Nuveen Diversified Commodity Fund (CFD) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 05, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	CFD
Entity Registrant Name	NUVEEN DIVERSIFIED COMMODITY FUND
Entity Central Index Key	1,345,801
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		9,047,040

SCHEDULE OF INVESTMENTS

SCHEDULE OF INVESTMENTS	3 Months Ended
	Mar. 31, 2016USD ($)
Schedule of Investments [Line Items]
Repurchase Agreements, at Fair Value	$ 10,769,892
Short-term investments, at Fair Value	82,063,224
Repurchase Agreements
Schedule of Investments [Line Items]
Repurchase Agreements, Principal amount	$ 10,770,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.01%
Repurchase Agreements, Maturity	Apr. 1, 2016
Credit Ratings	N/A
Repurchase Agreements, at Fair Value	$ 10,769,892
Short-term investments, at Fair Value	10,769,892
U.S. Treasury Bills
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	71,420,000
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	71,293,332
U.S. Treasury Bills | 04/28/16
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 14,000,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Apr. 28, 2016
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 13,998,208
U.S. Treasury Bills | 05/26/16
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 15,620,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	May 26, 2016
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 15,615,923
U.S. Treasury Bills | 06/23/16
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 5,000,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Jun. 23, 2016
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 4,997,525
U.S. Treasury Bills | 7/21/16
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 7,000,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Jul. 21, 2016
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 6,994,183
U.S. Treasury Bills | 9/15/16
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 8,000,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Sep. 15, 2016
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 7,987,576
U.S. Treasury Bills | 11/10/16
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 3,500,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Nov. 10, 2016
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 3,493,871
U.S. Treasury Bills | 12/08/16
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 500,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Dec. 8, 2016
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 498,813
U.S. Treasury Bills | 1/05/17
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 2,000,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Jan. 5, 2017
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 1,992,608
U.S. Treasury Bills | 2/02/17
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 2,500,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Feb. 2, 2017
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 2,488,843
U.S. Treasury Bills | 3/02/17
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 5,300,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Mar. 2, 2017
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 5,272,790
U.S. Treasury Bills | 3/30/17
Schedule of Investments [Line Items]
Financial Instruments Owned Us Government and Agency Obligations, Principal Amount	$ 8,000,000
Financial Instruments Owned Us Government and Agency Obligations, Interest Rate	0.00%
Financial Instruments Owned Us Government and Agency Obligations, Maturity Date	Mar. 30, 2017
Credit Ratings	Aaa	[1]
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value	$ 7,952,992
[1]	Ratings: Using the highest of Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. rating.

SCHEDULE OF INVESTMENTS (Parent

SCHEDULE OF INVESTMENTS (Parenthetical)	3 Months Ended
	Mar. 31, 2016USD ($)
Schedule of Investments [Line Items]
Investment cost	$ 82,049,542
Repurchase Agreements
Schedule of Investments [Line Items]
Investment cost	$ 10,769,892
Investment agreement name of party	State Street Bank
Date of repurchase agreement	Mar. 31, 2016
Repurchase price of agreement	$ 10,769,895
Securities received as collateral face amount	$ 10,900,000
Securities received as collateral, interest rate	1.00%
Securities received as collateral, maturity date	May 15, 2018
Securities received as collateral, value	$ 10,987,865
U.S. Treasury Bills
Schedule of Investments [Line Items]
Investment cost	$ 71,279,650

SCHEDULE OF INVESTMENTS IN DERI

SCHEDULE OF INVESTMENTS IN DERIVATIVES	3 Months Ended
	Mar. 31, 2016USD ($)Contract$ / Derivative
Derivative [Line Items]
Futures Options, Value	$ (369,517)
Futures Contracts
Derivative [Line Items]
Number of Contracts | Contract	2,161	[1]
Notional Amount at Value, Asset	$ 84,031,241	[1]
Unrealized Appreciation (Depreciation)	1,243,222	[2]
Futures Contracts | Energy
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 38,931	[2]
Futures Contracts | Energy | ICE Brent Crude Oil Futures | Long
Derivative [Line Items]
Contract Expiration	2016-06
Number of Contracts | Contract	146	[1]
Notional Amount at Value, Asset	$ 5,888,180	[1]
Unrealized Appreciation (Depreciation)	$ (134,264)	[2]
Futures Contracts | Energy | ICE Brent Crude Oil Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-07
Number of Contracts | Contract	109	[1]
Notional Amount at Value, Asset	$ 4,443,930	[1]
Unrealized Appreciation (Depreciation)	$ 218,160	[2]
Futures Contracts | Energy | NYMEX Crude Oil Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	107	[1]
Notional Amount at Value, Asset	$ 4,102,380	[1]
Unrealized Appreciation (Depreciation)	$ (229,070)	[2]
Futures Contracts | Energy | NYMEX Crude Oil Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-07
Number of Contracts | Contract	48	[1]
Notional Amount at Value, Asset	$ 1,953,120	[1]
Unrealized Appreciation (Depreciation)	(35,434)	[2]
Futures Contracts | Energy | Aggregate Crude Oil
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ (180,608)	[2]
Futures Contracts | Energy | ICE Low Sulphur Gasoil Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	70	[1]
Notional Amount at Value, Asset	$ 2,509,500	[1]
Unrealized Appreciation (Depreciation)	$ 29,000	[2]
Futures Contracts | Energy | NYMEX NY Harbor ULSD Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	51	[1]
Notional Amount at Value, Asset	$ 2,539,341	[1]
Unrealized Appreciation (Depreciation)	39,627	[2]
Futures Contracts | Energy | Aggregate Heating Oil
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 68,627	[2]
Futures Contracts | Energy | NYMEX Natural Gas Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	170	[1]
Notional Amount at Value, Asset	$ 3,330,300	[1]
Unrealized Appreciation (Depreciation)	$ 66,029	[2]
Futures Contracts | Energy | NYMEX Natural Gas Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-07
Number of Contracts | Contract	62	[1]
Notional Amount at Value, Asset	$ 1,334,860	[1]
Unrealized Appreciation (Depreciation)	(30,760)	[2]
Futures Contracts | Energy | Aggregate Natural Gas
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 35,269	[2]
Futures Contracts | Energy | NYMEX Gasoline RBOB Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	49	[1]
Notional Amount at Value, Asset	$ 2,977,309	[1]
Unrealized Appreciation (Depreciation)	115,643	[2]
Futures Contracts | Industrial Metals
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 528,089	[2]
Futures Contracts | Industrial Metals | COMEX Copper Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	21	[1]
Notional Amount at Value, Asset	$ 1,146,075	[1]
Unrealized Appreciation (Depreciation)	$ 72,837	[2]
Futures Contracts | Industrial Metals | LME Copper Futures | Long
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	35	[1]
Notional Amount at Value, Asset	$ 4,263,438	[1]
Unrealized Appreciation (Depreciation)	$ 255,938	[2]
Futures Contracts | Industrial Metals | LME Copper Futures 1 | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	3	[1]
Notional Amount at Value, Liability	$ (365,438)	[1]
Unrealized Appreciation (Depreciation)	$ 8,588	[2]
Futures Contracts | Industrial Metals | LME Copper Futures 2 | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	16	[1]
Notional Amount at Value, Asset	$ 1,943,400	[1]
Unrealized Appreciation (Depreciation)	79,300	[2]
Futures Contracts | Industrial Metals | Aggregate Copper
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 416,663	[2]
Futures Contracts | Industrial Metals | LME Primary Aluminum Futures | Long
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	120	[1]
Notional Amount at Value, Asset	$ 4,526,250	[1]
Unrealized Appreciation (Depreciation)	$ 18,750	[2]
Futures Contracts | Industrial Metals | LME Zinc Futures | Long
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	36	[1]
Notional Amount at Value, Asset	$ 1,629,675	[1]
Unrealized Appreciation (Depreciation)	$ 117,675	[2]
Futures Contracts | Industrial Metals | LME Zinc Futures 1 | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	3	[1]
Notional Amount at Value, Liability	$ (135,806)	[1]
Unrealized Appreciation (Depreciation)	1,444	[2]
Futures Contracts | Industrial Metals | Aggregate Zinc
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 119,119	[2]
Futures Contracts | Industrial Metals | LME Nickel Futures | Long
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	28	[1]
Notional Amount at Value, Asset	$ 1,420,776	[1]
Unrealized Appreciation (Depreciation)	$ 1,932	[2]
Futures Contracts | Industrial Metals | LME Lead Futures | Long
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	18	[1]
Notional Amount at Value, Asset	$ 764,437	[1]
Unrealized Appreciation (Depreciation)	$ (33,763)	[2]
Futures Contracts | Industrial Metals | LME Lead Futures 1 | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	2	[1]
Notional Amount at Value, Liability	$ (84,938)	[1]
Unrealized Appreciation (Depreciation)	5,388	[2]
Futures Contracts | Industrial Metals | Aggregate Lead
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	(28,375)	[2]
Futures Contracts | Agricultural
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 223,693	[2]
Futures Contracts | Agricultural | CBOT Soybean Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	96	[1]
Notional Amount at Value, Asset	$ 4,371,600	[1]
Unrealized Appreciation (Depreciation)	$ 186,400	[2]
Futures Contracts | Agricultural | CBOT Corn Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	138	[1]
Notional Amount at Value, Asset	$ 2,425,350	[1]
Unrealized Appreciation (Depreciation)	$ (128,100)	[2]
Futures Contracts | Agricultural | CBOT Corn Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-07
Number of Contracts | Contract	40	[1]
Notional Amount at Value, Asset	$ 711,500	[1]
Unrealized Appreciation (Depreciation)	(36,000)	[2]
Futures Contracts | Agricultural | Aggregate Corn
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ (164,100)	[2]
Futures Contracts | Agricultural | CBOT Wheat Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	66	[1]
Notional Amount at Value, Asset	$ 1,562,550	[1]
Unrealized Appreciation (Depreciation)	$ 13,462	[2]
Futures Contracts | Agricultural | KCBT Wheat Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	66	[1]
Notional Amount at Value, Asset	$ 1,571,625	[1]
Unrealized Appreciation (Depreciation)	67,187	[2]
Futures Contracts | Agricultural | Aggregate Wheat
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 80,649	[2]
Futures Contracts | Agricultural | CBOT Soybean Meal Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	74	[1]
Notional Amount at Value, Asset	$ 2,000,220	[1]
Unrealized Appreciation (Depreciation)	$ 39,090	[2]
Futures Contracts | Agricultural | CBOT Soybean Oil Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	51	[1]
Notional Amount at Value, Asset	$ 1,047,132	[1]
Unrealized Appreciation (Depreciation)	81,654	[2]
Futures Contracts | Precious Metals
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 150,770	[2]
Futures Contracts | Precious Metals | CEC Gold Futures | Long
Derivative [Line Items]
Contract Expiration	2016-06
Number of Contracts | Contract	61	[1]
Notional Amount at Value, Asset	$ 7,537,160	[1]
Unrealized Appreciation (Depreciation)	$ 83,920	[2]
Futures Contracts | Precious Metals | CEC Silver Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	27	[1]
Notional Amount at Value, Asset	$ 2,087,640	[1]
Unrealized Appreciation (Depreciation)	$ 30,425	[2]
Futures Contracts | Precious Metals | NYMEX Platinum Futures | Long
Derivative [Line Items]
Contract Expiration	2016-07
Number of Contracts | Contract	12	[1]
Notional Amount at Value, Asset	$ 586,500	[1]
Unrealized Appreciation (Depreciation)	$ (1,815)	[2]
Futures Contracts | Precious Metals | NYMEX Palladium Futures | Long
Derivative [Line Items]
Contract Expiration	2016-06
Number of Contracts | Contract	8	[1]
Notional Amount at Value, Asset	$ 451,200	[1]
Unrealized Appreciation (Depreciation)	38,240	[2]
Futures Contracts | Livestock
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ (124,253)	[2]
Futures Contracts | Livestock | CME Live Cattle Futures | Long
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	70	[1]
Notional Amount at Value, Asset	$ 3,721,900	[1]
Unrealized Appreciation (Depreciation)	$ (17,960)	[2]
Futures Contracts | Livestock | CME Live Cattle Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-06
Number of Contracts | Contract	40	[1]
Notional Amount at Value, Asset	$ 1,984,400	[1]
Unrealized Appreciation (Depreciation)	(26,620)	[2]
Futures Contracts | Livestock | Aggregate Live Cattle
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ (44,580)	[2]
Futures Contracts | Livestock | CME Lean Hog Futures | Long
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts | Contract	46	[1]
Notional Amount at Value, Asset	$ 1,257,640	[1]
Unrealized Appreciation (Depreciation)	$ (19,213)	[2]
Futures Contracts | Livestock | CME Lean Hog Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-06
Number of Contracts | Contract	27	[1]
Notional Amount at Value, Asset	$ 873,180	[1]
Unrealized Appreciation (Depreciation)	(9,090)	[2]
Futures Contracts | Livestock | Aggregate Lean Hogs
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ (28,303)	[2]
Futures Contracts | Livestock | CME Feeder Cattle Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	16	[1]
Notional Amount at Value, Asset	$ 1,242,000	[1]
Unrealized Appreciation (Depreciation)	$ (32,245)	[2]
Futures Contracts | Livestock | CME Feeder Cattle Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-08
Number of Contracts | Contract	6	[1]
Notional Amount at Value, Asset	$ 465,225	[1]
Unrealized Appreciation (Depreciation)	(19,125)	[2]
Futures Contracts | Livestock | Aggregate Feeder Cattle
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	(51,370)	[2]
Futures Contracts | Foods And Fibers
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 425,992	[2]
Futures Contracts | Foods And Fibers | ICE Sugar Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	113	[1]
Notional Amount at Value, Asset	$ 1,942,696	[1]
Unrealized Appreciation (Depreciation)	$ 294,179	[2]
Futures Contracts | Foods And Fibers | ICE White Sugar Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	5	[1]
Notional Amount at Value, Asset	$ 111,175	[1]
Unrealized Appreciation (Depreciation)	$ 11,495	[2]
Futures Contracts | Foods And Fibers | Ice White Sugar Futures One [Member] | Long
Derivative [Line Items]
Contract Expiration	2016-08
Number of Contracts | Contract	3	[1]
Notional Amount at Value, Asset	$ 66,030	[1]
Unrealized Appreciation (Depreciation)	(2,070)	[2]
Futures Contracts | Foods And Fibers | Aggregate Sugar
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 303,604	[2]
Futures Contracts | Foods And Fibers | ICE Coffee C Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	33	[1]
Notional Amount at Value, Asset	$ 1,577,194	[1]
Unrealized Appreciation (Depreciation)	$ 116,400	[2]
Futures Contracts | Foods And Fibers | LIFFE Coffee Robusta Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	17	[1]
Notional Amount at Value, Asset	$ 255,170	[1]
Unrealized Appreciation (Depreciation)	15,300	[2]
Futures Contracts | Foods And Fibers | Aggregate Coffee
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 131,700	[2]
Futures Contracts | Foods And Fibers | ICE Cotton Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	36	[1]
Notional Amount at Value, Asset	$ 1,051,920	[1]
Unrealized Appreciation (Depreciation)	$ (20,182)	[2]
Futures Contracts | Foods And Fibers | ICE Cotton Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-07
Number of Contracts | Contract	5	[1]
Notional Amount at Value, Asset	$ 145,775	[1]
Unrealized Appreciation (Depreciation)	850	[2]
Futures Contracts | Foods And Fibers | Aggregate Cotton
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ (19,332)	[2]
Futures Contracts | Foods And Fibers | ICE Cocoa Futures | Long
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts | Contract	14	[1]
Notional Amount at Value, Asset	$ 413,000	[1]
Unrealized Appreciation (Depreciation)	$ 18,340	[2]
Futures Contracts | Foods And Fibers | Ice Cocoa Futures 1 | Long
Derivative [Line Items]
Contract Expiration	2016-07
Number of Contracts | Contract	13	[1]
Notional Amount at Value, Asset	$ 384,670	[1]
Unrealized Appreciation (Depreciation)	(8,320)	[2]
Futures Contracts | Foods And Fibers | Aggregate Cocoa
Derivative [Line Items]
Unrealized Appreciation (Depreciation)	$ 10,020	[2]
Call Options | Short
Derivative [Line Items]
Number of Contracts | Contract	1,050
Number of Contracts, Liability | Contract	(1,050)
Futures Options, Value	$ (369,517)
Call Options | Energy
Derivative [Line Items]
Futures Options, Value	$ (132,589)
Call Options | Energy | ICE Brent Crude Oil Futures | Short
Derivative [Line Items]
Contract Expiration	2016-06
Number of Contracts, Liability | Contract	(127)
Strike Price | $ / Derivative	45
Futures Options, Value	$ (41,910)
Call Options | Energy | NYMEX Crude Oil Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(77)
Strike Price | $ / Derivative	43
Futures Options, Value	$ (10,010)
Call Options | Energy | Aggregate Crude Oil
Derivative [Line Items]
Futures Options, Value	$ (51,920)
Call Options | Energy | NYMEX NY Harbor ULSD Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(51)
Strike Price | $ / Derivative	130
Futures Options, Value	$ (22,919)
Call Options | Energy | NYMEX Natural Gas Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(116)
Strike Price | $ / Derivative	2.10
Futures Options, Value	$ (48,720)
Call Options | Energy | NYMEX Gasoline RBOB Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(25)
Strike Price | $ / Derivative	164
Futures Options, Value	$ (9,030)
Call Options | Industrial Metals
Derivative [Line Items]
Futures Options, Value	$ (86,513)
Call Options | Industrial Metals | LME Copper Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04	[3]
Number of Contracts, Liability | Contract	(29)	[3]
Strike Price | $ / Derivative	4,800	[3]
Futures Options, Value	$ (73,841)	[3]
Call Options | Industrial Metals | LME Primary Aluminum Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04	[3]
Number of Contracts, Liability | Contract	(60)	[3]
Strike Price | $ / Derivative	1,600	[3]
Futures Options, Value	$ (105)	[3]
Call Options | Industrial Metals | LME Zinc Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04	[3]
Number of Contracts, Liability | Contract	(16)	[3]
Strike Price | $ / Derivative	1,800	[3]
Futures Options, Value	$ (12,264)	[3]
Call Options | Industrial Metals | LME Nickel Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04	[3]
Number of Contracts, Liability | Contract	(14)	[3]
Strike Price | $ / Derivative	9,200	[3]
Futures Options, Value	$ (301)	[3]
Call Options | Industrial Metals | LME Lead Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04	[3]
Number of Contracts, Liability | Contract	(8)	[3]
Strike Price | $ / Derivative	1,900	[3]
Futures Options, Value	$ (2)	[3]
Call Options | Agricultural
Derivative [Line Items]
Futures Options, Value	$ (39,408)
Call Options | Agricultural | CBOT Soybean Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(48)
Strike Price | $ / Derivative	930
Futures Options, Value	$ (10,500)
Call Options | Agricultural | CBOT Corn Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(89)
Strike Price | $ / Derivative	395
Futures Options, Value	$ (1,113)
Call Options | Agricultural | CBOT Wheat Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(33)
Strike Price | $ / Derivative	495
Futures Options, Value	$ (8,044)
Call Options | Agricultural | Aggregate Wheat
Derivative [Line Items]
Futures Options, Value	$ (14,025)
Call Options | Agricultural | CBOT Soybean Meal Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(37)
Strike Price | $ / Derivative	290
Futures Options, Value	$ (2,220)
Call Options | Agricultural | CBOT Soybean Oil Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(25)
Strike Price | $ / Derivative	34
Futures Options, Value	$ (11,550)
Call Options | Agricultural | CBOT Wheat Futures 1 | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(33)
Strike Price | $ / Derivative	500
Futures Options, Value	$ (5,981)
Call Options | Precious Metals
Derivative [Line Items]
Futures Options, Value	$ (30,375)
Call Options | Precious Metals | CEC Silver Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(13)
Strike Price | $ / Derivative	16.75
Futures Options, Value	$ (4,875)
Call Options | Precious Metals | Comex Gold Futures Options | Short
Derivative [Line Items]
Contract Expiration	2016-05
Number of Contracts, Liability | Contract	(30)
Strike Price | $ / Derivative	1,320
Futures Options, Value	$ (25,500)
Call Options | Livestock
Derivative [Line Items]
Futures Options, Value	$ (1,060)
Call Options | Livestock | CME Live Cattle Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(69)
Strike Price | $ / Derivative	142
Futures Options, Value	$ (690)
Call Options | Livestock | CME Lean Hog Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(37)
Strike Price | $ / Derivative	74
Futures Options, Value	$ (370)
Call Options | Foods And Fibers
Derivative [Line Items]
Futures Options, Value	$ (79,572)
Call Options | Foods And Fibers | ICE Sugar Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(61)
Strike Price | $ / Derivative	14.50
Futures Options, Value	$ (66,271)
Call Options | Foods And Fibers | ICE Coffee C Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(19)
Strike Price | $ / Derivative	130
Futures Options, Value	$ (9,191)
Call Options | Foods And Fibers | ICE Cotton Futures | Short
Derivative [Line Items]
Contract Expiration	2016-04
Number of Contracts, Liability | Contract	(20)
Strike Price | $ / Derivative	64
Futures Options, Value	$ (600)
Call Options | Foods And Fibers | ICE Cocoa Futures | Short
Derivative [Line Items]
Contract Expiration	2016-06
Number of Contracts, Liability | Contract	(13)
Strike Price | $ / Derivative	3,250
Futures Options, Value	$ (3,510)
[1]	Total number of contracts and notional amount at value include the net effect of LME short futures positions, when applicable.
[2]	The gross unrealized appreciation (depreciation) on futures contracts is $2,027,253 and $(784,031), respectively.
[3]	For fair value measurement disclosure purposes, these Call Options Written are classified as Level 2. See Notes to Financial Statements, Note 2-Summary of Significant Accounting Policies, Investment Valuation and Fair Value Measurements for more information.

SCHEDULE OF INVESTMENTS IN DER5

SCHEDULE OF INVESTMENTS IN DERIVATIVES (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Total Call Options Written outstanding premiums received	$ 560,095	$ 633,387
Unrealized appreciation on futures contracts	2,027,253	1,629,675
Unrealized depreciation on futures contracts	(784,031)	(2,259,165)
Short | Call Options
Derivative [Line Items]
Total Call Options Written outstanding premiums received	$ 560,095	$ 633,387	$ 952,693

STATEMENTS OF FINANCIAL CONDITI

STATEMENTS OF FINANCIAL CONDITION - USD ($)	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Short-Term Investments, at Value	$ 82,063,224
Deposits with brokers	10,224,703	$ 16,182,840
Unrealized appreciation on futures contracts	2,027,253	1,629,675
Total assets	94,315,180	88,901,061
LIABILITIES
Call options written, at value (premiums received $560,095 and $633,387, respectively)	369,517	439,772
Unrealized depreciation on futures contracts	784,031	2,259,165
Payable for:
Distributions	524,724
Investments purchased	7,953,496
Accrued expenses:
Conversion	54,759	74,106
Management fees	89,572	91,477
Independent Committee fees	10,022	10,926
Professional fees	262,567	309,773
Other	122,355	84,301
Total liabilities	10,171,043	3,269,520
SHAREHOLDERS' CAPITAL
Paid-in capital, unlimited number of shares authorized, 9,047,040 shares issued and outstanding at March 31, 2016 and December 31, 2015	217,646,428	217,646,428
Accumulated undistributed earnings (deficit)	(133,502,291)	(132,014,887)
Total shareholders' capital (Net assets)	84,144,137	85,631,541
Total liabilities and shareholders' capital	94,315,180	88,901,061
Net assets	$ 84,144,137	$ 85,631,541
Shares outstanding	9,047,040	9,047,040
Net asset value per share outstanding (net assets divided by shares outstanding)	$ 9.30	$ 9.47
Market value per share outstanding	$ 8.91	$ 9.02
U.S. Government Agencies Debt Securities
ASSETS
Short-Term Investments, at Value	$ 71,293,332	$ 70,000,297
Repurchase Agreements
ASSETS
Short-Term Investments, at Value	$ 10,769,892	$ 1,088,249

STATEMENTS OF FINANCIAL CONDIT7

STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Short-term investments, at cost	$ 82,049,542
Call options written, at value, premiums received	$ 560,095	$ 633,387
Common stock, shares issued	9,047,040	9,047,040
Common stock, shares outstanding	9,047,040	9,047,040
U.S. Government Agencies Debt Securities
Short-term investments, at cost	$ 71,279,650	$ 70,029,645

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investment Income:
Interest	$ 57,750	$ 25,959
Total investment income	57,750	25,959
Expenses:
Management fees	255,978	363,800
Brokerage commissions	27,861	33,568
Custodian fees and expenses	19,671	26,640
Independent Committee fees and expenses	9,118	11,455
Professional fees	111,969	123,017
Shareholder reporting expenses	28,899	34,551
Other expenses	6,983	6,078
Total expenses	460,479	599,109
Net investment income (loss)	(402,729)	(573,150)
Net realized gain (loss) from:
Short-term investments	101	1,145
Futures contracts	(2,621,452)	(15,565,740)
Call options written	1,198,143	1,834,913
Change in net unrealized appreciation (depreciation) of:
Short-term investments	43,030	4,555
Futures contracts	1,872,712	8,176,470
Call options written	(3,037)	(178,288)
Net realized gain (loss) and change in net unrealized appreciation (depreciation)	489,497	(5,726,945)
Net income (loss)	$ 86,768	$ (6,300,095)
Net income (loss) per weighted-average share	$ 0.01	$ (0.70)
Weighted-average shares outstanding	9,047,040	9,047,040

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' CAPITAL - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Shareholders' capital-beginning of period	$ 85,631,541	$ 123,198,004	$ 123,198,004
Repurchase of shares	0		0
Net increase (decrease) in shareholders' capital resulting from operations:
Net investment income (loss)	(402,729)	(573,150)	(2,382,074)
Net realized gain (loss) from:
Short-term investments	101	1,145	79
Futures contracts	(2,621,452)	(15,565,740)	(40,931,647)
Call options written	1,198,143	1,834,913	5,739,221
Change in net unrealized appreciation (depreciation) of:
Short-term investments	43,030	4,555	(30,540)
Futures contracts	1,872,712	8,176,470	10,208,143
Call options written	(3,037)	(178,288)	(462,171)
Net income (loss)	86,768	$ (6,300,095)	(27,858,989)
Distributions to shareholders	(1,574,172)		(9,707,474)
Shareholders' capital-end of period	$ 84,144,137		$ 85,631,541
Shares-beginning of period	9,047,040	9,047,040	9,047,040
Repurchase of shares	0		0
Shares-end of period	9,047,040		9,047,040

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ 86,768	$ (6,300,095)	$ (27,858,989)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of U.S. government and agency obligations	(17,697,035)	(5,986,236)
Proceeds from sales and maturities of U.S. government and agency obligations	16,498,823	23,999,877
Proceeds from (purchases of) repurchase agreements, net	(9,681,643)	(420,347)
Premiums received for call options written	1,267,141	1,774,828
Cash paid for call options written	(142,290)	(182,986)
Amortization (accretion) of short-term investments	(51,692)	(25,959)
(Increase) decrease in:
Deposits with brokers	5,958,137	(768,388)
Other assets		(11,301)
Increase (decrease) in:
Payable for investments purchased	7,953,496
Accrued conversion expenses	(19,347)
Accrued management fees	(1,905)	(15,153)
Accrued Independent Committee fees	(904)	(824)
Accrued professional fees	(47,206)
Other accrued expenses	38,054	(116,661)
Net realized (gain) loss from:
Short-term investments	(101)	(1,145)	(79)
Call options written	(1,198,143)	(1,834,913)	(5,739,221)
Change in net unrealized (appreciation) depreciation of:
Short-term investments	(43,030)	(4,555)	30,540
Futures contracts	(1,872,712)	(8,176,470)	(10,208,143)
Call options written	3,037	178,288	462,171
Net cash provided by (used in) operating activities	1,049,448	2,107,960
Cash flows from financing activities:
Cash distributions paid to shareholders	(1,049,448)	(2,107,960)
Net cash provided by (used in) financing activities	(1,049,448)	(2,107,960)
Net increase (decrease) in cash	0	0
Cash-beginning of period	0	0	0
Cash-end of period	$ 0	$ 0	$ 0

SCHEDULE OF INVESTMENTS11

SCHEDULE OF INVESTMENTS	3 Months Ended
	Mar. 31, 2016
SCHEDULE OF INVESTMENTS	SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2016 Investments Principal Amount (000) Description Coupon Maturity Ratings (1) Value Short-Term Investments U.S. Government and Agency Obligations $14,000 U.S. Treasury Bills 0.000 % 4/28/16 Aaa $ 13,998,208 15,620 U.S. Treasury Bills 0.000 % 5/26/16 Aaa 15,615,923 5,000 U.S. Treasury Bills 0.000 % 6/23/16 Aaa 4,997,525 7,000 U.S. Treasury Bills 0.000 % 7/21/16 Aaa 6,994,183 8,000 U.S. Treasury Bills 0.000 % 9/15/16 Aaa 7,987,576 3,500 U.S. Treasury Bills 0.000 % 11/10/16 Aaa 3,493,871 500 U.S. Treasury Bills 0.000 % 12/08/16 Aaa 498,813 2,000 U.S. Treasury Bills 0.000 % 1/05/17 Aaa 1,992,608 2,500 U.S. Treasury Bills 0.000 % 2/02/17 Aaa 2,488,843 5,300 U.S. Treasury Bills 0.000 % 3/02/17 Aaa 5,272,790 8,000 U.S. Treasury Bills 0.000 % 3/30/17 Aaa 7,952,992 $71,420 Total U.S. Government and Agency Obligations (cost $71,279,650) 71,293,332 Repurchase Agreements $10,770 Repurchase Agreement with State Street Bank, dated 3/31/16, repurchase price $10,769,895, collateralized by $10,900,000 U.S. Treasury Notes, 1.000%, due 5/15/18, value $10,987,865 0.010 % 4/01/16 N/A $ 10,769,892 Total Repurchase Agreements (cost $10,769,892) 10,769,892 Total Short-Term Investments (cost $82,049,542) $ 82,063,224 Investments in Derivatives Futures Contracts outstanding: Commodity Contract Contract (2) Contract Number of (3) Notional at Value (3) Unrealized (4) Energy Crude Oil ICE Brent Crude Oil Futures Contract Long June 2016 146 $ 5,888,180 $ (134,264 ) ICE Brent Crude Oil Futures Contract Long July 2016 109 4,443,930 218,160 NYMEX Crude Oil Futures Contract Long May 2016 107 4,102,380 (229,070 ) NYMEX Crude Oil Futures Contract Long July 2016 48 1,953,120 (35,434 ) Total Crude Oil (180,608 ) Heating Oil ICE Low Sulphur Gasoil Futures Contract Long May 2016 70 2,509,500 29,000 NYMEX NY Harbor ULSD Futures Contract Long May 2016 51 2,539,341 39,627 Total Heating Oil 68,627 Natural Gas NYMEX Natural Gas Futures Contract Long May 2016 170 3,330,300 66,029 NYMEX Natural Gas Futures Contract Long July 2016 62 1,334,860 (30,760 ) Total Natural Gas 35,269 Unleaded Gas NYMEX Gasoline RBOB Futures Contract Long May 2016 49 2,977,309 115,643 Total Energy 38,931 Industrial Metals Copper COMEX Copper Futures Contract Long May 2016 21 $ 1,146,075 $ 72,837 LME Copper Futures Contract Long April 2016 35 4,263,438 255,938 LME Copper Futures Contract Short April 2016 3 (365,438 ) 8,588 LME Copper Futures Contract Long May 2016 16 1,943,400 79,300 Total Copper 416,663 Aluminum LME Primary Aluminum Futures Contract Long April 2016 120 4,526,250 18,750 Zinc LME Zinc Futures Contract Long April 2016 36 1,629,675 117,675 LME Zinc Futures Contract Short April 2016 3 (135,806 ) 1,444 Total Zinc 119,119 Nickel LME Nickel Futures Contract Long April 2016 28 1,420,776 1,932 Lead LME Lead Futures Contract Long April 2016 18 764,437 (33,763 ) LME Lead Futures Contract Short April 2016 2 (84,938 ) 5,388 Total Lead (28,375 ) Total Industrial Metals 528,089 Agriculturals Soybean CBOT Soybean Futures Contract Long May 2016 96 4,371,600 186,400 Corn CBOT Corn Futures Contract Long May 2016 138 2,425,350 (128,100 ) CBOT Corn Futures Contract Long July 2016 40 711,500 (36,000 ) Total Corn (164,100 ) Wheat CBOT Wheat Futures Contract Long May 2016 66 1,562,550 13,462 KCBT Wheat Futures Contract Long May 2016 66 1,571,625 67,187 Total Wheat 80,649 Soybean Meal CBOT Soybean Meal Futures Contract Long May 2016 74 2,000,220 39,090 Soybean Oil CBOT Soybean Oil Futures Contract Long May 2016 51 1,047,132 81,654 Total Agriculturals 223,693 Precious Metals Gold CEC Gold Futures Contract Long June 2016 61 7,537,160 83,920 Silver CEC Silver Futures Contract Long May 2016 27 2,087,640 30,425 Precious Metals Platinum (continued) NYMEX Platinum Futures Contract Long July 2016 12 $ 586,500 $ (1,815 ) Palladium NYMEX Palladium Futures Contract Long June 2016 8 451,200 38,240 Total Precious Metals 150,770 Livestock Live Cattle CME Live Cattle Futures Contract Long April 2016 70 3,721,900 (17,960 ) CME Live Cattle Futures Contract Long June 2016 40 1,984,400 (26,620 ) Total Live Cattle (44,580 ) Lean Hogs CME Lean Hog Futures Contract Long April 2016 46 1,257,640 (19,213 ) CME Lean Hog Futures Contract Long June 2016 27 873,180 (9,090 ) Total Lean Hogs (28,303 ) Feeder Cattle CME Feeder Cattle Futures Contract Long May 2016 16 1,242,000 (32,245 ) CME Feeder Cattle Futures Contract Long August 2016 6 465,225 (19,125 ) Total Feeder Cattle (51,370 ) Total Livestock (124,253 ) Foods and Sugar ICE Sugar Futures Contract Long May 2016 113 1,942,696 294,179 ICE White Sugar Futures Contract Long May 2016 5 111,175 11,495 ICE White Sugar Futures Contract Long August 2016 3 66,030 (2,070 ) Total Sugar 303,604 Coffee ICE Coffee C Futures Contract Long May 2016 33 1,577,194 116,400 LIFFE Coffee Robusta Futures Contract Long May 2016 17 255,170 15,300 Total Coffee 131,700 Cotton ICE Cotton Futures Contract Long May 2016 36 1,051,920 (20,182 ) ICE Cotton Futures Contract Long July 2016 5 145,775 850 Total Cotton (19,332 ) Cocoa ICE Cocoa Futures Contract Long May 2016 14 413,000 18,340 ICE Cocoa Futures Contract Long July 2016 13 384,670 (8,320 ) Total Cocoa 10,020 Total Foods and Fibers 425,992 Total Futures Contracts outstanding 2,161 $ 84,031,241 $ 1,243,222 Commodity Group Contract Contract Number Strike Value Energy Crude Oil ICE Brent Crude Oil Futures Options June 2016 (127 ) $ 45.00 $ (41,910 ) NYMEX Crude Oil Futures Options April 2016 (77 ) 43.00 (10,010 ) Total Crude Oil (51,920 ) Heating Oil NYMEX NY Harbor ULSD Futures Options April 2016 (51 ) 130.00 (22,919 ) Natural Gas NYMEX Natural Gas Futures Options April 2016 (116 ) 2.10 (48,720 ) Unleaded Gas NYMEX Gasoline RBOB Futures Options April 2016 (25 ) 164.00 (9,030 ) Total Energy (132,589 ) Industrial Metals Copper LME Copper Futures Options (5) April 2016 (29 ) 4,800.00 (73,841 ) Aluminum LME Primary Aluminum Futures Options (5) April 2016 (60 ) 1,600.00 (105 ) Zinc LME Zinc Futures Options (5) April 2016 (16 ) 1,800.00 (12,264 ) Nickel LME Nickel Futures Options (5) April 2016 (14 ) 9,200.00 (301 ) Lead LME Lead Futures Options (5) April 2016 (8 ) 1,900.00 (2 ) Total Industrial Metals (86,513 ) Agriculturals Soybean CBOT Soybean Futures Options April 2016 (48 ) 930.00 (10,500 ) Corn CBOT Corn Futures Options April 2016 (89 ) 395.00 (1,113 ) Wheat CBOT Wheat Futures Options April 2016 (33 ) 495.00 (8,044 ) CBOT Wheat Futures Options April 2016 (33 ) 500.00 (5,981 ) Total Wheat (14,025 ) Soybean Meal CBOT Soybean Meal Futures Options April 2016 (37 ) 290.00 (2,220 ) Soybean Oil CBOT Soybean Oil Futures Options April 2016 (25 ) 34.00 (11,550 ) Total Agriculturals (39,408 ) Precious Metals Gold COMEX Gold Futures Options May 2016 (30 ) 1,320.00 (25,500 ) Silver CEC Silver Futures Options April 2016 (13 ) 16.75 (4,875 ) Total Precious Metals (30,375 ) Livestock Live Cattle CME Live Cattle Futures Options April 2016 (69 ) $ 142.00 $ (690 ) Lean Hogs CME Lean Hogs Futures Options April 2016 (37 ) 74.00 (370 ) Total Livestock (1,060 ) Foods and Fibers Sugar ICE Sugar Futures Options April 2016 (61 ) 14.50 (66,271 ) Coffee ICE Coffee C Futures Options April 2016 (19 ) 130.00 (9,191 ) Cotton ICE Cotton Futures Options April 2016 (20 ) 64.00 (600 ) Cocoa ICE Cocoa Futures Options June 2016 (13 ) 3,250.00 (3,510 ) Total Foods and Fibers (79,572 ) Total Call Options Written outstanding (premiums received $560,095) (1,050 ) $ (369,517 ) (1) Ratings: Using the highest of Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. rating. (2) The Fund expects to invest only in long futures contracts. Some short futures positions arise in futures contracts traded on the London Metal Exchange (“LME”) solely as the result of closing existing long LME futures positions. For every short LME futures contract outstanding, the Fund had previously entered into a long LME futures contract. The London Clearing House is the counterparty for both the long and short position. (3) Total number of contracts and notional amount at value include the net effect of LME short futures positions, when applicable. (4) The gross unrealized appreciation (depreciation) on futures contracts is $2,027,253 and $(784,031), respectively. (5) For fair value measurement disclosure purposes, these Call Options Written are classified as Level 2. See Notes to Financial Statements, Note 2—Summary of Significant Accounting Policies, Investment Valuation and Fair Value Measurements for more information. N/A Not applicable. CBOT Chicago Board of Trade CEC Commodities Exchange Center CME Chicago Mercantile Exchange COMEX Commodities Exchange, Inc. ICE Intercontinental Exchange KCBT Kansas City Board of Trade LIFFE London International Financial Futures Exchange LME London Metal Exchange NY Harbor ULSD New York Harbor Ultra-Low Sulfur Diesel NYMEX New York Mercantile Exchange RBOB Reformulated Gasoline Blendstock for Oxygen Blending

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization	1. Organization Fund Information The Nuveen Diversified Commodity Fund (the “Fund”) was organized as a Delaware statutory trust on December 7, 2005, to operate as a commodity pool. Nuveen Commodities Asset Management, LLC, the Fund’s manager (“NCAM” or the “Manager”), is a Delaware limited liability company registered as a commodity pool operator with the Commodity Futures Trading Commission (the “CFTC”) and is a member of the National Futures Association (the “NFA”). The Fund commenced operations on September 27, 2010, with its initial public offering. The Fund operates pursuant to a Second Amended and Restated Trust Agreement dated as of March 30, 2012 (the “Trust Agreement”). The Fund’s shares represent units of fractional undivided beneficial interest in, and ownership of, the Fund. The Fund’s shares trade on the NYSE MKT under the ticker symbol “CFD.” The Fund is not a mutual fund, a closed-end fund, or any other type of “investment company” within the meaning of the Investment Company Act of 1940, as amended, and is not subject to regulation thereunder. Proposed Conversion to Exchange-Traded Fund (“ETF”) Structure On December 19, 2014, the Fund issued a press release announcing that the Manager had approved a plan to convert the Fund (the “Conversion”) into an open-ended ETF. On June 30, 2015, shareholders of the Fund approved amendments to the Fund’s Declaration of Trust that are necessary to complete the Conversion. To facilitate the Conversion, on July 9, 2015, the Fund filed a registration statement with the Securities and Exchange Commission (the “SEC”) to register common shares that may be issued from time to time after the Conversion. As of March 31, 2016 the Conversion remains subject to the receipt of regulatory approvals. On March 2, 2016, the Fund announced an update on the expected time frame for the Conversion. Assuming receipt of regulatory approvals, the Conversion is expected to be completed in the second quarter of 2016. The Conversion requires regulatory clearance, including the adoption of a new exchange rule pursuant to which the Fund’s shares will trade following the Conversion. The Fund has been working with the NYSE MKT, which has initiated the rule making process for the new rule, which will ultimately require approval by the SEC. There can be no assurance that such clearance will be obtained, or if obtained, that the Conversion will be completed in the anticipated time frame. The Fund is not currently, and after the Conversion will not be, a mutual fund or any other type of investment company within the meaning of the 1940 Act. Until the Conversion occurs, the Fund will continue to operate as currently structured. Investment Adviser The Manager has selected its affiliate, Gresham Investment Management LLC (“Gresham LLC”), acting through its Near Term Active division (in that capacity, “Gresham” or the “Commodity Sub-adviser”), The Manager has selected its affiliate, Nuveen Asset Management, LLC (“Nuveen Asset Management” or the “Collateral Sub-adviser”), to manage the Fund’s collateral invested in cash equivalents, U.S. government securities and other short-term, high grade debt securities. Nuveen Asset Management is a Delaware limited liability company and is registered with the SEC as an investment adviser. The Manager, the Commodity Sub-adviser and the Collateral Sub-adviser are subsidiaries of Nuveen Investments, Inc. (“Nuveen Investments”). Nuveen Investments is a subsidiary of TIAA Global Asset Management. Investment Objectives and Principal Investment Strategies The Fund’s investment objective is to generate higher risk-adjusted total return than leading commodity market benchmarks. Risk-adjusted total return refers to the income and capital appreciation generated by a portfolio (the combination of which equals its total return) per unit of risk taken, with such risk measured by the volatility of the portfolio’s total returns over a specific period of time. In pursuing its investment objective, the Fund invests directly in a diversified portfolio of commodity futures, forward and options contracts to obtain broad exposure to all principal groups in the global commodity markets. The Fund’s investment strategy has three principal elements: • An actively managed portfolio of commodity futures and forward contracts utilizing Gresham’s proprietary Tangible Asset Program ® ® • An integrated program of writing commodity call options designed to enhance the risk-adjusted total return of the Fund’s commodity investments (TAP ® SM ); and • A collateral portfolio of cash equivalents, U.S. government securities and other short-term, high grade debt securities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The accompanying unaudited financial statements were prepared in accordance with U.S. GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the SEC. In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Fund’s financial statements included in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2015. Basis of Accounting The accompanying financial statements have been prepared in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Futures Contracts The Fund invests in commodity futures contracts. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker. Generally investments in futures contracts also obligate the investor and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If the Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if the Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” In lieu of posting variation margin daily, the Fund has deposited cash with the clearing broker in an amount, generally representing approximately twice the required initial margin to cover the initial margin and the daily changes in the market value of its futures investments. Cash held by the clearing broker to cover both margin requirements on open futures contracts is recognized as “Deposits with brokers” on the Statements of Financial Condition. During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which are recognized as a component of “Unrealized appreciation or depreciation on futures contracts” on the Statements of Financial Condition and “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statements of Operations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and the value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statements of Operations. The Fund expects to invest only in long futures contracts. Some short futures positions may arise in futures contracts traded on the London Metal Exchange (“LME”) solely as the result of closing existing long LME futures positions. For every short LME futures contract outstanding, the Fund had previously entered into a long futures contract. The LME Clearing House is the counterparty for both the long and short positions. Risks of investments in commodity futures contracts include possible adverse movement in the price of the commodities underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and the possibility that a change in the value of the contract may not correlate with a change in the value of the underlying commodities. The average number of futures contracts outstanding during the three months ended March 31, 2016 and year ended December 31, 2015 was as follows: Three Months Ended Year Ended Average number of futures contracts outstanding* 2,206 2,432 * The average number of contracts is calculated based on the number of contracts outstanding at the beginning of the year and at the end of each quarter within the respective period. Refer to Note 3 – Derivative Instruments and Hedging Activities within these Notes to Financial Statements for further details on futures contracts activity. Options Contracts The Fund may write (sell) and purchase options on commodity futures and forward contracts to enhance the Fund’s risk-adjusted total return. When the Fund writes an option, an amount equal to the premium received is recognized as a component of “Call options written, at value” on the Statements of Financial Condition and is subsequently adjusted to reflect the current value of the written option until the option expires or the Fund enters into a closing purchase transaction. The changes in value of the options written during the reporting period are recognized as a component of “Change in net unrealized appreciation (depreciation) of call options written” on the Statements of Operations. When an option is exercised or expires, or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction is recognized as a component of “Net realized gain (loss) from call options written” on the Statements of Operations. The Fund, as writer of an option, has no control over whether the underlying instrument may be sold (called) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. During the three months ended March 31, 2016 and year ended December 31, 2015, the Fund wrote call options on futures contracts. The Fund did not purchase options on futures or forward contracts during the three months ended March 31, 2016 and year ended December 31, 2015. The purchase of options involves the risk of loss of all or part of the cash paid for the options (the premium). The market risk associated with purchasing options is limited to the premium paid. The counterparty credit risk of purchasing options, however, needs to take into account the current value of the option, as this is the performance expected from the counterparty. Transactions in call options written during the three months ended March 31, 2016 and year ended December 31, 2015 were as follows: Three Months Ended Year Ended December 31, 2015 Number of Premiums Number of Premiums Outstanding, beginning of period 1,098 $ 633,387 1,257 $ 952,693 Options written 2,098 1,267,141 11,246 6,566,423 Options terminated in closing purchase transactions (1,147 ) (636,489 ) (6,402 ) (3,978,394 ) Options expired (639 ) (377,211 ) (4,217 ) (2,400,362 ) Options exercised (360 ) (326,733 ) (786 ) (506,973 ) Outstanding, end of the period 1,050 $ 560,095 1,098 $ 633,387 The average number of call options written outstanding during the three months ended March 31, 2016 and year ended December 31, 2015 was as follows: Three Months Year Ended Average number of call options written outstanding* 1,074 1,183 * The average number of contracts is calculated based on the outstanding number of contracts at the beginning of the year and at the end of each quarter within the respective period. Refer to Note 3 – Derivative Instruments and Hedging Activities within these Notes to Financial Statements for further details on options activity. Forward Contracts The Fund may enter into forward contracts but did not make any such investments since its commencement of operations on September 27, 2010. A forward contract is an agreement between two parties to purchase or sell a specified quantity of a commodity at or before a specified date in the future at a specified price. Forward contracts are typically traded in the over-the-counter (“OTC”) markets and all details of the contract are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recognized on the Statements of Operations as unrealized appreciation or depreciation until the contract settlement date. Forward contracts are, in general, not cleared or guaranteed by a third party. The Fund may collateralize forward commodity contracts with cash and/or certain securities as indicated on its Statements of Financial Condition or Schedule of Investments, when applicable, and such collateral is held for the benefit of the counterparty in a segregated account at the custodian to protect the counterparty against non-payment by the Fund. In the event of a default by the counterparty, the Fund will seek return of this collateral and may incur certain costs exercising its right with respect to the collateral. The Fund remains subject to credit risk with respect to the amount it expects to receive from counterparties, as those amounts are not similarly collateralized by the counterparty. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. The Fund will enter into forward contracts only with large, well-capitalized and well-established financial institutions. The creditworthiness of each of the firms which is a party to a forward contract is monitored by the Manager. Netting Agreements In the ordinary course of business, the Fund has entered into transactions subject to enforceable master repurchase agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Fund manages its cash collateral and securities collateral on a counterparty basis. As of March 31, 2016 and December 31, 2015, the Fund was not invested in any portfolio securities or derivatives, other than the repurchase agreements further described below, that are subject to netting agreements. Repurchase Agreements In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited. The following tables present the repurchase agreements for the Fund, presented on the Statements of Financial Condition as of March 31, 2016 and December 31, 2015, and recognized as a component of “Short-term investments, at value,” that are subject to netting agreements as of the end of each reporting period, and the collateral delivered related to those repurchase agreements. March 31, 2016 Counterparty Short-Term Collateral Pledged Net Repurchase Agreements State Street Bank $ 10,769,892 $ (10,769,892 ) $ — December 31, 2015 Counterparty Short-Term Collateral Pledged Net Repurchase Agreements State Street Bank $ 1,088,249 $ (1,088,249 ) $ — * As of March 31, 2016 and December 31, 2015, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. The value of the collateral pledged from the counterparty as of March 31, 2016 and December 31, 2015 was $10,987,865 and $1,111,113, respectively. Collateral Investments Currently, approximately 15% of the Fund’s net assets are committed to secure the Fund’s futures contract positions. These assets are placed in a commodity futures account maintained by the Fund’s clearing broker, and are held in high-quality instruments permitted under CFTC regulations. The Fund’s remaining assets are held in a separate collateral investment account managed by the Collateral Sub-adviser. Sub-adviser Investment Valuation Commodity futures contracts and options on commodity futures contracts which are traded on an exchange are valued at the final settlement price or official closing price as determined by the principal exchange on which the instruments are traded as supplied by independent pricing services. These investments are generally classified as Level 1 for fair value measurement purposes. OTC commodity futures and forward contracts and options on commodity futures and forward contracts which are not traded on an exchange are valued, in order of hierarchy, by independent pricing services, price quotations obtained from counterparty broker-dealers, or through fair valuation methodologies as determined by the Manager. These investments are generally classified as Level 2. Additionally, events may occur after the close of the market, but prior to the determination of the Fund’s net asset value, that may affect the values of the Fund’s investments. In such circumstances, the Manager determines a fair valuation for such investments that in its opinion is reflective of fair market value. These investments are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Prices of fixed-income securities, including, but not limited to, highly-rated agency discount notes and U.S. Treasury bills, are provided by a pricing service approved by the Fund’s Manager. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2. Fair Value Measurements Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tier hierarchy of valuation inputs. Level 1—Inputs are unadjusted and prices are determined by quoted prices in active markets for identical securities. Level 2—Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3—Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of March 31, 2016 and December 31, 2015: March 31, 2016 Level 1 Level 2 Level 3 Total Short-Term Investments: U.S. Government and Agency Obligations $ — $ 71,293,332 $ — $ 71,293,332 Repurchase Agreements — 10,769,892 — 10,769,892 Investments in Derivatives: Futures Contracts* 1,243,222 — — 1,243,222 Call Options Written** (283,004 ) (86,513 ) — (369,517 ) Total $ 960,218 $ 81,976,711 $ — $ 82,936,929 December 31, 2015 Level 1 Level 2 Level 3 Total Short-Term Investments: U.S. Government and Agency Obligations $ — $ 70,000,297 $ — $ 70,000,297 Repurchase Agreements — 1,088,249 — 1,088,249 Investments in Derivatives: Futures Contracts* (629,490 ) — — (629,490 ) Call Options Written** (350,916 ) (88,856 ) — (439,772 ) Total $ (980,406 ) $ 70,999,690 $ — $ 70,019,284 * Represents the net unrealized appreciation (depreciation) of futures contracts as reported on the Statements of Financial Condition. ** Refer to the Schedule of Investments for a breakdown of call options written classified as Level 2, which is comprised of the Fund’s call options written on the LME. The Manager is responsible for the Fund’s valuation process and has delegated daily oversight of the process to the Manager’s Valuation Committee. The Valuation Committee, pursuant to its valuation policies and procedures, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Manager’s senior management. The Valuation Committee is aided in its efforts by the Manager’s Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team. For each portfolio instrument that has been fair valued pursuant to the Valuation Committee’s policies, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Manager’s senior management. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same for federal income tax purposes. Investment Income Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Brokerage Commissions and Fees The Fund pays brokerage commissions, including applicable clearing costs, exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction-related fees and expenses, incurred in connection with its commodity trading activities. Income Taxes No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Fund has elected to be classified as a partnership for U.S. federal income tax purposes. Each owner of the Fund’s shares will be required to take into account its allocable share of the Fund’s income, gains, losses, deductions and other items for the Fund’s taxable year. For all open tax years and all major taxing jurisdictions, the Manager of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, the Manager of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Expense Recognition All expenses of the Fund are recognized on an accrual basis. The Fund pays all costs and expenses of its operations, including brokerage expenses, custody fees, transfer agent expenses, professional fees, expenses of preparing, printing and distributing reports, notices, information statements, proxy statements, reports to governmental agencies, and taxes, if any. In connection with the Conversion described previously, the Fund has incurred certain costs and expenses. Such amounts are recognized as a component of “Accrued conversion expenses” on the Statements of Financial Condition and “Conversion expenses” on the Statements of Operations, when applicable. Calculation of Net Asset Value The net asset value per share of the Fund on any given day is computed by dividing the value of all assets of the Fund (including any accrued interest), less all liabilities (including accrued expenses and distributions declared but unpaid), by the total number of shares outstanding. Distributions The Fund intends to make regular monthly distributions to its shareholders stated in terms of a fixed cents per share distribution rate. Among other factors, the Manager seeks to establish a distribution rate that roughly corresponds to its projections of the total return that could reasonably be expected to be generated by the Fund over an extended period of time. In the event that the amount of income earned or capital gains realized by the Fund is not sufficient to cover the Fund’s distributions, the Fund may be required to liquidate investments to fund distributions at times or on terms that are disadvantageous to the Fund and its shareholders. As market conditions and portfolio performance may change, the rate of distribution on the shares and the Fund’s distribution policy could change. The Manager reserves the right to change the Fund’s distribution policy and the basis for establishing the rate of the Fund’s monthly distributions, or may temporarily suspend or reduce distributions without a change in policy, at any time and may do so without prior notice to shareholders. Distributions to shareholders are recorded on the ex-dividend Commitments and Contingencies Under the Fund’s organizational documents, the Manager, Wilmington Trust Company (the Fund’s Delaware trustee) and the Manager’s Independent Committee members are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote. Financial Instrument Risk The Fund utilizes commodity futures and options, whose values are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. As of March 31, 2016 and December 31, 2015, the financial instruments held by the Fund were traded on an exchange and are standardized contracts. Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity prices. Investing in commodity futures and forward contracts involves the Fund entering into contractual commitments to purchase or sell a particular commodity at a specified date and price. The market risk associated with the Fund’s commitments to purchase commodities will be limited to the gross or face amount of the contracts held. The Fund’s exposure to market risk may be influenced by a number of factors, including changes in international balances of payments and trade, currency devaluations and revaluations, changes in interest and foreign currency exchange rates, price volatility of commodity futures and forwards contracts and market liquidity, weather, geopolitical events and other factors. These factors also affect the Fund’s investments in options on commodity futures and forward contracts. The inherent uncertainty of the Fund’s investments as well as the development of drastic market occurrences could ultimately lead to a loss of all, or substantially all, of investors’ capital. Credit risk is the possibility that a loss may occur due to failure of a counterparty performing according to the terms of the forwards, futures and option contracts. The Fund may be exposed to credit risk from its investments in commodity futures and forward contracts and options on commodity futures and forward contracts resulting from the clearing house associated with a particular exchange failing to meet its obligations to the Fund. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance of one of their members, which should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., as in some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to the Fund. The commodity markets have volatility risk. The commodity markets have experienced periods of extreme volatility. General market uncertainty and consequent repricing risk have led to market imbalances of sellers and buyers, which in turn have resulted in significant reductions in values of a variety of commodities. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund’s holdings. In addition, volatility in the commodity and securities markets may directly and adversely affect the setting of distribution rates on the Fund’s shares.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Mar. 31, 2016
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. The following tables present the fair value of all derivative instruments held by the Fund as of March 31, 2016 and December 31, 2015, the location of these instruments on the Statements of Financial Condition and the primary underlying risk exposure. March 31, 2016 Location on the Statements of Financial Condition Underlying Derivative Asset Derivatives Liability Derivatives Location Value Location Value Commodity Futures Contracts Unrealized appreciation on futures contracts $ 2,027,253 Unrealized depreciation on futures contracts $ 784,031 Commodity Options — — Call options written, at value 369,517 Total $ 2,027,253 $ 1,153,548 December 31, 2015 Location on the Statements of Financial Condition Underlying Derivative Asset Derivatives Liability Derivatives Location Value Location Value Commodity Futures Contracts Unrealized appreciation on futures contracts $ 1,629,675 Unrealized depreciation on futures contracts $ 2,259,165 Commodity Options — — Call options written, at value 439,772 Total $ 1,629,675 $ 2,698,937 The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on derivative instruments during the three months ended March 31, 2016 and March 31, 2015, the location of these instruments on the Statements of Operations and the primary underlying risk exposure. Commodity Risk Exposure Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Net realized gain (loss) from: Futures contracts $ (2,621,452 ) $ (15,565,740 ) Call options written 1,198,143 1,834,913 Change in net unrealized appreciation (depreciation) of: Futures contracts $ 1,872,712 $ 8,176,470 Call options written (3,037 ) (178,288 )

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2016
Related Parties	4. Related Parties The Manager, the Commodity Sub-adviser and the Collateral Sub-adviser For the services and facilities provided by the Manager, the Fund pays the Manager an annual management fee, payable monthly, based on the Fund’s average daily net assets, according to the following schedule: Average Daily Net Assets Management Fee For the first $500 million 1.250 % For the next $500 million 1.225 For the next $500 million 1.200 For the next $500 million 1.175 For net assets over $2 billion 1.150 “Average daily net assets” represents the total assets of the Fund, minus the sum of its total liabilities. The Manager and the Fund have entered into sub-advisory Sub-adviser Sub-adviser. Sub-adviser Sub-adviser

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Mar. 31, 2016
Share Repurchase Program	5. Share Repurchase Program On December 21, 2011, the Fund adopted an open-market share repurchase program, pursuant to which it was authorized to repurchase up to 10% of its outstanding common shares (approximately 920,000 shares) in open-market transactions at the Manager’s discretion. On March 6, 2014, the Fund reauthorized its share repurchase program, pursuant to which it may repurchase up to 10% of its outstanding common shares as of the reauthorization date (approximately 920,000 shares) in open-market transactions at the Manager’s discretion. The Fund did not have any transactions in share repurchases during the three months ended March 31, 2016 and year ended December 31, 2015.

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2016
Financial Highlights	6. Financial Highlights The following financial highlights relate to investment performance and operations for a Fund share outstanding during the three months ended March 31, 2016 and March 31, 2015. The Net Asset Value presentation is calculated using average daily shares outstanding. The Ratios to Average Net Assets are calculated using average daily net assets and are annualized for periods less than a full fiscal year. The Total Returns at Net Asset Value and Market Value are based on the change in net asset value and market value, respectively, for a share during the period. An investor’s return and ratios will vary based on the timing of purchasing and selling Fund shares. Three Months Ended March 31, 2016 2015 Net Asset Value: Net asset value per share —beginning of period $ 9.47 $ 13.62 Net investment income (loss) (0.04 ) (0.06 ) Net realized and unrealized gain (loss) 0.04 (0.63 ) Distributions (0.17 ) (0.34 ) Net asset value per share—end of period $ 9.30 $ 12.59 Market Value: Market value per share—beginning of period $ 9.02 $ 12.83 Market value per share—end of period $ 8.91 $ 11.90 Ratios to Average Net Assets: (a) Net investment income (loss) (1.96 )% (1.97 )% Expenses 2.24 % 2.06 % Total Returns: (b) Based on Net Asset Value 0.09 % (5.13 )% Based on Market Value 0.77 % (4.66 )% (a) Annualized. (b) Total Return Based on Net Asset Value is the combination of changes in net asset value per share and the assumed reinvestment of distributions, if any, at net asset value per share on the distribution payment date. The last distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the net asset value per share at the end of the period. Total returns are not annualized. Total Return Based on Market Value is the combination of changes in the market price per share and the assumed reinvestment of distributions, if any, at the ending market price per share on the distribution payment date. The last distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price per share at the end of the period. Total returns are not annualized.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Basis of Accounting	Basis of Accounting The accompanying financial statements have been prepared in conformity with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Futures Contracts, Options Contracts and Forward Contracts	Futures Contracts The Fund invests in commodity futures contracts. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker. Generally investments in futures contracts also obligate the investor and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If the Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if the Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” In lieu of posting variation margin daily, the Fund has deposited cash with the clearing broker in an amount, generally representing approximately twice the required initial margin to cover the initial margin and the daily changes in the market value of its futures investments. Cash held by the clearing broker to cover both margin requirements on open futures contracts is recognized as “Deposits with brokers” on the Statements of Financial Condition. During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which are recognized as a component of “Unrealized appreciation or depreciation on futures contracts” on the Statements of Financial Condition and “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statements of Operations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and the value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statements of Operations. The Fund expects to invest only in long futures contracts. Some short futures positions may arise in futures contracts traded on the London Metal Exchange (“LME”) solely as the result of closing existing long LME futures positions. For every short LME futures contract outstanding, the Fund had previously entered into a long futures contract. The LME Clearing House is the counterparty for both the long and short positions. Risks of investments in commodity futures contracts include possible adverse movement in the price of the commodities underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and the possibility that a change in the value of the contract may not correlate with a change in the value of the underlying commodities. The average number of futures contracts outstanding during the three months ended March 31, 2016 and year ended December 31, 2015 was as follows: Three Months Ended Year Ended Average number of futures contracts outstanding* 2,206 2,432 * The average number of contracts is calculated based on the number of contracts outstanding at the beginning of the year and at the end of each quarter within the respective period. Refer to Note 3 – Derivative Instruments and Hedging Activities within these Notes to Financial Statements for further details on futures contracts activity. Options Contracts The Fund may write (sell) and purchase options on commodity futures and forward contracts to enhance the Fund’s risk-adjusted total return. When the Fund writes an option, an amount equal to the premium received is recognized as a component of “Call options written, at value” on the Statements of Financial Condition and is subsequently adjusted to reflect the current value of the written option until the option expires or the Fund enters into a closing purchase transaction. The changes in value of the options written during the reporting period are recognized as a component of “Change in net unrealized appreciation (depreciation) of call options written” on the Statements of Operations. When an option is exercised or expires, or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction is recognized as a component of “Net realized gain (loss) from call options written” on the Statements of Operations. The Fund, as writer of an option, has no control over whether the underlying instrument may be sold (called) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. During the three months ended March 31, 2016 and year ended December 31, 2015, the Fund wrote call options on futures contracts. The Fund did not purchase options on futures or forward contracts during the three months ended March 31, 2016 and year ended December 31, 2015. The purchase of options involves the risk of loss of all or part of the cash paid for the options (the premium). The market risk associated with purchasing options is limited to the premium paid. The counterparty credit risk of purchasing options, however, needs to take into account the current value of the option, as this is the performance expected from the counterparty. Transactions in call options written during the three months ended March 31, 2016 and year ended December 31, 2015 were as follows: Three Months Ended Year Ended December 31, 2015 Number of Premiums Number of Premiums Outstanding, beginning of period 1,098 $ 633,387 1,257 $ 952,693 Options written 2,098 1,267,141 11,246 6,566,423 Options terminated in closing purchase transactions (1,147 ) (636,489 ) (6,402 ) (3,978,394 ) Options expired (639 ) (377,211 ) (4,217 ) (2,400,362 ) Options exercised (360 ) (326,733 ) (786 ) (506,973 ) Outstanding, end of the period 1,050 $ 560,095 1,098 $ 633,387 The average number of call options written outstanding during the three months ended March 31, 2016 and year ended December 31, 2015 was as follows: Three Months Year Ended Average number of call options written outstanding* 1,074 1,183 * The average number of contracts is calculated based on the outstanding number of contracts at the beginning of the year and at the end of each quarter within the respective period. Refer to Note 3 – Derivative Instruments and Hedging Activities within these Notes to Financial Statements for further details on options activity. Forward Contracts The Fund may enter into forward contracts but did not make any such investments since its commencement of operations on September 27, 2010. A forward contract is an agreement between two parties to purchase or sell a specified quantity of a commodity at or before a specified date in the future at a specified price. Forward contracts are typically traded in the over-the-counter (“OTC”) markets and all details of the contract are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recognized on the Statements of Operations as unrealized appreciation or depreciation until the contract settlement date. Forward contracts are, in general, not cleared or guaranteed by a third party. The Fund may collateralize forward commodity contracts with cash and/or certain securities as indicated on its Statements of Financial Condition or Schedule of Investments, when applicable, and such collateral is held for the benefit of the counterparty in a segregated account at the custodian to protect the counterparty against non-payment by the Fund. In the event of a default by the counterparty, the Fund will seek return of this collateral and may incur certain costs exercising its right with respect to the collateral. The Fund remains subject to credit risk with respect to the amount it expects to receive from counterparties, as those amounts are not similarly collateralized by the counterparty. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only limited recovery or may obtain no recovery in such circumstances. Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. The Fund will enter into forward contracts only with large, well-capitalized and well-established financial institutions. The creditworthiness of each of the firms which is a party to a forward contract is monitored by the Manager.
Netting Agreements	Netting Agreements In the ordinary course of business, the Fund has entered into transactions subject to enforceable master repurchase agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Fund manages its cash collateral and securities collateral on a counterparty basis. As of March 31, 2016 and December 31, 2015, the Fund was not invested in any portfolio securities or derivatives, other than the repurchase agreements further described below, that are subject to netting agreements.
Repurchase Agreements	Repurchase Agreements In connection with transactions in repurchase agreements, it is the Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited. The following tables present the repurchase agreements for the Fund, presented on the Statements of Financial Condition as of March 31, 2016 and December 31, 2015, and recognized as a component of “Short-term investments, at value,” that are subject to netting agreements as of the end of each reporting period, and the collateral delivered related to those repurchase agreements. March 31, 2016 Counterparty Short-Term Collateral Pledged Net Repurchase Agreements State Street Bank $ 10,769,892 $ (10,769,892 ) $ — December 31, 2015 Counterparty Short-Term Collateral Pledged Net Repurchase Agreements State Street Bank $ 1,088,249 $ (1,088,249 ) $ — * As of March 31, 2016 and December 31, 2015, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. The value of the collateral pledged from the counterparty as of March 31, 2016 and December 31, 2015 was $10,987,865 and $1,111,113, respectively.
Collateral Investments	Collateral Investments Currently, approximately 15% of the Fund’s net assets are committed to secure the Fund’s futures contract positions. These assets are placed in a commodity futures account maintained by the Fund’s clearing broker, and are held in high-quality instruments permitted under CFTC regulations. The Fund’s remaining assets are held in a separate collateral investment account managed by the Collateral Sub-adviser. Sub-adviser
Investment Valuation	Investment Valuation Commodity futures contracts and options on commodity futures contracts which are traded on an exchange are valued at the final settlement price or official closing price as determined by the principal exchange on which the instruments are traded as supplied by independent pricing services. These investments are generally classified as Level 1 for fair value measurement purposes. OTC commodity futures and forward contracts and options on commodity futures and forward contracts which are not traded on an exchange are valued, in order of hierarchy, by independent pricing services, price quotations obtained from counterparty broker-dealers, or through fair valuation methodologies as determined by the Manager. These investments are generally classified as Level 2. Additionally, events may occur after the close of the market, but prior to the determination of the Fund’s net asset value, that may affect the values of the Fund’s investments. In such circumstances, the Manager determines a fair valuation for such investments that in its opinion is reflective of fair market value. These investments are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Prices of fixed-income securities, including, but not limited to, highly-rated agency discount notes and U.S. Treasury bills, are provided by a pricing service approved by the Fund’s Manager. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tier hierarchy of valuation inputs. Level 1—Inputs are unadjusted and prices are determined by quoted prices in active markets for identical securities. Level 2—Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3—Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of March 31, 2016 and December 31, 2015: March 31, 2016 Level 1 Level 2 Level 3 Total Short-Term Investments: U.S. Government and Agency Obligations $ — $ 71,293,332 $ — $ 71,293,332 Repurchase Agreements — 10,769,892 — 10,769,892 Investments in Derivatives: Futures Contracts* 1,243,222 — — 1,243,222 Call Options Written** (283,004 ) (86,513 ) — (369,517 ) Total $ 960,218 $ 81,976,711 $ — $ 82,936,929 December 31, 2015 Level 1 Level 2 Level 3 Total Short-Term Investments: U.S. Government and Agency Obligations $ — $ 70,000,297 $ — $ 70,000,297 Repurchase Agreements — 1,088,249 — 1,088,249 Investments in Derivatives: Futures Contracts* (629,490 ) — — (629,490 ) Call Options Written** (350,916 ) (88,856 ) — (439,772 ) Total $ (980,406 ) $ 70,999,690 $ — $ 70,019,284 * Represents the net unrealized appreciation (depreciation) of futures contracts as reported on the Statements of Financial Condition. ** Refer to the Schedule of Investments for a breakdown of call options written classified as Level 2, which is comprised of the Fund’s call options written on the LME. The Manager is responsible for the Fund’s valuation process and has delegated daily oversight of the process to the Manager’s Valuation Committee. The Valuation Committee, pursuant to its valuation policies and procedures, is responsible for making fair value determinations, evaluating the effectiveness of the Fund’s pricing policies, and reporting to the Manager’s senior management. The Valuation Committee is aided in its efforts by the Manager’s Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team. For each portfolio instrument that has been fair valued pursuant to the Valuation Committee’s policies, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Manager’s senior management.
Investment Transactions	Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same for federal income tax purposes.
Investment Income	Investment Income Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis.
Brokerage Commissions and Fees	Brokerage Commissions and Fees The Fund pays brokerage commissions, including applicable clearing costs, exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction-related fees and expenses, incurred in connection with its commodity trading activities.
Income Taxes	Income Taxes No provision for federal, state, and local income taxes has been made in the accompanying financial statements because the Fund has elected to be classified as a partnership for U.S. federal income tax purposes. Each owner of the Fund’s shares will be required to take into account its allocable share of the Fund’s income, gains, losses, deductions and other items for the Fund’s taxable year. For all open tax years and all major taxing jurisdictions, the Manager of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, the Manager of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Expense Recognition	Expense Recognition All expenses of the Fund are recognized on an accrual basis. The Fund pays all costs and expenses of its operations, including brokerage expenses, custody fees, transfer agent expenses, professional fees, expenses of preparing, printing and distributing reports, notices, information statements, proxy statements, reports to governmental agencies, and taxes, if any. In connection with the Conversion described previously, the Fund has incurred certain costs and expenses. Such amounts are recognized as a component of “Accrued conversion expenses” on the Statements of Financial Condition and “Conversion expenses” on the Statements of Operations, when applicable.
Calculation of Net Asset Value	Calculation of Net Asset Value The net asset value per share of the Fund on any given day is computed by dividing the value of all assets of the Fund (including any accrued interest), less all liabilities (including accrued expenses and distributions declared but unpaid), by the total number of shares outstanding.
Distributions	Distributions The Fund intends to make regular monthly distributions to its shareholders stated in terms of a fixed cents per share distribution rate. Among other factors, the Manager seeks to establish a distribution rate that roughly corresponds to its projections of the total return that could reasonably be expected to be generated by the Fund over an extended period of time. In the event that the amount of income earned or capital gains realized by the Fund is not sufficient to cover the Fund’s distributions, the Fund may be required to liquidate investments to fund distributions at times or on terms that are disadvantageous to the Fund and its shareholders. As market conditions and portfolio performance may change, the rate of distribution on the shares and the Fund’s distribution policy could change. The Manager reserves the right to change the Fund’s distribution policy and the basis for establishing the rate of the Fund’s monthly distributions, or may temporarily suspend or reduce distributions without a change in policy, at any time and may do so without prior notice to shareholders. Distributions to shareholders are recorded on the ex-dividend
Commitments and Contingencies	Commitments and Contingencies Under the Fund’s organizational documents, the Manager, Wilmington Trust Company (the Fund’s Delaware trustee) and the Manager’s Independent Committee members are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and believes the risk of loss to be remote.
Financial Instrument Risk	Financial Instrument Risk The Fund utilizes commodity futures and options, whose values are based upon an underlying asset and generally represent future commitments that have a reasonable possibility of being settled in cash or through physical delivery. As of March 31, 2016 and December 31, 2015, the financial instruments held by the Fund were traded on an exchange and are standardized contracts. Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including fluctuations in commodity prices. Investing in commodity futures and forward contracts involves the Fund entering into contractual commitments to purchase or sell a particular commodity at a specified date and price. The market risk associated with the Fund’s commitments to purchase commodities will be limited to the gross or face amount of the contracts held. The Fund’s exposure to market risk may be influenced by a number of factors, including changes in international balances of payments and trade, currency devaluations and revaluations, changes in interest and foreign currency exchange rates, price volatility of commodity futures and forwards contracts and market liquidity, weather, geopolitical events and other factors. These factors also affect the Fund’s investments in options on commodity futures and forward contracts. The inherent uncertainty of the Fund’s investments as well as the development of drastic market occurrences could ultimately lead to a loss of all, or substantially all, of investors’ capital. Credit risk is the possibility that a loss may occur due to failure of a counterparty performing according to the terms of the forwards, futures and option contracts. The Fund may be exposed to credit risk from its investments in commodity futures and forward contracts and options on commodity futures and forward contracts resulting from the clearing house associated with a particular exchange failing to meet its obligations to the Fund. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance of one of their members, which should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., as in some foreign exchanges), it may be backed by a consortium of banks or other financial institutions. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to the Fund. The commodity markets have volatility risk. The commodity markets have experienced periods of extreme volatility. General market uncertainty and consequent repricing risk have led to market imbalances of sellers and buyers, which in turn have resulted in significant reductions in values of a variety of commodities. Similar future market conditions may result in rapid and substantial valuation increases or decreases in the Fund’s holdings. In addition, volatility in the commodity and securities markets may directly and adversely affect the setting of distribution rates on the Fund’s shares.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Transactions in Options	Transactions in call options written during the three months ended March 31, 2016 and year ended December 31, 2015 were as follows: Three Months Ended Year Ended December 31, 2015 Number of Premiums Number of Premiums Outstanding, beginning of period 1,098 $ 633,387 1,257 $ 952,693 Options written 2,098 1,267,141 11,246 6,566,423 Options terminated in closing purchase transactions (1,147 ) (636,489 ) (6,402 ) (3,978,394 ) Options expired (639 ) (377,211 ) (4,217 ) (2,400,362 ) Options exercised (360 ) (326,733 ) (786 ) (506,973 ) Outstanding, end of the period 1,050 $ 560,095 1,098 $ 633,387
Repurchase Agreements for Fund and Collateral of Repurchase Agreements	The following tables present the repurchase agreements for the Fund, presented on the Statements of Financial Condition as of March 31, 2016 and December 31, 2015, and recognized as a component of “Short-term investments, at value,” that are subject to netting agreements as of the end of each reporting period, and the collateral delivered related to those repurchase agreements. March 31, 2016 Counterparty Short-Term Collateral Pledged Net Repurchase Agreements State Street Bank $ 10,769,892 $ (10,769,892 ) $ — December 31, 2015 Counterparty Short-Term Collateral Pledged Net Repurchase Agreements State Street Bank $ 1,088,249 $ (1,088,249 ) $ — * As of March 31, 2016 and December 31, 2015, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. The value of the collateral pledged from the counterparty as of March 31, 2016 and December 31, 2015 was $10,987,865 and $1,111,113, respectively.
Fund's Fair Value Measurement	The following is a summary of the Fund’s fair value measurements as of March 31, 2016 and December 31, 2015: March 31, 2016 Level 1 Level 2 Level 3 Total Short-Term Investments: U.S. Government and Agency Obligations $ — $ 71,293,332 $ — $ 71,293,332 Repurchase Agreements — 10,769,892 — 10,769,892 Investments in Derivatives: Futures Contracts* 1,243,222 — — 1,243,222 Call Options Written** (283,004 ) (86,513 ) — (369,517 ) Total $ 960,218 $ 81,976,711 $ — $ 82,936,929 December 31, 2015 Level 1 Level 2 Level 3 Total Short-Term Investments: U.S. Government and Agency Obligations $ — $ 70,000,297 $ — $ 70,000,297 Repurchase Agreements — 1,088,249 — 1,088,249 Investments in Derivatives: Futures Contracts* (629,490 ) — — (629,490 ) Call Options Written** (350,916 ) (88,856 ) — (439,772 ) Total $ (980,406 ) $ 70,999,690 $ — $ 70,019,284 * Represents the net unrealized appreciation (depreciation) of futures contracts as reported on the Statements of Financial Condition. ** Refer to the Schedule of Investments for a breakdown of call options written classified as Level 2, which is comprised of the Fund’s call options written on the LME.
Futures Contracts
Average Number of Contracts Outstanding	The average number of futures contracts outstanding during the three months ended March 31, 2016 and year ended December 31, 2015 was as follows: Three Months Ended Year Ended Average number of futures contracts outstanding* 2,206 2,432 * The average number of contracts is calculated based on the number of contracts outstanding at the beginning of the year and at the end of each quarter within the respective period.
Short | Call Options
Average Number of Contracts Outstanding	The average number of call options written outstanding during the three months ended March 31, 2016 and year ended December 31, 2015 was as follows: Three Months Year Ended Average number of call options written outstanding* 1,074 1,183 * The average number of contracts is calculated based on the outstanding number of contracts at the beginning of the year and at the end of each quarter within the respective period.

Derivative Instruments and He20

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value of All Derivative Instruments Held By Fund	The following tables present the fair value of all derivative instruments held by the Fund as of March 31, 2016 and December 31, 2015, the location of these instruments on the Statements of Financial Condition and the primary underlying risk exposure. March 31, 2016 Location on the Statements of Financial Condition Underlying Derivative Asset Derivatives Liability Derivatives Location Value Location Value Commodity Futures Contracts Unrealized appreciation on futures contracts $ 2,027,253 Unrealized depreciation on futures contracts $ 784,031 Commodity Options — — Call options written, at value 369,517 Total $ 2,027,253 $ 1,153,548 December 31, 2015 Location on the Statements of Financial Condition Underlying Derivative Asset Derivatives Liability Derivatives Location Value Location Value Commodity Futures Contracts Unrealized appreciation on futures contracts $ 1,629,675 Unrealized depreciation on futures contracts $ 2,259,165 Commodity Options — — Call options written, at value 439,772 Total $ 1,629,675 $ 2,698,937
Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) Recognized on Derivative Instruments	The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on derivative instruments during the three months ended March 31, 2016 and March 31, 2015, the location of these instruments on the Statements of Operations and the primary underlying risk exposure. Commodity Risk Exposure Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Net realized gain (loss) from: Futures contracts $ (2,621,452 ) $ (15,565,740 ) Call options written 1,198,143 1,834,913 Change in net unrealized appreciation (depreciation) of: Futures contracts $ 1,872,712 $ 8,176,470 Call options written (3,037 ) (178,288 )

Related Parties (Tables)

Related Parties (Tables)	3 Months Ended
	Mar. 31, 2016
Management Fee According to Fund's Average Daily Net Assets	For the services and facilities provided by the Manager, the Fund pays the Manager an annual management fee, payable monthly, based on the Fund’s average daily net assets, according to the following schedule: Average Daily Net Assets Management Fee For the first $500 million 1.250 % For the next $500 million 1.225 For the next $500 million 1.200 For the next $500 million 1.175 For net assets over $2 billion 1.150

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of Net Asset Value, Market Value, Ratios to Average Net Assets, and Total Returns	The Total Returns at Net Asset Value and Market Value are based on the change in net asset value and market value, respectively, for a share during the period. An investor’s return and ratios will vary based on the timing of purchasing and selling Fund shares. Three Months Ended March 31, 2016 2015 Net Asset Value: Net asset value per share —beginning of period $ 9.47 $ 13.62 Net investment income (loss) (0.04 ) (0.06 ) Net realized and unrealized gain (loss) 0.04 (0.63 ) Distributions (0.17 ) (0.34 ) Net asset value per share—end of period $ 9.30 $ 12.59 Market Value: Market value per share—beginning of period $ 9.02 $ 12.83 Market value per share—end of period $ 8.91 $ 11.90 Ratios to Average Net Assets: (a) Net investment income (loss) (1.96 )% (1.97 )% Expenses 2.24 % 2.06 % Total Returns: (b) Based on Net Asset Value 0.09 % (5.13 )% Based on Market Value 0.77 % (4.66 )% (a) Annualized. (b) Total Return Based on Net Asset Value is the combination of changes in net asset value per share and the assumed reinvestment of distributions, if any, at net asset value per share on the distribution payment date. The last distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the net asset value per share at the end of the period. Total returns are not annualized.

Average Number of Futures Contr

Average Number of Futures Contracts Outstanding (Detail) - Contract		Mar. 31, 2016	Dec. 31, 2015
Futures Contracts | Average
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Average number of derivative contracts outstanding	[1]	2,206	2,432
[1]	The average number of contracts is calculated based on the number of contracts outstanding at the beginning of the year and at the end of each quarter within the respective period.

Transactions in Call Options (D

Transactions in Call Options (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)Contract	Dec. 31, 2015USD ($)Contract
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Outstanding, beginning of period, Premiums Received	$ 633,387
Outstanding, end of the period, Premiums Received	$ 560,095	$ 633,387
Call Options | Short
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Outstanding, beginning of period, Number of Contracts | Contract	1,098	1,257
Options written, Number of Contracts | Contract	2,098	11,246
Options terminated in closing purchase transactions, Number of Contracts | Contract	(1,147)	(6,402)
Options expired, Number of Contracts | Contract	(639)	(4,217)
Options exercised, Number of Contracts | Contract	(360)	(786)
Outstanding, end of the period, Number of Contracts | Contract	1,050	1,098
Outstanding, beginning of period, Premiums Received	$ 633,387	$ 952,693
Options written, Premiums Received	1,267,141	6,566,423
Options terminated in closing purchase transactions, Premiums Received	(636,489)	(3,978,394)
Options expired, Premiums Received	(377,211)	(2,400,362)
Options exercised, Premiums Received	(326,733)	(506,973)
Outstanding, end of the period, Premiums Received	$ 560,095	$ 633,387

Average Number of Call Options

Average Number of Call Options Written Outstanding (Detail) - Contract		Mar. 31, 2016	Dec. 31, 2015
Call Options | Average
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items]
Average number of derivative contracts outstanding	[1]	1,074	1,183
[1]	The average number of contracts is calculated based on the outstanding number of contracts at the beginning of the year and at the end of each quarter within the respective period.

Repurchase Agreements for Fund

Repurchase Agreements for Fund and Collateral of Repurchase Agreements (Detail) - USD ($)		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Assets Sold under Agreements to Repurchase [Line Items]
Short-Term Investments, at Value		$ 82,063,224
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Counterparty		State Street Bank
Short-Term Investments, at Value		$ 10,769,892	$ 1,088,249
Collateral Pledged (From) Counterparty	[1]	(10,769,892)	(1,088,249)
Net Exposure		$ 0	$ 0
[1]	As of March 31, 2016 and December 31, 2015, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. The value of the collateral pledged from the counterparty as of March 31, 2016 and December 31, 2015 was $10,987,865 and $1,111,113, respectively.

Repurchase Agreements for Fun27

Repurchase Agreements for Fund and Collateral of Repurchase Agreements (Parenthetical) (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Repurchase Agreements
Assets Sold under Agreements to Repurchase [Line Items]
Securities received as collateral, value	$ 10,987,865	$ 1,111,113

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Percentage of Fund's net assets committed to secure Fund's futures and forward contract positions	15.00%
Period of assets invested in cash equivalents	Not exceeding one year

Summary of Fund's Fair Value Me

Summary of Fund's Fair Value Measurements (Detail) - USD ($)		Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		$ 82,936,929	$ 70,019,284
Short-term Investments		82,063,224
U.S. Government Agencies Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments		71,293,332	70,000,297
Repurchase Agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments		10,769,892	1,088,249
Futures Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Fair Value	[1]	1,243,222	(629,490)
Options Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Fair Value	[2]	(369,517)	(439,772)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		960,218	(980,406)
Level 1 | Futures Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Fair Value	[1]	1,243,222	(629,490)
Level 1 | Options Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Fair Value	[2]	(283,004)	(350,916)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total		81,976,711	70,999,690
Level 2 | U.S. Government Agencies Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments		71,293,332	70,000,297
Level 2 | Repurchase Agreements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term Investments		10,769,892	1,088,249
Level 2 | Options Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net Derivative Fair Value	[2]	$ (86,513)	$ (88,856)
[1]	Represents the net unrealized appreciation (depreciation) of futures contracts as reported on the Statements of Financial Condition.
[2]	Refer to the Schedule of Investments for a breakdown of call options written classified as Level 2, which is comprised of the Fund's call options written on the LME.

Fair Value of Derivative Instru

Fair Value of Derivative Instruments Held by Fund (Detail) - Commodity Contracts - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Total Asset Derivatives	$ 2,027,253	$ 1,629,675
Total Liability Derivatives	1,153,548	2,698,937
Futures Contracts
Derivatives, Fair Value [Line Items]
Total Asset Derivatives	2,027,253	1,629,675
Total Liability Derivatives	784,031	2,259,165
Options Contracts
Derivatives, Fair Value [Line Items]
Total Liability Derivatives	$ 369,517	$ 439,772

Net Realized Gain (Loss) and Ch

Net Realized Gain (Loss) and Change In Net Unrealized Appreciation (Depreciation) Recognized on Derivative Instruments and Primary Underlying Risk Exposure (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Net realized gain (loss) from:
Futures contracts	$ (2,621,452)	$ (15,565,740)	$ (40,931,647)
Call options written	1,198,143	1,834,913	5,739,221
Change in net unrealized appreciation (depreciation) of:
Futures contracts	1,872,712	8,176,470	10,208,143
Call options written	$ (3,037)	$ (178,288)	$ (462,171)

Related Parties (Detail)

Related Parties (Detail)	Mar. 31, 2016
For the first $500 million
Management Fees Provided For Service [Line Items]
Management Fee Percentage	1.25%
For the next $500 million
Management Fees Provided For Service [Line Items]
Management Fee Percentage	1.225%
For the next $500 million
Management Fees Provided For Service [Line Items]
Management Fee Percentage	1.20%
For the next $500 million
Management Fees Provided For Service [Line Items]
Management Fee Percentage	1.175%
For net assets over $2 billion
Management Fees Provided For Service [Line Items]
Management Fee Percentage	1.15%

Share Repurchase Program - Addi

Share Repurchase Program - Additional Information (Detail) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 06, 2014	Dec. 21, 2011
Share Repurchases [Line Items]
Percentage of outstanding common shares available for repurchase			10.00%	10.00%
Outstanding common shares			920,000	920,000
Shares repurchased	0	0

Financial Highlights (Detail)

Financial Highlights (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Asset Value:
Net asset value per share-beginning of period	$ 9.47	$ 13.62
Net investment income (loss)	(0.04)	(0.06)
Net realized and unrealized gain (loss)	0.04	(0.63)
Distributions	(0.17)	(0.34)
Net asset value per share-end of period	9.30	12.59
Market Value:
Market value per share-beginning of period	9.02	12.83
Market value per share-end of period	$ 8.91	$ 11.90
Ratios to Average Net Assets:
Net investment income (loss)	(1.96%)	(1.97%)
Expenses	2.24%	2.06%
Total Returns:
Based on Net Asset Value	0.09%	(5.13%)
Based on Market Value	0.77%	(4.66%)