TRADING ACTIVITIES AND RELATED RISKS (Tables)

12 Months Ended

Dec. 31, 2018

TRADING ACTIVITIES AND RELATED RISKS [Abstract]

Fair Value of the Fund's Derivatives by Instrument Type and Location of Instruments on the Statements of Financial Condition

The following tables summarize quantitative information required by ASC 815.  The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statements of Financial Condition, as of December 31, 2018 and 2017 is as follows:

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2018 Fair Value		Liability Derivatives at December 31, 2018 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	1,930,551	$	(34,165	)	$	1,896,386
Energy Contracts	Net unrealized gain (loss) on open futures contracts		577,340		(902,016	)		(324,676	)
Metal Contracts	Net unrealized gain (loss) on open futures contracts		2,645,961		(1,905,242	)		740,719
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		727,473		(731,682	)		(4,209	)
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,094,862		(16,160	)		1,078,702
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		1,313,742		(1,278,601	)		35,141
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		12,839,236		(8,162,834	)		4,676,402
Totals		$	21,129,165	$	(13,030,700	)	$	8,098,465

* Derivatives not designated as hedging instruments under ASC 815

Type of Instrument *	Statements of Financial Condition Location	Asset Derivatives at December 31, 2017 Fair Value		Liability Derivatives at December 31, 2017 Fair Value			Net
Agriculture Contracts	Net unrealized gain (loss) on open futures contracts	$	1,818,426	$	(149,358	)	$	1,669,068
Energy Contracts	Net unrealized gain (loss) on open futures contracts		2,109,057		(1,007,528	)		1,101,529
Metal Contracts	Net unrealized gain (loss) on open futures contracts		3,286,448		(1,313,045	)		1,973,403
Stock Indices Contracts	Net unrealized gain (loss) on open futures contracts		3,234,375		(1,296,601	)		1,937,774
Short-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		262,561		(245,676	)		16,885
Long-Term Interest Rate Contracts	Net unrealized gain (loss) on open futures contracts		432,750		(2,794,166	)		(2,361,416	)
Forward Currency Contracts	Net unrealized gain (loss) on open forward currency contracts		8,539,995		(6,988,482	)		1,551,513
Totals		$	19,683,612	$	(13,794,856	)	$	5,888,756

* Derivatives not designated as hedging instruments under ASC 815

Trading Gains and Losses of the Fund's Derivatives by Instrument Type and Location of Gains and Losses on the Statements of Operations

The trading gains and losses of the Fund’s derivatives by instrument type, as well as the location of those gains and losses on the Statements of Operations, for the years ended December 31, 2018, 2017 and 2016 is as follows:

Type of Instrument	Trading Gains/(Losses) for the Year Ended December 31, 2018			Trading Gains/(Losses) for the Year Ended December 31, 2017			Trading Gains/(Losses) for the Year Ended December 31, 2016
Agriculture Contracts	$	(5,771,645	)	$	(11,531,115	)	$	(13,356,428	)
Energy Contracts		6,250,244			(6,159,544	)		(28,402,841	)
Metal Contracts		(6,296,571	)		32,529			(13,161,193	)
Stock Indices Contracts		(21,337,033	)		67,385,104			2,224,293
Short-Term Interest Rate Contracts		4,514,708			(2,171,497	)		(3,042,015	)
Long-Term Interest Rate Contracts		146,933			(11,990,475	)		20,940,454
Forward Currency Contracts		6,987,480			(17,079,419	)		(3,935,336	)
Total	$	(15,505,884	)	$	18,485,583		$	(38,733,066	)

Line Item in the Statements of Operations	Trading Gains/(Losses) for the Year Ended December 31, 2018			Trading Gains/(Losses) for the Year Ended December 31, 2017			Trading Gains/(Losses) for the Year Ended December 31, 2016
Futures trading gains (losses):
Realized**	$	(21,578,184	)	$	33,125,198		$	(44,786,874	)
Change in unrealized		(915,180	)		2,439,804			9,989,144
Forward currency trading gains (losses):
Realized		3,862,591			(15,599,266	)		(5,536,450	)
Change in unrealized		3,124,889			(1,480,153	)		1,601,114
Total	$	(15,505,884	)	$	18,485,583		$	(38,733,066	)

** Amounts differ from the amounts on the Statements of Operations as the amounts above do not include gains and losses on foreign currency cash balances at the futures brokers.

Offsetting of Derivative Assets and Collateral Received by Counterparty

Offsetting of Derivative Assets by Counterparty
As of December 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	4,153,364	$	(2,429,240	)	$	1,724,124
Futures contracts	Goldman Sachs		4,136,565		(2,438,626	)		1,697,939
Total futures contracts			8,289,929		(4,867,866	)		3,422,063
Forward currency contracts	UBS AG		6,419,618		(4,081,417	)		2,338,201
Forward currency contracts	NatWest Markets PLC		6,419,618		(4,081,417	)		2,338,201
Total forward currency contracts			12,839,236		(8,162,834	)		4,676,402
Total derivatives		$	21,129,165	$	(13,030,700	)	$	8,098,465

Derivative Assets and Collateral Received by Counterparty
As of December 31, 2018
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	1,724,124	$	0	$	0	$	1,724,124
Goldman Sachs		1,697,939		0		0		1,697,939
UBS AG		2,338,201		0		0		2,338,201
NatWest Markets PLC		2,338,201		0		0		2,338,201
Total	$	8,098,465	$	0	$	0	$	8,098,465

Offsetting of Derivative Assets by Counterparty
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	5,564,291	$	(3,407,630	)	$	2,156,661
Futures contracts	Goldman Sachs		5,579,326		(3,398,744	)		2,180,582
Total futures contracts			11,143,617		(6,806,374	)		4,337,243
Forward currency contracts	UBS AG		4,269,997		(3,494,241	)		775,756
Forward currency contracts	NatWest Markets PLC		4,269,998		(3,494,241	)		775,757
Total forward currency contracts			8,539,995		(6,988,482	)		1,551,513
Total derivatives		$	19,683,612	$	(13,794,856	)	$	5,888,756

Derivative Assets and Collateral Received by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Gain in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Received		Net Amount
UBS Securities LLC	$	2,156,661	$	0	$	0	$	2,156,661
Goldman Sachs		2,180,582		0		0		2,180,582
UBS AG		775,756		0		0		775,756
NatWest Markets PLC		775,757		0		0		775,757
Total	$	5,888,756	$	0	$	0	$	5,888,756

Offsetting of Derivative Liabilities and Collateral Pledged by Counterparty

Offsetting of Derivative Liabilities by Counterparty
As of December 31, 2018
Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	2,429,240	$	(2,429,240	)	$	0
Futures contracts	Goldman Sachs		2,438,626		(2,438,626	)		0
Total futures contracts			4,867,866		(4,867,866	)		0
Forward currency contracts	UBS AG		4,081,417		(4,081,417	)		0
Forward currency contracts	NatWest Markets PLC		4,081,417		(4,081,417	)		0
Total forward currency contracts			8,162,834		(8,162,834	)		0
Total derivatives		$	13,030,700	$	(13,030,700	)	$	0

Derivative Liabilities and Collateral Pledged by Counterparty
As of December 31, 2018
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
UBS AG		0		0		0		0
NatWest Markets PLC		0		0		0		0
Total	$	0	$	0	$	0	$	0

Offsetting of Derivative Liabilities by Counterparty
As of December 31, 2017
Type of Instrument	Counterparty	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Financial Condition			Net Amounts of Unrealized Loss Presented in the Statements of Financial Condition
Futures contracts	UBS Securities LLC	$	3,407,630	$	(3,407,630	)	$	0
Futures contracts	Goldman Sachs		3,398,744		(3,398,744	)		0
Total futures contracts			6,806,374		(6,806,374	)		0
Forward currency contracts	UBS AG		3,494,241		(3,494,241	)		0
Forward currency contracts	NatWest Markets PLC		3,494,241		(3,494,241	)		0
Total forward currency contracts			6,988,482		(6,988,482	)		0
Total derivatives		$	13,794,856	$	(13,794,856	)	$	0

Derivative Liabilities and Collateral Pledged by Counterparty
As of December 31, 2017
	Net Amounts of Unrealized Loss in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
Counterparty			Financial Instruments		Cash Collateral Pledged		Net Amount
UBS Securities LLC	$	0	$	0	$	0	$	0
Goldman Sachs		0		0		0		0
UBS AG		0		0		0		0
NatWest Markets PLC		0		0		0		0
Total	$	0	$	0	$	0	$	0