World Monitor Trust III - Series J 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Document And Entity Information
Entity Registrant Name	World Monitor Trust III - Series J
Entity Central Index Key	1,345,991
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
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 Units, Units Outstanding	0

CONDENSED STATEMENTS OF FINANCI

CONDENSED STATEMENTS OF FINANCIAL CONDITION (Unaudited)	Jun. 30, 2015USD ($)$ / Units	Dec. 31, 2014USD ($)$ / Units
ASSETS
Cash and cash equivalents (see Note 2)	$ 3,934,480	$ 987,552
Due from affiliated investment funds		759,845
Investment in securities, at fair value (cost $0 and $10,296,827 at June 30, 2015 and December 31, 2014, respectively)		10,187,034
Investment in Affiliated Investment Funds, at fair value (cost $10,430,123 and $3,965,279 at June 30, 2015 and December 31, 2014, respectively) (see Note 7)	10,019,322	4,083,278
Total assets	13,953,802	16,017,709
LIABILITIES
Accrued expenses payable	149,727	115,573
Service fees payable (see Note 5)	23,425	25,659
Redemptions payable	905,511	231,883
Total liabilities	1,078,663	373,115
UNITHOLDERS' CAPITAL (Net Asset Value)
Total Unitholders' capital (Net Asset Value)	12,875,139	15,644,594
Total liabilities and Unitholders' capital	13,953,802	16,017,709
Capital Unit Class I [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Unitholders' Units - 145,069.756 and 164,636.168 Units outstanding at June 30, 2015 and December 31, 2014, respectively; Unitholders' Units - 8,371.835 and 9,103.868 Units outstanding at June 30, 2015 and December 31, 2014, respectively	$ 12,065,022	$ 14,707,477
NET ASSET VALUE PER UNIT
Net asset value per unit | $ / Units	83.17	89.33
Capital Unit Class II [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Unitholders' Units - 145,069.756 and 164,636.168 Units outstanding at June 30, 2015 and December 31, 2014, respectively; Unitholders' Units - 8,371.835 and 9,103.868 Units outstanding at June 30, 2015 and December 31, 2014, respectively	$ 810,117	$ 937,117
NET ASSET VALUE PER UNIT
Net asset value per unit | $ / Units	96.77	102.94

CONDENSED STATEMENTS OF FINANC3

CONDENSED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Investments in Affiliated Investment Funds, at cost	$ 10,430,123	$ 3,965,279
Investments in Securities, at cost		$ 10,296,827
Unitholders' capital, outstanding	153,441.59	173,740.04	201,179.97	532,962.97
Capital Unit Class I [Member]
Unitholders' capital, outstanding	145,069.756	164,636.168
Capital Unit Class II [Member]
Unitholders' capital, outstanding	8,371.835	9,103.868

CONDENSED SCHEDULES OF INVESTME

CONDENSED SCHEDULES OF INVESTMENTS (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Investment in securities, at fair value		$ 10,187,034
Investment in Affiliated Investment Funds, at fair value	$ 10,019,322	4,083,278
Investments in Securities, at cost		10,296,827
Investments in Affiliated Investment Funds, at cost	$ 10,430,123	$ 3,965,279
JP Morgan Short Duration Bond Mutual Funds - Select [Member]
Fair Value as a percentage of Unitholders' Capital		21.72%
Investment in securities, at fair value		$ 3,397,829
Fidelity Institutional Short Intermediate Government Mutual Fund [Member]
Fair Value as a percentage of Unitholders' Capital		21.74%
Investment in securities, at fair value		$ 3,400,797
T Rowe Price Short Term Mutual Fund [Member]
Fair Value as a percentage of Unitholders' Capital		21.66%
Investment in securities, at fair value		$ 3,388,408
Investments in Securities at Fair Value [Member]
Fair Value as a percentage of Unitholders' Capital		65.12%
Investment in securities, at fair value		$ 10,187,034
CTA Choice ELL [Member]
Fair Value as a percentage of Unitholders' Capital	18.31%	10.49%
Investment in Affiliated Investment Funds, at fair value	$ 2,358,084	$ 1,641,628
CTA Choice FRT [Member]
Fair Value as a percentage of Unitholders' Capital	10.22%	4.47%
Investment in Affiliated Investment Funds, at fair value	$ 1,316,160	$ 699,632
CTA Choice QNTM [Member]
Fair Value as a percentage of Unitholders' Capital	11.09%
Investment in Affiliated Investment Funds, at fair value	$ 1,427,804
CTA Choice RDOK [Member]
Fair Value as a percentage of Unitholders' Capital	10.80%	6.31%
Investment in Affiliated Investment Funds, at fair value	$ 1,389,948	$ 986,764
CTA Choice SCT [Member]
Fair Value as a percentage of Unitholders' Capital	9.76%
Investment in Affiliated Investment Funds, at fair value	$ 1,256,680
CTA Choice WTN [Member]
Fair Value as a percentage of Unitholders' Capital	17.64%
Investment in Affiliated Investment Funds, at fair value	$ 2,270,646
Other Investments in Affiliated Investment Funds [Member]
Fair Value as a percentage of Unitholders' Capital		4.83%
Investment in Affiliated Investment Funds, at fair value		$ 755,254
Investments in Affiliated Investment Funds [Member]
Fair Value as a percentage of Unitholders' Capital	77.82%	26.10%
Investment in Affiliated Investment Funds, at fair value	$ 10,019,322	$ 4,083,278

CONDENSED SCHEDULES OF INVESTM5

CONDENSED SCHEDULES OF INVESTMENTS (Unaudited) (Parenthetical) - Dec. 31, 2014 - USD ($)	Total
investment in securities cost	$ 10,296,827
JP Morgan Short Duration Bond Mutual Funds - Select [Member]
Shares owned	312,875.606
Fidelity Institutional Short Intermediate Government Mutual Fund [Member]
Shares owned	339,400.918
T Rowe Price Short Term Mutual Fund [Member]
Shares owned	713,349.067

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
INVESTMENT INCOME
Interest income	$ 9	$ 239	$ 10	$ 832
Dividend income	1,675	32,882	23,716	97,771
Total investment income	1,684	33,121	23,726	98,603
EXPENSES
Management fees to Managing Owner	18,774	25,130	38,541	76,715
Managing Owner interest earned on Certain Investment Funds (see Note 4)	1,675	30,084	11,276	70,319
Service fees - Class I Units (see Note 5)	67,433	88,728	139,260	269,548
Sales commission	37,271	51,178	77,013	155,541
Offering costs		12,027	0	59,072
Operating expenses	99,428	136,762	179,543	243,274
Total expenses	224,581	343,909	445,633	874,469
Net investment loss	(222,897)	(310,788)	(421,907)	(775,866)
REALIZED AND UNREALIZED GAIN OR (LOSS) ON INVESTMENTS
Net realized loss on investment in securities	(49,618)	(27,489)	(61,229)	(126,631)
Net change in unrealized appreciation on investment in securities	49,618	73,854	109,793	228,007
Net gain from investment in securities		46,365	48,564	101,376
Net realized loss on investment in Affiliated Investment Funds	(1,120,647)	(1,479,229)	(95,230)	(3,548,471)
Net change in unrealized depreciation/appreciation on investment in Affiliated Investment Funds	(389,785)	1,571,555	(528,800)	(394,840)
Net (loss) gain from investment in Affiliated Investment Funds	(1,510,432)	92,326	(624,030)	(3,943,311)
NET LOSS	$ (1,733,329)	$ (172,097)	$ (997,373)	$ (4,617,801)
Capital Unit Class I [Member]
NET INCOME (LOSS) PER WEIGHTED AVERAGE UNITHOLDER
Net loss per weighted average Unitholder	$ (10.56)	$ (0.78)	$ (5.99)	$ (14)
Capital Unit Class II [Member]
NET INCOME (LOSS) PER WEIGHTED AVERAGE UNITHOLDER
Net loss per weighted average Unitholder	$ (11.54)	$ (0.24)	$ (5.75)	$ (14.90)
Managing Owner Interests - Capital Unit Class I [Member]
NET INCOME (LOSS) PER WEIGHTED AVERAGE UNITHOLDER
Weighted average number of units outstanding	154,970.232	215,872.402	158,230.235	303,923.727
Managing Owner Interests - Capital Unit Class II [Member]
NET INCOME (LOSS) PER WEIGHTED AVERAGE UNITHOLDER
Weighted average number of units outstanding	8,371.835	16,993.111	8,602.120	24,403.341

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Unitholders' capital, beginning balance			$ 15,644,594	$ 50,519,858
Unitholders' capital, beginning balance, Units			173,740.04	532,962.97
Redemptions			$ (1,772,082)	$ (29,027,171)
Redemptions, Units			(20,298.45)	(331,783)
Net income (loss)	$ (1,733,329)	$ (172,097)	$ (997,373)	$ (4,617,801)
Unitholders' capital, ending balance	$ 12,875,139	$ 16,874,886	$ 12,875,139	$ 16,874,886
Unitholders' capital, ending balance, Units	153,441.59	201,179.97	153,441.59	201,179.97
Capital Unit Class I [Member]
Unitholders' capital, beginning balance			$ 14,707,477	$ 45,929,534
Unitholders' capital, beginning balance, Units			164,636.17	489,671.17
Redemptions			$ (1,694,552)	$ (25,932,033)
Redemptions, Units			(19,566.41)	(300,409.91)
Net income (loss)			$ (947,903)	$ (4,254,253)
Unitholders' capital, ending balance	$ 12,065,022	$ 15,743,248	$ 12,065,022	$ 15,743,248
Unitholders' capital, ending balance, Units	145,069.76	189,261.26	145,069.76	189,261.26
Capital Unit Class II [Member]
Unitholders' capital, beginning balance			$ 937,117	$ 4,590,324
Unitholders' capital, beginning balance, Units			9,103.87	43,291.80
Redemptions			$ (77,530)	$ (3,095,138)
Redemptions, Units			(732.033)	(31,373.09)
Net income (loss)			$ (49,470)	$ (363,548)
Unitholders' capital, ending balance	$ 810,117	$ 1,131,638	$ 810,117	$ 1,131,638
Unitholders' capital, ending balance, Units	8,371.84	11,918.71	8,371.84	11,918.71

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2015
Organization
ORGANIZATION	Note 1. ORGANIZATION A. General Description of the Trust World Monitor Trust III (the “ Trust Series Trust Agreement Effective March 17, 2014, the Kenmar Group and the Olympia Group of Companies merged with the GEMS Group. In connection with the merger, certain changes in the corporate structure of the organization have occurred. Kenmar Preferred Investments, L.P. ( “ Kenmar Preferred or the “ Managing Owner Effective March 17, 2014, ClariTy Managed Account & Analytics Platform, L.P. changed its name and form of entity to ClariTy Managed Account & Analytics Platform, LLC (“ ClariTy CTA Choice Effective March 17, 2014, Kenmar Global Investment Management, L.P changed its name and form of entity to Kenmar Global Investment Management, LLC (the “ Asset Allocator A. General Description of the Trust (Continued) While the Asset Allocator receives no fees for such services from Series J, the Asset Allocator is paid management and incentive fees directly from the interest holders pursuant to each interest holder’s Asset Allocation Agreement. Series J pays no management or incentive fees to the Asset Allocator. Series J allocates a portion of its net assets (“ Allocated Assets Trading Advisor Trading Advisors ach Trading Advisor, which manages and makes trading decisions with respect to those Allocated Assets (see below table). The Managing Owner may terminate any current Trading Advisor or select new trading advisors from time to time at its sole discretion in order to achieve the goals of Series J. In the future, the Managing Owner may determine to access certain Trading Advisors through separate investee pools. Each Trading Advisor listed below is referred to herein as an “ Affiliated Investment Fund Affiliated Investment Funds Affiliated Investment Fund Trading Advisor Trading Program Start Date Termination Date CTA Choice EGLG (“ EGLG Eagle Trading Systems Inc. Eagle Global Program 01/1/12 04/30/15 CTA Choice SAXN (“ SAXN Saxon Investment Corporation Saxon Aggressive Diversified Program 01/1/12 12/31/14 CTA Choice GLAGS (“ GLAGS Global Ag, LLC Diversified Program 12/1/12 12/31/14 CTA Choice RDOK (“ RDOK Red Oak Commodity Advisors, Inc. Fundamental Trading Program 12/1/12 CTA Choice ELL (“ ELL Ellington Management Group, LLC Global Macro Trading Program 12/1/13 CTA Choice FRT (“ FRT Fort, L.P. Global Diversified Program 08/1/14 CTA Choice QNTM (“ QNTM Quantmetrics Capital Management LLP QM Multi Strategy Program 05/1/15 CTA Choice SCT (“ SCT SCT Capital Management Inc. AQT1X Trading Program 05/1/15 CTA Choice WTN (“ WTN Winton Capital Management Limited Diversified Program 05/1/15 Series J meets the definition of an investment company in accordance with guidance under Accounting Standards Codification Topic 946 “ Financial Services – Investment Companies B. Regulation As a registrant with the Securities and Exchange Commission (“ SEC As a commodity pool, the Trust and each Series are subject to the regulations of the Commodity Futures Trading Commission (“ CFTC NFA C. The Offering Series J offers units (the “ Units Class Up to $281,250,000 Series J, Class I and $93,750,000 Series J, Class II Units are being offered (totaling $375,000,000) (“ Subscription Maximum Effective November 30, 2008, the Board of Directors of the Managing Owner of Series J determined that the U For new subscribers, the minimum initial investment is $25,000 ($10,000 for benefit plan investors (including IRAs)). The minimum additional subscription amount for current investors is $5,000. Series J completed its initial offering on December 1, 2005 with gross proceeds of $31,024,443. D. Exchanges, Redemptions and Termination Redemptions from Series J are permitted on a monthly basis with no redemption charges applicable to either Class I or Class II Units. In the event that the Net Asset Value of a Series, after adjustments for distributions, contributions and redemptions, declines by 50% or more since the commencement of trading activities or the first day of a fiscal year, the Series will automatically terminate. Should the Managing Owner make a determination that Series J’s aggregate net assets in relation to its operating expenses make it unreasonable or imprudent to continue the business of Series J, or, in the exercise of its reasonable discretion, if the aggregate Net Asset Value of Series J as of the close of business on any business day declines below $10 million, the Managing Owner may dissolve Series J.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Accounting The condensed statements of financial condition, including the condensed schedules of investments, as of June 30, 2015, the condensed statements of operations for the three months ended June 30, 2015 (“ Second Quarter 2015 Year-To-Date 2015 Second Quarter 2014 Year-To-Date 2014 In the opinion of the Managing Owner , the condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to state fairly the financial position of Series J as of and the results of its operations for the Second Quarter 2015, Second Quarter 2014, Year-To-Date 2015 and Year-To-Date 2014. The operating results for these interim periods may not be indicative of the results expected for a full year. The condensed financial statements of Series J are prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in Series J’s annual report on Form 10-K filed with the SEC for the year ended December 31, 2014. The weighted average number of Units outstanding was computed for purposes of disclosing net gain (loss) per weighted average Unitholder. The weighted average number of Units is equal to the number of Units outstanding at period end, adjusted proportionately for Units subscribed and redeemed based on their respective time outstanding during the period. Investment in securities consists of publicly-traded mutual funds, which are valued using the net asset value on the last day of the period. Realized gains and losses from investment in securities and Affiliated Investment Funds are determined using the identified cost method. Any change in net unrealized gain or loss from the preceding period is reported in the condensed statements of operations. Dividends are recorded on the ex-dividend date. Series J has elected not to provide a statement of cash flows since substantially all of Series J’s investments are carried at fair value and classified as Level 1 or Level 2 measurements in the fair value hierarchy table, Series J has little or no debt and a condensed statement of changes in Unitholders’ capital (Net Asset Value) is provided. Consistent with standard business practice in the normal course of business, Series J has provided general indemnifications to the Managing Owner, the Trading Advisors and others when they act, in good faith, in the best interests of Series J. Series J is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but expects the risk of having to make any payments under these general business indemnifications to be remote. Series J accounts for financial assets and liabilities using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels: quoted market prices in active markets for identical assets and liabilities (Level 1), inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2), and unobservable inputs for the asset or liability (Level 3). Series J considers its investments in publicly-traded mutual funds to be based on quoted prices in active markets for identical assets (Level 1). In determining the level, Series J considers the length of time until the investment is redeemable, including notice and lock-up periods or any other restriction on the disposition of the investment. Series J also considers the nature of the portfolios of the underlying Affiliated Investment Funds and their ability to liquidate their underlying investments. Series J has the ability to redeem its investments at the reported net asset valuation as of the measurement date (see Note 7) and classified its investment in Affiliated Investment Funds as Level 2 using the fair value hierarchy. The Affiliated Investment Funds are valued at the net asset value as reported by the underlying investment funds’ capital balance using the practical expedient method. The carrying value of the underlying investment in the Affiliated Investment Funds is at fair value. There are no Level 3 investments as of June 30, 2015 or December 31, 2014, nor any portion of the interim periods. The following tables summarize the assets measured at fair value using the fair value hierarchy: June 30, 2015 Level 1 Level 2 Level 3 Total Assets: Investment in Affiliated Investment Funds, at fair value $ 0 $ 10,019,322 $ 0 $ 10,019,322 December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 10,187,034 $ 0 $ 0 $ 10,187,034 Investment in Affiliated Investment Funds, at fair value $ 0 $ 4,083,278 $ 0 $ 4,083,278 B. Cash and Cash Equivalents Cash and cash equivalents include cash and investments in overnight deposits. Interest income, if any, includes interest on cash and overnight deposits. In the event of a financial institution’s insolvency, recovery of cash on deposit may be limited to account insurance or other protections afforded such deposits. Series J has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Unitholders bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions or redemptions received. C. Income Taxes Series J is treated as a partnership for U.S. federal income tax purposes. As such, Series J is not required to provide for, or pay, any U.S. federal or state income taxes. Income tax attributes that arise from its operations are passed directly to the Unitholders including the Managing Owner. Series J may be subject to other state and local taxes in jurisdictions in which it operates. Series J appropriately recognizes and discloses uncertain tax provisions in their financial statements. Recognition is permitted for each position if, based on its technical merits, it is “more likely than not” that the position will be upheld under audit by tax authorities. The Managing Owner has reviewed Series J’s tax positions for all open years and concluded that no provision for income taxes or expense is required in these condensed financial statements. Series J has elected an accounting policy to classify interest and penalties related to income taxes as interest or other expense. There have been no differences between the tax basis and book basis of assets, liabilities or Unitholders’ capital since inception of Series J. D. Profit and Loss Allocations and Distributions Income and expenses (excluding the service fee and upfront sales commissions further discussed in Note 5) are allocated pro rata to the Class I Units and Class II Units monthly based on the Units outstanding during the month. Class I Units are charged with the service fee and upfront sales commission applicable to such Units. Distributions (other than redemptions of Units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the Unitholders. The Managing Owner has not and does not presently intend to make any distributions. E. Offering Costs In accordance with the Trust’s Agreement and Prospectus, the Managing Owner is responsible for the payment of all offering expenses of Series J incurred after the Initial Offering Period (“ongoing offering costs”), provided that the amount of such ongoing offering costs paid by the Managing Owner are subject to reimbursement by the Trust, without interest, in up to 36 monthly payments during each of the first 36 months following the month in which such expenses were paid by the Managing Owner. Through June 30, 2015, the Managing Owner has paid $2,936,640 in ongoing offering costs, of which $2,879,478 has been allocated to Series J. E. Offering Costs (Continued) Ongoing offering costs incurred through November 30, 2006 in the amount of $599,062 will not be reimbursed to the Managing Owner. For the period December 1, 2006 through June 30, 2015, the Managing Owner incurred and Series J was allocated ongoing offering costs in the amount of $2,300,021 and $2,280,415, respectively. Of the $2,280,415 allocated to Series J, $635,144 will not be reimbursable to the Managing Owner. Series J will only be liable for payment of ongoing offering costs on a monthly basis. If Series J terminates prior to completion of payment of such amounts to the Managing Owner, the Managing Owner will not be entitled to any additional payments, and Series J will have no further obligation to the Managing Owner. During the Second Quarter 2015, Second Quarter 2014, Year-To-Date 2015 and Year-To-Date 2014, Series J’s allocable portion of ongoing offering costs did not exceed 0.50% per annum of the Net Asset Value of Series J. F. Interest and Dividends Interest is recorded on an accrual basis. Dividends are recorded on the ex-dividend date. G. Investment in Affiliated Investment Funds The investment in Affiliated Investment Funds is reported at fair value in Series J’s condensed statements of financial condition. Fair value ordinarily is the fund’s net asset value as determined for the Affiliated Investment Funds in accordance with the fund’s valuation policies and reported at the time of Series J’s valuation by the management of the funds. Generally, the fair value of Series J’s investment in the Affiliated Investment Funds represents the amount that Series J could reasonably expect to receive from the Affiliated Investment Funds if Series J’s investment was redeemed at the time of the valuation, based on information reasonably available at the time the valuation is made and that Series J believes to be reliable. H. New Accounting Pronouncement In May, 2015, the FASB issued Accounting Standards Update No. 2015-07 (“ASU 2015-07”), “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent).” ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using net asset value per share as a practical expedient. For nonpublic business entities, ASU 2015-07 is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. Series J has chosen not to early adopt ASU 2015-07.

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTIES	Note 3. RELATED PARTIES Series J reimburses Kenmar Preferred and its affiliates for services it performs for Series J, which include, but are not limited to: management, legal, accounting, registrar, transfer and assignment functions, investor communications, printing, and other administrative services. The expenses incurred by Series J for services performed by Kenmar Preferred and its affiliates for Series J were as follows: Three months ended Six months ended 2015 2014 2015 2014 Management fees to Managing Owner $ 18,774 $ 25,130 $ 38,541 $ 76,715 Managing Owner interest earned on Certain Investment Funds 1,675 30,084 11,276 70,319 Operating expenses 45,586 39,350 72,782 76,260 Total $ 66,035 $ 94,564 $ 122,599 $ 223,294 Expenses payable to the Managing Owner and its affiliates, which are included in accrued expenses payable on the condensed statements of financial condition as of June 30, 2015 and December 31, 2014, were $33,708 and

MANAGING OWNER AND AFFILIATES

MANAGING OWNER AND AFFILIATES	6 Months Ended
	Jun. 30, 2015
Managing Owner And Affiliates
MANAGING OWNER AND AFFILIATES	Note 4. MANAGING OWNER AND AFFILIATES The Managing Owner is paid a monthly management fee of 1/12 th Series J invests a portion of the excess cash balances not required for margin through certain investment funds which invest in (i) U.S. government securities (which include any security issued or guaranteed as to principal or interest by the United States), (ii) any certificate of deposit for any of the foregoing, including U.S. treasury bonds, U.S. treasury bills and issues of agencies of the United States government, (iii) corporate bonds or notes, or (iv) other instruments permitted by applicable rules and regulations (collectively, “ Certain Investment Funds The Managing Owner is paid monthly 1/12 th Second Quarter 2014 the Managing Owner’s portion of interest earned on Certain Investment Funds amounted to $1,675, $30,084, $11,276 and $70,319, respectively. Series J pays a monthly administrative services fee to ClariTy for risk management and related services with respect to monitoring the Trading Advisors, indirectly through its investment in Affiliated Investment Funds ,Second Quarter 2014, t

SERVICE FEES AND SALES COMMISSI

SERVICE FEES AND SALES COMMISSIONS	6 Months Ended
	Jun. 30, 2015
Service Fees And Sales Commissions
SERVICE FEES AND SALES COMMISSIONS	Note 5. SERVICE FEES AND SALES COMMISSIONS Series J pays a service fee with respect to Class I Units, monthly in arrears, equal to 1/12 th CSA th th The Service Fee – Class I Units (as described below) disclosed on the condensed statements of operations represents (i) the monthly 1/12 th th For the Second Quarter 2015 , Second Quarter 2014, , the Service Fee – Class I Units is composed of the following: Three months ended Six months ended 2015 2014 2015 2014 Monthly 1/12 th $ 70,222 $ 93,529 $ 144,998 $ 284,609 Series J’s recapture on 1/12 th (2,789 ) (4,801 ) (5,738 ) (15,061 ) Total $ 67,433 $ 88,728 $ 139,260 $ 269,548 Effective October 1, 2010, Series J agreed to pay a monthly fee to Wells Fargo for providing continuing due diligence, training, operations, system support, and marketing. For Class I and II Units purchased by clients of Wells Fargo on or prior to October 1, 2010, the fee is 1/12 th th

ADMINISTRATOR

ADMINISTRATOR	6 Months Ended
	Jun. 30, 2015
Administrator
ADMINISTRATOR	Note 6. ADMINISTRATOR SS&C GlobeOp Financial Services LLC (“ SS&C GlobeOp Administrator Series J indirectly pays its pro-rata share of administrator fees through its investment in Affiliated Investment Funds , Second Quarter 2014, Series J indirectly paid administrator fees totaling $28,847, $14,262, $39,737and $38,275, respectively. Series J also pays administrator fees directly to SS&C GlobeOp. For the , Second Quarter 2014, Series J directly paid GlobeOp administrator fees of $6,250, $10,729, $12,500 and$16,979, respectively.

INVESTMENT IN AFFILIATED INVEST

INVESTMENT IN AFFILIATED INVESTMENT FUNDS	6 Months Ended
	Jun. 30, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
INVESTMENT IN AFFILIATED INVESTMENT FUNDS	Note 7. INVESTMENT IN AFFILIATED INVESTMENT FUNDS Series J invests a portion of its assets in Affiliated Investment Funds. Series J’s investment in Affiliated Investment Funds represents 77.82% and 26.10% of the Net Asset Value of Series J at June 30, 2015 and December 31, 2014, respectively. The investment in Affiliated Investment Funds is reported in Series J’s condensed statements of financial condition at fair value. Series J records its proportionate share of income or loss in the condensed statements of operations. The investments are subject to the terms of the organizational and offering documents of the Affiliated Investment Funds. The following tables summarize the change in net asset value (fair value) of Series J’s investment in Affiliated Investment Funds for the Year-To-Date 2015 and the Net asset value December 31, Purchases Loss Redemptions Net asset Investment in Affiliated Investment Funds $ 4,083,278 $ 16,414,981 $ (624,030 ) $ (9,854,907 ) $ 10,019,322 Net asset value December 31, Purchases Loss Redemptions Net asset Investment in Affiliated Investment Funds $ 12,249,728 $ 3,934,382 $ (3,943,311 ) $ (7,599,229 ) $ 4,641,570 The Affiliated Investment Funds are redeemable monthly and require a redemption notice of 1-5 days. Series J may make additional contributions to or redemptions from the Affiliated Investment Funds on a standard allocation date. The Affiliated Investment Funds engage in trading commodity futures including agricultural, currency, energy, interest rates and stock indices among other types, foreign currency forward contracts and options on futures contracts. Series J records its proportionate share of income or loss in the condensed statements of operations. Prior to May 1, 2015, Series J’s investment in Affiliated Investment Funds was not fully funded, but was subject to additional capital calls up to the full amount of the capital commitment. ’s Private Placement Memorandum, the full amount of Series J’s capital contribution to an Affiliated Investment Fund will be traded by each Trading Advisor pursuant to its trading strategy at the Affiliated Investment Fund’s Investment Level Factor. An Affiliated Investment Fund’s Investment Level Factor multiplied by the capital contribution of Series J to an Affiliated Investment Fund shall equal Series J’s Investment Level. An Affiliated Investment Fund’s Investment Level Factor is the trading leverage factor of an Affiliated Investment Fund, as designated by ClariTy from time to time for such Affiliated Investment Fund, and reflects the level at which a Trading Advisor is instructed to trade the Affiliated Investment Fund’s assets. ClariTy may increase or decrease the Affiliated Investment Fund’s Investment Level Factor in its sole discretion. The following table sets out the total capital contribution and investment level split between net asset value: Total capital contribution Total CTA Choice ELL $ 2,358,084 $ 2,836,162 CTA Choice FRT 1,316,160 2,728,599 CTA Choice QNTM 1,427,804 2,854,557 CTA Choice RDOK 1,389,948 2,877,867 CTA Choice SCT 1,256,680 2,692,018 CTA Choice WTN 2,270,646 2,749,718 Total $ 10,019,322 $ 16,738,921 Series J’s investment in Affiliated Investment Funds is subject to the market and credit risks of securities held or sold short by their respective Affiliated Investment Fund. ClariTy has established procedures to monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The interest holders within CTA Choice bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions and redemptions received.

TRUSTEE

TRUSTEE	6 Months Ended
	Jun. 30, 2015
Trustee
TRUSTEE	Note 8. TRUSTEE The trustee of the Trust is Wilmington Trust Company, a Delaware banking corporation. The trustee has delegated to the Managing Owner the power and authority to manage the business and affairs of the Trust and has only nominal duties and liabilities with respect to the Trust.

COSTS, FEES AND EXPENSES

COSTS, FEES AND EXPENSES	6 Months Ended
	Jun. 30, 2015
Costs Fees And Expenses
COSTS, FEES AND EXPENSES	Note 9. COSTS, FEES AND EXPENSES A. Operating Expenses Operating expenses of Series J are paid for by Series J. B. Trading Advisor Management and Incentive Fees Series J pays indirectly through its investment in Affiliated Investment Funds, the following Trading Advisors’ management fees (based on Series J’s Allocated Assets as of each standard allocation date) and incentive fees for achieving “New High Net Trading Profits,” in Series J’s capital accounts within the Affiliated Investment Funds as defined in their respective advisory agreements: Affiliated Investment Fund Management Fee Incentive Fee CTA Choice EGLG** 2.00 % 25.00 % CTA Choice ELL 0.00 % 30.00 % CTA Choice FRT 2.00 % 20.00 % CTA Choice GLAGS* 2.00 % 20.00 % CTA Choice RDOK 2.00 % 20.00 % CTA Choice QNTM 1.00 % 25.00 % CTA Choice SAXN* 0.00 % 25.00 % CTA Choice SCT*** 0.75 % 20.00 % CTA Choice WTN 1.50 % 20.00 % *Series J fully redeemed from CTA Choice GLAGS and CTA Choice SAXN as of December 31, 2014. ** Series J fully redeemed from CTA Choice EGLG as of April 30, 2015. *** Series J invests in CTA Choice SCT’s 2x program and pays a management fee of 1.50%. For the Second Quarter 2015, Second Quarter 2014, Year-To-Date 2015 and Year-To-Date 2014,the Trading Advisor management fees paid indirectly within each Affiliated Investment Fund based on Series J’s Allocated Assets as of each standard allocation date, totaled $62,900, $61,833, $123,804 and $181,695, respectively. For the Second Quarter 2015, Second Quarter 2014, Year-To-Date 2015 and Year-To-Date 2014,the Trading Advisor incentive fees paid indirectly within Series J’s investment in Affiliated Investment Funds totaled $7,085, $0, $195,376 and $0, respectively. C. Commissions Series J, indirectly through the commodity trading activity of the Affiliated Investment Funds, is obligated to pay all floor brokerage expenses, give-up charges and NFA clearing and exchange fees. These activities are reflected within the respective net asset value of each of the Affiliated Investment Funds.

DERIVATIVE INSTRUMENTS AND ASSO

DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS	Note 10. DERIVATIVE INSTRUMENTS AND ASSOCIATED RISKS No derivative instruments were directly held by Series J as of June 30, 2015 and December 31, 2014 Series J’s investment in Affiliated Investment Funds is subject to the market and credit risks of the futures contracts, options on futures contracts, forward currency contracts and other financial instruments held or sold short by them. Series J bears the risk of loss only to the extent of the capital commitment of its investment and, in certain specific circumstances, distributions and redemptions received. Series J is exposed to various types of risks associated with the derivative instruments and related markets in which it indirectly invests through its investment in Affiliated Investment Funds. These risks include, but are not limited to, risk of loss from fluctuations in the value of derivative instruments held (market risk) and the inability of counterparties to perform under the terms of Series J’s investment activities (credit risk), including investment in Affiliated Investment Funds. The Managing Owner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Unitholders bear the risk of loss only to the extent of the market value of their respective investment in Series J and, in certain specific circumstances, distributions and redemptions received. Market Risk Market risk is influenced by a wide variety of factors, including government programs and policies, political and economic events, the level and volatility of interest rates, foreign currency exchange rates, the diversification effect among the derivative instruments, the liquidity and inherent volatility of the markets in which Series J indirectly invests through its ownership in Affiliated Investment Funds. Credit Risk The Managing Owner attempts to minimize both credit and market risks by requiring Series J and its Trading Advisors to abide by various trading limitations and policies. The Managing Owner monitors compliance with these trading limitations and policies, which include, but are not limited to, executing and clearing all trades with creditworthy counterparties; limiting the amount of margin or premium required for any one commodity or all commodities combined; and generally limiting transactions to contracts which are traded in sufficient volume to permit the taking and liquidating of positions.

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	6 Months Ended
	Jun. 30, 2015
Financial Highlights
FINANCIAL HIGHLIGHTS	Note 11. FINANCIAL HIGHLIGHTS The following information presents per Unit operating performance data and other supplemental data for the Second Quarter 2015, Second Quarter 2014, Year-To-Date 2015 and Year-To-Date 2014. This information has been derived from information presented in the condensed financial statements: Class I Class II Three months ended Six months ended Three months ended Six months ended June 30, 2015 June 30, 2015 Per Unit Performance (for a Unit outstanding throughout the entire period) Net Asset Value per Unit at beginning of period $ 93.49 $ 89.33 $ 108.23 $ 102.94 Gain (Loss) from operations: Net realized and change in unrealized loss (1) (8.94 ) (3.60 ) (10.38 ) (4.24 ) Interest income (1) 0.00 0.00 0.00 0.00 Dividend income (1) 0.01 0.14 0.01 0.16 Expenses (1.39 ) (2.70 ) (1.09 ) (2.09 ) Total loss from operations (10.32 ) (6.16 ) (11.46 ) (6.17 ) Net Asset Value per Unit at end of period $ 83.17 $ 83.17 $ 96.77 $ 96.77 Total Return (4) (11.04 )% (6.90 )% (10.59 )% (5.99 )% Supplemental data Ratios to average Net Asset Value: Net investment loss (2), (3) (6.32 )% (5.73 )% (4.25 )% (3.72 )% Interest income (3) 0.00 % 0.00 % 0.00 % 0.00 % Dividend income (3) 0.05 % 0.32 % 0.05 % 0.32 % Other expenses (3) 6.37 % 6.05 % 4.30 % 4.04 % Total return is calculated based on the change in value of a Unit during the period. An individual Unitholder’s total return and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. (1) Dividend income, interest income and expenses per Unit are calculated by dividing dividend income, interest income and other expenses applicable to each Class by the weighted average number of Units of each Class outstanding during the period. Net realized and change in unrealized gain (loss) is a balancing amount necessary to reconcile the change in Net Asset Value per Unit of each Class with the other per Unit information. (2) Represents dividend and interest income less total expenses. This excludes Series J’s proportionate share of income and expenses from investment in Affiliated Investment Funds. (3) Annualized. (4) Not annualized. Class I Class II Three months ended Six months ended Three months ended Six months ended June 30, 2014 June 30, 2014 Per Unit Performance (for a Unit outstanding throughout the entire period) Net Asset Value per Unit at beginning of period $ 83.76 $ 93.80 $ 95.16 $ 106.03 Gain (Loss) from operations: Net realized and change in unrealized gain (loss) (1) 0.77 (8.20 ) 0.91 (9.34 ) Interest income (1) 0.00 0.00 0.00 0.00 Dividend income (1) 0.14 0.29 0.17 0.34 Expenses (1.49 ) (2.71 ) (1.29 ) (2.08 ) Total loss from operations (0.58 ) (10.62 ) (0.21 ) (11.08 ) Net Asset Value per Unit at end of period $ 83.18 $ 83.18 $ 94.95 $ 94.95 Total Return (4) (0.69 )% (11.32 )% (0.22 )% (10.45 )% Supplemental data Ratios to average Net Asset Value: Net investment loss (2), (3) (6.50 )% (5.51 )% (4.73 )% (3.50 )% Interest income (3) 0.00 % 0.01 % 0.01 % 0.01 % Dividend income (3) 0.67 % 0.67 % 0.71 % 0.69 % Other expenses (3) 7.17 % 6.19 % 5.45 % 4.20 % Total return is calculated based on the change in value of a Unit during the period. An individual Unitholder’s total return and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. (1) Dividend income, interest income and expenses per Unit are calculated by dividing dividend income, interest income and other expenses applicable to each Class by the weighted average number of Units of each Class outstanding during the period. Net realized and change in unrealized loss is a balancing amount necessary to reconcile the change in Net Asset Value per Unit of each Class with the other per Unit information. (2) Represents dividend and interest income less total expenses. This excludes Series J’s proportionate share of income and expenses from investment in Affiliated Investment Funds. (3) Annualized. (4) Not annualized.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 12. SUBSEQUENT EVENTS The following table sets out the total capital contribution and investment level of Series J’s investment in Affiliated Investment Funds as of August 1, 2015: Total capital Total investment level CTA Choice ELL $ 2,262,139 $ 2,699,864 CTA Choice FRT 1,384,547 2,697,720 CTA Choice RDOK 1,288,297 2,601,472 CTA Choice QNTM 1,261,790 2,574,963 CTA Choice SCT 1,278,939 2,592,113 CTA Choice WTN 2,238,435 2,676,160 Total $ 9,714,147 $ 15,842,293 From July 1, 2015 through August 13, 2015, there were redemptions of approximately $226,000.

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies Policies
Basis of Accounting	A. Basis of Accounting The condensed statements of financial condition, including the condensed schedules of investments, as of June 30, 2015, the condensed statements of operations for the three months ended June 30, 2015 (“ Second Quarter 2015 Year-To-Date 2015 Second Quarter 2014 Year-To-Date 2014 In the opinion of the Managing Owner , the condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to state fairly the financial position of Series J as of and the results of its operations for the Second Quarter 2015, Second Quarter 2014, Year-To-Date 2015 and Year-To-Date 2014. The operating results for these interim periods may not be indicative of the results expected for a full year. The condensed financial statements of Series J are prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in Series J’s annual report on Form 10-K filed with the SEC for the year ended December 31, 2014. The weighted average number of Units outstanding was computed for purposes of disclosing net gain (loss) per weighted average Unitholder. The weighted average number of Units is equal to the number of Units outstanding at period end, adjusted proportionately for Units subscribed and redeemed based on their respective time outstanding during the period. Investment in securities consists of publicly-traded mutual funds, which are valued using the net asset value on the last day of the period. Realized gains and losses from investment in securities and Affiliated Investment Funds are determined using the identified cost method. Any change in net unrealized gain or loss from the preceding period is reported in the condensed statements of operations. Dividends are recorded on the ex-dividend date. Series J has elected not to provide a statement of cash flows since substantially all of Series J’s investments are carried at fair value and classified as Level 1 or Level 2 measurements in the fair value hierarchy table, Series J has little or no debt and a condensed statement of changes in Unitholders’ capital (Net Asset Value) is provided. Consistent with standard business practice in the normal course of business, Series J has provided general indemnifications to the Managing Owner, the Trading Advisors and others when they act, in good faith, in the best interests of Series J. Series J is unable to develop an estimate of the maximum potential amount of future payments that could potentially result from any hypothetical future claim, but expects the risk of having to make any payments under these general business indemnifications to be remote. Series J accounts for financial assets and liabilities using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels: quoted market prices in active markets for identical assets and liabilities (Level 1), inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2), and unobservable inputs for the asset or liability (Level 3). Series J considers its investments in publicly-traded mutual funds to be based on quoted prices in active markets for identical assets (Level 1). In determining the level, Series J considers the length of time until the investment is redeemable, including notice and lock-up periods or any other restriction on the disposition of the investment. Series J also considers the nature of the portfolios of the underlying Affiliated Investment Funds and their ability to liquidate their underlying investments. Series J has the ability to redeem its investments at the reported net asset valuation as of the measurement date (see Note 7) and classified its investment in Affiliated Investment Funds as Level 2 using the fair value hierarchy. The Affiliated Investment Funds are valued at the net asset value as reported by the underlying investment funds’ capital balance using the practical expedient method. The carrying value of the underlying investment in the Affiliated Investment Funds is at fair value. There are no Level 3 investments as of June 30, 2015 or December 31, 2014, nor any portion of the interim periods. The following tables summarize the assets measured at fair value using the fair value hierarchy: June 30, 2015 Level 1 Level 2 Level 3 Total Assets: Investment in Affiliated Investment Funds, at fair value $ 0 $ 10,019,322 $ 0 $ 10,019,322 December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 10,187,034 $ 0 $ 0 $ 10,187,034 Investment in Affiliated Investment Funds, at fair value $ 0 $ 4,083,278 $ 0 $ 4,083,278
Cash and Cash Equivalents	B. Cash and Cash Equivalents Cash and cash equivalents include cash and investments in overnight deposits. Interest income, if any, includes interest on cash and overnight deposits. In the event of a financial institution’s insolvency, recovery of cash on deposit may be limited to account insurance or other protections afforded such deposits. Series J has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Unitholders bear the risk of loss only to the extent of the market value of their respective investments and, in certain specific circumstances, distributions or redemptions received.
Income Taxes	C. Income Taxes Series J is treated as a partnership for U.S. federal income tax purposes. As such, Series J is not required to provide for, or pay, any U.S. federal or state income taxes. Income tax attributes that arise from its operations are passed directly to the Unitholders including the Managing Owner. Series J may be subject to other state and local taxes in jurisdictions in which it operates. Series J appropriately recognizes and discloses uncertain tax provisions in their financial statements. Recognition is permitted for each position if, based on its technical merits, it is “more likely than not” that the position will be upheld under audit by tax authorities. The Managing Owner has reviewed Series J’s tax positions for all open years and concluded that no provision for income taxes or expense is required in these condensed financial statements. Series J has elected an accounting policy to classify interest and penalties related to income taxes as interest or other expense. There have been no differences between the tax basis and book basis of assets, liabilities or Unitholders’ capital since inception of Series J.
Profit and Loss Allocations and Distributions	D. Profit and Loss Allocations and Distributions Income and expenses (excluding the service fee and upfront sales commissions further discussed in Note 5) are allocated pro rata to the Class I Units and Class II Units monthly based on the Units outstanding during the month. Class I Units are charged with the service fee and upfront sales commission applicable to such Units. Distributions (other than redemptions of Units) may be made at the sole discretion of the Managing Owner on a pro rata basis in accordance with the respective capital balances of the Unitholders. The Managing Owner has not and does not presently intend to make any distributions.
Offering Costs	E. Offering Costs In accordance with the Trust’s Agreement and Prospectus, the Managing Owner is responsible for the payment of all offering expenses of Series J incurred after the Initial Offering Period (“ongoing offering costs”), provided that the amount of such ongoing offering costs paid by the Managing Owner are subject to reimbursement by the Trust, without interest, in up to 36 monthly payments during each of the first 36 months following the month in which such expenses were paid by the Managing Owner. Through June 30, 2015, the Managing Owner has paid $2,936,640 in ongoing offering costs, of which $2,879,478 has been allocated to Series J. E. Offering Costs (Continued) Ongoing offering costs incurred through November 30, 2006 in the amount of $599,062 will not be reimbursed to the Managing Owner. For the period December 1, 2006 through June 30, 2015, the Managing Owner incurred and Series J was allocated ongoing offering costs in the amount of $2,300,021 and $2,280,415, respectively. Of the $2,280,415 allocated to Series J, $635,144 will not be reimbursable to the Managing Owner. Series J will only be liable for payment of ongoing offering costs on a monthly basis. If Series J terminates prior to completion of payment of such amounts to the Managing Owner, the Managing Owner will not be entitled to any additional payments, and Series J will have no further obligation to the Managing Owner. During the Second Quarter 2015, Second Quarter 2014, Year-To-Date 2015 and Year-To-Date 2014, Series J’s allocable portion of ongoing offering costs did not exceed 0.50% per annum of the Net Asset Value of Series J.
Interest and Dividends	F. Interest and Dividends Interest is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.
Investments in Affiliated Investment Funds	G. Investment in Affiliated Investment Funds The investment in Affiliated Investment Funds is reported at fair value in Series J’s condensed statements of financial condition. Fair value ordinarily is the fund’s net asset value as determined for the Affiliated Investment Funds in accordance with the fund’s valuation policies and reported at the time of Series J’s valuation by the management of the funds. Generally, the fair value of Series J’s investment in the Affiliated Investment Funds represents the amount that Series J could reasonably expect to receive from the Affiliated Investment Funds if Series J’s investment was redeemed at the time of the valuation, based on information reasonably available at the time the valuation is made and that Series J believes to be reliable.
New Accounting Pronouncement	H. New Accounting Pronouncement In May, 2015, the FASB issued Accounting Standards Update No. 2015-07 (“ASU 2015-07”), “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent).” ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using net asset value per share as a practical expedient. For nonpublic business entities, ASU 2015-07 is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. Series J has chosen not to early adopt ASU 2015-07.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	6 Months Ended
	Jun. 30, 2015
Organization Tables
Schedule of details of affiliated investment funds	Each Trading Advisor listed below is referred to herein as an “ Affiliated Investment Fund Affiliated Investment Funds Affiliated Investment Fund Trading Advisor Trading Program Start Date Termination Date CTA Choice EGLG (“ EGLG Eagle Trading Systems Inc. Eagle Global Program 01/1/12 04/30/15 CTA Choice SAXN (“ SAXN Saxon Investment Corporation Saxon Aggressive Diversified Program 01/1/12 12/31/14 CTA Choice GLAGS (“ GLAGS Global Ag, LLC Diversified Program 12/1/12 12/31/14 CTA Choice RDOK (“ RDOK Red Oak Commodity Advisors, Inc. Fundamental Trading Program 12/1/12 CTA Choice ELL (“ ELL Ellington Management Group, LLC Global Macro Trading Program 12/1/13 CTA Choice FRT (“ FRT Fort, L.P. Global Diversified Program 08/1/14 CTA Choice QNTM (“ QNTM Quantmetrics Capital Management LLP QM Multi Strategy Program 05/1/15 CTA Choice SCT (“ SCT SCT Capital Management Inc. AQT1X Trading Program 05/1/15 CTA Choice WTN (“ WTN Winton Capital Management Limited Diversified Program 05/1/15

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies Tables
Schedule of assets measured at fair value	The following tables summarize the assets measured at fair value using the fair value hierarchy: June 30, 2015 Level 1 Level 2 Level 3 Total Assets: Investment in Affiliated Investment Funds, at fair value $ 0 $ 10,019,322 $ 0 $ 10,019,322 December 31, 2014 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 10,187,034 $ 0 $ 0 $ 10,187,034 Investment in Affiliated Investment Funds, at fair value $ 0 $ 4,083,278 $ 0 $ 4,083,278

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	6 Months Ended
	Jun. 30, 2015
Related Parties Tables
Summary of expenses incurred by Series J for services performed by Kenmar Preferred and its affiliates	The expenses incurred by Series J for services performed by Kenmar Preferred and its affiliates for Series J were as follows: Three months ended Six months ended 2015 2014 2015 2014 Management fees to Managing Owner $ 18,774 $ 25,130 $ 38,541 $ 76,715 Managing Owner interest earned on Certain Investment Funds 1,675 30,084 11,276 70,319 Operating expenses 45,586 39,350 72,782 76,260 Total $ 66,035 $ 94,564 $ 122,599 $ 223,294

SERVICE FEES AND SALES COMMIS24

SERVICE FEES AND SALES COMMISSIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Service Fees And Sales Commissions Tables
Schedule of composition of service fee - Class I Units	For the Second Quarter 2015 ,Second Quarter 2014, , the Service Fee – Class I Units is composed of the following: Three months ended Six months ended 2015 2014 2015 2014 Monthly 1/12 th $ 70,222 $ 93,529 $ 144,998 $ 284,609 Series J’s recapture on 1/12 th (2,789 ) (4,801 ) (5,738 ) (15,061 ) Total $ 67,433 $ 88,728 $ 139,260 $ 269,548

INVESTMENT IN AFFILIATED INVE25

INVESTMENT IN AFFILIATED INVESTMENT FUNDS (Tables)	6 Months Ended
	Jun. 30, 2015
Investment In Affiliated Investment Funds Tables
Schedule of change in net asset value of investments in Affiliated Investment Funds	The following tables summarize the change in net asset value (fair value) of Series J’s investment in Affiliated Investment Funds for the Year-To-Date 2015 and the Net asset value December 31, Purchases Loss Redemptions Net asset Investment in Affiliated Investment Funds $ 4,083,278 $ 16,414,981 $ (624,030 ) $ (9,854,907 ) $ 10,019,322 Net asset value December 31, Purchases Loss Redemptions Net asset Investment in Affiliated Investment Funds $ 12,249,728 $ 3,934,382 $ (3,943,311 ) $ (7,599,229 ) $ 4,641,570
Schedule of capital commitment to Affiliated Investment Funds	The following table sets out the total capital contribution and investment level split between net asset value: Total capital contribution Total CTA Choice ELL $ 2,358,084 $ 2,836,162 CTA Choice FRT 1,316,160 2,728,599 CTA Choice QNTM 1,427,804 2,854,557 CTA Choice RDOK 1,389,948 2,877,867 CTA Choice SCT 1,256,680 2,692,018 CTA Choice WTN 2,270,646 2,749,718 Total $ 10,019,322 $ 16,738,921

COSTS, FEES AND EXPENSES (Table

COSTS, FEES AND EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2015
Costs Fees And Expenses Tables
Schedule of direct management and incentive fees	Affiliated Investment Funds as defined in their respective advisory agreements: Affiliated Investment Fund Management Fee Incentive Fee CTA Choice EGLG** 2.00 % 25.00 % CTA Choice ELL 0.00 % 30.00 % CTA Choice FRT 2.00 % 20.00 % CTA Choice GLAGS* 2.00 % 20.00 % CTA Choice RDOK 2.00 % 20.00 % CTA Choice QNTM 1.00 % 25.00 % CTA Choice SAXN* 0.00 % 25.00 % CTA Choice SCT*** 0.75 % 20.00 % CTA Choice WTN 1.50 % 20.00 % *Series J fully redeemed from CTA Choice GLAGS and CTA Choice SAXN as of December 31, 2014. ** Series J fully redeemed from CTA Choice EGLG as of April 30, 2015. *** Series J invests in CTA Choice SCT’s 2x program and pays a management fee of 1.50%.

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	6 Months Ended
	Jun. 30, 2015
Financial Highlights Tables
Schedule of Unit operating performance data and other supplemental financial data	The following information presents per Unit operating performance data and other supplemental data for the Second Quarter 2015, Second Quarter 2014, Year-To-Date 2015 and Year-To-Date 2014. This information has been derived from information presented in the condensed financial statements: Class I Class II Three months ended Six months ended Three months ended Six months ended June 30, 2015 June 30, 2015 Per Unit Performance (for a Unit outstanding throughout the entire period) Net Asset Value per Unit at beginning of period $ 93.49 $ 89.33 $ 108.23 $ 102.94 Gain (Loss) from operations: Net realized and change in unrealized loss (1) (8.94 ) (3.60 ) (10.38 ) (4.24 ) Interest income (1) 0.00 0.00 0.00 0.00 Dividend income (1) 0.01 0.14 0.01 0.16 Expenses (1.39 ) (2.70 ) (1.09 ) (2.09 ) Total loss from operations (10.32 ) (6.16 ) (11.46 ) (6.17 ) Net Asset Value per Unit at end of period $ 83.17 $ 83.17 $ 96.77 $ 96.77 Total Return (4) (11.04 )% (6.90 )% (10.59 )% (5.99 )% Supplemental data Ratios to average Net Asset Value: Net investment loss (2), (3) (6.32 )% (5.73 )% (4.25 )% (3.72 )% Interest income (3) 0.00 % 0.00 % 0.00 % 0.00 % Dividend income (3) 0.05 % 0.32 % 0.05 % 0.32 % Other expenses (3) 6.37 % 6.05 % 4.30 % 4.04 % Total return is calculated based on the change in value of a Unit during the period. An individual Unitholder’s total return and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. (1) Dividend income, interest income and expenses per Unit are calculated by dividing dividend income, interest income and other expenses applicable to each Class by the weighted average number of Units of each Class outstanding during the period. Net realized and change in unrealized gain (loss) is a balancing amount necessary to reconcile the change in Net Asset Value per Unit of each Class with the other per Unit information. (2) Represents dividend and interest income less total expenses. This excludes Series J’s proportionate share of income and expenses from investment in Affiliated Investment Funds. (3) Annualized. (4) Not annualized. Class I Class II Three months ended Six months ended Three months ended Six months ended June 30, 2014 June 30, 2014 Per Unit Performance (for a Unit outstanding throughout the entire period) Net Asset Value per Unit at beginning of period $ 83.76 $ 93.80 $ 95.16 $ 106.03 Gain (Loss) from operations: Net realized and change in unrealized gain (loss) (1) 0.77 (8.20 ) 0.91 (9.34 ) Interest income (1) 0.00 0.00 0.00 0.00 Dividend income (1) 0.14 0.29 0.17 0.34 Expenses (1.49 ) (2.71 ) (1.29 ) (2.08 ) Total loss from operations (0.58 ) (10.62 ) (0.21 ) (11.08 ) Net Asset Value per Unit at end of period $ 83.18 $ 83.18 $ 94.95 $ 94.95 Total Return (4) (0.69 )% (11.32 )% (0.22 )% (10.45 )% Supplemental data Ratios to average Net Asset Value: Net investment loss (2), (3) (6.50 )% (5.51 )% (4.73 )% (3.50 )% Interest income (3) 0.00 % 0.01 % 0.01 % 0.01 % Dividend income (3) 0.67 % 0.67 % 0.71 % 0.69 % Other expenses (3) 7.17 % 6.19 % 5.45 % 4.20 % Total return is calculated based on the change in value of a Unit during the period. An individual Unitholder’s total return and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. (1) Dividend income, interest income and expenses per Unit are calculated by dividing dividend income, interest income and other expenses applicable to each Class by the weighted average number of Units of each Class outstanding during the period. Net realized and change in unrealized loss is a balancing amount necessary to reconcile the change in Net Asset Value per Unit of each Class with the other per Unit information. (2) Represents dividend and interest income less total expenses. This excludes Series J’s proportionate share of income and expenses from investment in Affiliated Investment Funds. (3) Annualized. (4) Not annualized.

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Subsequent Events Tables
Total capital contributions and investment level split	The following table sets out the total capital contribution and investment level of Series J’s investment in Affiliated Investment Funds as of August 1, 2015: Total capital Total investment level CTA Choice ELL $ 2,262,139 $ 2,699,864 CTA Choice FRT 1,384,547 2,697,720 CTA Choice RDOK 1,288,297 2,601,472 CTA Choice QNTM 1,261,790 2,574,963 CTA Choice SCT 1,278,939 2,592,113 CTA Choice WTN 2,238,435 2,676,160 Total $ 9,714,147 $ 15,842,293

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative) - USD ($)	Dec. 05, 2005	Jun. 30, 2015	Nov. 30, 2008
Subscription maximum		$ 375,000,000
Gross proceeds of initial offering	$ 31,024,443
Termination threshold - NAV adjustment		50.00%
Termination threshold - aggregate NAV		$ 10,000,000
New Subscribers [Member]
Minimum aggregate initial subscription		25,000
Minimum aggregate initial subscription - Benefit Plans		10,000
Minimum purchase obligation for any single series		5,000
Subscribers prior to November 30, 2008 [Member]
Minimum aggregate initial subscription			$ 5,000
Minimum aggregate initial subscription - Benefit Plans			2,000
Minimum purchase obligation for any single series			$ 500
Capital Unit Class I [Member]
Subscription maximum		281,250,000
Capital Unit Class II [Member]
Subscription maximum		$ 93,750,000

ORGANIZATION (Details)

ORGANIZATION (Details)	6 Months Ended
	Jun. 30, 2015
CTA Choice EGLG [Member]
Affiliated Investment Fund Name:	CTA Choice EGLG (“ EGLG
Trading Advisor	Eagle Trading Systems Inc.
Trading Program	Eagle Global Program
Start Date	Jan. 1, 2012
Termination Date	Apr. 30, 2015
CTA Choice SAXN [Member]
Affiliated Investment Fund Name:	CTA Choice SAXN (“ SAXN
Trading Advisor	Saxon Investment Corporation
Trading Program	Saxon Aggressive Diversified Program
Start Date	Jan. 1, 2012
Termination Date	Dec. 31, 2014
CTA Choice GLAGS [Member]
Affiliated Investment Fund Name:	CTA Choice GLAGS (“ GLAGS
Trading Advisor	Global Ag, LLC
Trading Program	Diversified Program
Start Date	Dec. 1, 2012
Termination Date	Dec. 31, 2014
CTA Choice RDOK [Member]
Affiliated Investment Fund Name:	CTA Choice RDOK (“ RDOK
Trading Advisor	Red Oak Commodity Advisors, Inc.
Trading Program	Fundamental Trading Program
Start Date	Dec. 1, 2012
CTA Choice ELL [Member]
Affiliated Investment Fund Name:	CTA Choice ELL (“ ELL
Trading Advisor	Ellington Management Group, LLC
Trading Program	Global Macro Trading Program
Start Date	Dec. 1, 2013
CTA Choice FRT [Member]
Affiliated Investment Fund Name:	CTA Choice FRT (“ FRT
Trading Advisor	Fort, L.P.
Trading Program	Global Diversified Program
Start Date	Aug. 1, 2014
CTA Choice QNTM [Member]
Affiliated Investment Fund Name:	CTA Choice QNTM (“ QNTM
Trading Advisor	Quantmetrics Capital Management LLP
Trading Program	QM Multi Strategy Program
Start Date	May 1, 2015
CTA Choice SCT [Member]
Affiliated Investment Fund Name:	CTA Choice SCT (“ SCT
Trading Advisor	SCT Capital Management Inc.
Trading Program	AQT1X Trading Program
Start Date	May 1, 2015
CTA Choice WTN [Member]
Affiliated Investment Fund Name:	CTA Choice WTN (“ WTN
Trading Advisor	Winton Capital Management Limited
Trading Program	Diversified Program
Start Date	May 1, 2015

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		14 Months Ended	103 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Nov. 30, 2006	Jun. 30, 2015
Number of monthly payments subject to reimbursement by Trust, without interest			36 months
Total Ongoing Offering Costs incurred to date	$ 2,936,640		$ 2,936,640			$ 2,936,640
Ongoing offering costs incurred not be reimbursed to the Managing Owner					$ 599,062
Ongoing offering costs incurred		$ 12,027	$ 0	$ 59,072
Allocable Portion of ongoing offering costs	0.50%	0.50%	0.50%	0.50%
Capital Unit Class II [Member]
Total Ongoing Offering Costs incurred to date	$ 2,879,478		$ 2,879,478			2,879,478
Ongoing offering costs incurred not be reimbursed to the Managing Owner						635,144
Ongoing offering costs incurred						2,300,021
Managing Owner Interests - Capital Unit Class II [Member]
Ongoing offering costs incurred						$ 2,280,415

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Summary of assets and liabilities measured at fair value
Investment in securities, at fair value		$ 10,187,034
Investment in Affiliated Investment Funds, at fair value	$ 10,019,322	4,083,278
Fair Value Inputs, Level 1 [Member]
Summary of assets and liabilities measured at fair value
Investment in securities, at fair value		10,187,034
Investment in Affiliated Investment Funds, at fair value	0	0
Fair Value Inputs, Level 2 [Member]
Summary of assets and liabilities measured at fair value
Investment in securities, at fair value		0
Investment in Affiliated Investment Funds, at fair value	10,019,322	4,083,278
Fair Value Inputs, Level 3 [Member]
Summary of assets and liabilities measured at fair value
Investment in securities, at fair value		0
Investment in Affiliated Investment Funds, at fair value	$ 0	$ 0

RELATED PARTIES (Details Narrat

RELATED PARTIES (Details Narrative) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
RelatedPartiesDetailsNarrativeAbstract
Expenses payable to kenmar preferred and its affiliates	$ 33,708	$ 33,110

RELATED PARTIES (Details)

RELATED PARTIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Expenses
Management fees to Managing Owner	$ 18,774	$ 25,130	$ 38,541	$ 76,715
Managing Owner interest earned on Certain Investment Funds	1,675	30,084	11,276	70,319
Operating expenses	45,586	39,350
Related party expenses	$ 66,035	$ 94,564
Kenmar Preferred and Affiliates [Member]
Related Party Expenses
Management fees to Managing Owner			38,541	76,715
Managing Owner interest earned on Certain Investment Funds			11,276	70,319
Operating expenses			72,782	76,260
Related party expenses			$ 122,599	$ 223,294

MANAGING OWNER AND AFFILIATES (

MANAGING OWNER AND AFFILIATES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
ManagingOwnerAndAffiliatesDetailsNarrativeAbstract
Monthly management fee			1/12 th
Monthly management fee description			1/12 th
Positive returns earned on investment in certain investment funds (percent)	1.00%		1.00%
Additional returns from certain investment funds allocated to the trust			A dditional positive returns (or 100% of any losses) on Series J’s investments in Certain Investment Funds
Managing owner interest earned on certain investment funds	$ 1,675	$ 30,084	$ 11,276	$ 70,319
Administrative services fee earned	$ 11,265	$ 12,811	$ 21,220	$ 38,913
Management fees on net assets (percent)			0.50%
Percentage of losses credited to company in calculating management fees			100.00%

SERVICE FEES AND SALES COMMIS36

SERVICE FEES AND SALES COMMISSIONS (Details Narrative)	Sep. 30, 2010	Jun. 30, 2015
Monthly service fee paid to Wells Fargo	1/12 th
Annual Service fee paid to Wells Fargo	0.10%
Capital Unit Class I [Member]
Monthly service fee		1/12 th
Annual Service fees		2.00%
Upfront commission paid to correspondent selling agents		2.00%
Monthly commission paid to correspondent selling agents		1/12 th
Recapture provision description		1/12 th
Monthly service fee paid to Wells Fargo		1/12 th
Annual Service fee paid to Wells Fargo		0.30%

SERVICE FEES AND SALES COMMIS37

SERVICE FEES AND SALES COMMISSIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Composition of service fee - Class I Units
Monthly 1/12 of 2% service fee calculated on all Class I Units	$ 70,222	$ 93,529	$ 144,998	$ 284,609
Series J's recapture on 1/12 of 2% service fee on select units and recapture of the service fee on units held with no CSA	(2,789)	(4,801)	(5,738)	(15,061)
Total	$ 67,433	$ 88,728	$ 139,260	$ 269,548

ADMINISTRATOR (Details Narrativ

ADMINISTRATOR (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Administrative service fee	$ 67,433	$ 88,728	$ 139,260	$ 269,548
Investments in Affiliated Investment Funds [Member]
Administrative service fee	28,847	14,262	39,737	38,275
Direct Paid Fees [Member]
Administrative service fee	$ 6,250	$ 10,729	$ 12,500	$ 16,979

INVESTMENT IN AFFILIATED INVE39

INVESTMENT IN AFFILIATED INVESTMENT FUNDS (Details Narrative)	Jun. 30, 2015	Dec. 31, 2014
Investment In Affiliated Investment Funds Details Narrative
Portion of net asset value invested in affiliated investment funds	77.82%	26.10%

INVESTMENT IN AFFILIATED INVE40

INVESTMENT IN AFFILIATED INVESTMENT FUNDS (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Change in fair value of net asset value investments in Affiliated Investment Funds
Investments in Affiliated Investment Funds, Net asset value, Beginning Balance	$ 4,083,278
Investments in Affiliated Investment Funds, Net asset value, Ending Balance	10,019,322
Investments in Affiliated Investment Funds [Member]
Change in fair value of net asset value investments in Affiliated Investment Funds
Investments in Affiliated Investment Funds, Net asset value, Beginning Balance	4,083,278	$ 12,249,728
Purchases	16,414,981	3,934,382
Loss	(624,030)	(3,943,311)
Redemptions	(9,854,907)	(7,599,229)
Investments in Affiliated Investment Funds, Net asset value, Ending Balance	$ 10,019,322	$ 4,641,570

INVESTMENT IN AFFILIATED INVE41

INVESTMENT IN AFFILIATED INVESTMENT FUNDS (Details 1)	Jun. 30, 2015USD ($)
Total capital contribution	$ 10,019,322
Total investment level	16,738,921
CTA Choice ELL [Member]
Total capital contribution	2,358,084
Total investment level	2,836,162
CTA Choice FRT [Member]
Total capital contribution	1,316,160
Total investment level	2,728,599
CTA Choice QNTM [Member]
Total capital contribution	1,427,804
Total investment level	2,854,557
CTA Choice RDOK [Member]
Total capital contribution	1,389,948
Total investment level	2,877,867
CTA Choice SCT [Member]
Total capital contribution	1,256,680
Total investment level	2,692,018
CTA Choice WTN [Member]
Total capital contribution	2,270,646
Total investment level	$ 2,749,718

COSTS, FEES AND EXPENSES (Detai

COSTS, FEES AND EXPENSES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CTA Choice RDOK
Management fees paid	$ 62,900	$ 61,833	$ 123,804	$ 181,695
Incentive fees paid	$ 7,085	$ 0	$ 195,376	$ 0

COSTS, FEES AND EXPENSES (Det43

COSTS, FEES AND EXPENSES (Details 1)		Apr. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Management fee (percent)			0.50%
CTA Choice EGLG [Member]
Management fee (percent)	[1]	2.00%
Incentive fee (percent)	[1]	25.00%
CTA Choice ELL [Member]
Management fee (percent)			0.00%
Incentive fee (percent)			30.00%
CTA Choice FRT [Member]
Management fee (percent)			2.00%
Incentive fee (percent)			20.00%
CTA Choice GLAGS [Member]
Management fee (percent)	[2]			2.00%
Incentive fee (percent)	[2]			20.00%
CTA Choice RDOK [Member]
Management fee (percent)			2.00%
Incentive fee (percent)			20.00%
CTA Choice QNTM [Member]
Management fee (percent)			1.00%
Incentive fee (percent)			25.00%
CTA Choice SAXN [Member]
Management fee (percent)	[2]			0.00%
Incentive fee (percent)	[2]			25.00%
CTA Choice SCT [Member]
Management fee (percent)	[3]		0.75%	0.75%
Incentive fee (percent)	[3]		20.00%	20.00%
CTA Choice WTN [Member]
Management fee (percent)			1.50%
Incentive fee (percent)			20.00%
[1]	Series J fully redeemed from CTA Choice EGLG as of April 30, 2015.
[2]	Series J fully redeemed from CTA Choice GLAGS and CTA Choice SAXN as of December 31, 2014.
[3]	Series J invests in CTA Choice SCT's 2x program and pays a management fee of 1.50%.

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - $ / Units		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Capital Unit Class I [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per Unit at beginning of period		93.49	83.76	89.33	93.8
Gain (Loss) from operations:
Net realized and change in unrealized gain (loss)	[1]	(8.94)	0.77	(3.60)	(8.20)
Interest income	[1]	0	0	0	0
Dividend income	[1]	0.01	0.14	0.14	0.29
Expenses		(1.39)	(1.49)	(2.70)	(2.71)
Total gain (loss) from operations		(10.32)	(0.58)	(6.16)	(10.62)
Net asset value per Unit at end of period		83.17	83.18	83.17	83.18
Total Return	[2]	(11.04%)	(0.69%)	(6.90%)	(11.32%)
Supplemental data - Ratios to Average Net Asset Values:
Net investment loss	[3],[4]	(6.32%)	(6.50%)	(5.73%)	(5.51%)
Interest income	[3]	0.00%	0.00%	0.00%	0.01%
Dividend income	[3]	0.05%	0.67%	0.32%	0.67%
Other expenses	[3]	6.37%	7.17%	6.05%	6.19%
Capital Unit Class II [Member]
Per Unit Performance (for a unit outstanding throughout the entire period)
Net asset value per Unit at beginning of period		108.23	95.16	102.94	106.03
Gain (Loss) from operations:
Net realized and change in unrealized gain (loss)	[1]	(10.38)	0.91	(4.24)	(9.34)
Interest income	[1]	0	0	0	0
Dividend income	[1]	0.01	0.17	0.16	0.34
Expenses		(1.09)	(1.29)	(2.09)	(2.08)
Total gain (loss) from operations		(11.46)	(0.21)	(6.17)	(11.08)
Net asset value per Unit at end of period		96.77	94.95	96.77	94.95
Total Return	[2]	(10.59%)	(0.22%)	(5.99%)	(10.45%)
Supplemental data - Ratios to Average Net Asset Values:
Net investment loss	[3],[4]	(4.25%)	(4.73%)	(3.72%)	(3.50%)
Interest income	[3]	0.00%	0.01%	0.00%	0.01%
Dividend income	[3]	0.05%	0.71%	0.32%	0.69%
Other expenses	[3]	4.30%	5.45%	4.04%	4.20%
[1]	Dividend income, interest income and expenses per Unit are calculated by dividing dividend income, interest income and other expenses applicable to each Class by the weighted average number of Units of each Class outstanding during the period. Net realized and change in unrealized gain (loss) is a balancing amount necessary to reconcile the change in Net Asset Value per Unit of each Class with the other per Unit information.
[2]	Not annualized.
[3]	Annualized.
[4]	Represents dividend and interest income less total expenses. This excludes Series J's proportionate share of income and expenses from investment in Affiliated Investment Funds.

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Aug. 13, 2015USD ($)
Subsequent Event [Member]
Redemptions	$ 226,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Aug. 01, 2015	Jun. 30, 2015
Capital Contributions and Investment Level Split:
Total investment level		$ 16,738,921
CTA Choice ELL [Member]
Capital Contributions and Investment Level Split:
Total investment level		2,836,162
CTA Choice FRT [Member]
Capital Contributions and Investment Level Split:
Total investment level		2,728,599
CTA Choice RDOK [Member]
Capital Contributions and Investment Level Split:
Total investment level		2,877,867
CTA Choice QNTM [Member]
Capital Contributions and Investment Level Split:
Total investment level		2,854,557
CTA Choice SCT [Member]
Capital Contributions and Investment Level Split:
Total investment level		2,692,018
CTA Choice WTN [Member]
Capital Contributions and Investment Level Split:
Total investment level		$ 2,749,718
Subsequent Event [Member]
Capital Contributions and Investment Level Split:
Total capital contribution	$ 9,714,147
Total investment level	15,842,293
Subsequent Event [Member] | CTA Choice ELL [Member]
Capital Contributions and Investment Level Split:
Total capital contribution	2,262,139
Total investment level	2,699,864
Subsequent Event [Member] | CTA Choice FRT [Member]
Capital Contributions and Investment Level Split:
Total capital contribution	1,384,547
Total investment level	2,697,720
Subsequent Event [Member] | CTA Choice RDOK [Member]
Capital Contributions and Investment Level Split:
Total capital contribution	1,288,297
Total investment level	2,601,472
Subsequent Event [Member] | CTA Choice QNTM [Member]
Capital Contributions and Investment Level Split:
Total capital contribution	1,261,790
Total investment level	2,574,963
Subsequent Event [Member] | CTA Choice SCT [Member]
Capital Contributions and Investment Level Split:
Total capital contribution	1,278,939
Total investment level	2,592,113
Subsequent Event [Member] | CTA Choice WTN [Member]
Capital Contributions and Investment Level Split:
Total capital contribution	2,238,435
Total investment level	$ 2,676,160