Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Hedging Activities [Abstract]

Derivative Instruments and Hedging Activities

3. Derivative Instruments and Hedging Activities

The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statements of Operations. For additional information on the derivative instruments in which the Fund invested during and at the end of the reporting period, refer to the Schedule of Investments and Footnote 2—Summary of Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Fund, the location of these instruments on the Statements of Financial Condition and the primary underlying risk exposure.

		Six Months Ended June 30, 2012 Location on the Statements of Financial Condition
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives				Liability Derivatives
		Location	Value			Location	Value
Commodity	Futures Contracts	Unrealized appreciation on futures contracts, net*	$	6,271,039		—	$	—
Commodity	Futures Contracts	Unrealized appreciation on futures contracts, net*		(3,482,299	)	—		—
Commodity	Options	—		—		Call options written, at value		(2,337,232	)
Total			$	2,788,740			$	(2,337,232	)
		Year Ended December 31, 2011 Location on the Statements of Financial Condition
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives				Liability Derivatives
		Location	Value			Location	Value
Commodity	Futures Contracts	—	$	—		Unrealized depreciation on futures contracts, net*	$	(7,771,315	)
Commodity	Futures Contracts	—		—		Unrealized depreciation on futures contracts, net*		2,849,485
Commodity	Options	—		—		Call options written, at value		(551,457	)
Total			$	—			$	(5,473,287	)

* Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments and not the “Deposits with brokers” or the “Unrealized appreciation (depreciation) on futures contracts, net” as presented on the Statements of Financial Condition.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on derivative instruments and the primary underlying risk exposure.

Commodity Risk Exposure	Six Months Ended June 30, 2012			Year Ended December 31, 2011
Net realized gain (loss) from:
Futures contracts	$	(16,939,576	)	$	(2,120,418	)
Call options written		4,236,174			10,035,572
Change in net unrealized appreciation (depreciation) of:
Futures contracts	$	7,710,570		$	(23,776,469	)
Call options written		(1,709,545	)		2,741,582