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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2012
Valuation of Securities Using the Fair Value Hierarchy

The following table summarizes the valuation of US12NG’s securities at June 30, 2012 using the fair value hierarchy:

 

At June 30, 2012    Total     Level I     Level II      Level III  

Short-Term Investments

    $  18,519,333      $  18,519,333      $ —       $ —   

Exchange-Traded Futures Contracts

          

United States Contracts

      (2,185,700 )      (2,185,700 )      —         —   

During the six months ended June 30, 2012, there were no transfers between Level I and Level II.

The following table summarizes the valuation of US12NG’s securities at December 31, 2011 using the fair value hierarchy:

 

At December 31, 2011    Total     Level I     Level II      Level III  

Short-Term Investments

    $  12,278,369      $  12,278,369      $ —       $ —   

Exchange-Traded Futures Contracts

          

United States Contracts

      (8,583,320 )      (8,583,320 )      —         —   

During the year ended December 31, 2011, there were no transfers between Level I and Level II.
Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

 

Derivatives not
Accounted for
as Hedging
Instruments

    Condensed
Statements of Financial
Condition Location		    Fair Value
At June 30, 2012		     Fair Value
At December 31, 2011		  

Futures - Commodity Contracts

    Assets    $ (2,185,700 )    $ (8,583,320 ) 
Effect of Derivative Instruments on the Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

 

         For the six months ended
June 30, 2012		      For the six months ended
June 30, 2011		  

Derivatives not
Accounted for
as Hedging
Instruments

  

Location of
Gain or (Loss)
on Derivatives
Recognized in
Income

    Realized
Gain or (Loss)
on Derivatives
Recognized in
Income		     Change in
Unrealized
Gain or (Loss)
on Derivatives
Recognized in
Income		      Realized
Gain or (Loss)
on Derivatives
Recognized in
Income		     Change in
Unrealized
Gain or (Loss)
on Derivatives
Recognized in
Income		  

Futures - Commodity Contracts

   Realized loss on closed positions    $ (10,812,920 )       $ (3,068,370 )   
  Change in unrealized gain on open positions      $ 6,397,620         $ 716,570