [Line Items]
Asset	160,956		160,956		194,140
Liability	(14,934)		(14,934)		(7,881)
Realized	58,326	105,806	159,589	(599,596)
Unrealized	120,498	(169,569)	(40,237)	(101,145)
Total derivatives realized and unrealized gain or (loss)	178,824	(63,763)	119,352	(700,741)
Leveraged Series [Member] | Commodity futures [Member]
Derivatives [Line Items]
Asset	249,463		249,463		78,556
Liability	(14,361)		(14,361)		(73,436)
Realized	(46,380)	109,116	(108,386)	(656,109)
Unrealized	196,911	(42,115)	229,982	301,079
Total derivatives realized and unrealized gain or (loss)	150,531	67,001	121,596	(355,030)
Commodity L/N Unleveraged Series [Member]
Derivatives [Line Items]
Asset	666,770		666,770		275,213
Liability	0		0		(196,880)
Realized	(4,757,657)	1,348,420	(2,885,410)	(4,792,180)
Unrealized	(908,249)	543,354	588,437	308,012
Total derivatives realized and unrealized gain or (loss)	(5,665,906)	1,891,774	(2,296,973)	(4,484,168)
Number of Contracts Opened	482	414	4,297	2,669
Number of Contracts Closed	1,299	628	4,789	3,093
Commodity L/N Unleveraged Series [Member] | Commodity futures [Member]
Derivatives [Line Items]
Asset	666,770		666,770		275,213
Liability	0		0		(196,880)
Realized	(4,757,657)	1,348,420	(2,885,410)	(4,792,180)
Unrealized	(908,249)	543,354	588,437	308,012
Total derivatives realized and unrealized gain or (loss)	(5,665,906)	1,891,774	(2,296,973)	(4,484,168)
Commodity L/S Unleveraged Series [Member]
Derivatives [Line Items]
Asset	3,582,607		3,582,607		946,194
Liability	(197,528)		(197,528)		(811,818)
Realized	(542,367)	476,242	(1,374,300)	(2,276,495)
Unrealized	2,921,711	(232,884)	3,250,703	989,724
Total derivatives realized and unrealized gain or (loss)	2,379,344	243,358	1,876,403	(1,286,771)
Number of Contracts Opened	943	695	3,439	3,798
Number of Contracts Closed	681	648	3,229	3,884
Commodity L/S Unleveraged Series [Member] | Commodity futures [Member]
Derivatives [Line Items]
Asset	3,582,607		3,582,607		946,194
Liability	(197,528)		(197,528)		(811,818)
Realized	(542,367)	476,242	(1,374,300)	(2,276,495)
Unrealized	2,921,711	(232,884)	3,250,703	989,724
Total derivatives realized and unrealized gain or (loss)	$ 2,379,344	$ 243,358	$ 1,876,403	$ (1,286,771)

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Subsequent Events (Details) (Subsequent Event [Member], USD $)	Nov. 07, 2014
Unleveraged Series [Member]
Subsequent Event [Line Items]
Trust share subscriptions	$ 0
Trust redemptions	139,000
Leveraged Series [Member]
Subsequent Event [Line Items]
Trust share subscriptions	0
Trust redemptions	18,000
Commodity L/N Unleveraged Series [Member]
Subsequent Event [Line Items]
Trust share subscriptions	0
Trust redemptions	0
Commodity L/S Unleveraged Series [Member]
Subsequent Event [Line Items]
Trust share subscriptions	0
Trust redemptions	$ 0

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The Trust is comprised of four series: the Unleveraged Series, which attempts to replicate the Index without leverage, the Leveraged Series, which attempts to replicate the Index at three times leverage, the Commodity L/N Unleveraged Series which attempts to replicate the MLM Commodity Long/Neutral Index without leverage and the MLM Commodity L/S Unleveraged Series which attempts to replicate the MLM Commodity Long/Short Index without leverage (collectively, the “Series”). The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP).  The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been omitted.  In the opinion of the Manager, the financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to state fairly the financial positions of the Trust and each Series as of September 30, 2014 and the results of its operations for the three and nine months ended September 30, 2014 and 2013.  The operating results for these interim periods may not be indicative of the results expected for a full year.  These financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2013.

Use of Estimates

The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid financial instruments with maturities of three months or less, when purchased.  Certain of each Series' cash at broker is restricted to meet margin requirements (see Note 5).

Due from Broker

Each Series' trading activities utilize one broker located in the United States. Due from broker represents cash balances held, and amounts receivable or payable for transactions not settled at September 30, 2014 and December 31, 2013.

Fair Value Measurements

Each Series has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded on the statement of assets and liabilities are categorized based on the inputs to the valuation techniques as follows:

Level 1:

Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market (examples include active exchange-traded equity securities, listed derivatives, most U.S. government and agency securities, and certain other sovereign government obligations).

Level 2:

Financial assets and liabilities whose values are based on the following:

a) Quoted prices for similar assets or liabilities in active markets (for example, restricted stock);

b) Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

c) Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and

d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability (for example, certain mortgage loans).

Level 3:

Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability (examples include private equity investments, certain commercial mortgage whole loans and long-dated or complex derivatives, including certain foreign exchange options and long-dated options on gas and power).

As required by US GAAP, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2014 and December 31, 2013, all of the derivative instruments held by the Trust are fair valued based on quoted prices in active markets (Level 1).

Each Series' trading positions are valued at fair value and cash equivalents are carried at their net asset value per share including accrued interest, as applicable. All positions including the net unrealized appreciation or depreciation are included under the caption “net unrealized gain/(loss) on open futures contracts” on the statements of financial condition. Fair value is principally based on quoted market prices or broker or dealer price quotations. The resulting change in unrealized profit or loss is reflected in net gain (loss) on change in unrealized appreciation (depreciation) on investments on the statements of operations.

Investment Transactions and Investment Income

All securities transactions are recorded on a trade-date basis. Realized gain and loss are recorded using specific identification method. Interest income is recorded using the accrual basis of accounting.

Income Taxes

Each of the Series of the Trust is classified for Federal income tax purposes as a separate partnership. Investors in each Series will reflect their proportionate share of realized profit or loss on their separate tax returns. Accordingly, no provisions for income taxes are required for the Trust or any Series.

All of the Series of the Trust recognize tax benefits or expenses of uncertain tax positions in the year such determination is made when the positions were “more likely than not” to be sustained assuming examination by tax authorities.  The Manager has reviewed all of the Series of the Trust’s tax positions for all open years (after December 31, 2008) and concluded that no provision for unrecognized tax benefits or expense is required in these financial statements.  The Trust has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as interest or other expense.  The 2010 through 2013 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

Redemptions Payable

For purposes of both financial reporting and calculation of redemption value, Net Asset Value per unit is calculated by dividing Net Asset Value of each Series by the number of outstanding investors’ interests for that Series.

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CONDENSED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 217,791,056	$ 195,766,730
Due from broker	14,006,845	20,334,702
Net unrealized gain on open futures contracts, at fair value	6,346,661	985,336
Interest receivable	258	27
Total assets	238,144,820	217,086,795
Liabilities
Redemptions payable	652,772	6,546,302
Brokerage commissions payable	61,795	64,900
Management fee payable	100,205	97,764
Subscriptions received in advance	250,000	0
Accrued expenses	42,163	41,604
Total liabilities	1,106,935	6,750,570
Investors' interest	237,037,885	210,336,225
Total liabilities and investors' interest	238,144,820	217,086,795
MLM Index Unleveraged Series [Member]
ASSETS
Cash and cash equivalents	53,455,368	38,783,078
Due from broker	4,232,472	4,228,397
Net unrealized gain on open futures contracts, at fair value	1,913,688	581,248
Interest receivable	177	7
Total assets	59,601,705	43,592,730
Liabilities
Redemptions payable	613,438	4,728,284
Brokerage commissions payable	14,710	14,594
Management fee payable	24,602	19,388
Accrued expenses	8,865	8,652
Total liabilities	661,615	4,770,918
Investors' interest	58,940,090	38,821,812
Total liabilities and investors' interest	59,601,705	43,592,730
MLM Index Leveraged Series [Member]
ASSETS
Cash and cash equivalents	9,672	354,768
Due from broker	3,732,197	5,751,321
Net unrealized gain on open futures contracts, at fair value	381,124	191,379
Total assets	4,122,993	6,297,468
Liabilities
Redemptions payable	39,334	1,818,018
Brokerage commissions payable	3,404	6,411
Management fee payable	4,355	8,401
Accrued expenses	1,650	1,398
Total liabilities	48,743	1,834,228
Investors' interest	4,074,250	4,463,240
Total liabilities and investors' interest	4,122,993	6,297,468
MLM Commodity L/N Index Unleveraged Series [Member]
ASSETS
Cash and cash equivalents	126,587,694	123,776,520
Due from broker	2,817,802	5,734,958
Net unrealized gain on open futures contracts, at fair value	666,770	78,333
Interest receivable	39	19
Total assets	130,072,305	129,589,830
Liabilities
Brokerage commissions payable	31,474	31,849
Management fee payable	53,993	54,163
Subscriptions received in advance	250,000	0
Accrued expenses	24,708	24,721
Total liabilities	360,175	110,733
Investors' interest	129,712,130	129,479,097
Total liabilities and investors' interest	130,072,305	129,589,830
MLM Commodity L/S Index Unleveraged Series [Member]
ASSETS
Cash and cash equivalents	37,738,322	32,852,364
Due from broker	3,224,374	4,620,026
Net unrealized gain on open futures contracts, at fair value	3,385,079	134,376
Interest receivable	42	1
Total assets	44,347,817	37,606,767
Liabilities
Brokerage commissions payable	12,207	12,046
Management fee payable	17,255	15,812
Accrued expenses	6,940	6,833
Total liabilities	36,402	34,691
Investors' interest	44,311,415	37,572,076
Total liabilities and investors' interest	$ 44,347,817	$ 37,606,767

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UNAUDITED CONDENSED STATEMENT OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities
Net income (loss)	$ (885,420)	$ (10,001,943)
Net change in operating assets and liabilities
Due from broker	6,327,857	5,777,365
Net unrealized gain on open futures contracts	(5,361,325)	(1,545,000)
Interest receivable	(231)	(201,691)
Other assets	0	1,073
Brokerage commissions payable	(3,105)	(9,620)
Management fee payable	2,441	(10,267)
Accrued expenses	559	53,764
Net cash and cash equivalents provided by (used in) operating activities	80,776	(5,936,319)
Cash flows from financing activities
Subscriptions received, net of selling commissions	32,049,401	52,113,470
Redemptions paid	(10,105,851)	(41,685,914)
Net cash and cash equivalents provided by (used in) financing activities	21,943,550	10,427,556
Net increase (decrease) in cash and cash equivalents	22,024,326	4,491,237
Cash and cash equivalents at beginning of period	195,766,730	195,312,622
Cash and cash equivalents at end of period	217,791,056	199,803,859
Supplemental disclosure of non-cash financing activities:
Redemptions payable	652,772	375,425
Subscriptions recorded which were received in advance	0	2,040,000
MLM Index Unleveraged Series [Member]
Cash flows from operating activities
Net income (loss)	920,142	(1,401,146)
Net change in operating assets and liabilities
Due from broker	(4,075)	1,001,892
Net unrealized gain on open futures contracts	(1,332,440)	(47,330)
Interest receivable	(170)	(77,627)
Brokerage commissions payable	116	1,241
Management fee payable	5,214	1,546
Accrued expenses	213	9,709
Net cash and cash equivalents provided by (used in) operating activities	(411,000)	(511,715)
Cash flows from financing activities
Subscriptions received, net of selling commissions	22,874,401	15,075,000
Redemptions paid	(7,791,111)	(10,000,703)
Net cash and cash equivalents provided by (used in) financing activities	15,083,290	5,074,297
Net increase (decrease) in cash and cash equivalents	14,672,290	4,562,582
Cash and cash equivalents at beginning of period	38,783,078	36,597,519
Cash and cash equivalents at end of period	53,455,368	41,160,101
Supplemental disclosure of non-cash financing activities:
Redemptions payable	613,438	353,916
Subscriptions recorded which were received in advance	0	1,950,000
MLM Index Leveraged Series [Member]
Cash flows from operating activities
Net income (loss)	147,066	(1,353,502)
Net change in operating assets and liabilities
Due from broker	2,019,124	1,262,225
Net unrealized gain on open futures contracts	(189,745)	(199,934)
Interest receivable	0	5
Other assets	0	1,073
Brokerage commissions payable	(3,007)	(12,080)
Management fee payable	(4,046)	(16,040)
Accrued expenses	252	699
Net cash and cash equivalents provided by (used in) operating activities	1,969,644	(317,554)
Cash flows from financing activities
Subscriptions received, net of selling commissions	0	0
Redemptions paid	(2,314,740)	(12,646,741)
Net cash and cash equivalents provided by (used in) financing activities	(2,314,740)	(12,646,741)
Net increase (decrease) in cash and cash equivalents	(345,096)	(12,964,295)
Cash and cash equivalents at beginning of period	354,768	14,038,218
Cash and cash equivalents at end of period	9,672	1,073,923
Supplemental disclosure of non-cash financing activities:
Redemptions payable	39,334	21,509
Subscriptions recorded which were received in advance	0	90,000
MLM Commodity L/N Index Unleveraged Series [Member]
Cash flows from operating activities
Net income (loss)	(3,466,967)	(5,559,974)
Net change in operating assets and liabilities
Due from broker	2,917,156	4,211,776
Net unrealized gain on open futures contracts	(588,437)	(308,012)
Interest receivable	(20)	(93,161)
Brokerage commissions payable	(375)	4,621
Management fee payable	(170)	8,327
Accrued expenses	(13)	33,707
Net cash and cash equivalents provided by (used in) operating activities	(1,138,826)	(1,702,716)
Cash flows from financing activities
Subscriptions received, net of selling commissions	3,950,000	25,538,470
Net cash and cash equivalents provided by (used in) financing activities	3,950,000	25,538,470
Net increase (decrease) in cash and cash equivalents	2,811,174	23,835,754
Cash and cash equivalents at beginning of period	123,776,520	100,936,268
Cash and cash equivalents at end of period	126,587,694	124,772,022
MLM Commodity L/S Index Unleveraged Series [Member]
Cash flows from operating activities
Net income (loss)	1,514,339	(1,687,321)
Net change in operating assets and liabilities
Due from broker	1,395,652	(698,528)
Net unrealized gain on open futures contracts	(3,250,703)	(989,724)
Interest receivable	(41)	(30,908)
Brokerage commissions payable	161	(3,402)
Management fee payable	1,443	(4,100)
Accrued expenses	107	9,649
Net cash and cash equivalents provided by (used in) operating activities	(339,042)	(3,404,334)
Cash flows from financing activities
Subscriptions received, net of selling commissions	5,225,000	11,500,000
Redemptions paid	0	(19,038,470)
Net cash and cash equivalents provided by (used in) financing activities	5,225,000	(7,538,470)
Net increase (decrease) in cash and cash equivalents	4,885,958	(10,942,804)
Cash and cash equivalents at beginning of period	32,852,364	43,740,617
Cash and cash equivalents at end of period	$ 37,738,322	$ 32,797,813

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Organization (Details)	Sep. 30, 2014 Fund
Organization [Abstract]
Number of funds in the trust	4

XML

Cash and Cash Equivalents (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Cash and Cash Equivalents [Line Items]
Institutional Treasury Money Market Fund	$ 31,448,000	$ 2,490,000
U.S. Government Agency Securities	186,019,308	192,991,660
Cash	317,508	278,313
Cash in Checking Account	6,240	6,757
Total	217,791,056	195,766,730	199,803,859	195,312,622
Unleveraged Series [Member]
Cash and Cash Equivalents [Line Items]
Institutional Treasury Money Market Fund	21,447,000	293,000
U.S. Government Agency Securities	31,898,873	38,439,414
Cash	108,051	48,922
Cash in Checking Account	1,444	1,742
Total	53,455,368	38,783,078
Leveraged Series [Member]
Cash and Cash Equivalents [Line Items]
Institutional Treasury Money Market Fund	3,000	4,000
U.S. Government Agency Securities	0	299,995
Cash	4,903	48,951
Cash in Checking Account	1,769	1,822
Total	9,672	354,768
Commodity L/N Unleveraged Series [Member]
Cash and Cash Equivalents [Line Items]
Institutional Treasury Money Market Fund	4,886,000	2,127,000
U.S. Government Agency Securities	121,591,310	121,557,716
Cash	108,486	89,866
Cash in Checking Account	1,898	1,938
Total	126,587,694	123,776,520
Commodity L/S Unleveraged Series [Member]
Cash and Cash Equivalents [Line Items]
Institutional Treasury Money Market Fund	5,112,000	66,000
U.S. Government Agency Securities	32,529,125	32,694,535
Cash	96,068	90,574
Cash in Checking Account	1,129	1,255
Total	$ 37,738,322	$ 32,852,364

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Organization

9 Months Ended

Sep. 30, 2014

Organization [Abstract]

Organization

1. Organization

MLM Index™ Fund was formed under the Business Trust Statute of the State of Delaware as a business trust in December 1997 and commenced operations on January 4, 1999.  The MLM Index™ Fund was organized for the primary purpose of seeking capital appreciation through the speculative trading of a diversified portfolio of futures contracts using the MLM Index™ Trading Program, which is based upon the MLM Index™ (the “Index”). The Index is a benchmark of the hypothetical returns available to a futures investor. The Index is comprised of a diverse portfolio of futures markets, including both financial and tangible markets.

At September 30, 2014, the MLM Index™ Fund is comprised of four series: the MLM Index™ Unleveraged Series (“Unleveraged Series”), the MLM Index™ Leveraged Series (“Leveraged Series”), the MLM Commodity L/N Index Unleveraged Series (“Commodity L/N” or “Commodity L/N Unleveraged Series”) and the MLM Commodity L/S Index Unleveraged Series (“Commodity L/S” or “Commodity L/S Unleveraged Series”).  MLM Index™ Fund and its series are collectively referred to herein as the “Trust”.

Mount Lucas Management LP (the “Manager”) is the Manager for the Trust and its Series.  The Manager is a registered investment advisor under the Investment Advisers Act of 1940, is registered as a Commodity Pool Operator and a Commodity Trading Advisor with the Commodity Futures Trading Commission and is a member of the National Futures Association.

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CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) (Futures [Member], USD $)	Sep. 30, 2014		Dec. 31, 2013
Schedule of Investments [Line Items]
Unrealized gain	$ 6,346,661	[1]	$ 985,336	[1]
Percentage of investors' interest (in hundredths)	2.68%	[1]	0.46%	[1]
Long futures contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts	434	[1]	1,008	[1]
Unrealized gain	992,265	[1]	324,337	[1]
Percentage of investors' interest (in hundredths)	0.42%	[1]	0.15%	[1]
Long futures contracts [Member] | Financial [Member]
Schedule of Investments [Line Items]
Number of Contracts	164	[1]	67	[1]
Unrealized gain	12,355	[1]	216,333	[1]
Percentage of investors' interest (in hundredths)	0.01%	[1]	0.10%	[1]
Long futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	270	[1]	941	[1]
Unrealized gain	979,910	[1]	108,004	[1]
Percentage of investors' interest (in hundredths)	0.41%	[1]	0.05%	[1]
Short futures contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts	(1,569)	[1]	(1,044)	[1]
Unrealized gain	5,354,396	[1]	660,999	[1]
Percentage of investors' interest (in hundredths)	2.26%	[1]	0.31%	[1]
Short futures contracts [Member] | Financial [Member]
Schedule of Investments [Line Items]
Number of Contracts	(205)	[1]	(204)	[1]
Unrealized gain	894,013	[1]	526,576	[1]
Percentage of investors' interest (in hundredths)	0.38%	[1]	0.25%	[1]
Short futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	(1,364)	[1]	(840)	[1]
Unrealized gain	4,460,383	[1]	134,423	[1]
Percentage of investors' interest (in hundredths)	1.88%	[1]	0.06%	[1]
MLM Index Unleveraged Series [Member]
Schedule of Investments [Line Items]
Unrealized gain	1,913,688	[1]	581,248	[1]
Percentage of investors' interest (in hundredths)	3.25%	[1]	1.49%	[1]
MLM Index Unleveraged Series [Member] | Long futures contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts	158	[1]	100	[1]
Unrealized gain	88,825	[1]	169,425	[1]
Percentage of investors' interest (in hundredths)	0.15%	[1]	0.43%	[1]
MLM Index Unleveraged Series [Member] | Long futures contracts [Member] | Financial [Member]
Schedule of Investments [Line Items]
Number of Contracts	137	[1]	50	[1]
Unrealized gain	12,115	[1]	164,220	[1]
Percentage of investors' interest (in hundredths)	0.02%	[1]	0.42%	[1]
MLM Index Unleveraged Series [Member] | Long futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	21	[1]	50	[1]
Unrealized gain	76,710	[1]	5,205	[1]
Percentage of investors' interest (in hundredths)	0.13%	[1]	0.01%	[1]
MLM Index Unleveraged Series [Member] | Short futures contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts	(498)	[1]	(312)	[1]
Unrealized gain	1,824,863	[1]	411,823	[1]
Percentage of investors' interest (in hundredths)	3.10%	[1]	1.06%	[1]
MLM Index Unleveraged Series [Member] | Short futures contracts [Member] | Financial [Member]
Schedule of Investments [Line Items]
Number of Contracts	(171)	[1]	(152)	[1]
Unrealized gain	748,231	[1]	392,430	[1]
Percentage of investors' interest (in hundredths)	1.27%	[1]	1.01%	[1]
MLM Index Unleveraged Series [Member] | Short futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	(327)	[1]	(160)	[1]
Unrealized gain	1,076,632	[1]	19,393	[1]
Percentage of investors' interest (in hundredths)	1.83%	[1]	0.05%	[1]
MLM Index Leveraged Series [Member]
Schedule of Investments [Line Items]
Unrealized gain	381,124	[1]	191,379	[1]
Percentage of investors' interest (in hundredths)	9.36%	[1]	4.30%	[1]
MLM Index Leveraged Series [Member] | Long futures contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts	31	[1]	35	[1]
Unrealized gain	14,650	[1]	54,751	[1]
Percentage of investors' interest (in hundredths)	0.36%	[1]	1.23%	[1]
MLM Index Leveraged Series [Member] | Long futures contracts [Member] | Financial [Member]
Schedule of Investments [Line Items]
Number of Contracts	27	[1]	17	[1]
Unrealized gain	240	[1]	52,113	[1]
Percentage of investors' interest (in hundredths)	0.01%	[1]	1.17%	[1]
MLM Index Leveraged Series [Member] | Long futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	4	[1]	18	[1]
Unrealized gain	14,410	[1]	2,638	[1]
Percentage of investors' interest (in hundredths)	0.35%	[1]	0.06%	[1]
MLM Index Leveraged Series [Member] | Short futures contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts	(100)	[1]	(107)	[1]
Unrealized gain	366,474	[1]	136,628	[1]
Percentage of investors' interest (in hundredths)	9.00%	[1]	3.07%	[1]
MLM Index Leveraged Series [Member] | Short futures contracts [Member] | Financial [Member]
Schedule of Investments [Line Items]
Number of Contracts	(34)	[1]	(52)	[1]
Unrealized gain	145,782	[1]	134,146	[1]
Percentage of investors' interest (in hundredths)	3.58%	[1]	3.01%	[1]
MLM Index Leveraged Series [Member] | Short futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	(66)	[1]	(55)	[1]
Unrealized gain	220,692	[1]	2,482	[1]
Percentage of investors' interest (in hundredths)	5.42%	[1]	0.06%	[1]
MLM Commodity L/N Index Unleveraged Series [Member]
Schedule of Investments [Line Items]
Unrealized gain	666,770	[1]	78,333	[1]
Percentage of investors' interest (in hundredths)	0.51%	[1]	0.06%	[1]
MLM Commodity L/N Index Unleveraged Series [Member] | Long futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	184	[1]	676	[1]
Unrealized gain	666,770	[1]	78,333	[1]
Percentage of investors' interest (in hundredths)	0.51%	[1]	0.06%	[1]
MLM Commodity L/S Index Unleveraged Series [Member]
Schedule of Investments [Line Items]
Unrealized gain	3,385,079	[1]	134,376	[1]
Percentage of investors' interest (in hundredths)	7.64%	[1]	0.36%	[1]
MLM Commodity L/S Index Unleveraged Series [Member] | Long futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	61	[1]	197	[1]
Unrealized gain	222,020	[1]	21,828	[1]
Percentage of investors' interest (in hundredths)	0.50%	[1]	0.06%	[1]
MLM Commodity L/S Index Unleveraged Series [Member] | Short futures contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts	(971)	[1]	(625)	[1]
Unrealized gain	$ 3,163,059	[1]	$ 112,548	[1]
Percentage of investors' interest (in hundredths)	7.14%	[1]	0.30%	[1]

[1] Derivatives are not designated as hedging instruments.

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Cash and Cash Equivalents (Tables)

9 Months Ended

Sep. 30, 2014

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The Trust’s cash and cash equivalents consisted of:

September 30, 2014	Unleveraged Series		Leveraged Series		Commodity L/N Unleveraged Series		Commodity L/S Unleveraged Series		Trust Total
Institutional Treasury Money Market Fund	$	21,447,000	$	3,000	$	4,886,000	$	5,112,000	$	31,448,000
U.S. Government Agency Securities		31,898,873		─		121,591,310		32,529,125		186,019,308
Cash		108,051		4,903		108,486		96,068		317,508
Cash in Checking Account		1,444		1,769		1,898		1,129		6,240
Total	$	53,455,368	$	9,672	$	126,587,694	$	37,738,322	$	217,791,056

December 31, 2013	Unleveraged Series		Leveraged Series		Commodity L/N Unleveraged Series		Commodity L/S Unleveraged Series		Trust Total
Institutional Treasury Money Market Fund	$	293,000	$	4,000	$	2,127,000	$	66,000	$	2,490,000
U.S. Government Agency Securities		38,439,414		299,995		121,557,716		32,694,535		192,991,660
Cash		48,922		48,951		89,866		90,574		278,313
Cash in Checking Account		1,742		1,822		1,938		1,255		6,757
Total	$	38,783,078	$	354,768	$	123,776,520	$	32,852,364	$	195,766,730

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	MLM INDEX FUND
Entity Central Index Key	0001075058
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014

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Margin Requirements (Tables)

9 Months Ended

Sep. 30, 2014

Margin Requirements [Abstract]

Margin Requirements on Trust Assets

The Trust had margin requirements as follows at September 30, 2014 and December 31, 2013:

	September 30, 2014		December 31, 2013
Unleveraged Series	$	1,217,968	$	788,023
Leveraged Series		241,144		266,992
Commodity L/N Unleveraged Series		242,880		1,530,033
Commodity L/S Unleveraged Series		1,888,040		1,615,519
Total	$	3,590,032	$	4,200,567

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UNAUDITED CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Investment income
Interest	$ 29,139	$ 21,979	$ 80,109	$ 95,329
Expenses
Interest	0	137	0	0
Brokerage commissions	194,391	207,821	571,065	663,034
Management fee	299,743	303,706	856,900	941,163
Operating expenses	244,415	239,085	702,506	714,422
Total expenses	738,549	750,749	2,130,471	2,318,619
Net investment loss	(709,410)	(728,770)	(2,050,362)	(2,223,290)
Realized and unrealized gain (loss) on investments
Net realized (loss) gain on investments	(5,340,770)	2,397,432	(4,183,646)	(9,322,783)
Net change in unrealized appreciation and depreciation on investments	4,042,333	(305,401)	5,348,588	1,544,130
Net realized and unrealized gain (loss) on investments	(1,298,437)	2,092,031	1,164,942	(7,778,653)
Net gain (loss)	(2,007,847)	1,363,261	(885,420)	(10,001,943)
MLM Index Unleveraged Series [Member]
Investment income
Interest	5,209	3,693	13,569	17,966
Expenses
Brokerage commissions	47,006	48,774	125,582	144,975
Management fee	73,474	61,593	171,326	180,347
Operating expenses	59,136	50,665	143,298	148,035
Total expenses	179,616	161,032	440,206	473,357
Net investment loss	(174,407)	(157,339)	(426,637)	(455,391)
Realized and unrealized gain (loss) on investments
Net realized (loss) gain on investments	(52,692)	357,848	24,861	(998,403)
Net change in unrealized appreciation and depreciation on investments	1,714,662	(400,021)	1,321,918	52,648
Net realized and unrealized gain (loss) on investments	1,661,970	(42,173)	1,346,779	(945,755)
Net gain (loss)	1,487,563	(199,512)	920,142	(1,401,146)
MLM Index Leveraged Series [Member]
Investment income
Interest	17	0	31	2,561
Expenses
Interest	0	137	0	0
Brokerage commissions	10,783	25,810	35,374	116,924
Management fee	12,991	32,082	42,839	142,976
Operating expenses	4,451	9,182	14,621	44,539
Total expenses	28,225	67,211	92,834	304,439
Net investment loss	(28,208)	(67,211)	(92,803)	(301,878)
Realized and unrealized gain (loss) on investments
Net realized (loss) gain on investments	11,946	214,922	51,203	(1,255,705)
Net change in unrealized appreciation and depreciation on investments	313,549	(213,295)	188,666	204,081
Net realized and unrealized gain (loss) on investments	325,495	1,627	239,869	(1,051,624)
Net gain (loss)	297,287	(65,584)	147,066	(1,353,502)
MLM Commodity L/N Index Unleveraged Series [Member]
Investment income
Interest	18,842	14,736	52,953	55,385
Expenses
Brokerage commissions	98,229	95,152	296,711	275,419
Management fee	165,312	162,427	500,988	460,695
Operating expenses	140,389	138,949	424,675	388,156
Total expenses	403,930	396,528	1,222,374	1,124,270
Net investment loss	(385,088)	(381,792)	(1,169,421)	(1,068,885)
Realized and unrealized gain (loss) on investments
Net realized (loss) gain on investments	(4,757,657)	1,348,420	(2,885,410)	(4,792,180)
Net change in unrealized appreciation and depreciation on investments	(907,514)	541,685	587,864	301,091
Net realized and unrealized gain (loss) on investments	(5,665,171)	1,890,105	(2,297,546)	(4,491,089)
Net gain (loss)	(6,050,259)	1,508,313	(3,466,967)	(5,559,974)
MLM Commodity L/S Index Unleveraged Series [Member]
Investment income
Interest	5,071	3,550	13,556	19,417
Expenses
Brokerage commissions	38,373	38,085	113,398	125,716
Management fee	47,966	47,604	141,747	157,145
Operating expenses	40,439	40,289	119,912	133,692
Total expenses	126,778	125,978	375,057	416,553
Net investment loss	(121,707)	(122,428)	(361,501)	(397,136)
Realized and unrealized gain (loss) on investments
Net realized (loss) gain on investments	(542,367)	476,242	(1,374,300)	(2,276,495)
Net change in unrealized appreciation and depreciation on investments	2,921,636	(233,770)	3,250,140	986,310
Net realized and unrealized gain (loss) on investments	2,379,269	242,472	1,875,840	(1,290,185)
Net gain (loss)	$ 2,257,562	$ 120,044	$ 1,514,339	$ (1,687,321)

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Management Fee and Other Fees and Expenses

9 Months Ended

Sep. 30, 2014

Management Fee and Other Fees and Expenses [Abstract]

Management Fee and Other Fees and Expenses

6. Management Fee and Other Fees and Expenses

Each Series pays the Manager a management fee as a percentage of net assets, as of the first day of each month at the annualized rates as follows:

Prior to May 1, 2013:

	Unleveraged, Commodity L/N Unleveraged Series, and Commodity L/S Unleveraged Series
	Brokerage fee			Management fee			Organizational fee			Operating expense			Selling expense			Total fees and commissions
Class A		0.85	%		1.50	%		N/	A		0.35	%		4.00	%		6.70	%
Class B		0.85	%		0.50	%		N/	A		0.35	%		N/	A		1.70	%
Class C		0.40	%		1.00	%		N/	A		0.35	%		4.00	%		5.75	%
Class D		0.40	%		0.50	%		N/	A		0.35	%		N/	A		1.25	%
Class E		0.15	%		0.50	%		N/	A		0.35	%		N/	A		1.00	%

	Leveraged Series
	Brokerage fee			Management fee			Organizational fee			Operating expense			Selling expense			Total fees and commissions
Class A		1.75	%		2.80	%		N/	A		0.35	%		4.00	%		8.90	%
Class B		1.75	%		1.30	%		N/	A		0.35	%		N/	A		3.40	%
Class C		0.90	%		2.05	%		N/	A		0.35	%		4.00	%		7.30	%
Class D		0.90	%		1.30	%		N/	A		0.35	%		N/	A		2.55	%
Class E		0.35	%		1.30	%		N/	A		0.35	%		N/	A		2.00	%

Effective May 1, 2013:

Unleveraged, Commodity L/N Unleveraged Series, and Commodity L/S Unleveraged Series

Brokerage fee

Management fee

Organizational fee

Operating expense

Selling expense

Total fees and commissions

Class A

N/A

*

2.70

%

N/

A

N/A

*

4.00

%

6.70

%

Class B

N/A

*

1.70

%

N/

A

N/A

*

N/

A

1.70

%

Class C

N/A

*

1.75

%

N/

A

N/A

*

4.00

%

5.75

%

Class D

N/A

*

1.25

%

N/

A

N/A

*

N/

A

1.25

%

Class E

N/A

*

1.00

%

N/

A

N/A

*

N/

A

1.00

%

Leveraged Series

Brokerage fee

Management fee

Organizational fee

Operating expense

Selling expense

Total fees And commissions

Class A

N/A

*

4.90

%

N/

A

N/A

*

4.00

%

8.90

%

Class B

N/A

*

3.40

%

N/

A

N/A

*

N/

A

3.40

%

Class C

N/A

*

3.30

%

N/

A

N/A

*

4.00

%

7.30

%

Class D

N/A

*

2.55

%

N/

A

N/A

*

N/

A

2.55

%

Class E

N/A

*

2.00

%

N/

A

N/A

*

N/

A

2.00

%

* Effective May 1, 2013, brokerage fee and operating expenses are included in the management fee charged by the Manager.  The total of Brokerage fee, Management fee and Operating expense fee is unchanged and presented separately in the statement of operations.

Each Series pays the cash manager and banking fees directly.

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Margin Requirements

9 Months Ended

Sep. 30, 2014

Margin Requirements [Abstract]

Margin Requirements

5. Margin Requirements

The Trust had margin requirements as follows at September 30, 2014 and December 31, 2013:

	September 30, 2014		December 31, 2013
Unleveraged Series	$	1,217,968	$	788,023
Leveraged Series		241,144		266,992
Commodity L/N Unleveraged Series		242,880		1,530,033
Commodity L/S Unleveraged Series		1,888,040		1,615,519
Total	$	3,590,032	$	4,200,567

Each Series' margin requirements were satisfied by net unrealized profits and cash at the broker.

XML

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2014 Broker Fund
Summary of Significant Accounting Policies [Abstract]
Number of funds in the trust	4
Number of times the fund attempts to replicate leverage	3
Maximum maturity period of investments to be considered as cash equivalents	3 months
Number of brokers used for each series' trading activity	1

XML

Management Fee and Other Fees and Expenses (Tables)

9 Months Ended

Sep. 30, 2014

Management Fee and Other Fees and Expenses [Abstract]

Property Management Fee, Percent Fee

Each Series pays the Manager a management fee as a percentage of net assets, as of the first day of each month at the annualized rates as follows:

Prior to May 1, 2013:

	Unleveraged, Commodity L/N Unleveraged Series, and Commodity L/S Unleveraged Series
	Brokerage fee			Management fee			Organizational fee			Operating expense			Selling expense			Total fees and commissions
Class A		0.85	%		1.50	%		N/	A		0.35	%		4.00	%		6.70	%
Class B		0.85	%		0.50	%		N/	A		0.35	%		N/	A		1.70	%
Class C		0.40	%		1.00	%		N/	A		0.35	%		4.00	%		5.75	%
Class D		0.40	%		0.50	%		N/	A		0.35	%		N/	A		1.25	%
Class E		0.15	%		0.50	%		N/	A		0.35	%		N/	A		1.00	%

	Leveraged Series
	Brokerage fee			Management fee			Organizational fee			Operating expense			Selling expense			Total fees and commissions
Class A		1.75	%		2.80	%		N/	A		0.35	%		4.00	%		8.90	%
Class B		1.75	%		1.30	%		N/	A		0.35	%		N/	A		3.40	%
Class C		0.90	%		2.05	%		N/	A		0.35	%		4.00	%		7.30	%
Class D		0.90	%		1.30	%		N/	A		0.35	%		N/	A		2.55	%
Class E		0.35	%		1.30	%		N/	A		0.35	%		N/	A		2.00	%

Effective May 1, 2013:

Unleveraged, Commodity L/N Unleveraged Series, and Commodity L/S Unleveraged Series

Brokerage fee

Management fee

Organizational fee

Operating expense

Selling expense

Total fees and commissions

Class A

N/A

*

2.70

%

N/

A

N/A

*

4.00

%

6.70

%

Class B

N/A

*

1.70

%

N/

A

N/A

*

N/

A

1.70

%

Class C

N/A

*

1.75

%

N/

A

N/A

*

4.00

%

5.75

%

Class D

N/A

*

1.25

%

N/

A

N/A

*

N/

A

1.25

%

Class E

N/A

*

1.00

%

N/

A

N/A

*

N/

A

1.00

%

Leveraged Series

Brokerage fee

Management fee

Organizational fee

Operating expense

Selling expense

Total fees And commissions

Class A

N/A

*

4.90

%

N/

A

N/A

*

4.00

%

8.90

%

Class B

N/A

*

3.40

%

N/

A

N/A

*

N/

A

3.40

%

Class C

N/A

*

3.30

%

N/

A

N/A

*

4.00

%

7.30

%

Class D

N/A

*

2.55

%

N/

A

N/A

*

N/

A

2.55

%

Class E

N/A

*

2.00

%

N/

A

N/A

*

N/

A

2.00

%

* Effective May 1, 2013, brokerage fee and operating expenses are included in the management fee charged by the Manager.  The total of Brokerage fee, Management fee and Operating expense fee is unchanged and presented separately in the statement of operations.

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Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

9. Subsequent Events

From October 1, 2014 through November 7, 2014, the Trust had no subscriptions for any Series.

The Trust had redemptions of approximately $139,000 for the Unleveraged Series and $18,000 for the Leveraged Series.  There were no redemptions for the  Commodity L/N Unleveraged Series or the Commodity L/S Unleveraged Series.

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Derivative Financial Instruments

9 Months Ended

Sep. 30, 2014

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

7. Derivative Financial Instruments

Derivatives are subject to various risks similar to non-derivative financial instruments including market, credit, liquidity and operational risk. The risks of derivatives should not be viewed in isolation but rather should be considered on an aggregate basis along with the Trust’s other trading-related activities.

Each Series purchases and sells futures in financial instruments and commodities.  Each Series records its derivative activities on a mark-to-market basis with realized and unrealized gains (losses) recognized currently in the statements of operations and in due from brokers on the statements of financial condition.

The following tables reflect the fair value of each Series derivative financial instruments at September 30, 2014 and December 31, 2013:

	September 30, 2014					December 31, 2013
Unleveraged Series	Asset		Liability			Asset		Liability
Financial futures	$	830,104	$	(69,758	)	$	572,412	$	(15,762	)
Commodity futures		1,228,395		(75,053	)		238,206		(213,608	)
Total	$	2,058,499	$	(144,811	)	$	810,618	$	(229,370	)

	September 30, 2014					December 31, 2013
Leveraged Series	Asset		Liability			Asset		Liability
Financial futures	$	160,956	$	(14,934	)	$	194,140	$	(7,881	)
Commodity futures		249,463		(14,361	)		78,556		(73,436	)
Total	$	410,419	$	(29,295	)	$	272,696	$	(81,317	)

	September 30, 2014				December 31, 2013
Commodity L/N Unleveraged Series	Asset		Liability		Asset		Liability
Commodity futures	$	666,770	$	─	$	275,213	$	(196,880	)
Total	$	666,770	$	─	$	275,213	$	(196,880	)

	September 30, 2014					December 31, 2013
Commodity L/S Unleveraged Series	Asset		Liability			Asset		Liability
Commodity futures	$	3,582,607	$	(197,528	)	$	946,194	$	(811,818	)
Total	$	3,582,607	$	(197,528	)	$	946,194	$	(811,818	)

	September 30, 2014					December 31, 2013
Trust Total	Asset		Liability			Asset		Liability
Financial futures	$	991,060	$	(84,692	)	$	766,552	$	(23,643	)
Commodity futures		5,727,235		(286,942	)		1,538,169		(1,295,742	)
Total	$	6,718,295	$	(371,634	)	$	2,304,721	$	(1,319,385	)

The following tables reflect the realized and unrealized gains (losses) from derivative financial instruments for the three and nine months ended September 30, 2014 and 2013.  (Included in the unrealized gain (loss) amounts on the Condensed Statement of Operations for September 30, 2014 and 2013, are unrealized gains (losses) from U.S. Government Agency Securities and unrealized gains (losses) from currency positions.):

	Three months ended September 30, 2014							Three months ended September 30, 2013
Unleveraged	Realized			Unrealized		Total		Realized		Unrealized			Total
Financial futures	$	190,537		$	690,674	$	881,211	$	177,709	$	(301,242	)	$	(123,533	)
Commodity futures		(243,229	)		1,038,864		795,635		180,139		(98,332	)		81,807
Total	$	(52,692	)	$	1,729,538	$	1,676,846	$	357,848	$	(399,574	)	$	(41,726	)

	Three months ended September 30, 2014							Three months ended September 30, 2013
Leveraged	Realized			Unrealized		Total		Realized		Unrealized			Total
Financial futures	$	58,326		$	120,498	$	178,824	$	105,806	$	(169,569	)	$	(63,763	)
Commodity futures		(46,380	)		196,911		150,531		109,116		(42,115	)		67,001
Total	$	11,946		$	317,409	$	329,355	$	214,922	$	(211,684	)	$	3,238

	Three months ended September 30, 2014									Three months ended September 30, 2013
Commodity L/N	Realized			Unrealized			Total			Realized		Unrealized		Total
Commodity futures	$	(4,757,657	)	$	(908,249	)	$	(5,665,906	)	$	1,348,420	$	543,354	$	1,891,774
Total	$	(4,757,657	)	$	(908,249	)	$	(5,665,906	)	$	1,348,420	$	543,354	$	1,891,774

	Three months ended September 30, 2014							Three months ended September 30, 2013
Commodity L/S	Realized			Unrealized		Total		Realized		Unrealized			Total
Commodity futures	$	(542,367	)	$	2,921,711	$	2,379,344	$	476,242	$	(232,884	)	$	243,358
Total	$	(542,367	)	$	2,921,711	$	2,379,344	$	476,242	$	(232,884	)	$	243,358

	Three months ended September 30, 2014								Three months ended September 30, 2013
Trust Total	Realized			Unrealized		Total			Realized		Unrealized			Total
Financial futures	$	248,863		$	811,172	$	1,060,035		$	283,515	$	(470,811	)	$	(187,296	)
Commodity futures		(5,589,633	)		3,249,237		(2,340,396	)		2,113,917		170,023			2,283,940
Total	$	(5,340,770	)	$	4,060,409	$	(1,280,361	)	$	2,397,432	$	(300,788	)	$	2,096,644

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Unleveraged	Realized			Unrealized		Total		Realized			Unrealized			Total
Financial futures	$	466,151		$	203,696	$	669,847	$	(681,784	)	$	(143,248	)	$	(825,032	)
Commodity futures		(441,290	)		1,128,744		687,454		(316,619	)		190,578			(126,041	)
Total	$	24,861		$	1,332,440	$	1,357,301	$	(998,403	)	$	47,330		$	(951,073	)

	Nine months ended September 30, 2014								Nine months ended September 30, 2013
Leveraged	Realized			Unrealized			Total		Realized			Unrealized			Total
Financial futures	$	159,589		$	(40,237	)	$	119,352	$	(599,596	)	$	(101,145	)	$	(700,741	)
Commodity futures		(108,386	)		229,982			121,596		(656,109	)		301,079			(355,030	)
Total	$	51,203		$	189,745		$	240,948	$	(1,255,705	)	$	199,934		$	(1,055,771	)

	Nine months ended September 30, 2014								Nine months ended September 30, 2013
Commodity L/N	Realized			Unrealized		Total			Realized			Unrealized		Total
Commodity futures	$	(2,885,410	)	$	588,437	$	(2,296,973	)	$	(4,792,180	)	$	308,012	$	(4,484,168	)
Total	$	(2,885,410	)	$	588,437	$	(2,296,973	)	$	(4,792,180	)	$	308,012	$	(4,484,168	)

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Commodity L/S	Realized			Unrealized		Total		Realized			Unrealized		Total
Commodity futures	$	(1,374,300	)	$	3,250,703	$	1,876,403	$	(2,276,495	)	$	989,724	$	(1,286,771	)
Total	$	(1,374,300	)	$	3,250,703	$	1,876,403	$	(2,276,495	)	$	989,724	$	(1,286,771	)

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Trust Total	Realized			Unrealized		Total		Realized			Unrealized			Total
Financial futures	$	625,740		$	163,459	$	789,199	$	(1,281,380	)	$	(244,393	)	$	(1,525,773	)
Commodity futures		(4,809,386	)		5,197,866		388,480		(8,041,403	)		1,789,393			(6,252,010	)
Total	$	(4,183,646	)	$	5,361,325	$	1,177,679	$	(9,322,783	)	$	1,545,000		$	(7,777,783	)

The following tables reflect the trading activity for derivative financial instruments for the three months and six months ended September 30, 2014 and 2013:

	Number of Contracts Opened		Number of Contracts Closed		Number of Contracts Opened		Number of Contracts Closed
	Three months ended September 30, 2014		Three months ended September 30, 2014		Three months ended September 30, 2013		Three months ended September 30, 2013
Unleveraged		738		660		517		513
Leveraged		146		134		278		311
Commodity L/N		482		1,299		414		628
Commodity L/S		943		681		695		648
Trust Total		2,309		2,774		1,904		2,100

	Number of Contracts Opened		Number of Contracts Closed		Number of Contracts Opened		Number of Contracts Closed
	Nine months ended September 30, 2014		Nine months ended September 30, 2014		Nine months ended September 30, 2013		Nine months ended September 30, 2013
Unleveraged		2,039		1,795		2,025		1,943
Leveraged		513		524		1,760		2,107
Commodity L/N		4,297		4,789		2,669		3,093
Commodity L/S		3,439		3,229		3,798		3,884
Trust Total		10,288		10,337		10,252		11,027

XML

Financial Highlights

9 Months Ended

Sep. 30, 2014

Financial Highlights [Abstract]

Financial Highlights

8. Financial Highlights

The following represents the per share operating performance and ratios to the average investors’ interest and other supplemental information for the nine months ended September 30, 2014:

	Unleveraged Series															Leveraged Series												Commodity L/N Unleveraged Series						Commodity L/S Unleveraged Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class E Shares			Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class D Shares			Class E Shares			Class D Shares
Per share operating performance:
Net asset value per share at December 31, 2013/issuance	$	101.57		$	117.90		$	103.38		$	107.71		$	100.00	(1)	$	73.83		$	91.22		$	74.84		$	95.88		$	91.26		$	88.46		$	85.08
Loss from investment operations:
Net investment expense		(1.42	)		(0.78	)		(1.07	)		(0.71	)		(0.22	)		(1.76	)		(1.18	)		(1.38	)		(1.25	)		(0.60	)		(0.59	)		(0.55	)
Net realized and unrealized gain  (loss) on investment transactions		1.37			1.61			1.75			1.84			2.83			3.61			4.51			4.17			5.39			(1.78	)		(1.56	)		3.15
Total from investment operations		(0.05	)		0.83			0.68			1.13			2.61			1.85			3.33			2.79			4.14			(2.38	)		(2.15	)		2.60
Net asset value per share at  September 30, 2014	$	101.52		$	118.73		$	104.06		$	108.84		$	102.61		$	75.68		$	94.55		$	77.63		$	100.02		$	88.88		$	86.31		$	87.68
Total Return:		(0.05	)%		0.70	%		0.66	%		1.05	%		2.61	%(2)		2.51	%		3.65	%		3.73	%		4.32	%		(2.61	)%		(2.43	)%		3.06	%
Ratio to Average Investors’ Interest:
Net investment expense		(1.60	)%		(0.68	)%		(1.04	)%		(0.66	)%		(0.22	%(2)		(2.91	)%		(1.35	)%		(1.86	)%		(1.31	)%		(0.66	)%		(0.66	)%		(0.63	)%
Expenses		(1.63	)%		(0.71	)%		(1.07	)%		(0.69	)%		(0.22%	)(2)		(2.89	)%		(1.33	)%		(1.85	)%		(1.30	)%		(0.70	)%		(0.70	)%		(0.66	)%

Total return is calculated as the change in the net asset value per share for the nine months ended September 30, 2014.  The per share operating performance and ratios are computed based upon the weighted average shares outstanding and the weighted average of investors’ interest, respectively for each class, for the nine months ended September 30, 2014.

(1) Net asset value at date of issuance.

(2) Total return, ratio of Net investment expense and Expenses calculated from data of issuance.

The following represents the per share operating performance and ratios to the average investors’ interest and other supplemental information for the nine months ended September 30, 2013:

	Unleveraged Series												Leveraged Series												Commodity L/N Unleveraged Series						Commodity L/S Unleveraged Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class D Shares			Class E Shares			Class D Shares
Per share operating performance:
Net asset value per share at December 31, 2012	$	105.41		$	121.13		$	106.27		$	110.17		$	79.88		$	97.21		$	79.67		$	101.31		$	96.92		$	93.71		$	88.53
Loss from investment operations:
Net investment expense		(1.46	)		(0.80	)		(1.09	)		(0.73	)		(1.84	)		(1.21	)		(1.42	)		(1.26	)		(0.61	)		(0.59	)		(0.56	)
Net realized and unrealized loss on investment transactions		(2.98	)		(3.42	)		(2.66	)		(2.75	)		(6.17	)		(7.53	)		(5.69	)		(7.26	)		(3.91	)		(3.61	)		(2.26	)
Total from investment operations		(4.44	)		(4.22	)		(3.75	)		(3.48	)		(8.01	)		(8.74	)		(7.11	)		(8.52	)		(4.52	)		(4.20	)		(2.82	)
Net asset value per share at  September 30, 2013	$	100.97		$	116.91		$	102.52		$	106.69		$	71.87		$	88.47		$	72.56		$	92.79		$	92.40		$	89.51		$	85.71
Total Return:		(4.21	)%		(3.48	)%		(3.53	)%		(3.16	)%		(10.03	)%		(8.99	)%		(8.92	)%		(8.41	)%		(4.66	)%		(4.48	)%		(3.19	)%
Ratio to Average Investors’ Interest:
Net investment expense		(1.50	)%		(0.77	)%		(1.37	)%		(0.66	)%		(2.54	)%		(1.45	)%		(1.89	)%		(1.48	)%		(0.64	)%		(0.63	)%		(0.66	)%
Expenses		(1.54	)%		(0.82	)%		(1.44	)%		(0.70	)%		(2.56	)%		(1.47	)%		(1.90	)%		(1.51	)%		(0.69	)%		(0.67	)%		(0.71	)%

Total return is calculated as the change in the net asset value per share for the nine months ended September 30, 2013.  The per share operating performance and ratios are computed based upon the weighted average shares outstanding and the weighted average of investors’ interest, respectively for each class, for the nine months ended September 30, 2013.

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Trust is comprised of four series: the Unleveraged Series, which attempts to replicate the Index without leverage, the Leveraged Series, which attempts to replicate the Index at three times leverage, the Commodity L/N Unleveraged Series which attempts to replicate the MLM Commodity Long/Neutral Index without leverage and the MLM Commodity L/S Unleveraged Series which attempts to replicate the MLM Commodity Long/Short Index without leverage (collectively, the “Series”). The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP).  The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been omitted.  In the opinion of the Manager, the financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to state fairly the financial positions of the Trust and each Series as of September 30, 2014 and the results of its operations for the three and nine months ended September 30, 2014 and 2013.  The operating results for these interim periods may not be indicative of the results expected for a full year.  These financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2013.

Use of Estimates

Use of Estimates

The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of highly liquid financial instruments with maturities of three months or less, when purchased.  Certain of each Series' cash at broker is restricted to meet margin requirements (see Note 5).

Due from Broker

Due from Broker

Each Series' trading activities utilize one broker located in the United States. Due from broker represents cash balances held, and amounts receivable or payable for transactions not settled at September 30, 2014 and December 31, 2013.

Fair Value Measurements

Fair Value Measurements

Each Series has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded on the statement of assets and liabilities are categorized based on the inputs to the valuation techniques as follows:

Level 1:

Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market (examples include active exchange-traded equity securities, listed derivatives, most U.S. government and agency securities, and certain other sovereign government obligations).

Level 2:

Financial assets and liabilities whose values are based on the following:

a) Quoted prices for similar assets or liabilities in active markets (for example, restricted stock);

b) Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);

c) Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and

d) Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability (for example, certain mortgage loans).

Level 3:

Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability (examples include private equity investments, certain commercial mortgage whole loans and long-dated or complex derivatives, including certain foreign exchange options and long-dated options on gas and power).

As required by US GAAP, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2014 and December 31, 2013, all of the derivative instruments held by the Trust are fair valued based on quoted prices in active markets (Level 1).

Each Series' trading positions are valued at fair value and cash equivalents are carried at their net asset value per share including accrued interest, as applicable. All positions including the net unrealized appreciation or depreciation are included under the caption “net unrealized gain/(loss) on open futures contracts” on the statements of financial condition. Fair value is principally based on quoted market prices or broker or dealer price quotations. The resulting change in unrealized profit or loss is reflected in net gain (loss) on change in unrealized appreciation (depreciation) on investments on the statements of operations.

Investment Transactions and Investment Income

Investment Transactions and Investment Income

All securities transactions are recorded on a trade-date basis. Realized gain and loss are recorded using specific identification method. Interest income is recorded using the accrual basis of accounting.

Income Taxes

Income Taxes

Each of the Series of the Trust is classified for Federal income tax purposes as a separate partnership. Investors in each Series will reflect their proportionate share of realized profit or loss on their separate tax returns. Accordingly, no provisions for income taxes are required for the Trust or any Series.

All of the Series of the Trust recognize tax benefits or expenses of uncertain tax positions in the year such determination is made when the positions were “more likely than not” to be sustained assuming examination by tax authorities.  The Manager has reviewed all of the Series of the Trust’s tax positions for all open years (after December 31, 2008) and concluded that no provision for unrecognized tax benefits or expense is required in these financial statements.  The Trust has elected an accounting policy to classify interest and penalties related to unrecognized tax benefits as interest or other expense.  The 2010 through 2013 tax years generally remain subject to examination by U.S. federal and most state tax authorities.

Redemptions Payable

Redemptions Payable

For purposes of both financial reporting and calculation of redemption value, Net Asset Value per unit is calculated by dividing Net Asset Value of each Series by the number of outstanding investors’ interests for that Series.

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2014

Financial Highlights [Abstract]

Per share operating performance and ratios to average investors' interest and other supplemental information

The following represents the per share operating performance and ratios to the average investors’ interest and other supplemental information for the nine months ended September 30, 2014:

	Unleveraged Series															Leveraged Series												Commodity L/N Unleveraged Series						Commodity L/S Unleveraged Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class E Shares			Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class D Shares			Class E Shares			Class D Shares
Per share operating performance:
Net asset value per share at December 31, 2013/issuance	$	101.57		$	117.90		$	103.38		$	107.71		$	100.00	(1)	$	73.83		$	91.22		$	74.84		$	95.88		$	91.26		$	88.46		$	85.08
Loss from investment operations:
Net investment expense		(1.42	)		(0.78	)		(1.07	)		(0.71	)		(0.22	)		(1.76	)		(1.18	)		(1.38	)		(1.25	)		(0.60	)		(0.59	)		(0.55	)
Net realized and unrealized gain  (loss) on investment transactions		1.37			1.61			1.75			1.84			2.83			3.61			4.51			4.17			5.39			(1.78	)		(1.56	)		3.15
Total from investment operations		(0.05	)		0.83			0.68			1.13			2.61			1.85			3.33			2.79			4.14			(2.38	)		(2.15	)		2.60
Net asset value per share at  September 30, 2014	$	101.52		$	118.73		$	104.06		$	108.84		$	102.61		$	75.68		$	94.55		$	77.63		$	100.02		$	88.88		$	86.31		$	87.68
Total Return:		(0.05	)%		0.70	%		0.66	%		1.05	%		2.61	%(2)		2.51	%		3.65	%		3.73	%		4.32	%		(2.61	)%		(2.43	)%		3.06	%
Ratio to Average Investors’ Interest:
Net investment expense		(1.60	)%		(0.68	)%		(1.04	)%		(0.66	)%		(0.22	%(2)		(2.91	)%		(1.35	)%		(1.86	)%		(1.31	)%		(0.66	)%		(0.66	)%		(0.63	)%
Expenses		(1.63	)%		(0.71	)%		(1.07	)%		(0.69	)%		(0.22%	)(2)		(2.89	)%		(1.33	)%		(1.85	)%		(1.30	)%		(0.70	)%		(0.70	)%		(0.66	)%

Total return is calculated as the change in the net asset value per share for the nine months ended September 30, 2014.  The per share operating performance and ratios are computed based upon the weighted average shares outstanding and the weighted average of investors’ interest, respectively for each class, for the nine months ended September 30, 2014.

(1) Net asset value at date of issuance.

(2) Total return, ratio of Net investment expense and Expenses calculated from data of issuance.

The following represents the per share operating performance and ratios to the average investors’ interest and other supplemental information for the nine months ended September 30, 2013:

	Unleveraged Series												Leveraged Series												Commodity L/N Unleveraged Series						Commodity L/S Unleveraged Series
	Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class A Shares			Class B Shares			Class C Shares			Class D Shares			Class D Shares			Class E Shares			Class D Shares
Per share operating performance:
Net asset value per share at December 31, 2012	$	105.41		$	121.13		$	106.27		$	110.17		$	79.88		$	97.21		$	79.67		$	101.31		$	96.92		$	93.71		$	88.53
Loss from investment operations:
Net investment expense		(1.46	)		(0.80	)		(1.09	)		(0.73	)		(1.84	)		(1.21	)		(1.42	)		(1.26	)		(0.61	)		(0.59	)		(0.56	)
Net realized and unrealized loss on investment transactions		(2.98	)		(3.42	)		(2.66	)		(2.75	)		(6.17	)		(7.53	)		(5.69	)		(7.26	)		(3.91	)		(3.61	)		(2.26	)
Total from investment operations		(4.44	)		(4.22	)		(3.75	)		(3.48	)		(8.01	)		(8.74	)		(7.11	)		(8.52	)		(4.52	)		(4.20	)		(2.82	)
Net asset value per share at  September 30, 2013	$	100.97		$	116.91		$	102.52		$	106.69		$	71.87		$	88.47		$	72.56		$	92.79		$	92.40		$	89.51		$	85.71
Total Return:		(4.21	)%		(3.48	)%		(3.53	)%		(3.16	)%		(10.03	)%		(8.99	)%		(8.92	)%		(8.41	)%		(4.66	)%		(4.48	)%		(3.19	)%
Ratio to Average Investors’ Interest:
Net investment expense		(1.50	)%		(0.77	)%		(1.37	)%		(0.66	)%		(2.54	)%		(1.45	)%		(1.89	)%		(1.48	)%		(0.64	)%		(0.63	)%		(0.66	)%
Expenses		(1.54	)%		(0.82	)%		(1.44	)%		(0.70	)%		(2.56	)%		(1.47	)%		(1.90	)%		(1.51	)%		(0.69	)%		(0.67	)%		(0.71	)%

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Margin Requirements (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Margin requirements	$ 3,590,032	$ 4,200,567
Unleveraged Series [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Margin requirements	1,217,968	788,023
Leveraged Series [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Margin requirements	241,144	266,992
Commodity L/N Unleveraged Series [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Margin requirements	242,880	1,530,033
Commodity L/S Unleveraged Series [Member]
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Margin requirements	$ 1,888,040	$ 1,615,519

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UNAUDITED CONDENSED STATEMENT OF CHANGES IN INVESTORS' INTEREST (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Investors' interest at December 31			$ 210,336,225	$ 214,658,080
Subscriptions			31,799,401	54,123,470
Redemptions			(4,212,321)	(40,417,844)
Net income (loss)	(2,007,847)	1,363,261	(885,420)	(10,001,943)
Investors' interest at September 30	237,037,885	218,361,763	237,037,885	218,361,763
MLM Index Unleveraged Series [Member]
Investors' interest at December 31			38,821,812	38,414,277
Subscriptions			22,874,401	16,995,000
Redemptions			(3,676,265)	(9,943,494)
Net income (loss)	1,487,563	(199,512)	920,142	(1,401,146)
Investors' interest at September 30	58,940,090	44,064,637	58,940,090	44,064,637
MLM Index Unleveraged Series [Member] | Class A Shares [Member]
Investors' interest at December 31			1,133,968	2,677,401
Subscriptions			0	0
Redemptions			(741,914)	(1,001,617)
Net income (loss)			(13,022)	(87,500)
Investors' interest at September 30	379,032	1,588,284	379,032	1,588,284
Shares at December 31 (in shares)			11,165	25,400
Subscriptions (in shares)			0	0
Redemptions (in shares)			(7,431)	(9,669)
Shares at September 30 (in shares)	3,734	15,731	3,734	15,731
Net asset value per share (in dollars per share)	$ 101.52	$ 100.97	$ 101.52	$ 100.97
MLM Index Unleveraged Series [Member] | Class B Shares [Member]
Investors' interest at December 31			786,759	3,111,377
Subscriptions			0	0
Redemptions			(64,093)	(2,193,199)
Net income (loss)			4,254	(73,680)
Investors' interest at September 30	726,920	844,498	726,920	844,498
Shares at December 31 (in shares)			6,674	25,686
Subscriptions (in shares)			0	0
Redemptions (in shares)			(551)	(18,461)
Shares at September 30 (in shares)	6,123	7,225	6,123	7,225
Net asset value per share (in dollars per share)	$ 118.73	$ 116.91	$ 118.73	$ 116.91
MLM Index Unleveraged Series [Member] | Class C Shares [Member]
Investors' interest at December 31			1,175	53,171
Subscriptions			0	0
Redemptions			0	(50,416)
Net income (loss)			8	(1,590)
Investors' interest at September 30	1,183	1,165	1,183	1,165
Shares at December 31 (in shares)			11	500
Subscriptions (in shares)			0	0
Redemptions (in shares)			0	(489)
Shares at September 30 (in shares)	11	11	11	11
Net asset value per share (in dollars per share)	$ 104.06	$ 102.52	$ 104.06	$ 102.52
MLM Index Unleveraged Series [Member] | Class D Shares [Member]
Investors' interest at December 31			36,899,910	32,572,328
Subscriptions			3,275,000	16,995,000
Redemptions			(2,870,258)	(6,698,262)
Net income (loss)			417,912	(1,238,376)
Investors' interest at September 30	37,722,564	41,630,690	37,722,564	41,630,690
Shares at December 31 (in shares)			342,573	295,650
Subscriptions (in shares)			30,845	156,624
Redemptions (in shares)			(26,819)	(62,058)
Shares at September 30 (in shares)	346,599	390,216	346,599	390,216
Net asset value per share (in dollars per share)	$ 108.84	$ 106.69	$ 108.84	$ 106.69
MLM Index Unleveraged Series [Member] | Class E Shares [Member]
Investors' interest at December 31			0
Subscriptions			19,599,401
Redemptions			0
Net income (loss)			510,990
Investors' interest at September 30	20,110,391		20,110,391
Shares at December 31 (in shares)			0
Subscriptions (in shares)			195,994
Redemptions (in shares)			0
Shares at September 30 (in shares)	195,994		195,994
Net asset value per share (in dollars per share)	$ 102.61		$ 102.61
MLM Index Leveraged Series [Member]
Investors' interest at December 31			4,463,240	20,038,105
Subscriptions			0	90,000
Redemptions			(536,056)	(11,435,880)
Net income (loss)	297,287	(65,584)	147,066	(1,353,502)
Investors' interest at September 30	4,074,250	7,338,723	4,074,250	7,338,723
MLM Index Leveraged Series [Member] | Class A Shares [Member]
Investors' interest at December 31			369,018	1,823,994
Subscriptions			0	0
Redemptions			(260,250)	(329,170)
Net income (loss)			(6,058)	(170,290)
Investors' interest at September 30	102,710	1,324,534	102,710	1,324,534
Shares at December 31 (in shares)			4,998	22,834
Subscriptions (in shares)			0	0
Redemptions (in shares)			(3,641)	(4,405)
Shares at September 30 (in shares)	1,357	18,429	1,357	18,429
Net asset value per share (in dollars per share)	$ 75.68	$ 71.87	$ 75.68	$ 71.87
MLM Index Leveraged Series [Member] | Class B Shares [Member]
Investors' interest at December 31			1,118,984	5,070,580
Subscriptions			0	90,000
Redemptions			(226,982)	(2,921,997)
Net income (loss)			27,160	(341,140)
Investors' interest at September 30	919,162	1,897,443	919,162	1,897,443
Shares at December 31 (in shares)			12,268	52,162
Subscriptions (in shares)			0	926
Redemptions (in shares)			(2,546)	(31,639)
Shares at September 30 (in shares)	9,722	21,449	9,722	21,449
Net asset value per share (in dollars per share)	$ 94.55	$ 88.47	$ 94.55	$ 88.47
MLM Index Leveraged Series [Member] | Class C Shares [Member]
Investors' interest at December 31			1,010	1,075
Subscriptions			0	0
Redemptions			0	0
Net income (loss)			38	(96)
Investors' interest at September 30	1,048	979	1,048	979
Shares at December 31 (in shares)			14	14
Subscriptions (in shares)			0	0
Redemptions (in shares)			0	0
Shares at September 30 (in shares)	14	14	14	14
Net asset value per share (in dollars per share)	$ 77.63	$ 72.56	$ 77.63	$ 72.56
MLM Index Leveraged Series [Member] | Class D Shares [Member]
Investors' interest at December 31			2,974,228	13,142,456
Subscriptions			0	0
Redemptions			(48,824)	(8,184,713)
Net income (loss)			125,926	(841,976)
Investors' interest at September 30	3,051,330	4,115,767	3,051,330	4,115,767
Shares at December 31 (in shares)			31,023	129,732
Subscriptions (in shares)			0	0
Redemptions (in shares)			(513)	(85,375)
Shares at September 30 (in shares)	30,510	44,357	30,510	44,357
Net asset value per share (in dollars per share)	$ 100.02	$ 92.79	$ 100.02	$ 92.79
MLM Commodity L/N Index Unleveraged Series [Member]
Investors' interest at December 31			129,479,097	109,268,062
Subscriptions			3,700,000	25,538,470
Net income (loss)	(6,050,259)	1,508,313	(3,466,967)	(5,559,974)
Investors' interest at September 30	129,712,130	129,246,558	129,712,130	129,246,558
MLM Commodity L/N Index Unleveraged Series [Member] | Class D Shares [Member]
Investors' interest at December 31			74,744,967	71,782,634
Subscriptions			3,700,000	5,523,122
Net income (loss)			(2,135,095)	(3,440,809)
Investors' interest at September 30	76,309,872	73,864,947	76,309,872	73,864,947
Shares at December 31 (in shares)			819,002	740,605
Subscriptions (in shares)			39,614	58,790
Shares at September 30 (in shares)	858,616	799,395	858,616	799,395
Net asset value per share (in dollars per share)	$ 88.88	$ 92.40	$ 88.88	$ 92.40
MLM Commodity L/N Index Unleveraged Series [Member] | Class E Shares [Member]
Investors' interest at December 31			54,734,130	37,485,428
Subscriptions			0	20,015,348
Net income (loss)			(1,331,872)	(2,119,165)
Investors' interest at September 30	53,402,258	55,381,611	53,402,258	55,381,611
Shares at December 31 (in shares)			618,735	400,000
Subscriptions (in shares)			0	218,735
Shares at September 30 (in shares)	618,735	618,735	618,735	618,735
Net asset value per share (in dollars per share)	$ 86.31	$ 89.51	$ 86.31	$ 89.51
MLM Commodity L/S Index Unleveraged Series [Member]
Investors' interest at December 31			37,572,076	46,937,636
Subscriptions			5,225,000	11,500,000
Redemptions				(19,038,470)
Net income (loss)	2,257,562	120,044	1,514,339	(1,687,321)
Investors' interest at September 30	$ 44,311,415	$ 37,711,845	$ 44,311,415	$ 37,711,845
Shares at December 31 (in shares)			441,627	530,192
Subscriptions (in shares)			63,740	133,049
Redemptions (in shares)				(223,267)
Shares at September 30 (in shares)	505,367	439,974	505,367	439,974
Net asset value per share (in dollars per share)	$ 87.68	$ 85.71	$ 87.68	$ 85.71

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Investors' Interest

9 Months Ended

Sep. 30, 2014

Investors' Interest [Abstract]

Investors' Interest

4. Investors’ Interest

The Trust is comprised of four series: the Unleveraged Series, which attempts to replicate the Index without leverage, the Leveraged Series, which attempts to replicate the Index at three times leverage, the Commodity L/N Unleveraged Series which attempts to replicate the MLM Commodity Long/Neutral Index without leverage and the Commodity L/S Unleveraged Series which attempts to replicate the MLM Commodity Long/Short Index without leverage (collectively, the “Series”).  The MLM Commodity L/S Index is a subset of the MLM Index and contains only the commodity futures contracts of the entire MLM Index.  The MLM Commodity L/N Index contains the same commodity futures contracts, but does not have short positions when the MLM Index algorithm indicates a short position in a particular contract.  Class A, Class B, Class C, Class D and Class E shares are sold by authorized selling agents appointed by the Manager to accredited investors at a price equal to each Class’s net asset value. Shares may be redeemed at net asset value as of the last day of any month upon at least ten business days’ written notice to the Manager.  As of September 30, 2014, the Commodity L/N Leveraged Series and the Commodity L/S Leveraged Series have not commenced trading and have no assets. In addition, as of September 30, 2014, the Commodity L/N Unleveraged Series and the Commodity L/S Unleveraged Series have never had any investors in classes A, B or C.  Furthermore, as of September 30, 2014, the Leveraged Series and the Commodity L/S Unleveraged Series have never had any investors in class E.

The Manager allocates profits and losses among the investors of a Series based on the balance in each investor’s capital account.

The Class A and Class C shares are subject to a sales commission of 0% to 4% of the subscription amount, payable to the selling agent from the investor’s investment for each series. The amount of the sales commission will be determined by the selling agent.

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Management Fee and Other Fees and Expenses (Details)	4 Months Ended	8 Months Ended
	Apr. 30, 2013	Dec. 31, 2013
Class A [Member] | Unleveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	6.70%	6.70%
Class A [Member] | Unleveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.85%		[1]
Class A [Member] | Unleveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.50%	2.70%
Class A [Member] | Unleveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class A [Member] | Unleveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class A [Member] | Unleveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	4.00%	4.00%
Class A [Member] | Leveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	8.90%	8.90%
Class A [Member] | Leveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.75%		[1]
Class A [Member] | Leveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	2.80%	4.90%
Class A [Member] | Leveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class A [Member] | Leveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class A [Member] | Leveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	4.00%	4.00%
Class B [Member] | Unleveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.70%	1.70%
Class B [Member] | Unleveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.85%		[1]
Class B [Member] | Unleveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.50%	1.70%
Class B [Member] | Unleveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class B [Member] | Unleveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class B [Member] | Unleveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class B [Member] | Leveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	3.40%	3.40%
Class B [Member] | Leveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.75%		[1]
Class B [Member] | Leveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.30%	3.40%
Class B [Member] | Leveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class B [Member] | Leveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class B [Member] | Leveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class C [Member] | Unleveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	5.75%	5.75%
Class C [Member] | Unleveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.40%		[1]
Class C [Member] | Unleveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.00%	1.75%
Class C [Member] | Unleveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class C [Member] | Unleveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class C [Member] | Unleveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	4.00%	4.00%
Class C [Member] | Leveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	7.30%	7.30%
Class C [Member] | Leveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.90%		[1]
Class C [Member] | Leveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	2.05%	3.30%
Class C [Member] | Leveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class C [Member] | Leveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class C [Member] | Leveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	4.00%	4.00%
Class D [Member] | Unleveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.25%	1.25%
Class D [Member] | Unleveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.40%		[1]
Class D [Member] | Unleveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.50%	1.25%
Class D [Member] | Unleveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class D [Member] | Unleveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class D [Member] | Unleveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class D [Member] | Leveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	2.55%	2.55%
Class D [Member] | Leveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.90%		[1]
Class D [Member] | Leveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.30%	2.55%
Class D [Member] | Leveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class D [Member] | Leveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class D [Member] | Leveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class E [Member] | Unleveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.00%	1.00%
Class E [Member] | Unleveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.15%		[1]
Class E [Member] | Unleveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.50%	1.00%
Class E [Member] | Unleveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class E [Member] | Unleveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class E [Member] | Unleveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class E [Member] | Leveraged [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	2.00%	2.00%
Class E [Member] | Leveraged [Member] | Brokerage fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class E [Member] | Leveraged [Member] | Management fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	1.30%	2.00%
Class E [Member] | Leveraged [Member] | Organizational fee [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)
Class E [Member] | Leveraged [Member] | Operating expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)	0.35%		[1]
Class E [Member] | Leveraged [Member] | Selling expense [Member]
Component of Operating Other Cost and Expense [Line Items]
Management fees and other fees and expenses (in hundredths)

[1] Effective May 1, 2013, brokerage fee and operating expenses are included in the management fee charged by the Manager. The total of Brokerage fee, Management fee and Operating expense fee is unchanged and presented separately in the statement of operations and presented separately in the statement of operations.

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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Financial Instruments [Abstract]

Schedule of Price Risk Derivatives

The following tables reflect the fair value of each Series derivative financial instruments at September 30, 2014 and December 31, 2013:

	September 30, 2014					December 31, 2013
Unleveraged Series	Asset		Liability			Asset		Liability
Financial futures	$	830,104	$	(69,758	)	$	572,412	$	(15,762	)
Commodity futures		1,228,395		(75,053	)		238,206		(213,608	)
Total	$	2,058,499	$	(144,811	)	$	810,618	$	(229,370	)

	September 30, 2014					December 31, 2013
Leveraged Series	Asset		Liability			Asset		Liability
Financial futures	$	160,956	$	(14,934	)	$	194,140	$	(7,881	)
Commodity futures		249,463		(14,361	)		78,556		(73,436	)
Total	$	410,419	$	(29,295	)	$	272,696	$	(81,317	)

	September 30, 2014				December 31, 2013
Commodity L/N Unleveraged Series	Asset		Liability		Asset		Liability
Commodity futures	$	666,770	$	─	$	275,213	$	(196,880	)
Total	$	666,770	$	─	$	275,213	$	(196,880	)

	September 30, 2014					December 31, 2013
Commodity L/S Unleveraged Series	Asset		Liability			Asset		Liability
Commodity futures	$	3,582,607	$	(197,528	)	$	946,194	$	(811,818	)
Total	$	3,582,607	$	(197,528	)	$	946,194	$	(811,818	)

	September 30, 2014					December 31, 2013
Trust Total	Asset		Liability			Asset		Liability
Financial futures	$	991,060	$	(84,692	)	$	766,552	$	(23,643	)
Commodity futures		5,727,235		(286,942	)		1,538,169		(1,295,742	)
Total	$	6,718,295	$	(371,634	)	$	2,304,721	$	(1,319,385	)

Schedule of Realized and Unrealized Gains (Losses) from Derivative Financial Instruments

The following tables reflect the realized and unrealized gains (losses) from derivative financial instruments for the three and nine months ended September 30, 2014 and 2013.  (Included in the unrealized gain (loss) amounts on the Condensed Statement of Operations for September 30, 2014 and 2013, are unrealized gains (losses) from U.S. Government Agency Securities and unrealized gains (losses) from currency positions.):

	Three months ended September 30, 2014							Three months ended September 30, 2013
Unleveraged	Realized			Unrealized		Total		Realized		Unrealized			Total
Financial futures	$	190,537		$	690,674	$	881,211	$	177,709	$	(301,242	)	$	(123,533	)
Commodity futures		(243,229	)		1,038,864		795,635		180,139		(98,332	)		81,807
Total	$	(52,692	)	$	1,729,538	$	1,676,846	$	357,848	$	(399,574	)	$	(41,726	)

	Three months ended September 30, 2014							Three months ended September 30, 2013
Leveraged	Realized			Unrealized		Total		Realized		Unrealized			Total
Financial futures	$	58,326		$	120,498	$	178,824	$	105,806	$	(169,569	)	$	(63,763	)
Commodity futures		(46,380	)		196,911		150,531		109,116		(42,115	)		67,001
Total	$	11,946		$	317,409	$	329,355	$	214,922	$	(211,684	)	$	3,238

	Three months ended September 30, 2014									Three months ended September 30, 2013
Commodity L/N	Realized			Unrealized			Total			Realized		Unrealized		Total
Commodity futures	$	(4,757,657	)	$	(908,249	)	$	(5,665,906	)	$	1,348,420	$	543,354	$	1,891,774
Total	$	(4,757,657	)	$	(908,249	)	$	(5,665,906	)	$	1,348,420	$	543,354	$	1,891,774

	Three months ended September 30, 2014							Three months ended September 30, 2013
Commodity L/S	Realized			Unrealized		Total		Realized		Unrealized			Total
Commodity futures	$	(542,367	)	$	2,921,711	$	2,379,344	$	476,242	$	(232,884	)	$	243,358
Total	$	(542,367	)	$	2,921,711	$	2,379,344	$	476,242	$	(232,884	)	$	243,358

	Three months ended September 30, 2014								Three months ended September 30, 2013
Trust Total	Realized			Unrealized		Total			Realized		Unrealized			Total
Financial futures	$	248,863		$	811,172	$	1,060,035		$	283,515	$	(470,811	)	$	(187,296	)
Commodity futures		(5,589,633	)		3,249,237		(2,340,396	)		2,113,917		170,023			2,283,940
Total	$	(5,340,770	)	$	4,060,409	$	(1,280,361	)	$	2,397,432	$	(300,788	)	$	2,096,644

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Unleveraged	Realized			Unrealized		Total		Realized			Unrealized			Total
Financial futures	$	466,151		$	203,696	$	669,847	$	(681,784	)	$	(143,248	)	$	(825,032	)
Commodity futures		(441,290	)		1,128,744		687,454		(316,619	)		190,578			(126,041	)
Total	$	24,861		$	1,332,440	$	1,357,301	$	(998,403	)	$	47,330		$	(951,073	)

	Nine months ended September 30, 2014								Nine months ended September 30, 2013
Leveraged	Realized			Unrealized			Total		Realized			Unrealized			Total
Financial futures	$	159,589		$	(40,237	)	$	119,352	$	(599,596	)	$	(101,145	)	$	(700,741	)
Commodity futures		(108,386	)		229,982			121,596		(656,109	)		301,079			(355,030	)
Total	$	51,203		$	189,745		$	240,948	$	(1,255,705	)	$	199,934		$	(1,055,771	)

	Nine months ended September 30, 2014								Nine months ended September 30, 2013
Commodity L/N	Realized			Unrealized		Total			Realized			Unrealized		Total
Commodity futures	$	(2,885,410	)	$	588,437	$	(2,296,973	)	$	(4,792,180	)	$	308,012	$	(4,484,168	)
Total	$	(2,885,410	)	$	588,437	$	(2,296,973	)	$	(4,792,180	)	$	308,012	$	(4,484,168	)

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Commodity L/S	Realized			Unrealized		Total		Realized			Unrealized		Total
Commodity futures	$	(1,374,300	)	$	3,250,703	$	1,876,403	$	(2,276,495	)	$	989,724	$	(1,286,771	)
Total	$	(1,374,300	)	$	3,250,703	$	1,876,403	$	(2,276,495	)	$	989,724	$	(1,286,771	)

	Nine months ended September 30, 2014							Nine months ended September 30, 2013
Trust Total	Realized			Unrealized		Total		Realized			Unrealized			Total
Financial futures	$	625,740		$	163,459	$	789,199	$	(1,281,380	)	$	(244,393	)	$	(1,525,773	)
Commodity futures		(4,809,386	)		5,197,866		388,480		(8,041,403	)		1,789,393			(6,252,010	)
Total	$	(4,183,646	)	$	5,361,325	$	1,177,679	$	(9,322,783	)	$	1,545,000		$	(7,777,783	)

Schedule of Derivative Trading Activity of Contracts Opened and Closed

The following tables reflect the trading activity for derivative financial instruments for the three months and six months ended September 30, 2014 and 2013:

	Number of Contracts Opened		Number of Contracts Closed		Number of Contracts Opened		Number of Contracts Closed
	Three months ended September 30, 2014		Three months ended September 30, 2014		Three months ended September 30, 2013		Three months ended September 30, 2013
Unleveraged		738		660		517		513
Leveraged		146		134		278		311
Commodity L/N		482		1,299		414		628
Commodity L/S		943		681		695		648
Trust Total		2,309		2,774		1,904		2,100

	Number of Contracts Opened		Number of Contracts Closed		Number of Contracts Opened		Number of Contracts Closed
	Nine months ended September 30, 2014		Nine months ended September 30, 2014		Nine months ended September 30, 2013		Nine months ended September 30, 2013
Unleveraged		2,039		1,795		2,025		1,943
Leveraged		513		524		1,760		2,107
Commodity L/N		4,297		4,789		2,669		3,093
Commodity L/S		3,439		3,229		3,798		3,884
Trust Total		10,288		10,337		10,252		11,027