Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

(5) Derivative Instruments and Hedging Activities

The Master Fund uses derivative instruments as part of its principal investment strategy to achieve its investment objective. As of December 31, 2019, the Master Fund was invested in Commodity Futures. For the years ended December 31, 2019 and 2018, the volumes of derivative activity (based on average month-end notional amounts) were $134,094,833 and $167,547,151, respectively.

The fair value of derivative instruments at December 31, 2019 and 2018, were as follows:

As of:	Derivative Instruments		Asset Derivatives(i)		Liability Derivatives(ii)
December 31, 2019		Commodity Futures	$	6,162,155	$	—
December 31, 2018		Commodity Futures	$	—	$	7,560,832

(i)  Values are disclosed on the Statements of Financial Condition under Net unrealized appreciation on futures contracts.

(ii)  Values are disclosed on the Statements of Financial Condition under Net unrealized depreciation on futures contracts.

The following is a summary of the realized and unrealized gains and losses of the derivative instruments utilized by the Master Fund for the years ended December 31, 2019, 2018 and 2017:

Period	Derivative Instruments		Realized Gain (Loss) on Derivative Instruments(i)			Net Change in Unrealized Gain (Loss) on  Derivative Instruments(ii)
Year ended December 31, 2019		Commodity Futures	$	(5,896,732	)	$	13,722,987
Year ended December 31, 2018		Commodity Futures	$	(8,933,189	)	$	(8,597,597	)
Year ended December 31, 2017		Commodity Futures	$	(3,917,989	)	$	2,461,480

(i) Values are disclosed on the Statements of Income and Expenses under Net realized gain (loss) from futures contracts.

(ii) Values are disclosed on the Statements of Income and Expenses under Net increase (decrease) in unrealized appreciation/depreciation from futures contracts.