Subsequent Event

6 Months Ended

Jun. 30, 2010

Subsequent Event [Abstract]

Subsequent Event

10.  Subsequent Events

Management of Ceres performed its evaluation of subsequent events through the date of filing, and has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements other than these disclosed below.

               Effective July 1, 2011, the monthly management fee rate payable to EMC was reduced from a monthly management fee rate equal to 5/24 of 1.00% (a 2.50% annual rate) to a        

               monthly management fee rate equal to 1/12 of 2.00% (a 2.00% annual rate) and the monthly incentive fee rate payable to EMC was increased from a monthly incentive fee rate equal to 17.5%

               to a monthly incentive fee rate equal to 20%.

               Effective July 1, 2011, the monthly management fee rate payable to Northfield was reduced from a monthly management fee rate equal to 1/12 of 3.00% (a 3.00% annual rate) to a monthly

               management fee rate equal to 1/12 of 2.00% (a 2.00% annual rate) and the monthly incentive fee rate payable to Northfield was increased from a monthly incentive fee rate equal to 15% of a

               monthly incentive fee rate equal to 20%.

              Effective July 1, 2011, the monthly management fee rate payable to Rabar was reduced from a monthly management fee rate equal to 5/24 of 1.00% (a 2.50% annual rate) to a monthly

              management fee rate equal to 1/12% of 2.00% (a 2.00% annual rate) and the monthly incentive fee rate was increased from 17.5% to a monthly incentive fee rate equal to 20%.