World Monitor Trust III - Series J 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2016shares
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, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
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

STATEMENTS OF FINANCIAL CONDITI

STATEMENTS OF FINANCIAL CONDITION (Unaudited)	Jun. 30, 2016USD ($)$ / Units	Dec. 31, 2015USD ($)$ / Units
ASSETS
Cash and cash equivalents (see Note 2)	$ 127,134	$ 87,832
Investment in securities, at fair value (cost $1,970,662 and $3,055,928 at June 30, 2016 and December 31, 2015, respectively)	1,957,622	3,016,930
Investment in Affiliated Investment Funds, at fair value (see Note 7)	8,370,495	3,222,888
Receivable from Affiliated Investment Funds		5,030,582
Total assets	10,455,251	11,358,232
LIABILITIES
Accrued expenses payable	57,761	109,348
Interest payable to Managing Owner	10,792	0
Service fees payable (see Note 5)	16,427	18,601
Redemptions payable	231,267	26,179
Total liabilities	316,247	154,128
UNITHOLDERS' CAPITAL (Net Asset Value)
Total Unitholders' capital (Net Asset Value)	10,139,004	11,204,104
Total liabilities and Unitholders' capital	10,455,251	11,358,232
Capital Unit Class I [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Unitholders' Units - 6,560.334 and 8,371.835 Units outstanding at June 30, 2016 and December 31, 2015, respectively, Unitholders' Units - 6,560.334 and 8,371.835 Units outstanding at June 30, 2016 and December 31, 2015, respectively	$ 9,526,335	$ 10,428,454
NET ASSET VALUE PER UNIT
Net asset value per unit | $ / Units	78.75	78.87
Capital Unit Class II [Member]
UNITHOLDERS' CAPITAL (Net Asset Value)
Unitholders' Units - 6,560.334 and 8,371.835 Units outstanding at June 30, 2016 and December 31, 2015, respectively, Unitholders' Units - 6,560.334 and 8,371.835 Units outstanding at June 30, 2016 and December 31, 2015, respectively	$ 612,669	$ 775,650
NET ASSET VALUE PER UNIT
Net asset value per unit | $ / Units	93.39	92.65

STATEMENTS OF FINANCIAL CONDIT3

STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Investments in Securities, at cost	$ 1,970,662	$ 3,055,928
Unitholders' capital, outstanding	127,534.883	140,600.708	153,441.591	173,740.036
Capital Unit Class I [Member]
Unitholders' capital, outstanding	120,974.549	132,228.873
Capital Unit Class II [Member]
Unitholders' capital, outstanding	6,560.334	8,371.835

CONDENSED SCHEDULES OF INVESTME

CONDENSED SCHEDULES OF INVESTMENTS (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Investment in securities, at fair value	$ 1,957,622	$ 3,016,930
Investment in Affiliated Investment Funds, at fair value	8,370,495	3,222,888
Investments in Securities, at cost	$ 1,970,662	$ 3,055,928
Double Line Funds [Member]
Fair Value as a percentage of Unitholders' Capital	19.31%	26.39%
Investment in securities, at fair value	$ 1,957,622	$ 3,016,930
Investments in Securities at Fair Value [Member]
Fair Value as a percentage of Unitholders' Capital	19.31%	26.39%
Investment in securities, at fair value	$ 1,957,622	$ 3,016,930
CTA Choice FRT [Member]
Fair Value as a percentage of Unitholders' Capital	18.61%	9.64%
Investment in Affiliated Investment Funds, at fair value	$ 1,886,675	$ 1,080,343
CTA Choice KEY [Member]
Fair Value as a percentage of Unitholders' Capital	25.38%	0.00%
Investment in Affiliated Investment Funds, at fair value	$ 2,573,301	$ 0
CTA Choice QNTM [Member]
Fair Value as a percentage of Unitholders' Capital	23.89%	9.82%
Investment in Affiliated Investment Funds, at fair value	$ 2,421,933	$ 1,099,543
CTA Choice RDOK [Member]
Fair Value as a percentage of Unitholders' Capital	14.68%	9.31%
Investment in Affiliated Investment Funds, at fair value	$ 1,488,586	$ 1,043,022
Investments in Affiliated Investment Funds [Member]
Fair Value as a percentage of Unitholders' Capital	82.56%	28.77%
Investment in Affiliated Investment Funds, at fair value	$ 8,370,495	$ 3,222,888
Proportional Share of Investment in Double Line Funds [Member]
Fair Value as a percentage of Unitholders' Capital	27.03%
Investment in Affiliated Investment Funds, at fair value	$ 2,740,403

CONDENSED SCHEDULES OF INVESTM5

CONDENSED SCHEDULES OF INVESTMENTS (Unaudited) (Parenthetical) - shares	Jun. 30, 2016	Dec. 31, 2015
Double Line Funds [Member]
Shares owned	194,788.232	301,994.965
Investments in Affiliated Investment Funds [Member]
Shares owned	272,411.047

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
INVESTMENT INCOME
Interest income	$ 0	$ 9	$ 0	$ 10
Dividend income	13,296	1,675	27,379	23,716
Total investment income	13,296	1,684	27,379	23,726
EXPENSES
Management fees to Managing Owner	12,921	18,774	26,983	38,541
Managing Owner interest earned on Certain Investment Funds (see Note 4)	12,921	1,675	26,983	11,276
Service fees - Class I Units (see Note 5)	45,661	67,433	95,483	139,260
Sales commission	25,842	37,271	53,965	77,013
Operating expenses	47,050	99,428	110,918	179,543
Total expenses	144,395	224,581	314,332	445,633
Net investment loss	(131,099)	(222,897)	(286,953)	(421,907)
REALIZED AND UNREALIZED GAIN OR (LOSS) ON INVESTMENTS
Net realized loss on investment in securities	(2,841)	(49,618)	(12,600)	(61,229)
Net change in unrealized appreciation or depreciation on investment in securities	16,173	49,618	25,958	109,793
Net gain from investment in securities	13,332	0	13,358	48,564
Net gain (loss) from investment in Affiliated Investment Funds	371,590	(1,510,432)	255,729	(624,030)
Total gain (loss) on investments	384,922	(1,510,432)	269,087	(575,466)
NET INCOME (LOSS)	$ 253,823	$ (1,733,329)	$ (17,866)	$ (997,373)
Capital Unit Class I Member
NET LOSS PER WEIGHTED AVERAGE UNIT
Net loss per weighted average Unit	$ 1.89	$ (10.56)	$ (0.18)	$ (5.99)
Weighted average number of Units outstanding	123,875.699	154,970.232	127,039.613	158,230.235
Capital Unit Clas II Member
NET LOSS PER WEIGHTED AVERAGE UNIT
Net loss per weighted average Unit	$ 2.63	$ (11.54)	$ 0.70	$ (5.75)
Weighted average number of Units outstanding	7,289.120	8,371.835	7,579.760	8,602.120

STATEMENTS OF CHANGES IN UNITHO

STATEMENTS OF CHANGES IN UNITHOLDERS' CAPITAL (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Capital Unit Class I Member
Unitholders' capital, beginning balance			$ 10,428,454	$ 14,707,477
Unitholders' capital, beginning balance, Units			132,228.873	164,636.168
Redemptions			$ (878,914)	$ (1,694,552)
Redemptions, Units			(11,254.324)	(19,566.412)
Net loss			$ (23,205)	$ (947,903)
Unitholders' capital, ending balance	$ 9,526,335	$ 12,065,022	$ 9,526,335	$ 12,065,022
Unitholders' capital, ending balance, Units	120,974.549	145,069.756	120,974.549	145,069.756
Capital Unit Clas II Member
Unitholders' capital, beginning balance			$ 775,650	$ 937,117
Unitholders' capital, beginning balance, Units			8,371.835	9,103.868
Redemptions			$ (168,320)	$ (77,530)
Redemptions, Units			(1,811.501)	(732.033)
Net loss			$ 5,339	$ (49,470)
Unitholders' capital, ending balance	$ 612,669	$ 810,117	$ 612,669	$ 810,117
Unitholders' capital, ending balance, Units	6,560.334	8,371.835	6,560.334	8,371.835
Unitholders' capital, beginning balance			$ 11,204,104	$ 15,644,594
Unitholders' capital, beginning balance, Units			140,600.708	173,740.036
Redemptions			$ (1,047,234)	$ (1,772,082)
Redemptions, Units			(13,065.825)	(20,298.445)
Net loss	$ 253,823	$ (1,733,329)	$ (17,866)	$ (997,373)
Unitholders' capital, ending balance	$ 10,139,004	$ 12,875,139	$ 10,139,004	$ 12,875,139
Unitholders' capital, ending balance, Units	127,534.883	153,441.591	127,534.883	153,441.591

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	Note 1. ORGANIZATION A. General Description of the Trust World Monitor Trust III (the “ Trust Series Trust Agreement Kenmar Preferred Investments, LLC (“ Kenmar Preferred Managing Owner Clarity Managed Account & Analytics Platform, LLC (“ Clarity CTA Choice Kenmar Global Investment Management, LLC (the “ Asset Allocator Effective December 31, 2015, Kenmar Global Investment Management, LLC was put into liquidation and Clarity was appointed as the Asset Allocator of Series J. 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 interestholders pursuant to each interestholder’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 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 FRT (“ FRT Fort, L.P. Global Diversified Program 8/1/2014 CTA Choice KEY (“ KEY KeyQuant S.A.S Key Trends Program 1/1/2016 CTA Choice QNTM (“ QNTM Quantmetrics Capital Management LLP QM Multi Strategy Program 5/1/2015 CTA Choice RDOK (“ RDOK Red Oak Commodity Advisors, Inc. Fundamental Trading Program 12/1/2012 CTA Choice EGLG (“ EGLG Eagle Trading Systems Inc. Eagle Global Program 1/1/2012 4/30/2015 CTA Choice ELL (“ ELL Ellington Management Group, LLC Global Macro Trading Program 12/1/2013 12/31/2015 CTA Choice SCT (“ SCT SCT Capital Management Inc. AQT1X Trading Program 5/1/2015 12/31/2015 CTA Choice WTN (“ WTN Winton Capital Management Limited Diversified Program 5/1/2015 12/31/2015 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 Units would no longer be publicly offered and would only be available on a private placement basis to “accredited investors” pursuant to Regulation D under the Securities Act of 1933. 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, 2016
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, 2016, the condensed statements of operations for the three months ended June 30, 2016 ("Second Quarter 2016"), for the six months ended June 30, 2016 ("Year-To-Date 2016"), for the three months ended June 30, 2015 ("Second Quarter 2015"), for the six months ended June 30, 2015 ("Year-To-Date 2015"), and the condensed statements of changes in Unitholders' capital for Year-To-Date 2016 and Year-To-Date 2015, are unaudited. 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 June 30, 2016 and the results of its operations for the Second Quarter 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015. The operating results for these interim periods may not be indicative of the results expected for a full year. Certain amounts in Second Quarter 2015 and Year-To-Date 2015 condensed financial statements were reclassified to conform with the Second Quarter 2016 and Year-To-Date 2016 presentation. The reclassification did not have any material impact on the condensed financial statements. 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, 2015. 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 quoted share price on the last day of the period. Realized gains and losses from investment in securities is 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). There are no Level 3 investments as of June 30, 2016 or December 31, 2015, nor any portion of the interim periods. The following tables summarize the assets measured at fair value using the fair value hierarchy: June 30, 2016 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 1,957,622 $ 0 $ 0 $ 1,957,622 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 3,016,930 $ 0 $ 0 $ 3,016,930 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, 2016, the Managing Owner has paid $2,936,640 in ongoing offering costs, of which $2,879,478 has been allocated to Series J. Ongoing offering costs incurred through November 30, 2006 in the amount of $599,063 will not be reimbursed to the Managing Owner. For the period December 1, 2006 through June 30, 2016, the Managing Owner incurred and Series J was allocated ongoing offering costs in the amount of $2,300,021 and $2,280,415, respectively. 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 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015, 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 Interest is recorded on an accrual basis. 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. The Managing Owner of the Trust adopted ASU 2015-07 as of January 1, 2015. The adoption of ASU 2015-07 did not have a material impact on the Trust’s Financial Statements.

RELATED PARTIES

RELATED PARTIES	6 Months Ended
	Jun. 30, 2016
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 June 30, Six months ended June 30, 2016 2015 2016 2015 Management fees to Managing Owner $ 12,921 $ 18,774 $ 26,983 $ 38,541 Managing Owner interest earned on Certain 12,921 1,675 26,983 11,276 Operating expenses 20,893 45,586 45,393 72,782 Total $ 46,735 $ 66,035 $ 99,359 $ 122,599 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, 2016 and December 31, 2015, were $6,225 and $33,772, respectively.

MANAGING OWNER AND AFFILIATES

MANAGING OWNER AND AFFILIATES	6 Months Ended
	Jun. 30, 2016
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 th 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 based on their respective beginning of month Allocated Assets. For the Second Quarter 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015, the administrative services fee earned indirectly totaled $7,686, $11,265, $15,998 and $21,220, respectively

SERVICE FEES AND SALES COMMISSI

SERVICE FEES AND SALES COMMISSIONS	6 Months Ended
	Jun. 30, 2016
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 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015, the Service Fee – Class I Units is composed of the following: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Monthly 1/12 th $ 48,243 $ 70,222 $ 100,741 $ 144,998 Series J’s recapture on 1/12 th (2,582 ) (2,789 ) (5,258 ) (5,738 ) Total $ 45,661 $ 67,433 $ 95,483 $ 139,260 Kenmar Securities LLC (“ Selling Agent Series J pays 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, 2016
Administrator
ADMINISTRATOR	Note 6. ADMINISTRATOR SS&C GlobeOp Financial Services LLC (“ SS&C GlobeOp Administrator Gemini Administrator Series J indirectly pays its pro-rata share of administrator fees through its investment in Affiliated Investment Funds. For the Second Quarter 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015, Series J indirectly paid administrator fees totaling $12,480, $28,847, $33,873 and $39,737, respectively. Series J also pays administrator fees directly to the Administrators. For the Second Quarter 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015, Series J directly paid the Administrators administrator fees of $1,500, $6,250, $5,083 and $12,500, respectively.

INVESTMENT IN AFFILIATED INVEST

INVESTMENT IN AFFILIATED INVESTMENT FUNDS	6 Months Ended
	Jun. 30, 2016
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 82.56% and 28.77% of the Net Asset Value of Series J at June 30, 2016 and December 31, 2015, 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 2016 and the Year-To-Date 2015: Net asset value Net asset value December 31, 2015 Purchases Loss Redemptions June 30, 2016 Investment in Affiliated Investment Funds $ 3,222,888 $ 6,785,690 $ 255,729 $ (1,893,812 ) $ 8,370,495 Net asset value Net asset value December 31, 2014 Purchases Loss Redemptions June 30, 2015 Investment in Affiliated Investment Funds $ 4,083,278 $ 16,414,981 $ (624,030 ) $ (9,854,907 ) $ 10,019,322 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. Effective May 1, 2015, in accordance with the amendment to CTA Choice’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 Total Investment CTA Choice FRT $ 1,886,675 $ 3,219,772 CTA Choice KEY 2,573,301 3,065,054 CTA Choice QNTM 2,421,933 2,917,472 CTA Choice RDOK 1,488,586 3,151,192 Total $ 8,370,495 $ 12,353,490 Series J’s investment in Affiliated Investment Funds is subject to the market and credit risks of securities and derivatives 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 interestholders 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, 2016
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, 2016
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 FRT 2.00% 20.00% CTA Choice KEY 1.00% 20.00% CTA Choice QNTM 1.00% 25.00% CTA Choice RDOK 2.00% 20.00% CTA Choice EGLG* 2.00% 25.00% CTA Choice ELL** 0.00% 30.00% CTA Choice SCT**, *** 0.75% 20.00% CTA Choice WTN** 1.50% 20.00% * Series J fully redeemed from CTA Choice EGLG as of April 30, 2015. ** Series J fully redeemed from CTA Choice ELL, CTA Choice SCT and CTA Choice WTN as of December 31, 2015. *** Series J invested in CTA Choice SCT’s 2x program and pays a management fee of 1.50%. For the Second Quarter 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015,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 $46,320, $62,900, $96,656 and $123,804, respectively. For the Second Quarter 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015, the Trading Advisor incentive fees paid indirectly within Series J’s investment in Affiliated Investment Funds totaled $67,134, $7,085, $102,912 and $195,376, 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, 2016
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, 2016 and December 31, 2015. Derivative trading activity is conducted within the Affiliated Investment Funds. 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, 2016
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 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015. This information has been derived from information presented in the condensed financial statements: Class I Class II Three months Six Three months Six June 30, 2016 June 30, 2016 Per Unit Performance (for a Unit outstanding throughout the entire period) Net Asset Value per Unit at beginning of period $ 76.87 $ 78.87 $ 90.74 $ 92.65 Gain (Loss) from operations: Net realized and change in unrealized gain (1) 2.89 2.04 3.43 2.42 Interest income (1) 0.00 0.00 0.00 0.00 Dividend income (1) 0.10 0.20 0.12 0.24 Expenses (1.11 ) (2.36 ) (0.90 ) (1.92 ) Total gain from operations 1.88 (0.12 ) 2.65 0.74 Net Asset Value per Unit at end of period $ 78.75 $ 78.75 $ 93.39 $ 93.39 Total Return (4) 2.45 % (0.15 )% 2.93 % 0.80 % Supplemental data Ratios to average Net Asset Value: Net investment loss (2), (3) (5.21 )% (5.49 )% (3.39 )% (3.62 )% Interest income (3) 0.00 % 0.00 % 0.00 % 0.00 % Dividend income (3) 0.52 % 0.51 % 0.53 % 0.52 % Other expenses (3) 5.73 % 6.00 % 3.92 % 4.14 % Total expenses 5.73 % 6.00 % 3.92 % 4.14 % 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. Class I Class II Three months Six Three months Six 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 gain (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 gain (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 expenses 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 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, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 12. SUBSEQUENT EVENTS From July 1, 2016 through August 12, 2016, there were estimated redemptions of $200,000 effective July 31, 2016.

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Accounting	A. Basis of Accounting The condensed statements of financial condition, including the condensed schedules of investments, as of June 30, 2016, the condensed statements of operations for the three months ended June 30, 2016 ("Second Quarter 2016"), for the six months ended June 30, 2016 ("Year-To-Date 2016"), for the three months ended June 30, 2015 ("Second Quarter 2015"), for the six months ended June 30, 2015 ("Year-To-Date 2015"), and the condensed statements of changes in Unitholders' capital for Year-To-Date 2016 and Year-To-Date 2015, are unaudited. 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 June 30, 2016 and the results of its operations for the Second Quarter 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015. The operating results for these interim periods may not be indicative of the results expected for a full year. Certain amounts in Second Quarter 2015 and Year-To-Date 2015 condensed financial statements were reclassified to conform with the Second Quarter 2016 and Year-To-Date 2016 presentation. The reclassification did not have any material impact on the condensed financial statements. 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, 2015. 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 quoted share price on the last day of the period. Realized gains and losses from investment in securities is 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). There are no Level 3 investments as of June 30, 2016 or December 31, 2015, nor any portion of the interim periods. The following tables summarize the assets measured at fair value using the fair value hierarchy: June 30, 2016 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 1,957,622 $ 0 $ 0 $ 1,957,622 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 3,016,930 $ 0 $ 0 $ 3,016,930
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, 2016, the Managing Owner has paid $2,936,640 in ongoing offering costs, of which $2,879,478 has been allocated to Series J. Ongoing offering costs incurred through November 30, 2006 in the amount of $599,063 will not be reimbursed to the Managing Owner. For the period December 1, 2006 through June 30, 2016, the Managing Owner incurred and Series J was allocated ongoing offering costs in the amount of $2,300,021 and $2,280,415, respectively. 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 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015, 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	F. Interest Interest is recorded on an accrual basis.
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. The Managing Owner of the Trust adopted ASU 2015-07 as of January 1, 2015. The adoption of ASU 2015-07 did not have a material impact on the Trust’s Financial Statements.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of details of affiliated investment funds	Affiliated Investment Fund Trading Advisor Trading Program Start Date Termination Date CTA Choice FRT (“ FRT Fort, L.P. Global Diversified Program 8/1/2014 CTA Choice KEY (“ KEY KeyQuant S.A.S Key Trends Program 1/1/2016 CTA Choice QNTM (“ QNTM Quantmetrics Capital Management LLP QM Multi Strategy Program 5/1/2015 CTA Choice RDOK (“ RDOK Red Oak Commodity Advisors, Inc. Fundamental Trading Program 12/1/2012 CTA Choice EGLG (“ EGLG Eagle Trading Systems Inc. Eagle Global Program 1/1/2012 4/30/2015 CTA Choice ELL (“ ELL Ellington Management Group, LLC Global Macro Trading Program 12/1/2013 12/31/2015 CTA Choice SCT (“ SCT SCT Capital Management Inc. AQT1X Trading Program 5/1/2015 12/31/2015 CTA Choice WTN (“ WTN Winton Capital Management Limited Diversified Program 5/1/2015 12/31/2015

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 1,957,622 $ 0 $ 0 $ 1,957,622 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Investment in securities, at fair value $ 3,016,930 $ 0 $ 0 $ 3,016,930

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Summary of expenses incurred by Series J for services performed by Kenmar Preferred and its affiliates	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Management fees to Managing Owner $ 12,921 $ 18,774 $ 26,983 $ 38,541 Managing Owner interest earned on Certain 12,921 1,675 26,983 11,276 Operating expenses 20,893 45,586 45,393 72,782 Total $ 46,735 $ 66,035 $ 99,359 $ 122,599

SERVICE FEES AND SALES COMMIS24

SERVICE FEES AND SALES COMMISSIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Service Fees And Sales Commissions
Schedule of composition of service fee - Class I Units	For the Second Quarter 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015, the Service Fee – Class I Units is composed of the following: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Monthly 1/12 th $ 48,243 $ 70,222 $ 100,741 $ 144,998 Series J’s recapture on 1/12 th (2,582 ) (2,789 ) (5,258 ) (5,738 ) Total $ 45,661 $ 67,433 $ 95,483 $ 139,260

INVESTMENT IN AFFILIATED INVE25

INVESTMENT IN AFFILIATED INVESTMENT FUNDS (Tables)	6 Months Ended
	Jun. 30, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
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 2016 and the Year-To-Date 2015: Net asset value Net asset value December 31, 2015 Purchases Loss Redemptions June 30, 2016 Investment in Affiliated Investment Funds $ 3,222,888 $ 6,785,690 $ 255,729 $ (1,893,812 ) $ 8,370,495 Net asset value Net asset value December 31, 2014 Purchases Loss Redemptions June 30, 2015 Investment in Affiliated Investment Funds $ 4,083,278 $ 16,414,981 $ (624,030 ) $ (9,854,907 ) $ 10,019,322
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 Total Investment CTA Choice FRT $ 1,886,675 $ 3,219,772 CTA Choice KEY 2,573,301 3,065,054 CTA Choice QNTM 2,421,933 2,917,472 CTA Choice RDOK 1,488,586 3,151,192 Total $ 8,370,495 $ 12,353,490

COSTS, FEES AND EXPENSES (Table

COSTS, FEES AND EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2016
Costs Fees And Expenses Tables
Schedule of direct management and incentive fees	Total capital Total Investment CTA Choice FRT $ 1,886,675 $ 3,219,772 CTA Choice KEY 2,573,301 3,065,054 CTA Choice QNTM 2,421,933 2,917,472 CTA Choice RDOK 1,488,586 3,151,192 Total $ 8,370,495 $ 12,353,490

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	6 Months Ended
	Jun. 30, 2016
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 2016, Second Quarter 2015, Year-To-Date 2016 and Year-To-Date 2015. This information has been derived from information presented in the condensed financial statements: Class I Class II Three months Six Three months Six June 30, 2016 June 30, 2016 Per Unit Performance (for a Unit outstanding throughout the entire period) Net Asset Value per Unit at beginning of period $ 76.87 $ 78.87 $ 90.74 $ 92.65 Gain (Loss) from operations: Net realized and change in unrealized gain (1) 2.89 2.04 3.43 2.42 Interest income (1) 0.00 0.00 0.00 0.00 Dividend income (1) 0.10 0.20 0.12 0.24 Expenses (1.11 ) (2.36 ) (0.90 ) (1.92 ) Total gain (loss) from operations 1.88 (0.12 ) 2.65 0.74 Net Asset Value per Unit at end of period $ 78.75 $ 78.75 $ 93.39 $ 93.39 Total Return (4) 2.45 % (0.15 )% 2.93 % 0.80 % Supplemental data Ratios to average Net Asset Value: Net investment loss (2), (3) (5.21 )% (5.49 )% (3.39 )% (3.62 )% Interest income (3) 0.00 % 0.00 % 0.00 % 0.00 % Dividend income (3) 0.52 % 0.51 % 0.53 % 0.52 % Other expenses (3) 5.73 % 6.00 % 3.92 % 4.14 % Total expenses 5.73 % 6.00 % 3.92 % 4.14 % 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. Class I Class II Three months Six Three months Six 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 gain (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 gain (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 expenses 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 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.

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative) - USD ($)	Dec. 01, 2005	Dec. 31, 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, 2016
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 KEY [Member]
Affiliated Investment Fund Name:	CTA Choice KEY (“KEY”)
Trading Advisor	KeyQuant S.A.S
Trading Program	Key Trends Program
Start Date	Jan. 1, 2016
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 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 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 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
Termination Date	Dec. 31, 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
Termination Date	Dec. 31, 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
Termination Date	Dec. 31, 2015

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended		14 Months Ended	112 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Nov. 30, 2006	Jun. 30, 2016
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
Ongoing offering costs incurred not be reimbursed to the Managing Owner			$ 599,063
Ongoing offering costs incurred	$ 0	$ 0
Allocable Portion of ongoing offering costs	0.50%	0.50%
Managing Owner [Member]
Ongoing offering costs incurred				2,280,415
Capital Unit Class II [Member]
Total ongoing offering costs incurred to date	$ 2,879,478			2,879,478
Ongoing offering costs incurred				$ 2,300,021

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Summary of assets and liabilities measured at fair value
Investment in securities, at fair value	$ 1,957,622	$ 3,016,930
Fair Value Inputs, Level 1 [Member]
Summary of assets and liabilities measured at fair value
Investment in securities, at fair value	1,957,622	3,016,930
Fair Value Inputs, Level 2 [Member]
Summary of assets and liabilities measured at fair value
Investment in securities, at fair value	0	0
Fair Value Inputs, Level 3 [Member]
Summary of assets and liabilities measured at fair value
Investment in securities, at fair value	$ 0	$ 0

RELATED PARTIES (Details Narrat

RELATED PARTIES (Details Narrative) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Related Party Transactions [Abstract]
Expenses payable to kenmar preferred and its affiliates	$ 6,225	$ 33,772

RELATED PARTIES (Details)

RELATED PARTIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related Party Expenses
Management fees to Managing Owner	$ 12,921	$ 18,774	$ 26,983	$ 38,541
Managing Owner interest earned on Certain Investment Funds	12,921	1,675	26,983	11,276
Kenmar Preferred and Affiliates [Member]
Related Party Expenses
Management fees to Managing Owner	12,921	18,774	26,983	38,541
Managing Owner interest earned on Certain Investment Funds	12,921	1,675	26,983	11,276
Operating expenses	20,893	45,586	45,393	72,782
Related party expenses	$ 46,735	$ 66,035	$ 99,359	$ 122,599

MANAGING OWNER AND AFFILIATES (

MANAGING OWNER AND AFFILIATES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Managing Owner And Affiliates
Positive returns earned on investment in certain investment funds (percent)	1.00%		1.00%
Managing owner interest earned on certain investment funds	$ 12,921	$ 1,675	$ 26,983	$ 11,276
Administrative services fee earned	$ 7,686	$ 11,265	$ 15,998	$ 21,200
Management fees on net assets (percent)			0.50%
Percentage of losses credited to company in calculating management fees			100.00%

SERVICE FEES AND SALES COMMIS35

SERVICE FEES AND SALES COMMISSIONS (Details Narrative) - USD ($)	Sep. 30, 2010	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Annual Service fee paid to Wells Fargo	0.10%
Selling Agent sales commission		$ 25,842	$ 37,271	$ 53,965	$ 77,013
Capital Unit Class I [Member]
Annual service fees				2.00%
Upfront commission paid to correspondent selling agents				2.00%
Annual Service fee paid to Wells Fargo				0.30%

SERVICE FEES AND SALES COMMIS36

SERVICE FEES AND SALES COMMISSIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Composition of service fee - Class I Units
Monthly 1/12 of 2% service fee calculated on all Class I Units	$ 48,243	$ 70,222	$ 100,741	$ 144,998
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	(2,582)	(2,789)	(5,258)	(5,738)
Total	$ 45,661	$ 67,433	$ 95,483	$ 139,260

ADMINISTRATOR (Details Narrativ

ADMINISTRATOR (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Administrative service fees	$ 45,661	$ 67,433	$ 95,483	$ 139,260
Direct Paid Fees [Member]
Administrative service fees	1,500	6,250	5,083	12,500
Investments in Affiliated Investment Funds [Member]
Administrative service fees	$ 12,480	$ 28,847	$ 33,873	$ 39,737

INVESTMENT IN AFFILIATED INVE38

INVESTMENT IN AFFILIATED INVESTMENT FUNDS (Details Narrative)	Jun. 30, 2016	Dec. 31, 2015
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Portion of net asset value invested in affiliated investment funds	82.56%	28.77%

INVESTMENT IN AFFILIATED INVE39

INVESTMENT IN AFFILIATED INVESTMENT FUNDS (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Change in fair value of net asset value investments in Affiliated Investment Funds
Investments in Affiliated Investment Funds, Net asset value, beginning balance	$ 3,222,888
Investments in Affiliated Investment Funds, Net asset value, ending balance	8,370,495
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	3,222,888	$ 4,083,278
Purchases	6,785,690	16,414,981
Loss	255,729	(624,030)
Redemptions	(1,893,812)	(9,854,907)
Investments in Affiliated Investment Funds, Net asset value, ending balance	$ 8,370,495	$ 10,019,322

INVESTMENT IN AFFILIATED INVE40

INVESTMENT IN AFFILIATED INVESTMENT FUNDS (Details 1)	Jun. 30, 2016USD ($)
Total capital contribution	$ 8,370,495
Total investment level	12,353,490
CTA Choice FRT [Member]
Total capital contribution	1,886,675
Total investment level	3,219,772
CTA Choice KEY [Member]
Total capital contribution	2,573,301
Total investment level	3,065,054
CTA Choice QNTM [Member]
Total capital contribution	2,421,933
Total investment level	2,917,472
CTA Choice RDOK [Member]
Total capital contribution	1,488,586
Total investment level	$ 3,151,192

COSTS, FEES AND EXPENSES (Detai

COSTS, FEES AND EXPENSES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Costs Fees And Expenses
Management fees paid	$ 62,900	$ 46,320	$ 96,656	$ 123,804
Incentive fees paid	$ 7,085	$ 67,134	$ 102,912	$ 195,376

COSTS, FEES AND EXPENSES (Det42

COSTS, FEES AND EXPENSES (Details)		Apr. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Management fee (in percent)			0.50%
CTA Choice FRT [Member]
Management fee (in percent)			2.00%
Incentive fee (in percent)			20.00%
CTA Choice KEY [Member]
Management fee (in percent)			1.00%
Incentive fee (in percent)			20.00%
CTA Choice QNTM [Member]
Management fee (in percent)			1.00%
Incentive fee (in percent)			25.00%
CTA Choice RDOK [Member]
Management fee (in percent)			2.00%
Incentive fee (in percent)			20.00%
CTA Choice EGLG [Member]
Management fee (in percent)	[1]	2.00%
Incentive fee (in percent)	[1]	25.00%
CTA Choice ELL [Member]
Management fee (in percent)	[2]			0.00%
Incentive fee (in percent)	[2]			30.00%
CTA Choice SCT [Member]
Management fee (in percent)	[2],[3]			0.75%
Incentive fee (in percent)	[2],[3]			20.00%
CTA Choice WTN [Member]
Management fee (in percent)	[2]			1.50%
Incentive fee (in percent)	[2]			20.00%
CTA Choice SCT 2x Program [Member]
Management fee (in percent)			1.50%
[1]	Series J fully redeemed from CTA Choice EGLG as of April 30, 2015.
[2]	Series J fully redeemed from CTA Choice ELL, CTA Choice SCT and CTA Choice WTN as of December 31, 2015.
[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, 2016	Jun. 30, 2015	Jun. 30, 2016		Jun. 30, 2015
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		76.87	93.49	78.87		89.33
Gain (Loss) from operations:
Net realized and change in unrealized gain	[1]	2.89	(8.94)	2.04		(3.6)
Interest income	[1]	0	0	0		0
Dividend income	[1]	0.10	0.01	0.20		0.14
Expenses		(1.11)	(1.39)	(2.36)		(2.7)
Total gain from operations		1.88	(10.32)	(0.12)		(6.16)
Net Asset Value per Unit at end of period		78.75	83.17	78.75		83.17
Total Return	[2]	2.45%	(11.04%)	(0.15%)		(6.90%)
Supplemental data - Ratios to Average Net Asset Values:
Net investment loss	[3],[4]	(5.21%)	(6.32%)	(5.49%)		(5.73%)
Interest income	[3]	0.00%	0.00%	0.00%	[2]	0.00%	[2]
Dividend income	[3]	0.52%	0.05%	0.51%	[2]	0.32%	[2]
Other expenses	[3]	5.73%	6.37%	6.00%	[2]	6.05%	[2]
Total expenses		5.73%	6.37%	6.00%		6.05%
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		90.74	108.23	92.65		102.94
Gain (Loss) from operations:
Net realized and change in unrealized gain	[1]	3.43	(10.38)	2.42		(4.24)
Interest income	[1]	0	0	0		0
Dividend income	[1]	0.12	0.01	0.24		0.16
Expenses		(0.9)	(1.09)	(1.92)		(2.09)
Total gain from operations		2.65	(11.46)	0.74		(6.17)
Net Asset Value per Unit at end of period		93.39	96.77	93.39		96.77
Total Return	[2]	2.93%	(10.59%)	0.80%		(5.99%)
Supplemental data - Ratios to Average Net Asset Values:
Net investment loss	[3],[4]	(3.39%)	(4.25%)	(3.62%)		(3.72%)
Interest income	[3]	0.00%	0.00%	0.00%	[2]	0.00%	[2]
Dividend income	[3]	0.53%	0.05%	0.52%	[2]	0.32%	[2]
Other expenses	[3]	3.92%	4.30%	4.14%	[2]	4.04%	[2]
Total expenses		3.92%	4.30%	4.14%		4.04%
[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]	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. 12, 2016USD ($)
Subsequent Event [Member]
Redemptions	$ 200,000