Derivative Instruments (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2017

Dec. 31, 2016

Derivative Instruments [Abstract]

Schedule Of Net Unrealized Appreciation (Depreciation) On Futures And Forward Currency Contracts By Settlement Currency Type

	As of December 31,
	2016			2015
	Total Net			Total Net
	Unrealized			Unrealized
	Appreciation	Percent		Appreciation	Percent
Currency Type	(Depreciation)	of Total		(Depreciation)	of Total
Australian dollar	$           155,137	3.06	%	$             54,432	1.28	%
British pound	494,366	9.76		(70,474)	(1.65)
Canadian dollar	27,194	0.54		382,071	8.97
Euro	2,612,792	51.58		258,636	6.07
Hong Kong dollar	38,547	0.76		73,989	1.74
Japanese yen	476,214	9.40		183,109	4.30
Korean won	243,382	4.81		14,676	0.34
Malaysian ringgit	-	-		9,270	0.22
Norwegian krone	(89,811)	(1.77)		(53,793)	(1.26)
Polish zloty	(42,931)	(0.85)		(145,789)	(3.42)
Singapore dollar	(4,223)	(0.08)		(11,349)	(0.27)
South African rand	15,831	0.31		70,730	1.66
Swedish krona	(117,247)	(2.31)		33,757	0.79
Turkish lira	(36,868)	(0.73)		(21,000)	(0.49)
U.S. dollar	1,292,683	25.52		3,481,589	81.72
Total	$        5,065,066	100.00	%	$        4,259,854	100.00	%

Fair Value Of Futures And Forward Currency Contracts

Fair Value of Futures and Forward Currency Contracts at June 30, 2017

										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	-	$	-	$	203,623	$	(1,524,951)	$	(1,321,328)
Grains		-		-		19,675		(726,942)		(707,267)
Interest rates		206,789		(5,783,383)		1,800		-		(5,574,794)
Livestock		140		(20,600)		-		(17,760)		(38,220)
Metals		997,613		(15,180)		80,494		(1,208,106)		(145,179)
Softs		2,950		(400)		191,109		(20,331)		173,328
Stock indices		60,072		(2,463,256)		16,956		(71,235)		(2,457,463)
Total futures contracts		1,267,564		(8,282,819)		513,657		(3,569,325)		(10,070,923)
Forward currency contracts		2,521,583		(952,600)		730,767		(3,697,550)		(1,397,800)
Total futures and
forward currency contracts	$	3,789,147	$	(9,235,419)	$	1,244,424	$	(7,266,875)	$	(11,468,723)

Fair Value of Futures and Forward Currency Contracts at December 31, 2016

										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	79,741	$	(16,072)	$	23,290	$	(117,128)	$	(30,169)
Grains		-		(2,530)		89,139		(57,725)		28,884
Interest rates		2,585,506		(349,679)		89		(31,475)		2,204,441
Livestock		1,910		-		-		(2,700)		(790)
Metals		659,138		(532,399)		453,344		(232,913)		347,170
Softs		240		(9,850)		70,445		(77,651)		(16,816)
Stock indices		1,809,601		(628,745)		20,868		(331,013)		870,711
Total futures contracts		5,136,136		(1,539,275)		657,175		(850,605)		3,403,431
Forward currency contracts		466,082		(1,149,281)		2,847,995		(503,161)		1,661,635
Total futures and
forward currency contracts	$	5,602,218	$	(2,688,556)	$	3,505,170	$	(1,353,766)	$	5,065,066

Fair Value of Futures and Forward Currency Contracts at December 31, 2016

					Net Unrealized
	Fair Value - Long Positions		Fair Value - Short Positions		Gain (Loss) on
Sector	Gains	Losses	Gains	Losses	Open Positions
Futures contracts:
Energies	$             79,741	$           (16,072)	$             23,290	$         (117,128)	$           (30,169)
Grains	-	(2,530)	89,139	(57,725)	28,884
Interest rates	2,585,506	(349,679)	89	(31,475)	2,204,441
Livestock	1,910	-	-	(2,700)	(790)
Metals	659,138	(532,399)	453,344	(232,913)	347,170
Softs	240	(9,850)	70,445	(77,651)	(16,816)
Stock indices	1,809,601	(628,745)	20,868	(331,013)	870,711
Total futures contracts	5,136,136	(1,539,275)	657,175	(850,605)	3,403,431
Forward currency contracts	466,082	(1,149,281)	2,847,995	(503,161)	1,661,635
Total futures and
forward currency contracts	$        5,602,218	$      (2,688,556)	$        3,505,170	$      (1,353,766)	$        5,065,066

Fair Value of Futures and Forward Currency Contracts at December 31, 2015

					Net Unrealized
	Fair Value - Long Positions		Fair Value - Short Positions		Gain (Loss) on
Sector	Gains	Losses	Gains	Losses	Open Positions
Futures contracts:
Energies	$                     -	$                     -	$       1,935,820	$        (429,585)	$       1,506,235
Grains	48	-	347,695	(10,900)	336,843
Interest rates	1,030,409	(1,329,031)	-	(1,156)	(299,778)
Livestock	-	-	-	(88,790)	(88,790)
Metals	449,863	(52,819)	657,070	(483,736)	570,378
Softs	115,553	(74,163)	100	(73,815)	(32,325)
Stock indices	857,616	(274,614)	119,246	(32,640)	669,608
Total futures contracts	2,453,489	(1,730,627)	3,059,931	(1,120,622)	2,662,171
Forward currency contracts	736,739	(1,840,774)	3,851,664	(1,149,946)	1,597,683
Total futures and
forward currency contracts	$       3,190,228	$     (3,571,401)	$       6,911,595	$     (2,270,568)	$       4,259,854

Schedule Of Trading Gains (Losses) Of Futures And Forward Currency Contracts

		Three months ended:		Three months ended:		Six months ended:		Six months ended:
Sector		June 30, 2017		June 30, 2016		June 30, 2017		June 30, 2016
Futures contracts:
Energies	$	(3,291,227)	$	(1,326,985)	$	(4,308,878)		(406,583)
Grains		(2,353,962)		2,994,283		(2,842,978)		3,159,285
Interest rates		(3,184,130)		12,579,362		(3,116,171)		27,947,561
Livestock		(50,500)		25,320		(142,610)		36,780
Metals		53,096		(1,104,657)		110,086		(1,742,430)
Softs		903,945		125,151		1,088,615		(537,703)
Stock indices		5,919,398		927,569		16,721,043		4,867,240
Total futures contracts		(2,003,380)		14,220,043		7,509,107		33,324,150
Forward currency contracts		(6,395,794)		1,035,295		(5,792,769)		3,136,852
Total futures and forward currency contracts	$	(8,399,174)	$	15,255,338	$	1,716,338	$	36,461,002

Sector	2016	2015	2014
Futures contracts:
Energies	$          (6,966,567)	$            8,983,430	$            2,981,313
Grains	2,781,648	(2,597,497)	3,623,367
Interest rates	14,988,237	7,669,389	37,531,206
Livestock	55,290	159,030	893,890
Metals	(1,111,367)	5,411,115	(2,488,313)
Softs	(942,605)	779,782	2,095,657
Stock indices	17,402,260	(87,413)	2,913,996
Total futures contracts	26,206,896	20,317,836	47,551,116
Forward currency contracts	8,748,158	51,738	1,318,519
Total futures and forward currency contracts	$          34,955,054	$          20,369,574	$          48,869,635

Schedule Of Average Notional Value By Sector Of Futures And Forward Currency Contracts

		2017				2016
Sector		Long Positions		Short Positions		Long Positions		Short Positions
Futures contracts:
Energies	$	5,304,721	$	25,161,374	$	9,885,686	$	13,083,750
Grains		105,533		19,042,922		5,699,917		15,034,753
Interest rates		369,718,745		3,433,941		433,868,811		8,546,357
Livestock		508,193		578,507		75,460		1,308,067
Metals		12,756,310		8,143,304		3,391,534		16,259,462
Softs		421,375		5,662,123		2,867,192		1,660,076
Stock indices		174,384,139		13,386,909		96,130,398		12,223,624
Total futures
contracts		563,199,016		75,409,080		551,918,998		68,116,089
Forward currency
contracts		75,579,022		111,460,847		95,290,849		80,625,190
Total average
notional	$	638,778,038	$	186,869,927	$	647,209,847	$	148,741,279

	2016		2015		2014
Sector	Long Positions	Short Positions	Long Positions	Short Positions	Long Positions	Short Positions
Futures contracts:
Energies	$          9,908,768	$       10,663,625	$          1,449,651	$       19,980,201	$        58,506,140	$       36,503,884
Grains	3,483,270	16,076,288	4,514,320	9,729,741	18,708,435	17,339,007
Interest rates	465,765,592	7,201,812	443,862,760	19,265,790	684,099,838	29,797,825
Livestock	55,860	1,364,840	312,778	1,891,970	6,012,536	2,708,046
Metals	8,167,515	14,594,787	2,425,751	25,691,322	32,405,876	13,151,885
Softs	2,494,206	1,866,875	2,068,245	4,421,026	5,798,787	7,150,901
Stock indices	133,506,586	11,752,950	139,974,824	10,986,473	264,077,146	6,713,147
Total futures
contracts	623,381,797	63,521,177	594,608,329	91,966,523	1,069,608,758	113,364,695
Forward currency
contracts	88,043,150	102,066,994	56,830,540	97,872,490	228,857,494	65,941,926
Total average
notional	$      711,424,947	$     165,588,171	$      651,438,869	$     189,839,013	$   1,298,466,252	$     179,306,621

Offsetting Of Derivative Assets And Liabilities

Offsetting of derivative assets and liabilities at June 30, 2017

		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Liabilities
Futures contracts
Counterparty C	$	5,409,073	$	(378,939)	$	5,030,134
Counterparty I		6,443,071		(1,402,282)		5,040,789
Total futures contracts		11,852,144		(1,781,221)		10,070,923
Forward currency contracts
Counterparty G	$	2,882,016	$	(1,797,978)	$	1,084,038
Counterparty H		1,768,134		(1,454,372)		313,762
Total forward currency contracts		4,650,150		(3,252,350)		1,397,800
Total liabilities	$	16,502,294	$	(5,033,571)	$	11,468,723

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(3)
Counterparty C	$	5,030,134	$	-	$	(5,030,134)	$	-
Counterparty G		1,084,038		-		-		1,084,038
Counterparty H		313,762		-		-		313,762
Counterparty I		5,040,789		-		(5,040,789)		-
Total	$	11,468,723	$	-	$	(10,070,923)	$	1,397,800
(1) Collateral pledged includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is
guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilites presented in the Statement of Financial
Condition for each respective counterparty.
(3) Net amount represents the amounts owed by the Trust to each counterparty as of June 30, 2017.

Offsetting of derivative assets and liabilities at December 31, 2016

		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Assets
Futures contracts
Counterparty C	$	3,694,763	$	(1,127,511)	$	2,567,252
Counterparty I		2,098,548		(1,262,369)		836,179
Total futures contracts		5,793,311		(2,389,880)		3,403,431
Forward currency contracts
Counterparty G		1,572,076		(681,507)		890,569
Counterparty H		1,742,001		(970,935)		771,066
Total forward currency contracts		3,314,077		(1,652,442)		1,661,635
Total assets	$	9,107,388	$	(4,042,322)	$	5,065,066

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty C	$	2,567,252	$	-	$	(2,567,252)	$	-
Counterparty G		890,569		-		-		890,569
Counterparty H		771,066		-		-		771,066
Counterparty I		836,179		-		(836,179)		-
Total	$	5,065,066	$	-	$	(3,403,431)	$	1,661,635
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is
guaranteed by the exchange.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial
Condition for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2016.

Offsetting of derivative assets and liabilities at December 31, 2016

	Gross amounts of recognized assets	Gross amounts offset in the Statement of Financial Condition	Net amounts of assets presented in the Statement of Financial Condition
Assets
Futures contracts
Counterparty C	$            3,694,763	$                  (1,127,511)	$                      2,567,252
Counterparty I	2,098,548	(1,262,369)	836,179
Total futures contracts	5,793,311	(2,389,880)	3,403,431
Forward currency contracts
Counterparty G	1,572,076	(681,507)	890,569
Counterparty H	1,742,001	(970,935)	771,066
Total forward currency contracts	3,314,077	(1,652,442)	1,661,635
Total assets	$            9,107,388	$                  (4,042,322)	$                      5,065,066

(Continued)

		Amounts Not Offset in the Statement of Financial Condition
Counterparty	Net amounts of Assets presented in the Statement of Financial Condition	Financial Instruments	Collateral Received(1)(2)	Net Amount(3)
Counterparty C	$               2,567,252	$                -	$   (2,567,252)	$                   -
Counterparty G	890,569	-	-	890,569
Counterparty H	771,066	-	-	771,066
Counterparty I	836,179	-	(836,179)	-
Total	$               5,065,066	$                -	$   (3,403,431)	$    1,661,635
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the
Statements of Financial Condition, for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2016.

(Concluded)

Offsetting of derivative assets and liabilities at December 31, 2015

	Gross amounts of recognized assets	Gross amounts offset in the Statement of Financial Condition	Net amounts of assets presented in the Statement of Financial Condition
Assets
Futures contracts
Counterparty C	$            1,820,652	$                  (1,308,411)	$                         512,241
Counterparty I	3,692,768	(1,542,838)	2,149,930
Total futures contracts	5,513,420	(2,851,249)	2,662,171
Forward currency contracts
Counterparty G	3,495,118	(1,769,224)	1,725,894
Total assets	$            9,008,538	$                  (4,620,473)	$                      4,388,065
	Gross amounts of recognized liabilities	Gross amounts offset in the Statement of Financial Condition	Net amounts of liabilities presented in the Statement of Financial Condition
Liabilities
Forward currency contracts
Counterparty H	$            1,221,496	$                  (1,093,285)	$                         128,211
Total liabilities	$            1,221,496	$                  (1,093,285)	$                         128,211

(Continued)

		Amounts Not Offset in the Statement of Financial Condition
Counterparty	Net amounts of Assets presented in the Statement of Financial Condition	Financial Instruments	Collateral Received(1)(2)	Net Amount(3)
Counterparty C	$                  512,241	$                -	$      (512,241)	$                   -
Counterparty G	1,725,894	-	-	1,725,894
Counterparty I	2,149,930	-	(2,149,930)	-
Total	$               4,388,065	$                -	$   (2,662,171)	$    1,725,894
		Amounts Not Offset in the Statement of Financial Condition
Counterparty	Net amounts of Liabilities presented in the Statement of Financial Condition	Financial Instruments	Collateral Pledged(1)(2)	Net Amount(4)
Counterparty H	$                  128,211	-	$      (128,211)	-
Total	$                  128,211	$                -	$      (128,211)	$                   -
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the
Statements of Financial Condition, for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2015.
(4) Net amount represents the amounts owed by the Trust to each counterparty as of December 31, 2015.