<SEC-DOCUMENT>0001144204-13-017574.txt : 20130326
<SEC-HEADER>0001144204-13-017574.hdr.sgml : 20130326
<ACCEPTANCE-DATETIME>20130326170059
ACCESSION NUMBER:		0001144204-13-017574
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		19
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130326
DATE AS OF CHANGE:		20130326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States 12 Month Natural Gas Fund, LP
		CENTRAL INDEX KEY:			0001405513
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				260431733
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34535
		FILM NUMBER:		13717474

	BUSINESS ADDRESS:	
		STREET 1:		1320 HARBOR BAY PARKWAY
		STREET 2:		SUITE 145
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1320 HARBOR BAY PARKWAY
		STREET 2:		SUITE 145
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>v333985_10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 10-K </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Annual report pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.5in"><B>for the fiscal year ended December&nbsp;31,
2012. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>or </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Transition report pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>for the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission file number: 001-34535 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United States 12 Month Natural Gas Fund,
LP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified
in its charter) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center; font-size: 10pt"><B>Delaware</B></TD>
    <TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48%; text-align: center; font-size: 10pt"><B>26-0431733</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(State or other jurisdiction of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(I.R.S. Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1999 Harrison Street, Suite 1530</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oakland, California 94612</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)
(Zip code) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(510) 522-9600 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&rsquo;s telephone number,
including area code)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered pursuant to Section&nbsp;12(b)
of the Act: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: center"><B>Units of United States 12 Month Natural Gas Fund, LP</B></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><B>NYSE Arca, Inc.</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Title of each class)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Name of exchange on which registered)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered pursuant to Section&nbsp;12(g)
of the Act: None </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if the registrant
is not required to file reports pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Act.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
(1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject
to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark if disclosure of
delinquent filers pursuant to Item&nbsp;405 of Regulation S-K (&sect;229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant&rsquo;s knowledge, in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K.&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.&nbsp;See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">(Do not check if a smaller reporting company)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Wingdings">&uml;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;No</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The aggregate market value of the registrant&rsquo;s units held
by non-affiliates of the registrant as of June&nbsp;30, 2012 was: $40,984,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The registrant had 2,350,000 outstanding units as of March
21, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOCUMENTS INCORPORATED BY REFERENCE:
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES 12 MONTH NATURAL GAS FUND,
LP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table of Contents </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 92%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: bottom"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><B>Part I.</B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;1. Business.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;1A. Risk Factors.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;1B. Unresolved Staff Comments.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;2. Properties.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;3. Legal Proceedings.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;4. Mine Safety Disclosures.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">40</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left"><B>Part II.</B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom"></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: -9pt">Item&nbsp;5. Market for Registrant&rsquo;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Item&nbsp;6. Selected Financial Data.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">41</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Item&nbsp;7. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">42</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Item&nbsp;7A. Quantitative and Qualitative Disclosures About Market Risk.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">61</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Item&nbsp;8. Financial Statements and Supplementary Data.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">63</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Item&nbsp;9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">102</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Item&nbsp;9A. Controls and Procedures.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">102</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Item&nbsp;9B. Other Information.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">102</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left"><B>Part III.</B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;10. Directors, Executive Officers&nbsp;and Corporate Governance.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">102</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom"></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;11. Executive Compensation.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">108</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: -9pt">Item&nbsp;12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">108</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;13. Certain Relationships and Related Transactions, and Director Independence.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">108</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">Item&nbsp;14. Principal Accountant Fees and Services.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">109</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left"><B>Part IV.</B></TD>
    <TD STYLE="text-align: right; vertical-align: bottom">109</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Item&nbsp;15. Exhibits and&nbsp;Financial Statement Schedules.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Exhibit Index.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">109</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Signatures.</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">111</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Part I </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><B>Item&nbsp;1.</B></TD>
    <TD STYLE="width: 95%"><B>Business. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>What is US12NG? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The United States 12 Month Natural Gas
Fund, LP&nbsp;(&ldquo;US12NG&rdquo;) is a Delaware limited partnership organized on June 27, 2007. US12NG maintains its main business
office at 1999 Harrison Street, Suite 1530, Oakland, California 94612.&nbsp;US12NG is a commodity pool that issues limited partnership
interests (&ldquo;units&rdquo;) traded on the NYSE Arca, Inc. (the &ldquo;NYSE Arca&rdquo;).&nbsp;It operates pursuant to the terms
of the&nbsp;Second Amended and Restated Agreement of Limited Partnership&nbsp;dated as of March 1, 2013 (as amended from time to
time, the &ldquo;LP Agreement&rdquo;), which grants full management control to its general partner, United States Commodity Funds
LLC (&ldquo;USCF&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of US12NG is for
the daily changes in percentage terms of its units&rsquo; per unit net asset value (&ldquo;NAV&rdquo;) to reflect the daily changes
in percentage terms&nbsp;of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes
in the average of the prices of 12 futures contracts on natural gas traded on the&nbsp;New York Mercantile Exchange (the &ldquo;NYMEX&rdquo;),
consisting of the near month contract to expire and the contracts for the following 11 months, for a total of 12 consecutive months&rsquo;
contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures
contract that is the next month contract to expire and the contracts for the following 11 consecutive months (the &ldquo;Benchmark
Futures Contracts&rdquo;), less US12NG&rsquo;s expenses. When calculating the daily movement of the average price of the 12 contracts,
each contract month is equally weighted.&nbsp;It is not the intent of US12NG to be operated in a fashion such that the per unit
NAV will equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas. It is not
the intent of US12NG to be operated in a fashion such that its per unit NAV will reflect the percentage change of the price of
any particular futures contract as measured over a time period greater than one day. USCF believes that it is not practical to
manage the portfolio to achieve such an investment goal when investing in Futures Contracts (as defined below) and Other Natural
Gas-Related Investments (as defined below). US12NG&rsquo;s units began trading on November&nbsp;18, 2009. USCF is the general partner
of US12NG and is responsible for the management of US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Who is USCF? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF is a single member limited liability
company that was formed in the state of Delaware on May&nbsp;10, 2005.&nbsp;Prior to June&nbsp;13, 2008, USCF was known as Victoria
Bay Asset Management, LLC.&nbsp;It maintains its main business office at 1999 Harrison Street, Suite 1530, Oakland, California
94612.&nbsp;USCF is a wholly-owned subsidiary of Wainwright Holdings, Inc., a Delaware corporation (&ldquo;Wainwright&rdquo;).&nbsp;Mr.&nbsp;Nicholas
Gerber (discussed below) controls Wainwright by virtue of his ownership of Wainwright&rsquo;s shares. Wainwright is a holding company
that previously owned an insurance company organized under Bermuda law (which has been liquidated) and a registered investment
adviser firm named Ameristock Corporation, which has been distributed to the Wainwright shareholders.&nbsp;USCF is a member of
the National Futures Association (the &ldquo;NFA&rdquo;) and registered as a commodity pool operator (&ldquo;CPO&rdquo;) with the
Commodity Futures Trading Commission (the &ldquo;CFTC&rdquo;) on December&nbsp;1, 2005.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF also serves as general partner or
sponsor of the United States Oil Fund, LP (&ldquo;USOF&rdquo;), the United States Natural Gas Fund, LP (&ldquo;USNG&rdquo;), the
United States 12 Month Oil Fund, LP (&ldquo;US12OF&rdquo;), the United States Gasoline Fund, LP (&ldquo;UGA&rdquo;), the United
States Diesel-Heating Oil Fund, LP (formerly, the United States Heating Oil Fund, LP) (&ldquo;USDHO&rdquo;), the United States
Short Oil Fund, LP (&ldquo;USSO&rdquo;), the United States Brent Oil Fund, LP (&ldquo;USBO&rdquo;), the United States Commodity
Index Fund (&ldquo;USCI&rdquo;), the United States Copper Index Fund (&ldquo;CPER&rdquo;), the United States Agriculture Index
Fund (&ldquo;USAG&rdquo;) and the United States Metals Index Fund (&ldquo;USMI&rdquo;). USOF, USNG, US12OF, UGA, USDHO, USSO, USBO,
USCI, CPER, USAG and USMI are actively operating funds and all are listed on the NYSE Arca. All funds listed previously are referred
to collectively herein as the &ldquo;Related Public Funds.&rdquo; The Related Public Funds are subject to reporting requirements
under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). For more information about each of the
Related Public Funds, investors in US12NG may call 1.800.920.0259 or visit www.unitedstatescommodityfunds.com or the SEC&rsquo;s
website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF has also filed registration statements
to register units of the United States Sugar Fund (&ldquo;USSF&rdquo;), the United States Natural Gas Double Inverse Fund (&ldquo;UNGD&rdquo;),
the United States Gasoil Fund (&ldquo;USGO&rdquo;) and the United States Asian Commodities Basket Fund (&ldquo;UAC&rdquo;), each
of which is a series of the United States Commodity Funds Trust I, and the US Golden Currency Fund (&ldquo;HARD&rdquo;), a series
of the United States Currency Funds Trust. USSF, UNGD, USGO and HARD are currently not available to the public, as such funds are
still in the process of review by various regulatory agencies which have regulatory authority over USCF and such funds. UAC has
been declared effective by the regulatory agencies which have regulatory authority over USCF and UAC, but at the time of filing
of this annual report on Form 10-K, UAC has not been made available to the public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF is required to evaluate the credit
risk of US12NG to the futures commission merchant (&ldquo;FCM&rdquo;), oversee the purchase and sale of US12NG&rsquo;s units by
certain authorized purchasers (&ldquo;Authorized Purchasers&rdquo;), review daily positions and margin requirements of US12NG and
manage US12NG&rsquo;s investments. USCF also pays the fees of ALPS Distributors, Inc., which serves as the marketing agent for
US12NG (the &ldquo;Marketing Agent&rdquo;), and Brown Brothers Harriman&nbsp;&amp; Co. (&ldquo;BBH&amp;Co.&rdquo;), which serves
as the administrator (the &ldquo;Administrator&rdquo;) and&nbsp;the custodian&nbsp;(the &ldquo;Custodian&rdquo;) for US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Limited partners have no right to elect
USCF as the general partner on an annual or any other continuing basis.&nbsp;If USCF voluntarily withdraws as general partner,
however, the holders of a majority of US12NG&rsquo;s outstanding units (excluding for purposes of such determination units owned,
if any,&nbsp;by the withdrawing USCF and its affiliates) may elect its successor.&nbsp;USCF may not be removed as general partner
except upon approval by the affirmative vote of the holders of at least 66 and 2/3 percent of US12NG&rsquo;s outstanding units
(excluding units owned, if any,&nbsp;by USCF and its affiliates), subject to the satisfaction of certain conditions set forth in
the LP Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The business and affairs of USCF are managed
by a board of directors (the &ldquo;Board&rdquo;), which is comprised of three management directors (the &ldquo;Management Directors&rdquo;),
some of whom are also its executive officers, and three independent directors who meet the independent director requirements established
by the NYSE Arca Equities Rules and the Sarbanes-Oxley Act of 2002. The Management Directors have the authority to manage USCF
pursuant to its LLC Agreement, as amended from time to time. Through its Management Directors, USCF manages the day-to-day operations
of US12NG.&nbsp;The Board has an audit committee which is made up of the three independent directors (Peter M. Robinson, Gordon
L. Ellis and Malcolm R. Fobes III).&nbsp;For additional information relating to the audit committee, please see <I>&ldquo;Item
10.&nbsp;Directors, Executive Officers and Corporate Governance &ndash; Audit Committee&rdquo; </I>in this annual report on Form
10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>How Does US12NG Operate? </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in the units provides a means
for diversifying an investor&rsquo;s portfolio or hedging exposure to changes in natural gas prices.&nbsp;An investment in the
units allows both retail and institutional investors to easily gain this exposure to the natural gas market in a transparent, cost-effective
manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net assets of US12NG consist primarily
of investments in futures contracts for natural gas, crude oil, diesel-heating oil, gasoline, and other petroleum-based fuels that
are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, &ldquo;Futures Contracts&rdquo;) and, to
a lesser extent, in order to comply with regulatory requirements or in view of market conditions, other natural gas-related investments
such as cash-settled options on Futures Contracts, forward contracts for natural gas, cleared swap contracts and non-exchange traded
(&ldquo;over-the-counter&rdquo;) transactions that are based on the price of natural gas, oil and other petroleum-based fuels,
Futures Contracts and indices based on the foregoing (collectively, &ldquo;Other Natural Gas-Related Investments&rdquo;). Market
conditions that USCF currently anticipates could cause US12NG to invest in Other Natural Gas-Related Investments include those
allowing US12NG to obtain greater liquidity or to execute transactions with more favorable pricing.&nbsp;For convenience and unless
otherwise specified, Futures Contracts and Other Natural Gas-Related Investments collectively are referred to as &ldquo;Natural
Gas Interests&rdquo; in this annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG invests substantially the entire
amount of its assets in Futures Contracts while supporting such investments by holding the amounts of its margin, collateral and
other requirements relating to these obligations in short-term obligations of the United States of two years or less (&ldquo;Treasuries&rdquo;),
cash and cash equivalents. The daily holdings of US12NG are available on US12NG&rsquo;s website at www.unitedstates12monthnaturalgasfund.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment objective of US12NG is for
the daily changes in percentage terms of its units&rsquo; per unit NAV to reflect the daily changes in percentage terms of the
spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the average of the prices
of 12 futures contracts on natural gas traded on the NYMEX, as measured by the changes in the average of the prices of the Benchmark
Futures Contracts, less US12NG&rsquo;s expenses.&nbsp;When calculating the daily movement of the average price of the 12 contracts
each contract month is equally weighted.&nbsp;It is not the intent of US12NG to be operated in a fashion such that its per unit
NAV will equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas. It is not
the intent of US12NG to be operated in a fashion such that its per unit NAV will reflect the percentage change of the price of
any particular futures contract as measured over a time period greater than one day. US12NG may invest in interests other than
the Benchmark Futures Contracts to comply with accountability levels and position limits. For a detailed discussion of accountability
levels and position limits, see <I>&ldquo;Item 1. Business &ndash; What are Futures Contracts?&rdquo;</I> below in this annual
report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG seeks to achieve its investment
objective by investing in a mix of Futures Contracts and Other-Natural- Gas Related Investments such that the changes in its NAV
will closely track the changes in the price of the NYMEX Futures Contracts for natural gas delivered to Henry Hub Louisiana.&nbsp;USCF
believes changes in the price of the Benchmark Futures Contracts have historically exhibited a close correlation with the changes
in the spot price of natural gas.&nbsp;On any valuation day (a valuation day is any NYSE Arca trading day as of which US12NG calculates
its NAV as described herein), a Benchmark Futures Contract is the near month contract for natural gas traded on the NYMEX unless
the near month contract will expire within two weeks of the valuation day, in which case a Benchmark Futures Contract is the next
month contract for natural gas on the NYMEX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF believes that holding futures contracts
whose expiration dates are spread out over a 12 month period of time will cause the total return of such a portfolio to vary compared
to a portfolio that holds only a single month&rsquo;s contract (such as the near month contract). In particular, USCF believes
that the total return of a portfolio holding contracts with a range of expiration months will be impacted differently by the price
relationship between different contract months of the same commodity future compared to the total return of a portfolio consisting
of the near month contract.&nbsp;For example, in cases in which the near month contract&rsquo;s price is higher than the price
of contracts that expire later in time (a situation known as &ldquo;backwardation&rdquo; in the futures markets), then absent the
impact of the overall movement in natural gas prices the value of the near month contract would tend to rise as it approaches expiration.&nbsp;Conversely,
in cases in which the near month contract&rsquo;s price is lower than the price of contracts that expire later in time (a situation
known as &ldquo;contango&rdquo; in the futures markets), then absent the impact of the overall movement in natural gas prices the
value of the near month contract would tend to decline as it approaches expiration.&nbsp;The total return of a portfolio that owned
the near month contract and &ldquo;rolled&rdquo; forward each month by selling the near month contract as it approached expiration
and purchasing the next month contract to expire would be positively impacted by a backwardation market, and negatively impacted
by a contango market.&nbsp;Depending on the exact price relationship of the different month&rsquo;s prices, portfolio expenses,
and the overall movement of natural gas prices, the impact of backwardation and contango could have a major impact on the total
return of such a portfolio over time.&nbsp;USCF believes that based on historical evidence a portfolio that held futures contracts
with a range of expiration dates spread out over a 12 month period of time would typically be impacted less by the positive effect
of backwardation and the negative effect of contango compared to a portfolio that held contracts of a single near month.&nbsp;As
a result, absent the impact of any other factors, a portfolio of 12 different monthly contracts would tend to have a lower total
return than a near month only portfolio in a backwardation market and a higher total return in a contango market.&nbsp;However
there can be no assurance that such historical relationships would provide the same or similar results in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF employs a &ldquo;neutral&rdquo; investment
strategy in order to track changes in the average of the prices of the Benchmark Futures Contracts regardless of whether the price
goes up or goes down. US12NG&rsquo;s &ldquo;neutral&rdquo; investment strategy is designed to permit investors generally to purchase
and sell US12NG&rsquo;s units for the purpose of investing indirectly in natural gas in a cost-effective manner, and/or to permit
participants in the natural gas or other industries to hedge the risk of losses in their natural gas-related transactions.&nbsp;Accordingly,
depending on the investment objective of an individual investor, the risks generally associated with investing in natural gas and/or
the risks involved in hedging may exist.&nbsp;In addition, an investment in US12NG involves the risk that the changes in the average
of the prices of US12NG&rsquo;s units will not accurately track the changes in the Benchmark Futures Contracts, and that changes
in the Benchmark Futures Contracts will not closely correlate with changes in the spot prices of natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Benchmark Futures Contracts are changed
from the near month contract to expire and the 11 following months to the next month contact to expire and the 11 following months
during one day each month.&nbsp;On that day, USCF anticipates it will &ldquo;roll&rdquo; US12NG&rsquo;s positions by closing, or
selling, its natural gas interests and reinvests the proceeds from closing these positions in new natural gas interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The anticipated monthly dates on which
US12NG will &ldquo;roll&rdquo; its positions are posted on US12NG&rsquo;s website at www.unitedstates12monthnaturalgasfund.com,
and are subject to change without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s total portfolio composition
is disclosed on its website each business day that the NYSE Arca is open for trading. The website disclosure of portfolio holdings
is made daily and includes, as applicable, the name and value of each Natural Gas Interest, the specific types of Other Natural
Gas-Related Investments and characteristics of such Other Natural Gas-Related Investments, the name and value of each Treasury
and cash equivalent, and the amount of cash held in US12NG&rsquo;s portfolio. US12NG&rsquo;s website is publicly accessible at
no charge. US12NG&rsquo;s assets used for margin and collateral are held in segregated accounts pursuant to the Commodity Exchange
Act (the &ldquo;CEA&rdquo;) and CFTC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective February&nbsp;29, 2012, the units
issued by US12NG may only be purchased by Authorized Purchasers and only in blocks of 50,000 units called Creation Baskets.&nbsp;The
amount of the purchase payment for a Creation Basket is equal to the aggregate NAV of units in the Creation Basket. Similarly,
only Authorized Purchasers may redeem units and only in blocks of 50,000 units called Redemption Baskets. Prior to February&nbsp;29,
2012, Authorized Purchasers could only purchase or redeem units in blocks of 100,000 units. The amount of the redemption proceeds
for a Redemption Basket is equal to the aggregate NAV of the units in the Redemption Basket.&nbsp;The purchase price for Creation
Baskets, and the redemption price for Redemption Baskets are the actual NAV calculated at the end of the business day when a request
for a purchase or redemption is received by US12NG.&nbsp;The NYSE Arca publishes an approximate per unit NAV intra-day based on
the prior day&rsquo;s per unit NAV and the current price of the Benchmark Futures Contracts, but the price of Creation Baskets
and Redemption Baskets is determined based on the actual per unit NAV calculated at the end of the day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While US12NG issues units only in Creation
Baskets, units are listed on the NYSE Arca and investors may purchase and sell units at market prices like any listed security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What is US12NG&rsquo;s Investment Strategy?
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In managing US12NG&rsquo;s assets, USCF
does not use a technical trading system that issues buy and sell orders.&nbsp;USCF instead employs a quantitative methodology whereby
each time a Creation Basket is sold, USCF purchases Natural Gas Interests, such as the Benchmark Futures Contracts, that have an
aggregate market value that approximates the amount of Treasuries and/or cash received upon the issuance of the Creation Basket.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By remaining invested as fully as possible
in Futures Contracts or Other Natural Gas-Related Investments, USCF believes that the daily changes in percentage terms in US12NG&rsquo;s
per unit NAV will continue to closely track the daily changes in percentage terms in the average of the prices of the Benchmark
Futures Contracts.&nbsp;USCF believes that certain arbitrage opportunities result in the price of the units traded on the NYSE
Arca closely tracking the per unit NAV of US12NG.&nbsp;Additionally, Futures Contracts traded on the NYMEX have closely tracked
the spot price of natural gas.&nbsp;Based on these expected interrelationships, USCF believes that the daily changes in the price
of US12NG&rsquo;s units traded on the NYSE Arca have closely tracked and will continue to closely track the daily changes in the
spot price of natural gas.&nbsp;For performance data relating to US12NG&rsquo;s ability to track its benchmark, see <I>&ldquo;Item&nbsp;7.
Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations &ndash; Tracking US12NG&rsquo;s Benchmark&rdquo;</I>
in this annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF endeavors to place US12NG&rsquo;s
trades in Futures Contracts and Other Natural Gas-Related Investments and otherwise manage US12NG&rsquo;s investments so that &ldquo;A&rdquo;
will be within plus/minus 10 percent of &ldquo;B,&rdquo; where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 91%; text-align: justify"><FONT STYLE="font-size: 10pt">A is the average daily change in US12NG&rsquo;s per unit NAV for any period of 30 successive valuation days; <I>i.e</I>., any NYSE Arca trading day as of which US12NG calculates its per unit NAV; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">B is the average daily percentage change in the prices of the Benchmark Futures Contracts over the same period. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF believes that market arbitrage opportunities
will cause the daily changes in US12NG&rsquo;s unit price on the NYSE Arca to closely track the daily changes in US12NG&rsquo;s
per unit NAV.&nbsp;USCF believes that the net effect of these two expected relationships and the relationships described above
between US12NG&rsquo;s per unit NAV and the Benchmark Futures Contracts will be that the daily changes in the price of US12NG&rsquo;s
units on the NYSE Arca will closely track, in percentage terms, the changes in the spot price of a barrel of natural gas, less
US12NG&rsquo;s expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The specific Futures Contracts purchased
depend on various factors, including a judgment by USCF as to the appropriate diversification of US12NG&rsquo;s investments in
futures contracts with respect to the month of expiration, and the prevailing price volatility of particular contracts.&nbsp;While
USCF has made significant investments in NYMEX Futures Contracts, for various reasons, including the ability to enter into the
precise amount of exposure to the natural gas market, position limits or other regulatory requirements limiting US12NG&rsquo;s
holdings, and market conditions, it may invest in Futures Contracts traded on other exchanges or invest in Other Natural Gas-Related
Investments. To the extent that US12NG invests in Other Natural Gas-Related Investments, it would prioritize investments in contracts
and instruments that are economically equivalent to the Benchmark Futures Contracts, including cleared swaps that satisfy such
criteria, and then, to a lesser extent, it would invest in other types of cleared swaps and other contracts, instruments and non-cleared
swaps, such as swaps in the over-the-counter market. If US12NG is required by law or regulation, or by one of its regulators, including
a futures exchange, to reduce its position in the Futures Contracts to the applicable position limit or to a specified accountability
level or if market conditions dictate it would be more appropriate to invest in Other Natural Gas-Related Investments, a substantial
portion of US12NG&rsquo;s assets could be invested in accordance with such priority in Other Natural Gas-Related Investments that
are intended to replicate the return on the Benchmark Futures Contracts. As UN12NG&rsquo;s assets reach higher levels, it is more
likely to exceed position limits, accountability levels or other regulatory limits and, as a result, it is more likely that it
will invest in accordance with such priority in Other Natural Gas-Related Investments at such higher levels. In addition, market
conditions that USCF currently anticipates could cause US12NG to invest in Other Natural Gas-Related Investments include those
allowing US12NG to obtain greater liquidity or to execute transactions with more favorable pricing. See <I>&ldquo;Item 1. Business
&ndash; Regulation&rdquo;</I> in this annual report on Form 10-K for a discussion of the potential impact of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (the &ldquo;Dodd-Frank Act&rdquo;) on US12NG&rsquo;s ability to invest in over-the-counter
transactions and cleared swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF may not be able to fully invest US12NG&rsquo;s
assets in the Futures Contracts having an aggregate notional amount exactly equal to US12NG&rsquo;s NAV. For example, as standardized
contracts, the Futures Contracts are for a specified amount of a particular commodity, and US12NG&rsquo;s NAV and the proceeds
from the sale of a Creation Basket are unlikely to be an exact multiple of the amounts of those contracts. As a result, in such
circumstances, US12NG may be better able to achieve the exact amount of exposure to changes in price of the Benchmark Futures Contracts
through the use of Other Natural Gas-Related Investments, such as over-the-counter contracts that have better correlation with
changes in price of the Benchmark Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG anticipates that to the extent it
invests in Futures Contracts other than contracts on natural gas (such as futures contracts for light, sweet crude oil, diesel-heating
oil and other petroleum-based fuels) and Other Natural Gas-Related Investments, it will enter into various non-exchange-traded
derivative contracts to hedge the short-term price movements of such Futures Contracts and Other Natural Gas-Related Investments
against the current Benchmark Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF does not anticipate letting US12NG&rsquo;s
Futures Contracts expire and taking delivery of the underlying commodity. Instead, USCF closes existing positions, <I>e.g.,</I>
when it changes the Benchmark Futures Contracts or Other Natural Gas-Related Investments or it otherwise determines it would be
appropriate to do so and reinvests the proceeds in new Futures Contracts or Other Natural Gas-Related Investments.&nbsp;Positions
may also be closed out to meet orders for Redemption Baskets and in such case proceeds for such baskets will not be reinvested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What is the Natural Gas Market and
the Petroleum-Based Fuel Market?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Natural Gas</I>.&nbsp;Natural gas accounts
for almost a quarter of U.S. energy consumption.&nbsp;The price of natural gas is established by the supply and demand conditions
in the North American market, and more particularly, in the main refining center of the U.S. Gulf Coast.&nbsp;The natural gas market
essentially constitutes an auction, where the highest bidder wins the supply.&nbsp;When markets are &ldquo;strong&rdquo; (<I>i.e</I>.,
when demand is high and/or supply is low), the bidder must be willing to pay a higher premium to capture the supply.&nbsp;When
markets are &ldquo;weak&rdquo; (<I>i.e</I>., when demand is low and/or supply is high), a bidder may choose not to outbid competitors,
waiting instead for later, possibly lower priced, supplies.&nbsp;Demand for natural gas by consumers, as well as agricultural,
manufacturing and transportation industries, determines overall demand for natural gas.&nbsp;Since the precursors of product demand
are linked to economic activity, natural gas demand will tend to reflect economic conditions.&nbsp;However, other factors such
as weather significantly influence natural gas demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NYMEX is the world&rsquo;s largest
physical commodity futures exchange and the dominant market for the trading of energy and precious metals.&nbsp;The Benchmark Futures
Contracts trade in units of 10,000&nbsp;million British thermal units (&ldquo;MMBtu&rdquo;) and is based on delivery at the Henry
Hub in Louisiana, the nexus of 16 intra- and interstate natural gas pipeline systems that draw supplies from the region&rsquo;s
prolific gas deposits.&nbsp;The pipelines serve markets throughout the U.S. East Coast, the Gulf Coast, the Midwest, and up to
the Canadian border. Because of the volatility of natural gas prices, a vigorous basis market has developed in the pricing relationships
between the Henry Hub and other important natural gas market centers in the continental United States and Canada. The NYMEX makes
available for trading a series of basis swap futures contracts that are quoted as price differentials between approximately 30
natural gas pricing points and the Henry Hub.&nbsp;The basis contracts trade in units of 2,500 MMBtu on the New York Mercantile
Exchange ClearPort&reg; trading platform.&nbsp;The New York Mercantile Exchange ClearPort&reg; is an electronic trading platform
through which a slate of energy futures contracts are available for competitive trading.&nbsp;Transactions can also be consummated
off-NYMEX and submitted to the NYMEX for clearing via the NYMEX ClearPort&reg; clearing website as an exchange of futures for physicals
or an exchange of futures for swaps transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Light, Sweet Crude Oil</I>.&nbsp;Crude
oil is the world&rsquo;s most actively traded commodity.&nbsp;The futures contracts for light, sweet crude oil that are traded
on the NYMEX are the world&rsquo;s most liquid forum for crude oil trading, as well as the world&rsquo;s largest volume futures
contract trading on a physical commodity.&nbsp;Due to the liquidity and price transparency of oil futures contracts, they are used
as a principal international pricing benchmark.&nbsp;The futures contracts for light, sweet crude oil trade on the NYMEX in units
of 1,000 U.S. barrels (42,000 gallons) and, if not closed out before maturity, will result in delivery of oil to Cushing, Oklahoma,
which is also accessible to the international spot markets via pipelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demand for petroleum products by consumers,
as well as agricultural, manufacturing and transportation industries, determines demand for crude oil by refiners.&nbsp;Since the
precursors of product demand are linked to economic activity, crude oil demand will tend to reflect economic conditions.&nbsp;However,
other factors such as weather also influence product and crude oil demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Crude oil supply is determined by both
economic and political factors.&nbsp;Oil prices (along with drilling costs, availability of attractive prospects for drilling,
taxes and technology, among other factors) determine exploration and development spending, which influence output capacity with
a lag. In the short run, production decisions by the Organization of Petroleum Exporting Countries (&ldquo;OPEC&rdquo;) also affect
supply and prices.&nbsp;Oil export embargoes and the current conflict in&nbsp;the Middle East&nbsp;represent other routes through
which political developments move the market.&nbsp;It is not possible to predict the aggregate effect of all or any combination
of these factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Diesel-Heating Oil. </I>Diesel-heating
oil, also known as No.&nbsp;2 fuel oil, accounts for 25% of the yield of a barrel of crude oil, the second largest &ldquo;cut&rdquo;
from oil after gasoline.&nbsp;The heating oil futures contract listed and traded&nbsp;on the NYMEX trades in units of 42,000 gallons
(1,000 barrels) and is based on delivery in the New York harbor, the principal cash market center. The ICE Futures also offers
a Heating Oil Futures Contract which trades in units of 42,000 U.S. gallons (1,000 barrels). The Heating Oil Futures Contract is
cash-settled against the prevailing market price for heating oil delivered to the New York Harbor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Gasoline. </I>Gasoline is the largest
single volume refined product sold in the U.S. and accounts for almost half of national oil consumption.&nbsp;The gasoline futures
contract listed and traded on the NYMEX trades in units of 42,000 gallons (1,000 barrels) and is based on delivery at petroleum
products terminals in the New York harbor, the major East Coast trading center for imports and domestic shipments from refineries
in the New York harbor area or from the Gulf Coast refining centers.&nbsp;The price of gasoline has historically been volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What are Futures Contracts?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Futures Contracts are agreements between
two parties. One party agrees to buy a commodity such as natural gas from the other party at a later date at a price and quantity
agreed upon when the contract is made.&nbsp;Futures Contracts are traded on futures exchanges, including the NYMEX. For example,
the Benchmark Futures Contracts are traded on the NYMEX in units of 10,000 MMBtu.&nbsp;Futures Contracts traded on the NYMEX are
priced by floor brokers and other exchange members both through an &ldquo;open outcry&rdquo; of offers to purchase or sell the
contracts and through an electronic, screen-based system that determines the price by matching electronically offers to purchase
and sell. Additional risks of investing in Futures Contracts are included in <I>&ldquo;Item 1A. Risk Factors&rdquo;</I> in this
annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Impact of Accountability Levels, Position
Limits and Price Fluctuation Limits.</I>&nbsp;Futures contracts include typical and significant characteristics. Most significantly,
the CFTC and U.S. designated contract markets such as the NYMEX have established accountability levels and position limits on the
maximum net long or net short futures contracts in commodity interests that any person or group of persons under common trading
control (other than as a hedge, which an investment by US12NG is not) may hold, own or control.&nbsp;The net position is the difference
between an individual or firm&rsquo;s open long contracts and open short contracts in any one commodity.&nbsp;In addition, most
U.S.-based futures exchanges, such as the NYMEX, limit the daily price fluctuation for futures contracts.&nbsp;Currently, the ICE
Futures imposes position and accountability limits that are similar to those imposed by U.S.-based futures exchanges and also limits
the maximum daily price fluctuation, while some other non-U.S. futures exchanges have not adopted such limits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accountability levels for the Benchmark
Futures Contracts and other Futures Contracts traded on U.S.-based futures exchanges, such as the NYMEX, are not a fixed ceiling,
but rather a threshold above which the NYMEX may exercise greater scrutiny and control over an investor&rsquo;s positions.&nbsp;The
current accountability level for investments for any one-month in a Benchmark Futures Contract) is 6,000 net contracts.&nbsp;In
addition, the NYMEX imposes an accountability level for all months of 12,000 net futures contracts for natural gas.&nbsp;In addition,
the ICE Futures maintains the same accountability levels, position limits and monitoring authority for its natural gas contract
as the NYMEX. If US12NG and the Related Public Funds exceed these accountability levels for investments in the futures contract
for natural gas, the NYMEX and ICE Futures will monitor such exposure and may ask for further information on their activities,
including the total size of all positions, investment and trading strategy, and the extent of liquidity resources of US12NG and
the Related Public Funds.&nbsp;If deemed necessary by the NYMEX and/or ICE Futures, US12NG could be ordered to reduce its aggregate
position back to the accountability level.&nbsp;As of December&nbsp;31, 2012, US12NG held 1,197 Natural Gas NG Futures Contracts
traded on the NYMEX and&nbsp;did not hold any Futures Contracts traded on ICE Futures. For the year ended December 31, 2012, US12NG
did not exceed accountability levels imposed by the NYMEX and ICE Futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Position limits differ from accountability
levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot allow
such limits to be exceeded without express CFTC authority to do so. In addition to accountability levels and position limits that
may apply at any time, the NYMEX and the ICE Futures impose position limits on contracts held in the last few days of trading in
the near month contract to expire.&nbsp;It is unlikely that US12NG will run up against such position limits because US12NG&rsquo;s
investment strategy is to close out its positions and &ldquo;roll&rdquo; from the near month contracts to expire to the next month
contracts during a one-day period beginning two weeks from expiration of the contracts. For the year ended December 31, 2012, US12NG
did not exceed any position limits imposed by the NYMEX and ICE Futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In late 2011, the CFTC adopted rules that
impose new position limits on Referenced Contracts (as defined below) involving 28 energy, metals and agricultural commodities
(the &ldquo;Position Limit Rules&rdquo;) The Position Limit Rules were scheduled to become effective on October 12, 2012. However,
on September 28, 2012, the United States District Court for the District of Columbia vacated these regulations on the basis of
ambiguities in the provisions of the CEA (as modified by the Dodd-Frank Act) upon which the regulations were based. In its September
28, 2012 decision, the court remanded the Position Limit Rules to the CFTC with instructions to use its expertise and experience
to resolve the ambiguities in the statute. On November 15, 2012, the CFTC indicated that it will move forward with an appeal of
the District Court&rsquo;s decision to vacate the Position Limit Rules. At this time, it is not possible to predict how the CFTC&rsquo;s
appeal could affect US12NG, but it may be substantial and adverse. Furthermore, until such time as the appeal is resolved or, if
applicable revisions to the Position Limit Rules are proposed and adopted, the regulatory architecture in effect prior to the enactment
of the Position Limit Rules will govern transactions in commodities and related derivatives (collectively, &ldquo;Referenced Contracts&rdquo;).
Under that system, the CFTC enforces federal limits on speculation in agricultural products (e.g., corn, wheat and soy), while
futures exchanges enforce position limits and accountability levels for agricultural and certain energy products (e.g., oil and
natural gas). As a result, US12NG may be limited with respect to the size of its investments in any commodities subject to these
limits. Finally, subject to certain narrow exceptions, the vacated Position Limit Rules would have required the aggregation, for
purposes of the position limits, of all positions in the 28 Referenced Contracts held by a single entity and its affiliates, regardless
of whether such position existed on U.S. futures exchanges, non-U.S. futures exchanges, in cleared swaps or in over-the-counter
swaps. The CFTC is presently considering new aggregation rules, under a rulemaking proposal that is distinct from the Position
Limit Rules. At this time, it is unclear how any modified aggregation rules may affect US12NG, but it may be substantial and adverse.
By way of example, the aggregation rules in combination with any potential revised Position Limit Rules may negatively impact the
ability of US12NG to meet its investment objectives through limits that may inhibit USCF&rsquo;s ability to sell additional Creation
Baskets of US12NG. See<I> &ldquo;Commodity Interest Markets&rdquo; &ndash; &ldquo;Regulation&rdquo; </I>in this annual report on
Form 10-K for information regarding the Dodd-Frank Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Price Volatility</I>. The price volatility
of Futures Contracts generally has been historically greater than that for traditional securities such as stocks and bonds.&nbsp;Price
volatility often is greater day-to-day as opposed to intra-day.&nbsp;Futures Contracts tend to be more volatile than stocks and
bonds because price movements for natural gas are more currently and directly influenced by economic factors for which current
data is available and are traded by natural gas futures traders throughout the day.&nbsp;Because US12NG invests a significant portion
of its assets in Futures Contracts, the assets of US12NG, and therefore the prices of US12NG units, may be subject to greater volatility
than traditional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Marking-to-Market Futures Positions</I>.
Futures Contracts are marked to market at the end of each trading day and the margin required with respect to such contracts is
adjusted accordingly.&nbsp;This process of marking-to-market is designed to prevent losses from accumulating in any futures account.&nbsp;Therefore,
if US12NG&rsquo;s futures positions have declined in value, US12NG may be required to post&nbsp;&ldquo;variation margin&rdquo;
to cover this decline. Alternatively, if US12NG&rsquo;s futures positions have increased in value, this increase will be credited
to US12NG&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Why Does US12NG Purchase and Sell Futures
Contracts?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s investment objective is
for the daily changes in percentage terms of its units&rsquo; per unit NAV to reflect the daily changes in percentage terms&nbsp;of
the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the changes in the average of the prices of
12 futures contracts on natural gas traded on the&nbsp;NYMEX, consisting of the near month contract to expire and the contracts
for the following 11 months, for a total of 12 consecutive months&rsquo; contracts, except when the near month contract is within
two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire and
the contracts for the following 11 consecutive months, less US12NG&rsquo;s expenses.&nbsp;When calculating the daily movement of
the average price of the 12 Benchmark Futures Contracts, each contract month is equally weighted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with investing in Futures
Contracts and Other Natural Gas-Related Investments, US12NG holds Treasuries, cash and/or cash equivalents that serve as segregated
assets supporting US12NG&rsquo;s positions in Futures Contracts and Other Natural Gas-Related Investments.&nbsp;For example, the
purchase of a Futures Contract with a stated value of $10 million would not require US12NG to pay $10 million upon entering into
the contract; rather, only a margin deposit, generally of 5% to 30% of the stated value of the Futures Contract, would be required.&nbsp;To
secure its Futures Contract obligations, US12NG would deposit the required margin with the FCM and would separately hold, through
its Custodian or FCM, Treasuries, cash and/or cash equivalents in an amount equal to the balance of the current market value of
the contract, which at the contract&rsquo;s inception would be $10 million minus the amount of the margin deposit, or $9.5 million
(assuming a 5% margin).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foregoing, typically
5% to 30% of US12NG&rsquo;s assets are held as margin in segregated accounts with a FCM.&nbsp;In addition to the Treasuries and
cash it posts with the FCM for the Futures Contracts it owns, US12NG may hold, through the Custodian, Treasuries, cash and/or cash
equivalents that can be posted as additional margin or as other collateral to support its over-the-counter contracts. US12NG earns
income from the Treasuries and/or cash equivalents that it purchases, and on the cash it holds through the Custodian or FCM.&nbsp;US12NG
anticipates that the earned income will increase the NAV and limited partners&rsquo; capital contribution accounts.&nbsp;US12NG
reinvests the earned income, holds it in cash, or uses it to pay its expenses.&nbsp;If US12NG reinvests the earned income, it makes
investments that are consistent with its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>What are the Trading Policies of US12NG?
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Liquidity </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG invests only in Futures Contracts
and Other Natural Gas-Related Investments that, in the opinion of USCF, are traded in sufficient volume to permit the ready taking
and liquidation of positions in these financial interests and Other Natural Gas-Related Investments that, in the opinion of USCF,
may be readily liquidated with the original counterparty or through a third party assuming the position of US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Spot Commodities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Futures Contracts traded on the
NYMEX can be physically settled, US12NG does not intend to take or make physical delivery.&nbsp;US12NG may from time to time trade
in Other Natural Gas-Related Investments,&nbsp;including contracts based on the spot price of natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Leverage</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF endeavors to have the value of US12NG&rsquo;s
Treasuries, cash and cash equivalents, whether held by US12NG or posted as margin or other collateral, at all times approximate
the aggregate market value of its obligations under its Futures Contracts and Other Natural Gas-Related Investments.&nbsp;Commodity
pools&rsquo; trading positions in futures contracts or other related investments are typically required to be secured by the deposit
of margin funds that represent only a small percentage of a futures contract&rsquo;s (or other commodity interest&rsquo;s) entire
market value. While USCF has not and does not intend to leverage US12NG&rsquo;s assets, it is not prohibited from doing so under
the LP Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Borrowings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Borrowings are not used by US12NG, unless
US12NG is required to borrow money in the event of physical delivery, if US12NG trades in cash commodities, or for short-term needs
created by unexpected redemptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Over-the-Counter Derivatives (Including
Spreads and Straddles)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to Futures Contracts, there
are also a number of listed options on the Futures Contracts on the principal futures exchanges.&nbsp;These contracts offer investors
and hedgers another set of financial vehicles to use in managing exposure to the natural gas market.&nbsp;Consequently, US12NG
may purchase options on natural gas Futures Contracts on these exchanges in pursuing its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the Futures Contracts and
options on the Futures Contracts, there also exists an active non-exchange-traded market in derivatives tied to natural gas.&nbsp;These
derivatives transactions (also known as over-the-counter contracts) are usually entered into between two parties in private contracts.&nbsp;Unlike
most of the exchange-traded Futures Contracts or exchange-traded options on the Futures Contracts, each party to such contract
bears the credit risk of the other party, <I>i.e.</I>, the risk that the other party may not be able to perform its obligations
under its contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To reduce the credit risk that arises in
connection with such contracts, US12NG will generally enter into an agreement with each counterparty based on the Master Agreement
published by the International Swaps and Derivatives Association, Inc. (&ldquo;ISDA&rdquo;), Inc.&nbsp;that provides for the netting
of its overall exposure to its counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF assesses or reviews, as appropriate,
the creditworthiness of each potential or existing counterparty to an over-the-counter contract pursuant to guidelines approved
by USCF&rsquo;s Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG may employ spreads or straddles
in its trading to mitigate the differences in its investment portfolio and its goal of tracking the price of the Benchmark Futures
Contract.&nbsp;US12NG would use a spread when it chooses to take simultaneous long and short positions in futures written on the
same underlying asset, but with different delivery months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has not employed any hedging methods
since all of its investments have been made over an exchange. Therefore, US12NG has not been exposed to counterparty risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Pyramiding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has not and will not employ the
technique, commonly known as pyramiding, in which the speculator uses unrealized profits on existing positions as variation margin
for the purchase or sale of additional positions in the same or another commodity interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Who are the Service Providers?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In its capacity as the Custodian for US12NG,
BBH&amp;Co. may hold US12NG&rsquo;s&nbsp;Treasuries, cash and/or cash equivalents&nbsp;pursuant to a custodial agreement. BBH&amp;Co.
is also the registrar and transfer agent for the units.&nbsp;In addition, in its capacity as Administrator for US12NG, BBH&amp;Co.
performs certain administrative and accounting services for US12NG and prepares certain SEC, NFA and CFTC reports on behalf of
US12NG. USCF pays BBH&amp;Co.&rsquo;s fees for these services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BBH&amp;Co.&rsquo;s principal business
address is 50 Milk Street, Boston, MA 02109-3661.&nbsp;BBH&amp;Co., a private bank founded in 1818, is neither a publicly held
company nor insured by the Federal Deposit Insurance Corporation. BBH&amp;Co. is authorized to conduct a commercial banking business
in accordance with the provisions of Article IV of the New York State Banking Law, New York Banking Law &sect;&sect;160&ndash;181,
and is subject to regulation, supervision, and examination by the New York State Department of Financial Services.&nbsp;BBH&amp;Co.
is also licensed to conduct a commercial banking business by the Commonwealths of Massachusetts and Pennsylvania and is subject
to supervision and examination by the banking supervisors of those states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG also employs&nbsp;ALPS Distributors,
Inc. as the Marketing Agent. USCF pays the Marketing Agent&nbsp;an annual fee.&nbsp;In no event may the aggregate compensation
paid to the Marketing Agent and any affiliate of USCF for distribution-related services in connection with the offering of units
exceed ten percent (10%)&nbsp;of the gross proceeds of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ALPS&rsquo;s principal business address
is 1290 Broadway, Suite 1100, Denver, CO&nbsp;80203.&nbsp;ALPS is the marketing agent for US12NG.&nbsp;ALPS is a broker-dealer
registered with the Financial Industry Regulatory Authority&nbsp;(&ldquo;FINRA&rdquo;) and a member of the Securities Investor
Protection Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS Securities LLC (&ldquo;UBS Securities&rdquo;)
is US12NG&rsquo;s FCM.&nbsp;US12NG and UBS Securities have entered into an Institutional Futures Client Account Agreement.&nbsp;This
agreement requires UBS Securities to provide services to US12NG in connection with the purchase and sale of Natural Gas Interests
that may be purchased or sold by or through UBS Securities for US12NG&rsquo;s account. US12NG pays UBS Securities&rsquo; commissions
for executing and clearing trades on behalf of US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS Securities&rsquo; principal business
address is 677 Washington Blvd, Stamford, CT 06901. UBS Securities is a futures clearing broker for US12NG. UBS Securities is registered
in the U.S. with FINRA as a broker-dealer and with the CFTC as a FCM. UBS Securities is a member of various U.S. futures and securities
exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">UBS is and
has been a defendant in numerous legal proceedings, including actions brought by regulatory organizations and
government agencies, relating to its securities and commodities business that allege various violations of federal and state
securities laws. UBS AG, the ultimate parent company to UBS Securities, files annual reports and quarterly reports to the SEC
in which it discloses material information about matters involving, but not limited to, UBS Securities including information
about any material litigation or regulatory
investigations (https://www.ubs.com/global/en/about_ubs/investor_relations/quarterly_reporting/2011.html). Actions with
respect to UBS Securities&rsquo; FCM business are publicly available on the website of the National Futures
Association (http://www.nfa.futures.org/).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June&nbsp;27, 2007, the Securities Division
of the Secretary of the Commonwealth of Massachusetts (&ldquo;Massachusetts Securities Division&rdquo;) filed an administrative
complaint (the &ldquo;Complaint&rdquo;) and notice of adjudicatory proceeding against UBS Securities, captioned In The Matter of
UBS Securities, LLC, Docket No. E-2007-0049, which alleged that UBS Securities violated the Massachusetts Uniform Securities Act
(the &ldquo;Act&rdquo;) and related regulations by providing the advisers for certain hedge funds with gifts and gratuities in
the form of below market office rents, personal loans with below market interest rates, event tickets, and other perks, in order
to induce those hedge fund advisers to increase or retain their level of prime brokerage fees paid to UBS Securities. On November&nbsp;22,
2010, UBS Securities entered into a Consent Order and Settlement with the Massachusetts Securities Division, pursuant to which
UBS Securities agreed to implementing a disclosure policy and retaining an independent consultant to monitor the policy. UBS Securities
also paid a $100,000 fine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the summer of 2008, the Massachusetts
Securities Division, Texas State Securities Board, and the New York Attorney General (&ldquo;NYAG&rdquo;) all brought actions against
UBS and UBS Financial Services, Inc. (&ldquo;UBS Financial&rdquo;), alleging violations of various state law anti-fraud provisions
in connection with the marketing and sale of auction rate securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&nbsp;8, 2008, UBS Securities
and UBS Financial Services reached agreements with the SEC, the NYAG, the Massachusetts Securities Division and other state regulatory
agencies represented by the North American Securities Administrators Association (&ldquo;NASAA&rdquo;) to restore liquidity to
all remaining client&rsquo;s holdings of auction rate securities by June&nbsp;30, 2012. On October&nbsp;2, 2008, UBS Securities
and UBS Financial entered into a final consent agreement with the Massachusetts Securities Division settling all allegations in
the Massachusetts Securities Division&rsquo;s administrative proceeding against UBS Securities and UBS Financial with regards to
the auction rate securities matter. On December&nbsp;11, 2008, UBS Securities and UBS Financial executed an Assurance of Discontinuance
in the auction rate securities settlement with the NYAG. On the same day, UBS Securities and UBS Financial finalized settlements
with the SEC. UBS Securities and UBS Financial paid penalties of $75 million to NYAG and an additional $75 million to be apportioned
among the participating NASAA states. In March 2010, UBS Securities and UBS Financial and NASAA agreed on final settlement terms,
pursuant to which, UBS Securities and UBS Financial agreed to provide client liquidity up to an additional $200 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August&nbsp;14, 2008 the New Hampshire
Bureau of Securities Regulation (the &ldquo;Bureau&rdquo;) filed an administrative action against UBS Securities relating to a
student loan issuer, the New Hampshire Higher Education Loan Corp. (&ldquo;NHHELCO&rdquo;). The complaint alleged fraudulent and
unethical conduct in violation of New Hampshire state statutes. On April&nbsp;14, 2010, UBS entered into a Consent Order resolving
all of the Bureau&rsquo;s claims. UBS Securities paid $750,000 to the Bureau for all costs associated with the Bureau&rsquo;s investigation.
UBS Securities entered a separate civil settlement with NHHELCO and provided a total financial benefit of $20 million to NHHELCO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April&nbsp;29, 2010, the CFTC issued
an order with respect to UBS Securities and levied a fine of $200,000. The Order stated that on February&nbsp;6, 2009, UBS Securities&rsquo;
employee broker aided and abetted UBS Securities&rsquo; customer&rsquo;s concealment of material facts from the NYMEX in violation
of Section&nbsp;9(a)(4) of the CEA, 7 U.S.C. &sect; 13(a)(4) (2006). Pursuant to NYMEX Rules, a block trade must be reported to
NYMEX &ldquo;within five minutes of the time of execution&rdquo; consistent with the requirements of NYMEX Rule 6.21C(A)(6). Although
the block trade in question was executed earlier in the day, UBS Securities&rsquo; employee broker aided and abetted its customer&rsquo;s
concealment of facts when, in response to the customer&rsquo;s request to delay reporting the trade until after the close of trading,
UBS Securities&rsquo; employee did not report the trade until after the close. Because the employee broker undertook his actions
within the scope of his employment, pursuant to Section 2(a)(1)(B) of the CEA, 7 U.S.C. &sect; 2(a)(1)(B) (2006), and Commission
Regulation 1.2, 17 C.F.R. &sect; 1.2 (2009), UBS Securities is liable for the employee broker&rsquo;s aiding and abetting of its
customer&rsquo;s violation of Section 9(a)(4) of the CEA. The fine has been paid and the matter is now closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS Securities will act only as clearing
broker for US12NG and as such will be paid commissions for executing and clearing trades on behalf of US12NG. UBS Securities has
not passed upon the adequacy or accuracy of this annual report on Form 10-K.&nbsp;UBS Securities neither will act in any supervisory
capacity with respect to USCF nor participate in the management of USCF or US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UBS Securities is not affiliated with US12NG
or USCF.&nbsp;Therefore, US12NG does not believe that US12NG has any conflicts of interest with UBS Securities or their trading
principals arising from their acting as US12NG&rsquo;s FCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, USCF does not employ commodity
trading advisors for the trading of US12NG contracts.&nbsp;USCF currently does, however, employ a trading advisor for USCI, CPER,
USAG and USMI, SummerHaven Investment Management, LLC (&ldquo;SummerHaven&rdquo;).&nbsp;If, in the future, USCF does employ commodity
trading advisors for US12NG, it will choose each advisor based on arm&rsquo;s-length negotiations and will consider the advisor&rsquo;s
experience, fees and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fees of US12NG </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fees and Compensation Arrangements
with USCF and Non-Affiliated Service Providers<FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; text-align: justify; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Service&nbsp;Provider</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: justify; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Compensation&nbsp;Paid&nbsp;by&nbsp;USCF</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">BBH&amp;Co., Custodian and Administrator</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Minimum amount of $75,000 annually for its custody, fund accounting and fund administration services rendered to all funds, as well as a $20,000 annual fee for its transfer agency services. In addition, an asset-based charge of (a) 0.06% for the first $500 million of US12NG&rsquo;s and the Related Public Funds&rsquo; combined net assets, (b) 0.0465% for US12NG&rsquo;s and the Related Public Funds&rsquo; combined net assets greater than $500 million but less than $1 billion, and (c) 0.035% once US12NG&rsquo;s and the Related Public Funds&rsquo; combined net assets exceed $1 billion.<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD NOWRAP STYLE="padding-left: 0.1in; text-indent: -0.1in"><FONT STYLE="font-size: 10pt">ALPS Distributors, Inc., Marketing Agent</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">0.06% on US12NG&rsquo;s assets up to $3 billion and 0.04% on US12NG&rsquo;s assets in excess of $3 billion.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 96%">USCF pays this compensation. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: justify">The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000.&nbsp;USCF also will pay transaction charge fees to BBH&amp;Co., ranging from $7.00 to $15.00 per transaction for each Fund. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Compensation to USCF </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is contractually obligated to pay
USCF a management fee based on 0.75%&nbsp;per annum on its average daily total net assets. Fees are calculated on a daily basis
(accrued at 1/365 of the applicable percentage of total net assets on that day) and paid on a monthly basis. Total net assets are
calculated by taking the current market value of US12NG&rsquo;s total assets and subtracting any liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Fees and Compensation Arrangements between US12NG and
Non-Affiliated Service Providers<FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%"><B>Service&nbsp;Provider</B></TD>
    <TD STYLE="width: 4%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid"><B>Compensation&nbsp;Paid&nbsp;by&nbsp;US12NG</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding-left: 12pt; text-indent: -12pt">UBS Securities LLC, Futures Commission Merchant</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>Approximately $3.50 per buy or sell; charges may vary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD>US12NG pays this compensation. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>New York Mercantile Exchange Licensing Fee<FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT>
</I></B><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 56%; border-bottom: Black 1pt solid"><B>Assets</B></TD>
    <TD STYLE="width: 1%; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%; text-align: left"><B>Licensing&nbsp;Fee</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><B>Prior to October&nbsp;19, 2011</B>:</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">First $1,000,000,000</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;<FONT STYLE="font-size: 10pt"> </FONT>0.04%&nbsp;of&nbsp;NAV</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt">After the first $1,000,000,000</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;<FONT STYLE="font-size: 10pt"> </FONT>0.02%&nbsp;of&nbsp;NAV</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><B>On and after October&nbsp;20, 2011</B>:</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;<FONT STYLE="font-size: 10pt"> </FONT>0.015%&nbsp;on&nbsp;all&nbsp;net&nbsp;assets</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding-bottom: 0; text-align: justify">Fees are calculated on a daily basis (accrued at 1/365 of the applicable percentage of NAV on that day) and paid on a monthly basis. US12NG is responsible for its pro rata share of the assets held by US12NG and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Expenses Paid or Accrued by US12NG through December&nbsp;31,
2012 in dollar terms: </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-decoration: none; border-bottom: Black 1pt solid">Expenses:</TD><TD NOWRAP STYLE="font-weight: bold; text-decoration: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-decoration: none; text-align: center; border-bottom: Black 1pt solid">Amount&nbsp;in&nbsp;Dollar&nbsp;Terms</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 80%; text-align: left; text-indent: -12pt; padding-left: 12pt">Amount Paid or Accrued to USCF:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 17%; text-align: right">788,571</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Amount Paid or Accrued in Portfolio Brokerage Commissions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">43,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Other Amounts Paid or Accrued<FONT STYLE="font-size: 10pt"><SUP>(5)</SUP></FONT>:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">661,729</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Total Expenses Paid or Accrued:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,493,815</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Expenses Waived<FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></FONT>:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(470,038</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Total Expenses Paid or Accrued Including Expenses Waived<FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></FONT>:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,023,777</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt"><SUP>(5)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="width: 96%">Includes expenses relating to legal fees, auditing fees, printing expenses, licensing fees, tax reporting fees, prepaid insurance expenses and miscellaneous expenses and fees and expenses paid to the independent directors of USCF. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><SUP>(6)</SUP>&nbsp;</FONT></TD>
    <TD>USCF has voluntarily agreed to pay certain expenses typically borne by US12NG, to the extent that such expenses exceed 0.15% (15 basis points) of US12NG&rsquo;s NAV, on an annualized basis, through at least June 30, 2013.&nbsp;USCF has no obligation to continue such payments into subsequent periods. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Expenses Paid or Accrued by US12NG through December&nbsp;31,
2012 as a Percentage of Average Daily Net Assets: </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 67%; border-bottom: Black 1pt solid; padding: 0; text-align: left; vertical-align: bottom; text-indent: 0"><B>Expenses:</B></TD>
    <TD NOWRAP STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 31%; text-align: center; border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><B>Amount&nbsp;as&nbsp;a&nbsp; Percentage</B><BR>
    <B>of&nbsp;Average&nbsp;Daily&nbsp;Net&nbsp;Assets</B></TD>
    <TD NOWRAP STYLE="width: 1%; padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">Amount Paid or Accrued to USCF:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">0.73%&nbsp;&nbsp;annualized</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Amount Paid or Accrued in Portfolio Brokerage Commissions:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">0.04%&nbsp; annualized</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">Other Amounts Paid or Accrued<FONT STYLE="font-size: 10pt"><SUP>(7)</SUP></FONT>:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">0.61%&nbsp; annualized</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Total Expenses Paid or Accrued:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">1.38%&nbsp; annualized</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 0; text-indent: 0">Expenses Waived<FONT STYLE="font-size: 10pt"><SUP>(8)</SUP></FONT>:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">(0.43)%&nbsp;annualized</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-indent: 0">Total Expenses Paid or Accrued Including Expenses Waived<FONT STYLE="font-size: 10pt"><SUP>(8)</SUP></FONT>:</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding: 0; text-indent: 0">0.95%&nbsp; annualized</TD>
    <TD NOWRAP STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(7)</SUP></FONT></TD>
    <TD STYLE="width: 97%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Includes expenses relating to legal fees, auditing fees, printing expenses, licensing fees, tax reporting fees, prepaid insurance expenses and miscellaneous expenses and fees and expenses paid to the independent directors of USCF. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(8)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">USCF has voluntarily agreed to pay certain expenses typically borne by US12NG, to the extent that such expenses exceed 0.15% (15 basis points) of US12NG&rsquo;s NAV, on an annualized basis, through at least June 30, 2013.&nbsp;USCF has no obligation to continue such payments into subsequent periods. </FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Fees.&nbsp;</B>US12NG also pays
the fees and expenses associated with its tax accounting and reporting requirements.&nbsp;These fees were approximately $75,000
for the fiscal year ended December&nbsp;31, 2012.&nbsp;In addition, US12NG is responsible for paying its portion of the directors&rsquo;
and officers&rsquo; liability insurance for US12NG and the Related Public Funds and the fees and expenses of the independent directors
who also serve as audit committee members of US12NG and the Related Public Funds organized as limited partnerships and, as of July&nbsp;8,
2011, those Related Public Funds organized as a series of a Delaware statutory trust. US12NG shares the fees and expenses on a
pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related Public Fund computed
on a daily basis.&nbsp;These fees and expenses for the year ended December&nbsp;31, 2012 were $540,586 for US12NG and the Related
Public Funds. US12NG&rsquo;s portion of such fees and expenses for the year ended December 31, 2012 was $5,704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Form of Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Registered Form</I></B>. Units are
issued in registered form in accordance with the LP Agreement.&nbsp;The Administrator has been appointed registrar and transfer
agent for the purpose of transferring units in certificated form.&nbsp;The Administrator keeps a record of all limited partners
and holders of the units in certificated form in the registry (the &ldquo;Register&rdquo;).&nbsp;USCF recognizes transfers of units
in certificated form only if done in accordance with the LP Agreement.&nbsp;The beneficial interests in such units are held in
book-entry form through participants and/or accountholders in the Depository Trust Company (&ldquo;DTC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Book Entry</I></B>. Individual certificates
are not issued for the units. Instead, units are represented by one or more global certificates, which are deposited by the Administrator
with&nbsp;DTC and registered in the name of Cede&nbsp;&amp; Co., as nominee for DTC.&nbsp;The global certificates evidence all
of the units outstanding at any time.&nbsp;Unitholders are limited to (1)&nbsp;participants in DTC such as banks, brokers, dealers
and trust companies (&ldquo;DTC Participants&rdquo;), (2)&nbsp;those who maintain, either directly or indirectly, a custodial relationship
with a DTC Participant (&ldquo;Indirect Participants&rdquo;), and (3)&nbsp;those banks, brokers, dealers, trust companies and others
who hold interests in the units through DTC Participants or Indirect Participants, in each case who satisfy the requirements for
transfers of units. DTC Participants acting on behalf of investors holding units through such participants&rsquo; accounts in DTC
will follow the delivery practice applicable to securities eligible for DTC&rsquo;s Same-Day Funds Settlement System.&nbsp;Units
are credited to DTC Participants&rsquo; securities accounts following confirmation of receipt of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>DTC</I></B>.&nbsp;DTC has advised
US12NG as follows: It is a limited purpose trust company organized under the laws of the State of New York and is a member of the
Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code and a &ldquo;clearing
agency&rdquo; registered pursuant to the provisions of Section&nbsp;17A of the Exchange Act. DTC holds securities for DTC Participants
and facilitates the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in
accounts of DTC Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Calculating Per Unit NAV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s per unit NAV is calculated
by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&bull;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 96%; text-align: justify">Taking the current market value of its total assets; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Subtracting any liabilities; and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Dividing that total by the total number of outstanding units. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Administrator, calculates the per unit
NAV of US12NG once each NYSE Arca trading day.&nbsp;The per unit NAV for a particular trading day is released after 4:00 p.m. New
York time.&nbsp;Trading during the core trading session on the NYSE Arca typically closes at 4:00 p.m. New York time.&nbsp;The
Administrator uses the NYMEX closing price (determined at the earlier of the close of the NYMEX or 2:30 p.m. New York time) for
the Futures Contracts traded on the NYMEX, but calculates or determines the value of all other US12NG investments (including Futures
Contracts not traded on the NYMEX, Other Natural Gas-Related Investments and Treasuries) using market quotations, if available,
or other information customarily used to determine the fair value of such investments as of the earlier of the close of the NYSE
Arca or 4:00 p.m. New York time in accordance with the current Administrative Agency Agreement among BBH&amp;Co., US12OF and USCF.
&ldquo;Other information&rdquo; customarily used in determining fair value includes information consisting of market data in the
relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves,
volatilities, spreads, correlations or other market data in the relevant market; or information of the types described above from
internal sources if that information is of the same type used by US12NG in the regular course of its business for the valuation
of similar transactions. The information may include costs of funding, to the extent costs of funding are not and would not be
a component of the other information being utilized. Third parties supplying quotations or market data may include, without limitation,
dealers in the relevant markets, end-users of the relevant product, information vendors, brokers and other sources of market information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, in order to provide updated
information relating to US12NG for use by investors and market professionals, the NYSE Arca calculates and disseminates throughout
the core trading session on each trading day an updated indicative fund value.&nbsp;The indicative fund value is calculated by
using the prior day&rsquo;s closing per unit NAV of US12NG as a base and updating that value throughout the trading day to reflect
changes in the most recently reported trade price for the active natural gas Futures Contracts on the NYMEX.&nbsp;The prices reported
for those Futures Contract months are adjusted based on the prior day&rsquo;s spread differential between settlement values for
the relevant contract and the spot month contract. In the event that the spot month contract is also the Benchmark Futures Contracts,
the last sale price for that contract is not adjusted.&nbsp;The indicative fund value unit basis disseminated during NYSE Arca
core trading session hours should not be viewed as an actual real time update of the per unit NAV, because the per unit NAV is
calculated only once at the end of each trading day based upon the relevant end of day values of US12NG&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indicative fund value is disseminated
on a per unit basis every 15 seconds during regular NYSE Arca core trading session hours of 9:30 a.m. New York time to 4:00 p.m.
New York time.&nbsp;The normal trading hours of the NYMEX are 10:00 a.m. New York time to 2:30 p.m. New York time.&nbsp;This means
that there is a gap in time at the beginning and the end of each day during which US12NG&rsquo;s units are traded on the NYSE Arca,
but real-time NYMEX trading prices for Futures Contracts traded on the NYMEX are not available. During such gaps in time, the indicative
fund value will be calculated based on the end of day price of such Futures Contracts from the NYMEX immediately preceding trading
session. In addition, other Futures Contracts, Other Natural Gas-Related Investments and Treasuries held by US12NG will be valued
by the Administrator, using rates and points received from client-approved third party vendors (such as Reuters and WM Company)
and advisor quotes. These investments will not be included in the indicative fund value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dissemination of the indicative fund value
provides additional information that is not otherwise available to the public and is useful to investors and market professionals
in connection with the trading of US12NG units on the NYSE Arca.&nbsp;Investors and market professionals are able throughout the
trading day to compare the market price of US12NG and the indicative fund value.&nbsp;If the market price of US12NG units diverges
significantly from the indicative fund value, market professionals will have an incentive to execute arbitrage trades.&nbsp;For
example, if US12NG appears to be trading at a discount compared to the indicative fund value, a market professional could buy US12NG
units on the NYSE Arca and sell short Futures Contracts.&nbsp;Such arbitrage trades can tighten the tracking between the market
price of US12NG and the indicative fund value and thus can be beneficial to all market participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Creation and Redemption of Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG creates and redeems units from time
to time, but only in one or more Creation Baskets or Redemption Baskets.&nbsp;The creation and redemption of baskets are only made
in exchange for delivery to US12NG or the distribution by US12NG of the amount of Treasuries and any cash represented by the baskets
being created or redeemed, the amount of which is based on the combined NAV of the number of units included in the baskets being
created or redeemed determined after 4:00 p.m. New York time on the day the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Authorized Purchasers are the only persons
that may place orders to create and redeem baskets.&nbsp;Authorized Purchasers must be (1)&nbsp;registered broker-dealers or other
securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers
to engage in securities transactions as described below, and (2)&nbsp;DTC Participants.&nbsp;To become an Authorized Purchaser,
a person must enter into an Authorized Purchaser Agreement with USCF on behalf of US12NG.&nbsp;The Authorized Purchaser Agreement
provides the procedures for the creation and redemption of baskets and for the delivery of the Treasuries and any cash required
for such creations and redemptions.&nbsp;The Authorized Purchaser Agreement and the related procedures attached thereto may be
amended by US12NG, without the consent of any limited partner or unitholder or Authorized Purchaser.&nbsp;From July&nbsp;1, 2011
through December&nbsp;31, 2012 (and continuing at least through May&nbsp;1, 2013), the applicable transaction fee paid by Authorized
Purchasers is $350 for each order placed to create or redeem one or more baskets; prior to July&nbsp;1, 2011, this fee was $1,000.
Authorized Purchasers who make deposits with US12NG in exchange for baskets receive no fees, commissions or other form of compensation
or inducement of any kind from either US12NG or USCF, and no such person will have any obligation or responsibility to USCF or
US12NG to effect any sale or resale of units.&nbsp;As of December&nbsp;31, 2012, 9 Authorized Purchasers had entered into agreements
with USCF on behalf of US12NG. During the year ended December&nbsp;31, 2012, US12NG issued 31 Creation Baskets and redeemed 7 Redemption
Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain Authorized Purchasers are expected
to be capable of participating directly in the physical natural gas market and the natural gas futures market.&nbsp;In some cases,
Authorized Purchasers or their affiliates may from time to time buy natural gas or sell natural gas or Natural Gas Interests and
may profit in these instances.&nbsp;USCF believes that the size and operation of the natural gas market make it unlikely that an
Authorized Purchaser&rsquo;s direct activities in the natural gas or securities markets will significantly affect the price of
natural gas, Natural Gas Interests, or the price of the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Authorized Purchaser is required to
be registered as a broker-dealer under the Exchange Act and is a member in good standing with FINRA, or exempt from being or otherwise
not required to be registered as a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in the states
or other jurisdictions where the nature of its business so requires.&nbsp;Certain Authorized Purchasers may also be regulated under
federal and state banking laws and regulations.&nbsp;Each Authorized Purchaser has its own set of rules and procedures, internal
controls and information barriers as it determines is appropriate in light of its own regulatory regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Authorized Purchaser Agreement,
USCF has agreed to indemnify the Authorized Purchasers against certain liabilities, including liabilities under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and to contribute to the payments the Authorized Purchasers may be
required to make in respect of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description of the procedures
for the creation and redemption of baskets is only a summary and an investor should refer to the relevant provisions of the LP
Agreement and the form of Authorized Purchaser Agreement for more detail, each of which is incorporated by reference into this
annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Creation Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On any business day, an Authorized Purchaser
may place an order with the Marketing Agent to create one or more baskets. For purposes of processing purchase and redemption orders,
a &ldquo;business day&rdquo; means any day other than a day when any of the NYSE Arca, the NYMEX or the NYSE is closed for regular
trading.&nbsp;Purchase orders must be placed by 12:00 p.m. New York time or the close of regular trading on the NYSE Arca, whichever
is earlier.&nbsp;The day on which the Marketing Agent receives a valid purchase order is referred to as the purchase order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By placing a purchase order, an Authorized
Purchaser agrees to deposit Treasuries, cash, or a combination of Treasuries and cash, as described below.&nbsp;Prior to the delivery
of baskets for a purchase order, the Authorized Purchaser must also have wired to the Custodian the non-refundable transaction
fee due for the purchase order. Authorized Purchasers may not withdraw a creation request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The manner by which creations are made
is dictated by the terms of the Authorized Purchaser Agreement. By placing a purchase order, an Authorized Purchaser agrees to
(1)&nbsp;deposit Treasuries, cash or a combination of Treasuries and cash with the Custodian, and (2)&nbsp;if required by USCF
in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter
energy transaction (through itself or a designated acceptable broker) with US12NG for the purchase of a number and type of futures
contracts at the closing settlement price for such contracts on the purchase order date. If an Authorized Purchaser fails to consummate
(1)&nbsp;and (2), the order shall be cancelled. The number and type of contracts specified shall be determined by USCF, in its
sole discretion, to meet US12NG&rsquo;s investment objective and shall be purchased as a result of the Authorized Purchaser&rsquo;s
purchase of units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Determination of Required Deposits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total deposit required to create each
basket (&ldquo;Creation Basket Deposit&rdquo;) is the amount of Treasuries and/or cash that is in the same proportion to the total
assets of US12NG (net of estimated accrued but unpaid fees, expenses and other liabilities) on the purchase order date as the number
of units to be created under the purchase order is in proportion to the total number of units outstanding on the purchase order
dates.&nbsp;USCF determines, directly in its sole discretion or in consultation with the Administrator, the requirements for Treasuries
and the amount of cash, including the maximum permitted remaining maturity of a Treasury and proportions of Treasury and cash that
may be included in deposits to create baskets.&nbsp;The Marketing Agent will publish such requirements at the beginning of each
business day.&nbsp;The amount of cash deposit required is the difference between the aggregate market value of the Treasuries required
to be included in a Creation Basket Deposit as of 4:00 p.m. New York time on the date the order to purchase is properly received
and the total required deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delivery of Required Deposits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Authorized Purchaser who places a purchase
order is responsible for transferring to US12NG&rsquo;s account with the Custodian the required amount of Treasuries and cash by
the end of the third business day following the purchase order date.&nbsp;Upon receipt of the deposit amount, the Administrator
directs DTC to credit the number of baskets ordered to the Authorized Purchaser&rsquo;s DTC account on the third business day following
the purchase order date.&nbsp;The expense and risk of delivery and ownership of Treasuries until such Treasuries have been received
by the Custodian on behalf of US12NG shall be borne solely by the Authorized Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because orders to purchase baskets must
be placed by 12:00 p.m., New York time, but the total payment required to create a basket during the continuous offering period
will not be determined until after 4:00 p.m. New York time on the date the purchase order is received, Authorized Purchasers will
not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order for
the basket. US12NG&rsquo;s per unit NAV and the total amount of the payment required to create a basket could rise or fall substantially
between the time an irrevocable purchase order is submitted and the time the amount of the purchase price in respect thereof is
determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Rejection of Purchase Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF acting by itself or through the Marketing
Agent shall have the absolute right but no obligation to reject a purchase order or a Creation Basket Deposit if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&bull;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 96%; text-align: justify">it determines that the investment alternative available to US12NG at that time will not enable it to meet its investment objective; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">it determines that the purchase order or the Creation Basket Deposit is not in proper form; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">it believes that the purchase order or the Creation Basket Deposit would have adverse tax consequences to US12NG, the limited partners or its unitholders; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to USCF, be unlawful; or </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">circumstances outside the control of USCF, Marketing Agent or Custodian make it, for all practical purposes, not feasible to process creations of baskets. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of USCF, the Marketing Agent or the
Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Redemption Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The procedures by which an Authorized Purchaser
can redeem one or more baskets mirror the procedures for the creation of baskets.&nbsp;On any business day, an Authorized Purchaser
may place an order with the Marketing Agent to redeem one or more baskets.&nbsp;Redemption orders must be placed by 12:00 p.m.
New York time or the close of regular trading on the NYSE Arca, whichever is earlier.&nbsp;A redemption order so received will
be effective on the date it is received in satisfactory form by the Marketing Agent.&nbsp;The redemption procedures allow Authorized
Purchasers to redeem baskets and do not entitle an individual unitholder to redeem any units in an amount less than a Redemption
Basket, or to redeem baskets other than through an Authorized Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By placing a redemption order, an Authorized
Purchaser agrees to deliver the baskets to be redeemed through DTC&rsquo;s book-entry system to US12NG, as described below.&nbsp;Prior
to the delivery of the redemption distribution for a redemption order, the Authorized Purchaser must also have wired to US12NG&rsquo;s
account at the Custodian the non-refundable transaction fee due for the redemption order.&nbsp;An Authorized Purchaser may not
withdraw a redemption order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The manner by which redemptions are made
is dictated by the terms of the Authorized Purchaser Agreement. By placing a redemption order, an Authorized Purchaser agrees to
(1)&nbsp;deliver the Redemption Basket to be redeemed through DTC&rsquo;s book-entry system to US12NG&rsquo;s account with the
Custodian not later than 3:00 p.m. New York time on the third business day following the effective date of the redemption order
(&ldquo;Redemption Distribution Date&rdquo;), and (2)&nbsp;if required by USCF in its sole discretion, enter into or arrange for
a block trade, an exchange for physical or exchange for swap, or any other over-the-counter energy transaction (through itself
or a designated acceptable broker) with US12NG for the sale of a number and type of futures contracts at the closing settlement
price for such contracts on the Redemption Order Date. If an Authorized Purchaser fails to consummate (1)&nbsp;and (2)&nbsp;above,
the order shall be cancelled. The number and type of contracts specified shall be determined by USCF, in its sole discretion, to
meet US12NG&rsquo;s investment objective and shall be sold as a result of the Authorized Purchaser&rsquo;s sale of units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Determination of Redemption Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The redemption distribution from US12NG
consists of a transfer to the redeeming Authorized Purchaser of an amount of Treasuries and/or cash that is in the same proportion
to the total assets of US12NG (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order
to redeem is properly received as the number of units to be redeemed under the redemption order is in proportion to the total number
of units outstanding on the date the order is received.&nbsp;USCF, directly or in consultation with the Administrator, determines
the requirements for Treasuries and the amounts of cash, including the maximum permitted remaining maturity of a Treasury, and
the proportions of Treasuries and cash that may be included in distributions to redeem baskets.&nbsp;The Marketing Agent will publish
an estimate of the redemption distribution per basket as of the beginning of each business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Delivery of Redemption Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The redemption distribution due from US12NG
will be delivered to the Authorized Purchaser by 3:00 p.m. New York time on the third business day following the redemption order
date if, by 3:00 p.m. New York time on such third business day, US12NG&rsquo;s DTC account has been credited with the baskets to
be redeemed.&nbsp;If US12NG&rsquo;s DTC account has not been credited with all of the baskets to be redeemed by such time, the
redemption distribution will be delivered to the extent of whole baskets received.&nbsp;Any remainder of the redemption distribution
will be delivered on the next business day to the extent of remaining whole baskets received if US12NG receives the fee applicable
to the extension of the redemption distribution date which USCF may, from time to time, determine and the remaining baskets to
be redeemed are credited to US12NG&rsquo;s DTC account by 3:00 p.m. New York time on such next business day.&nbsp;Any further outstanding
amount of the redemption order shall be cancelled.&nbsp;Pursuant to information from USCF, the Custodian will also be authorized
to deliver the redemption distribution notwithstanding that the baskets to be redeemed are not credited to US12NG&rsquo;s DTC account
by 3:00 p.m. New York time on the third business day following the redemption order date if the Authorized Purchaser has collateralized
its obligation to deliver the baskets through DTC&rsquo;s book entry-system on such terms as USCF may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Suspension or Rejection of Redemption
Orders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF may, in its discretion, suspend the
right of redemption, or postpone the redemption settlement date, (1)&nbsp;for any period during which the NYSE Arca or the NYMEX
is closed other than customary weekend or holiday closings, or trading on the NYSE Arca or the NYMEX is suspended or restricted,
(2)&nbsp;for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Treasuries is
not reasonably practicable, or (3)&nbsp;for such other period as USCF determines to be necessary for the protection of the limited
partners or unitholders.&nbsp;For example, USCF may determine that it is necessary to suspend redemptions to allow for the orderly
liquidation of US12NG&rsquo;s assets at an appropriate value to fund a redemption.&nbsp;If USCF has difficulty liquidating its
positions, <I>e.g.</I>, because of a market disruption event in the futures markets, a suspension of trading by the exchange where
the futures contracts are listed or an unanticipated delay in the liquidation of a position in an over-the-counter contract, it
may be appropriate to suspend redemptions until such time as such circumstances are rectified.&nbsp;None of USCF, the Marketing
Agent, the Administrator, or the Custodian will be liable to any person or in any way for any loss or damages that may result from
any such suspension or postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redemption orders must be made in whole
baskets. USCF will reject a redemption order if the order is not in proper form as described in the Authorized Purchaser Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.&nbsp;USCF may also reject a redemption order
if the number of units being redeemed would reduce the remaining outstanding units to 100,000 units (<I>i.e.</I>, two baskets)
or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Creation and Redemption Transaction
Fee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To compensate US12NG for its expenses in
connection with the creation and redemption of baskets, an Authorized Purchaser is required to pay a transaction fee to US12NG
per order to create or redeem baskets, regardless of the number of baskets in such order. From July&nbsp;1, 2011 through December&nbsp;31,
2012 (and continuing at least through May&nbsp;1, 2013), the applicable transaction fee paid by Authorized Purchasers is $350 for
each order they placed to create or redeem one or more baskets; prior to July&nbsp;1, 2011, this fee was $1,000.&nbsp;The transaction
fee may be reduced, increased or otherwise changed by USCF.&nbsp;USCF shall notify DTC of any change in the transaction fee and
will not implement any increase in the fee for the redemption of baskets until 30&nbsp;days after the date of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tax Responsibility</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Authorized Purchasers are responsible for
any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized
Purchaser, and agree to indemnify USCF and US12NG if they are required by law to pay any such tax, together with any applicable
penalties, additions to tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Secondary Market Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted, US12NG creates and redeems units
from time to time, but only in one or more Creation Baskets or Redemption Baskets.&nbsp;The creation and redemption of baskets
are only made in exchange for delivery to US12NG or the distribution by US12NG of the amount of Treasuries and cash represented
by the baskets being created or redeemed, the amount of which will be based on the aggregate NAV of the number of units included
in the baskets being created or redeemed determined on the day the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed above, Authorized Purchasers
are the only persons that may place orders to create and redeem baskets. Authorized Purchasers must be registered broker-dealers
or other securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers
to engage in securities transactions.&nbsp;An Authorized Purchaser is under no obligation to create or redeem baskets, and an Authorized
Purchaser is under no obligation to offer to the public units of any baskets it does create.&nbsp;Authorized Purchasers that do
offer to the public units from the baskets they create will do so at per-unit offering prices that are expected to reflect, among
other factors, the trading price of the units on the NYSE Arca, the NAV of US12NG at the time the Authorized Purchaser purchased
the Creation Baskets and the per unit NAV of the units at the time of the offer of the units to the public, the supply of and demand
for units at the time of sale, and the liquidity of the Futures Contract market and the market for Other Natural Gas-Related Investments.&nbsp;The
prices of units offered by Authorized Purchasers are expected to fall between US12NG&rsquo;s per unit NAV and the trading price
of the units on the NYSE Arca at the time of sale.&nbsp;Units initially comprising the same basket but offered by Authorized Purchasers
to the public at different times may have different offering prices. An order for one or more baskets may be placed by an Authorized
Purchaser on behalf of multiple clients. Authorized Purchasers who make deposits with US12NG in exchange for baskets receive no
fees, commissions or other form of compensation or inducement of any kind from either US12NG or USCF, and no such person has any
obligation or responsibility to USCF or US12NG to effect any sale or resale of units.&nbsp;Units trade in the secondary market
on the NYSE Arca. Units may trade in the secondary market at prices that are lower or higher relative to their per unit NAV.&nbsp;The
amount of the discount or premium in the trading price relative to the per unit NAV may be influenced by various factors, including
the number of investors who seek to purchase or sell units in the secondary market and the liquidity of the Futures Contracts market
and the market for Other Natural Gas-Related Investments. While the units trade during the core trading session on the NYSE Arca
until 4:00 p.m. New York time, liquidity in the market for Futures Contracts and Other Natural Gas-Related Investments may be reduced
after the close of the NYMEX at 2:30 p.m. New York time. As a result, during this time, trading spreads, and the resulting premium
or discount, on the units may widen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF causes US12NG to transfer the proceeds
from the sale of Creation Baskets to the Custodian or other custodian for trading activities. USCF will invest US12NG&rsquo;s assets
in Futures Contracts and Other Natural Gas-Related Investments and investments in Treasuries, cash and/or cash equivalents. When
US12NG purchases a Futures Contract and certain exchange-traded Other Natural Gas-Related Investments, US12NG is required to deposit
5% to 30% with the selling FCM on behalf of the exchange a portion of the value of the contract or other interest as security to
ensure payment for the obligation under Natural Gas Interests at maturity. This deposit is known as initial margin. Counterparties
in transactions in over-the-counter Natural Gas Interests will generally impose similar collateral requirements on US12NG. USCF
will invest the assets that remain after margin and collateral are posted in Treasuries, cash and/or cash equivalents subject to
these margin and collateral requirements. USCF has sole authority to determine the percentage of assets that are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&bull;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 96%; text-align: justify">held on deposit with the FCM or other custodian, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">used for other investments, and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">held in bank accounts to pay current obligations and as reserves. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ongoing margin and collateral payments
will generally be required for both exchange-traded and over-the-counter Natural Gas Interests based on changes in the value of
the Natural Gas Interests. Furthermore, ongoing collateral requirements with respect to over-the-counter Natural Gas Interests
are negotiated by the parties, and may be affected by overall market volatility, volatility of the underlying commodity or index,
the ability of the counterparty to hedge its exposure under a Natural Gas Interest and each party&rsquo;s creditworthiness. In
light of the differing requirements for initial payments under exchange-traded and over-the-counter Natural Gas Interests and the
fluctuating nature of ongoing margin and collateral payments, it is not possible to estimate what portion of US12NG&rsquo;s assets
will be posted as margin or collateral at any given time. The Treasuries, cash and cash equivalents held by US12NG will constitute
reserves that will be available to meet ongoing margin and collateral requirements. All interest income will be used for US12NG&rsquo;s
benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A FCM, counterparty, government agency
or commodity exchange could increase margin or collateral requirements applicable to US12NG to hold trading positions at any time.&nbsp;Moreover,
margin is merely a security deposit and has no bearing on the profit or loss potential for any positions held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assets of US12NG posted as margin for
Futures Contracts are held in segregated accounts pursuant to the CEA and CFTC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Commodity Interest Markets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CEA governs the regulation of commodity
interest transactions, markets and intermediaries.&nbsp;The CEA provides for varying degrees of regulation of commodity interest
transactions depending upon: (1)&nbsp;the type of instrument being traded (<I>e.g.</I>, contracts for future delivery, options,
swaps or spot contracts), (2)&nbsp;the type of commodity underlying the instrument (distinctions are made between instruments based
on agricultural commodities, energy and metals commodities and financial commodities), (3)&nbsp;the nature of the parties to the
transaction (retail, eligible contract participant, or eligible commercial entity), (4)&nbsp;whether the transaction is entered
into on a principal-to-principal or intermediated basis, (5)&nbsp;the type of market on which the transaction occurs, and (6)&nbsp;whether
the transaction is subject to clearing through a clearing organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offer and sale of units of US12NG,
as well as units of each of the Related Public Funds, is registered under the Securities Act. US12NG and the Related Public Funds
are subject to the requirements of the Securities Act, the Exchange Act and the rules and regulations adopted thereunder as administered
by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;). Firms&rsquo; participation in the distribution of units is regulated
as described above, as well as by the self regulatory association, FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Futures Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A futures contract is a standardized contract
traded on, or subject to the rules of, an exchange that calls for the future delivery of a specified quantity and type of a commodity
at a specified time and place.&nbsp;Futures contracts are traded on a wide variety of commodities, including agricultural products,
bonds, stock indices, interest rates, currencies, energy and metals.&nbsp;The size and terms of futures contracts on a particular
commodity are identical and are not subject to any negotiation, other than with respect to price and the number of contracts traded
between the buyer and seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The contractual obligations of a buyer
or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting
sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery.&nbsp;The
difference between the price at which the futures contract is purchased or sold and the price paid for the offsetting sale or purchase,
after allowance for brokerage commissions, constitutes the profit or loss to the trader.&nbsp;Some futures contracts, such as stock
index contracts, settle in cash (reflecting the difference between the contract purchase/sale price and the contract settlement
price) rather than by delivery of the underlying commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In market terminology, a trader who purchases
a futures contract is long in the market and a trader who sells a futures contract is short in the market.&nbsp;Before a trader
closes out his long or short position by an offsetting sale or purchase, his outstanding contracts are known as open trades or
open positions.&nbsp;The aggregate amount of open positions held by traders in a particular contract is referred to as the open
interest in such contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Forward Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A forward contract is a contractual obligation
to purchase or sell a specified quantity of a commodity at or before a specified date in the future at a specified price and, therefore,
is economically similar to a futures contract.&nbsp;Unlike futures contracts, however, forward contracts are typically traded in
the over-the-counter markets and are not standardized contracts.&nbsp;Forward contracts for a given commodity are generally available
for various amounts and maturities and are subject to individual negotiation between the parties involved.&nbsp;Moreover, generally
there is no direct means of offsetting or closing out a forward contract by taking an offsetting position as one would a futures
contract on a U.S. exchange.&nbsp;If a trader desires to close out a forward contract position, he generally will establish an
opposite position in the contract but will settle and recognize the profit or loss on both positions simultaneously on the delivery
date.&nbsp;Thus, unlike in the futures contract market where a trader who has offset positions will recognize profit or loss immediately,
in the forward market a trader with a position that has been offset at a profit will generally not receive such profit until the
delivery date, and likewise a trader with a position that has been offset at a loss will generally not have to pay money until
the delivery date.&nbsp;In recent years, however, the terms of forward contracts have become more standardized, and in some instances
such contracts now provide a right of offset or cash settlement as an alternative to making or taking delivery of the underlying
commodity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, the CFTC does not regulate
the interbank and forward foreign currency markets with respect to transactions in contracts between certain sophisticated counterparties
such as US12NG or between certain regulated institutions and retail investors. Although U.S. banks are regulated in various ways
by the Federal Reserve Board, the Comptroller of the Currency and other U.S. federal and state banking officials, banking authorities
do not regulate the forward markets to the same extent that the swap markets will be regulated by the CFTC once the Dodd-Frank
Act is fully implemented. At a minimum, over-the-counter currency forwards, options and swaps will be subject to heightened recordkeeping,
reporting and business conduct standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 16, 2012, the Secretary of
the Treasury issued a final determination that exempts both foreign exchange swaps and foreign exchange forwards from the definition
of &ldquo;swap&rdquo; and, by extension, additional regulatory requirements (such as clearing and margin). The final determination
does not extend to other foreign exchange derivatives, such as foreign exchange options, currency swaps, and non-deliverable forwards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the U.S. government does not currently
impose any restrictions on the movements of currencies, it could choose to do so. The imposition or relaxation of exchange controls
in various jurisdictions could significantly affect the market for that and other jurisdictions&rsquo; currencies. Trading in the
interbank market also exposes US12NG to a risk of default since the failure of a bank with which US12NG had entered into a forward
contract would likely result in a default and thus possibly substantial losses to US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Options on Futures Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Options on futures contracts are standardized
contracts traded on an exchange.&nbsp;An option on a futures contract gives the buyer of the option the right, but not the obligation,
to take a position at a specified price (the striking, strike, or exercise price) in the underlying futures contract or underlying
interest.&nbsp;The buyer of a call option acquires the right, but not the obligation, to purchase or take a long position in the
underlying interest, and the buyer of a put option acquires the right, but not the obligation, to sell or take a short position
in the underlying interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The seller, or writer, of an option is
obligated to take a position in the underlying interest at a specified price opposite to the option buyer if the option is exercised.&nbsp;The
seller of a call option must stand ready to take a short position in the underlying interest at the strike price if the buyer should
exercise the option.&nbsp;The seller of a put option, on the other hand, must stand ready to take a long position in the underlying
interest at the strike price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A call option is said to be in-the-money
if the strike price is below current market levels and out-of-the-money if the strike price is above current market levels.&nbsp;Conversely,
a put option is said to be in-the-money if the strike price is above the current market levels and out-of-the-money if the strike
price is below current market levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Options have limited life spans, usually
tied to the delivery or settlement date of the underlying interest.&nbsp;Some options, however, expire significantly in advance
of such date.&nbsp;The purchase price of an option is referred to as its premium, which consists of its intrinsic value (which
is related to the underlying market value) plus its time value. As an option nears its expiration date, the time value shrinks
and the market and intrinsic values move into parity. An option that is out-of-the-money and not offset by the time it expires
becomes worthless.&nbsp;On certain exchanges, in-the-money options are automatically exercised on their expiration date, but on
others unexercised options simply become worthless after their expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regardless of how much the market swings,
the most an option buyer can lose is the option premium.&nbsp;The option buyer deposits his premium with his broker, and the money
goes to the option seller.&nbsp;Option sellers, on the other hand, face risks similar to participants in the futures markets.&nbsp;For
example, since the seller of a call option is assigned a short futures position if the option is exercised, his risk is the same
as someone who initially sold a futures contract.&nbsp;Because no one can predict exactly how the market will move, the option
seller posts margin to demonstrate his ability to meet any potential contractual obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Options on Forward Contracts or Commodities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Options on forward contracts or commodities
operate in a manner similar to options on futures contracts.&nbsp;An option on a forward contract or commodity gives the buyer
of the option the right, but not the obligation, to take a position at a specified price in the underlying forward contract or
commodity. However, unlike options on futures contracts, options on forward contracts or on commodities are individually negotiated
contracts between counterparties and are typically traded in the over-the-counter market.&nbsp;Therefore, options on forward contracts
and physical commodities possess many of the same characteristics of forward contracts with respect to offsetting positions and
credit risk that are described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Swap Contracts</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Swap transactions generally involve contracts
between two parties to exchange a stream of payments computed by reference to a notional amount and the price of the asset that
is the subject of the swap.&nbsp;Swap contracts are principally traded off-exchange, although certain swap contracts are also being
traded in electronic trading facilities and cleared through clearing organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Swaps are usually entered into on a net
basis, that is, the two payment streams are netted out in a cash settlement on the payment date or dates specified in the agreement,
with the parties receiving or paying, as the case may be, only the net amount of the two payments.&nbsp;Swaps do not generally
involve the delivery of underlying assets or principal. Accordingly, the risk of loss with respect to swaps is generally limited
to the net amount of payments that the party is contractually obligated to make.&nbsp;In some swap transactions one or both parties
may require collateral deposits from the&nbsp;counterparty to support that counterparty&rsquo;s obligation under the swap agreement.&nbsp;If
the counterparty to such a swap defaults, the risk of loss consists of the net amount of payments that the party is contractually
entitled to receive less&nbsp;any collateral deposits it is holding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some swap transactions are cleared through
central counterparties.&nbsp;These transactions, known as cleared swaps, involve two counterparties first agreeing to the terms
of a swap transaction, then submitting the transaction to a clearing house that acts as the central counterparty.&nbsp;Once accepted
by the clearing house, the original swap transaction is novated and the central counterparty becomes the counterparty to a trade
with each of the original parties based upon the trade terms determined in the original transaction.&nbsp;In this manner each individual
swap counterparty reduces its risk of loss due to counterparty nonperformance because the clearing house acts as the counterparty
to each transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&ldquo;Swap&rdquo; Transactions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dodd-Frank Act imposes new regulatory
requirements on certain &ldquo;swap&rdquo; transactions that US12NG is authorized to engage in that may ultimately impact the ability
of US12NG to meet its investment objective. On August 13, 2012, the CFTC and the SEC published joint final rules defining the terms
&ldquo;swap&rdquo; and &ldquo;security-based swap.&rdquo; The term &ldquo;swap&rdquo; is broadly defined to include various types
of over-the-counter derivatives, including swaps and options. The effective date of these final rules was October 12, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dodd-Frank Act requires that certain
transactions ultimately falling within the definition of &ldquo;swap&rdquo; be executed on organized exchanges or &ldquo;swap
execution facilities&rdquo; and cleared through regulated clearing organizations (which are referred to in the Dodd-Frank Act
as &ldquo;derivative clearing organizations&rdquo; (&ldquo;DCOs&rdquo;)), if the CFTC mandates the central clearing of a particular
contract. On November 28, 2012, the CFTC issued its final clearing determination requiring that certain credit default swaps and
interest rate swaps be cleared by registered DCOs. This is the CFTC&rsquo;s first clearing determination under the Dodd-Frank
Act and became effective on February 11, 2013. On March 11, 2013, &ldquo;swap dealers,&rdquo; &ldquo;major swap participants,&rdquo;
and certain active funds will be required to clear certain credit default swaps and interest rate swaps. Determination on other
types of swaps are expected in the future, and, when finalized, could require US12NG to centrally clear certain over-the-counter
instruments presently entered into and settled on a bi-lateral basis. If a swap is required to be cleared, the initial margin
will be set by the clearing organizations, subject to certain regulatory requirements and guidelines. Initial and variation margin
requirements for swap dealers and major swap participants who enter into uncleared swaps and capital requirements for swap dealers
and major swap participants who enter into both cleared and uncleared trades will be set by the CFTC, the SEC or the applicable
&ldquo;Prudential Regulator.&rdquo; On May 23, 2012, the CFTC published final regulations, which became effective as of July 23,
2012, to determine which entities will be regulated as &ldquo;swap dealers&rdquo; and &ldquo;major swap participants&rdquo; and
thus have to comply with these capital and margin requirements (as well as a multitude of other requirements under the Dodd-Frank
Act). Most of the requirements became effective on October 12, 2012, when additional final rules defining the terms &ldquo;swap,&rdquo;
&ldquo;security-based swap&rdquo; and &ldquo;mixed swap&rdquo; became effective. However, on October 11, 2012 and October 12,
2012, the CFTC issued several no-action letters and interpretive guidance which delayed much of the implementation of these requirements
from October 12, 2012 until December 31, 2012. Increased regulation of, and the imposition of additional costs on, swap transactions
could have an adverse effect on US12NG by, for example, reducing the size of and therefore liquidity in the derivatives market,
increasing transaction costs and decreasing the ability to customize derivative transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 7, 2012, the CFTC published
a rule requiring each FCM and DCO to segregate cleared swaps and related collateral posted by a customer of the FCM from the assets
of the FCM or DCO, although such property can be commingled with the property of other cleared swaps customers of the FCM or DCO.
This rule addresses losses incurred by a DCO in a so-called &ldquo;double default&rdquo; scenario in which a customer of a FCM
defaults in its obligations to the FCM and the FCM, in turn, defaults in its obligations to the DCO. Under this scenario, the DCO
can only access the collateral attributable to other customers of the DCO whose cleared swap positions are in a loss position following
the primary customer&rsquo;s default. This rule became effective on November 8, 2012. Some market participants have expressed concern
that the requirements of this segregation rule may result in higher initial margins or higher fees. US12NG does not anticipate
any impact to its operations in order to meet the requirements of the new rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, the CFTC published rules
on February 17, 2012 and April 3, 2012 that require &ldquo;swap dealers&rdquo; and &ldquo;major swap participants&rdquo; to: 1)
adhere to business conduct standards, 2) implement policies and procedures to ensure compliance with the CEA and 3) maintain records
of such compliance. These new requirements may impact the documentation requirements for both cleared and non-cleared swaps and
cause swap dealers and major swap participants to face increased compliance costs that, in turn, may be passed along to counterparties
(such as US12NG) in the form of higher fees and expenses related to trading swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 24, 2012, the CFTC amended
certain disclosure obligations to require that the operator of a commodity pool that invests in swaps include standardized swap
risk disclosures in the pool&rsquo;s disclosure documents by December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 5, 2012, the CFTC&rsquo;s Division
of Market Oversight issued a letter providing swap dealers with time-limited no-action relief from swap data reporting obligations
with respect to equity swaps, foreign exchange swaps and other commodity swaps. For these asset classes, the letter provides swap
dealers with reporting relief (i) with respect to real-time price reporting and regular swap reporting (under Part 43 and Part
45 of the CFTC&rsquo;s regulations, respectively), until February 28, 2013, and (ii) historical swap reporting requirements (under
Part 46 of the CFTC&rsquo;s regulations) until March 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 21, 2012, the CFTC&rsquo;s
Division of Market Oversight issued two letters providing certain swap dealers with time-limited no-action relief from some swap
data reporting obligations. One letter provides relief from reporting requirements for branches of swap dealers located in emerging
markets who encounter technical difficulties in complying with the reporting rules. The letter also provides that swap dealers
may delay reporting compliance for certain complex and exotic swaps until April 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under a second letter, all swap dealers
have until April 10, 2013 to report certain information about their counterparties, including: status as a major swap participant,
a financial entity, a U.S. person or a commercial end-user.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 18, 2012, the CFTC deferred
the compliance date for many of the Dodd-Frank Act&rsquo;s external business conduct standards from December 31, 2012 to May 1,
2013, and for some requirements to July 1, 2013, providing swap dealers an additional four to six months from the original compliance
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Regulation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Futures exchanges in the United States
are subject to varying degrees of regulation under the CEA depending on whether such exchange is a designated contract market,
exempt board of trade or electronic trading facility. Clearing organizations are also subject to the CEA and the rules and regulations
adopted thereunder and administered by the CFTC.&nbsp;The CFTC is the governmental agency charged with responsibility for regulation
of futures exchanges and commodity interest trading conducted on those exchanges.&nbsp;The CFTC&rsquo;s function is to implement
the CEA&rsquo;s objectives of preventing price manipulation and excessive speculation and promoting orderly and efficient commodity
interest markets.&nbsp;In addition, the various exchanges and clearing organizations themselves exercise regulatory and supervisory
authority over their member firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CFTC also regulates the activities
of &ldquo;commodity trading advisors&rdquo; and &ldquo;commodity pool operators&rdquo; and the CFTC has adopted regulations with
respect to certain of such persons&rsquo; activities. Pursuant to its authority, the CFTC requires a CPO, such as USCF, to keep
accurate, current and orderly records with respect to each pool it operates. The CFTC may suspend, modify or terminate the registration
of any registrant for failure to comply with CFTC rules or regulations.&nbsp;Suspension, restriction or termination of USCF&rsquo;s
registration as a CPO would prevent it, until such time (if any) as such registration were to be reinstated, from managing, and
might result in the termination of, US12NG or the Related Public Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CEA also gives the states certain powers
to enforce its provisions and the regulations of the CFTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under certain circumstances, the CEA grants
unitholders the right to institute a reparations proceeding before the CFTC against USCF (as a registered commodity pool operator),
as well as those of their respective employees who are required to be registered under the CEA. Unitholders may also be able to
maintain a private right of action for certain violations of the CEA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to authority in the CEA, the NFA
has been formed and registered with the CFTC as a registered futures association. The NFA is the only self regulatory association
for commodities professionals other than the exchanges. As such, the NFA promulgates rules governing the conduct of commodity professionals
and disciplines those professionals that do not comply with such standards. The CFTC has delegated to the NFA responsibility for
the registration of commodity pool operation. USCF is a member of the NFA. As a member of the NFA, USCF is subject to NFA standards
relating to fair trade practices, financial condition and consumer protection. The CFTC is prohibited by statute from regulating
trading on foreign commodity exchanges and markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CEA requires all FCMs, such as US12NG&rsquo;s
clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from proprietary
funds and account separately for all customers&rsquo; funds and positions, and to maintain specified books and records open to
inspection by the staff of the CFTC.&nbsp;The CFTC has similar authority over introducing brokers, or persons who solicit or accept
orders for commodity interest trades but who do not accept margin deposits for the execution of trades.&nbsp;The CEA authorizes
the CFTC to regulate trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the
event of market emergencies, and establishes an administrative procedure under which customers may institute complaints for damages
arising from alleged violations of the CEA.&nbsp;The CEA also gives the states powers to enforce its provisions and the regulations
of the CFTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The regulations of the CFTC and the NFA
prohibit any representation by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC,
or membership in the NFA, in any respect indicates that the CFTC or the NFA, as the case may be, has approved or endorsed that
person or that person&rsquo;s trading program or objectives.&nbsp;The registrations and memberships of the parties described in
this summary must not be considered as constituting any such approval or endorsement.&nbsp;Likewise, no futures exchange has given
or will give any similar approval or endorsement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 14, 2012, the CFTC proposed
new regulations that would require enhanced customer protections, risk management programs, internal monitoring and controls, capital
and liquidity standards, customer disclosures and auditing and examination programs for FCMs. The proposed rules are intended to
afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are
provided with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs
are monitoring and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued
operations, and the auditing and examination programs of the CFTC and the self-regulatory organizations are monitoring the activities
of FCMs in a thorough manner. The final regulations have not yet been adopted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s investors are afforded prescribed
rights for reparations under the CEA against USCF (as a registered commodity pool operator), as well as its respective employees
who are required to be registered under the CEA. Investors may also be able to maintain a private right of action for violations
of the CEA. The CFTC has adopted rules implementing the reparation provisions of the CEA, which provide that any person may file
a complaint for a reparations award with the CFTC for violation of the CEA against a floor broker or a FCM, introducing broker,
commodity trading advisor, CPO, and their respective associated persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The regulation of commodity interest trading
in the United States and other countries is an evolving area of the law, as exemplified by the various discussions of the Dodd-Frank
Act. The various statements made in this summary are subject to modification by legislative action and changes in the rules and
regulations of the CFTC, the NFA, the futures exchanges, clearing organizations and other regulatory bodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Futures Contracts and Position Limits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CFTC is prohibited by statute from
regulating trading on non-U.S. futures exchanges and markets. The CFTC, however, has adopted regulations relating to the marketing
of non-U.S. futures contracts in the United States. These regulations permit certain contracts traded on non-U.S. exchanges to
be offered and sold in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In October 2011, the CFTC finalized rules
that establish position limits with respect to 28 physical delivery commodity futures and options contracts, as well as to forward
contracts that are economically equivalent to such contracts (the &ldquo;Position Limit Rules&rdquo;). The Position Limit Rules
were scheduled to become effective on October 12, 2012. However, on September 28, 2012, the United States District Court for the
District of Columbia vacated these regulations on the basis of ambiguities in the provisions of the CEA (as modified by the Dodd-Frank
Act) upon which the regulations were based. In its September 28, 2012 decision, the court remanded the Position Limit Rules to
the CFTC with instructions to use its expertise and experience to resolve the ambiguities in the statute. On November 15, 2012,
the CFTC indicated that it will move forward with an appeal of the District Court&rsquo;s decision to vacate the Position Limit
Rules. At this time, it is not possible to predict how the CFTC&rsquo;s appeal could affect US12NG, but it may be substantial and
adverse. Furthermore, until such time as the appeal is resolved or, if applicable revisions to the Position Limit Rules are proposed
and adopted, the regulatory architecture in effect prior to the enactment of the Position Limit Rules will govern transactions
in commodities and related derivatives. As a result, US12NG may be limited with respect to the size of its investments in any commodities
subject to these limits. Finally, subject to certain narrow exceptions, the vacated Position Limit Rules would have required the
aggregation, for purposes of the position limits, of all positions in the 28 Referenced Contracts held by a single entity and its
affiliates, regardless of whether such position existed on U.S. futures exchanges, non-U.S. futures exchanges, in cleared swaps
or in over-the-counter swaps. The CFTC is presently considering new aggregation rules, under a rulemaking proposal that is distinct
from the Position Limit Rules. At this time, it is unclear how any modified aggregation rules may affect US12NG, but it may be
substantial and adverse. By way of example, the aggregation rules in combination with any potential revised Position Limit Rules
may negatively impact the ability of US12NG to meet its investment objectives through limits that may inhibit USCF&rsquo;s ability
to sell additional Creation Baskets of US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on its current understanding of the
final position limit regulations, USCF does not anticipate significant negative impact on the ability of US12NG to achieve its
investment objective. <B><I> </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Commodity Margin </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Original or initial margin is the minimum
amount of funds that must be deposited by a commodity interest trader with the trader&rsquo;s broker to initiate and maintain an
open position in futures contracts.&nbsp;Maintenance margin is the amount (generally less than the original margin) to which a
trader&rsquo;s account may decline before he must deliver additional margin.&nbsp;A margin deposit is like a cash performance bond.&nbsp;It
helps assure the trader&rsquo;s performance of the futures contracts that he or she purchases or sells.&nbsp;Futures contracts
are customarily bought and sold on initial margin that represents a very small percentage (ranging upward from less than 5%) of
the aggregate purchase or sales price of the contract.&nbsp;Because of such low margin requirements, price fluctuations occurring
in the futures markets may create profits and losses that, in relation to the amount invested, are greater than are customary in
other forms of investment or speculation.&nbsp;As discussed below, adverse price changes in the futures contract may result in
margin requirements that greatly exceed the initial margin.&nbsp;In addition, the amount of margin required in connection with
a particular futures contract is set from time to time by the exchange on which the contract is traded and may be modified from
time to time by the exchange during the term of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brokerage firms, such as US12NG&rsquo;s
clearing brokers, carrying accounts for traders in commodity interest contracts may not accept lower, and generally require higher,
amounts of margin as a matter of policy to further protect themselves.&nbsp;The clearing brokers require US12NG to make margin
deposits equal to exchange minimum levels for all commodity interest contracts.&nbsp;This requirement may be altered from time
to time in the clearing brokers&rsquo; discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulators have not yet finalized the Dodd-Frank
Act rules regarding initial margin levels for over-the-counter derivatives. It is possible that such levels may be higher than
those for futures contracts. Also initial margin requirements for non-cleared swaps will be subject to higher margin requirements
than cleared swaps. And, under pending rule proposals, US12NG may be required to post, but not entitled to receive, initial and
variation margin in respect of non-cleared swaps. Until such time as the regulators finalize these margin rules, trading in the
over-the-counter markets where no clearing facility is provided generally will not require margin per se. Rather, it will involve
the extension of credit between counterparties that is secured by transfers of credit support and/or independent amounts.&nbsp;Credit
support is transferred between counterparties in respect of the open over-the-counter derivatives entered into between them, while
independent amounts are fixed amounts posted by one or both counterparties at the execution of a particular over-the-counter transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When a trader purchases an option, there
is no margin requirement; however, the option premium must be paid in full.&nbsp;When a trader sells an option, on the other hand,
he or she is required to deposit margin in an amount determined by the margin requirements established for the underlying interest
and, in addition, an amount substantially equal to the current premium for the option.&nbsp;The margin requirements imposed on
the selling of options, although adjusted to reflect the probability that out-of-the-money options will not be exercised, can in
fact be higher than those imposed in dealing in the futures markets directly.&nbsp;Complicated margin requirements apply to spreads
and conversions, which are complex trading strategies in which a trader acquires a mixture of options positions and positions in
the underlying interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Margin requirements are computed each day
by a trader&rsquo;s clearing broker.&nbsp;When the market value of a particular open commodity interest position changes to a point
where the margin on deposit does not satisfy maintenance margin requirements, a margin call is made by the broker.&nbsp;If the
margin call is not met within a reasonable time, the broker may close out the trader&rsquo;s position.&nbsp;With respect to US12NG&rsquo;s
trading, US12NG (and not its investors personally) is subject to margin calls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Finally, many major U.S. exchanges have
passed certain cross margining arrangements involving procedures pursuant to which the futures and options positions held in an
account would, in the case of some accounts, be aggregated and margin requirements would be assessed on a portfolio basis, measuring
the total risk of the combined positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SEC Reports </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG makes available, free of charge,
on its website, its annual reports on Form 10-K, its quarterly reports on Form 10-Q, its current reports on Form 8-K and amendments
to these reports filed or furnished pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act as soon as reasonably practicable
after these forms are filed with, or furnished to, the SEC.&nbsp;These reports are also available from the SEC though its website
at:&nbsp;www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CFTC Reports </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG also makes available its monthly
reports and its annual reports required to be prepared and filed with the NFA under the CFTC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Intellectual Property </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF owns trademark registrations for UNITED
STATES 12 MONTH NATURAL GAS FUND (U.S. Reg. No.&nbsp;3783071) for &ldquo;financial investment services in the field of natural
gas futures contracts, cash-settled options on natural gas futures contracts, forward contracts for natural gas, over-the-counter
transactions based on the price of natural gas, and indices based on the foregoing&rdquo; in use since November&nbsp;18, 2009,
for UNL UNITED STATES 12 MONTH NATURAL GAS FUND, LP (and Flame Design) (U.S. Reg. No.&nbsp;3817685) for &ldquo;financial investment
services in the field of natural gas futures contracts, cash-settled options on natural gas futures contracts, forward contracts
for natural gas, over-the-counter transactions based on the price of natural gas, and indices based on the foregoing&rdquo; in
use since November&nbsp;18, 2009 and UNL UNITED STATES 12 MONTH NATURAL GAS FUND, LP (and 12 and Flame Design), S.N. 85592279.&nbsp;US12NG
relies upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market
and among current and potential investors.&nbsp;So long as US12NG continues to use these trademarks to identify its services, without
challenge from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules and
regulations, it will continue to have indefinite protection for these trademarks under current laws, rules and regulations.&nbsp;USCF
has been granted two patents Nos. 7,739,186 and 8,019,675, for systems and methods for an exchange-traded fund (ETF) that tracks
the price of one or more commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;1A. Risk Factors. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The risk factors should be read in connection
with the other information included in this annual report on Form 10-K, including Management&rsquo;s Discussion and Analysis of
Financial Condition and Results of Operations and US12NG&rsquo;s financial statements and the related notes. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Associated With Investing Directly
or Indirectly in Natural Gas </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Investing in Natural Gas Interests
subjects US12NG to the risks of the natural gas industry and this could result in large fluctuations in the price of US12NG&rsquo;s
units. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is subject to the risks and hazards
of the natural gas industry because it invests in Natural Gas Interests. The risks and hazards that are inherent in the natural
gas industry may cause the price of natural gas to widely fluctuate. If the changes in percentage terms of US12NG&rsquo;s units
accurately track the changes in percentage terms of the average price of the changes in the Benchmark Futures Contracts or the
spot price of natural gas, then the price of its units may also fluctuate.&nbsp;The exploration for, and production of, natural
gas are uncertain processes with many risks.&nbsp;The cost of drilling, completing and operating wells for natural gas is often
uncertain, and a number of factors can delay or prevent drilling operations or production of natural gas, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: justify">&bull;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 96%; text-align: justify">unexpected drilling conditions; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">pressure or irregularities in formations; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">equipment failures or repairs; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">fires or other accidents; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">adverse weather conditions; </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">pipeline ruptures or spills or other supply disruptions; and </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&bull;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">shortages or delays in the availability of drilling rigs and the delivery of equipment. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Natural gas transmission, distribution,
gathering, and processing activities involve numerous risks that may affect the price of natural gas. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are a variety of hazards inherent
in natural gas transmission, distribution, gathering, and processing, such as leaks, explosions, pollution, release of toxic substances,
adverse weather conditions (such as hurricanes and flooding), pipeline failure, abnormal pressures, uncontrollable flows of natural
gas, scheduled and unscheduled maintenance, physical damage to the gathering or transportation system, and other hazards which
could affect the price of natural gas.&nbsp;To the extent these hazards limit the supply or delivery of natural gas, natural gas
prices will increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The price of natural gas may fluctuate
on a seasonal and quarterly basis and this would result in fluctuations in the price of US12NG&rsquo;s units. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Natural gas prices fluctuate seasonally.&nbsp;For
example, in some parts of the United States and other markets, the natural gas demand for power peaks during the cold winter months,
with market prices peaking at that time.&nbsp;As a result, in the future, the overall price of natural gas may fluctuate substantially
on a seasonal and quarterly basis and thus make consecutive period to period comparisons less relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Natural gas transmission and storage
operations are subject to government regulations and rate proceedings which could have an impact on the price of natural gas. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Natural gas transmission and storage operations
in North America are subject to regulation and oversight by the Federal Energy Regulatory Commission, various state regulatory
agencies, and Canadian regulatory authorities. These regulatory bodies have the authority to effect rate settlements on natural
gas storage, transmission and distribution services.&nbsp;As a consequence, the price of natural gas may be affected by a change
in the rate settlements effected by one or more of these regulatory bodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Daily changes in US12NG&rsquo;s per
unit NAV may not correlate with daily changes in the average price of the Benchmark Futures Contracts.&nbsp;If this were to occur,
investors may not be able to effectively use US12NG as a way to hedge against natural gas-related losses or as a way to indirectly
invest in natural gas. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF endeavors to invest US12NG&rsquo;s
assets as fully as possible in Futures Contracts and Other Natural Gas-Related Investments so that the daily changes in percentage
terms of the per unit NAV closely correlate with the daily changes in percentage terms in the average price of the Benchmark Futures
Contracts.&nbsp;However, daily changes in US12NG&rsquo;s per unit NAV may not correlate with the daily changes in the average price
of the Benchmark Futures Contracts for several reasons as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 96%; text-align: justify">US12NG (i)&nbsp;may not be able to buy/sell the exact amount of Futures Contracts and Other Natural Gas-Related Investments to have a perfect correlation with the per unit NAV; (ii)&nbsp;may not always be able to buy and sell Futures Contracts or Other Natural Gas-Related Investments at the market price; and (iii)&nbsp;is required to pay fees, including brokerage fees and the management fee, which will have an effect on the correlation. </TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&bull;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Short-term supply and demand for natural gas may cause the changes in the market price of the Benchmark Futures Contracts to vary from the changes in US12NG&rsquo;s per unit NAV if US12NG has fully invested in Futures Contracts that do not reflect such supply and demand and it is unable to replace such contracts with Futures Contracts that do reflect such supply and demand.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify">&bull;</TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 96%; text-align: justify">US12NG sells and buys only as many Futures Contracts and Other Natural Gas-Related Investments that it can to get the daily changes in percentage terms of the per unit NAV as close as possible to the daily changes in percentage terms in the average price of the Benchmark Futures Contracts.&nbsp;The remainder of its assets are invested in Treasuries, cash and/or cash equivalents and are used to satisfy initial margin and additional margin requirements, if any, and to otherwise support its investments in Natural Gas Interests.&nbsp;Investments in Treasuries, cash and/or cash equivalents, both directly and as margin, provide rates of return that vary from changes in the average price of the Benchmark Futures Contracts. </TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&bull;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Because US12NG incurs certain expenses in connection with its investment activities, and holds most of its assets in more liquid short-term securities for margin and other liquidity purposes and for redemptions that may be necessary on an ongoing basis, USCF is generally not able to fully invest US12NG&rsquo;s assets in Futures Contracts or Other Natural Gas-Related Investments and there cannot be perfect correlation between changes in US12NG&rsquo;s per unit NAV and changes in the average price of the Benchmark Futures Contracts. </TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&bull;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">As US12NG grows there may be more or less correlation.&nbsp;For example, if US12NG only has enough money to buy three Futures Contracts and it needs to buy four contracts to track the price of natural gas then the correlation will be lower, but if it buys 20,000 Futures Contracts and it needs to buy 20,001 contracts then the correlation will be higher.&nbsp;At certain asset levels, US12NG may be limited in its ability to purchase the Benchmark Futures Contracts or other Futures Contracts due to accountability levels imposed by the relevant exchanges.&nbsp;To the extent that US12NG invests in these other Futures Contracts or Other Natural Gas-Related Investments, the correlation with the Benchmark Futures Contracts may be lower.&nbsp;If US12NG is required to invest in other Futures Contracts and Other Natural Gas-Related Investments that are less correlated with the Benchmark Futures Contracts, US12NG would likely invest in over-the-counter contracts to increase the level of correlation of US12NG&rsquo;s assets. Over-the-counter contracts entail certain risks described below under &ldquo;Over-the-Counter Contract Risk.&rdquo; </TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&bull;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">US12NG may not be able to buy the exact number of Futures Contracts and Other Natural Gas-Related Investments to have a perfect correlation with the Benchmark Futures Contracts if the purchase price of Futures Contracts required to be fully invested in such contracts is higher than the proceeds received for the sale of a Creation Basket on the day the basket was sold.&nbsp;In such case, US12NG could not invest the entire proceeds from the purchase of the Creation Basket in such Futures Contracts (for example, assume US12NG receives $4,000,000 for the sale of a Creation Basket and assume that the price of a Futures Contract for natural gas is $59,950, then US12NG could only invest in only 66 Futures Contracts with an aggregate value of $3,956,700), US12NG would be required to invest a percentage of the proceeds in cash, Treasuries or other liquid securities to be deposited as margin with the FCM through which the contracts were purchased.&nbsp;The remainder of the purchase price for the Creation Basket would remain invested in Treasuries, cash and/or cash equivalents or other liquid securities as determined by USCF from time to time based on factors such as potential calls for margin or anticipated redemptions. If the trading market for Futures Contracts is suspended or closed, US12NG may not be able to purchase these investments at the last reported price. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If daily changes in US12NG&rsquo;s per
unit NAV do not correlate with daily changes in the average price of the Benchmark Futures Contracts, then investing in US12NG
may not be an effective way to hedge against natural gas-related losses or indirectly invest in natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Benchmark Futures Contracts may
not correlate with the spot price of natural gas and this could cause changes in the price of the units to substantially vary from
the changes in the spot price of natural gas. If this were to occur, then investors may not be able to effectively use US12NG as
a way to hedge against natural gas-related losses or as a way to indirectly invest in natural gas. In addition, the price relationship
between the near month contract and the next month contract that compose the Benchmark Futures Contracts will vary and may impact
both the total return over time of US12NG&rsquo;s per unit NAV, as well as the degree to which its total return tracks other natural
gas price indices&rsquo; total returns. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When using the Benchmark Futures Contracts
as a strategy to track the spot price of natural gas, at best the correlation between changes in prices of such Natural Gas Interests
and the spot price of natural gas can be only approximate.&nbsp;The degree of imperfection of correlation depends upon circumstances
such as variations in the speculative natural gas market, supply of and demand for such Natural Gas Interests and technical influences
in futures trading.&nbsp;If there is a weak correlation between the Natural Gas Interests and the spot price of natural gas, then
even in situations where there is also tracking among the price of its units, the per unit NAV of such units and Natural Gas Interests,
the price of units may not accurately track the spot price of natural gas and investors may not be able to effectively use US12NG
as a way to hedge the risk of losses in their natural gas-related transactions or as a way to indirectly invest in natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Backwardation and contango may increase
US12NG&rsquo;s tracking error and/or negatively impact total return. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The design of US12NG&rsquo;s Benchmark
Futures Contracts is such that every month it begins by using the near month contract to expire and the contracts for the following
11 months until the near month contract is within two weeks of expiration, when, over a one-day period, it transitions to the next
month contract to expire and the contracts for the following 11 months as its benchmark contracts and keeps those contracts as
its benchmark until it becomes the near month contract and close to expiration. In the event of a natural gas futures market where
near month contracts trade at a higher price than next month to expire contracts, a situation described as &ldquo;backwardation&rdquo;
in the futures market, then absent the impact of the overall movement in natural gas prices the value of the benchmark contract
would tend to rise as it approaches expiration.&nbsp;As a result the total return of the Benchmark Futures Contracts would tend
to track higher.&nbsp;Conversely, in the event of a natural gas futures market where near month contracts trade at a lower price
than next month contracts, a situation described as &ldquo;contango&rdquo; in the futures market, then absent the impact of the
overall movement in natural gas prices the value of the Benchmark Futures Contracts would tend to decline as it approaches expiration.
As a result, the total return of the Benchmark Futures Contracts would tend to track lower.&nbsp;When compared to total return
of other price indices, such as the spot price of natural gas, the impact of backwardation and contango may lead the total return
of US12NG&rsquo;s per unit NAV to vary significantly.&nbsp;In the event of a prolonged period of contango, and absent the impact
of rising or falling natural gas prices, this could have a significant negative impact on US12NG&rsquo;s per unit NAV and total
return. See <I>&ldquo;Item 7. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;</I>
in this annual report on Form 10-K for a discussion of the potential effects of contango and backwardation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG may experience a loss if it
is required to sell Treasuries at a price lower than the price at which they were acquired. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of Treasuries generally moves
inversely with movements in interest rates.&nbsp;If US12NG is required to sell Treasuries at a price lower than the price at which
they were acquired, US12NG will experience a loss.&nbsp;This loss may adversely impact the price of the units and may decrease
the correlation among the price of units, the NAV of units, the price of the Benchmark Futures Contracts and Other Natural Gas-Related
Investments, and the spot price of natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certain of US12NG&rsquo;s investments
could be illiquid which could cause large losses to investors at any time or from time to time. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG may not always be able to liquidate
its positions in its investments at the desired price.&nbsp;It is difficult to execute a trade at a specific price when there is
a relatively small volume of buy and sell orders in a market.&nbsp;A market disruption, such as a foreign government taking political
actions that disrupt the market in its currency, its natural gas production or exports, or in another major export, can also make
it difficult to liquidate a position. Alternatively, limits imposed by futures exchanges or other regulatory organizations, such
as accountability levels, position limits and daily price fluctuation limits, may contribute to a lack of liquidity with respect
to some commodity interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unexpected market illiquidity may cause
major losses to investors at any time or from time to time.&nbsp;In addition, US12NG has not and does not intend at this time to
establish a credit facility, which would provide an additional source of liquidity and instead relies only on the Treasuries, cash
and/or cash equivalents that it holds.&nbsp;The anticipated large value of the positions in Futures Contracts that USCF will acquire
or enter into for US12NG increases the risk of illiquidity.&nbsp;The Other Natural Gas-Related Investments that US12NG invests
in, such as negotiated over-the-counter contracts, may have a greater likelihood of being illiquid since they are contracts between
two parties that take into account not only market risk, but also the relative credit, tax, and settlement risks under such contracts.&nbsp;Such
contracts also have limited transferability that results from such risks and from the contract&rsquo;s express limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because both Futures Contracts and Other
Natural Gas-Related Investments may be illiquid, US12NG&rsquo;s Natural Gas Interests may be more difficult to liquidate at favorable
prices in periods of illiquid markets and losses may be incurred during the period in which positions are being liquidated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the nature of hedgers and speculators
in futures markets has shifted such that natural gas purchasers are the predominant hedgers in the market, US12NG might have to
reinvest at higher futures prices or choose Other Natural Gas-Related Investments. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The changing nature of the hedgers and
speculators in the natural gas market influences whether futures prices are above or below the expected future spot price.&nbsp;In
order to induce speculators to take the corresponding long side of the same futures contract, natural gas producers must generally
be willing to sell futures contracts at prices that are below expected future spot prices.&nbsp;Conversely, if the predominant
hedgers in the futures market are the purchasers of the natural gas who purchase futures contracts to hedge against a rise in prices,
then speculators will only take the short side of the futures contract if the futures price is greater than the expected future
spot price of natural gas.&nbsp;This can have significant implications for US12NG when it is time to reinvest the proceeds from
a maturing Futures Contract into a new Futures Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>While US12NG does not intend to take physical delivery
of natural gas under its Futures Contracts, physical delivery under such contracts impacts the value of the contracts. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While it is not the current intention of
US12NG to take physical delivery of natural gas under its Futures Contracts, futures contracts are not required to be cash-settled
and it is possible to take delivery under some of these contracts. Storage costs associated with purchasing natural gas could result
in costs and other liabilities that could impact the value of Futures Contracts or Other Natural Gas-Related Investments.&nbsp;Storage
costs include the time value of money invested in natural gas as a physical commodity plus the actual costs of storing the natural
gas less any benefits from ownership of natural gas that are not obtained by the holder of a futures contract.&nbsp;In general,
Futures Contracts have a one-month delay for contract delivery and the back month (the back month is any future delivery month
other than the spot month) includes storage costs.&nbsp;To the extent that these storage costs change for natural gas while US12NG
holds Futures Contracts or Other Natural Gas-Related Investments, the value of the Futures Contracts or Other Natural Gas-Related
Investments, and therefore US12NG&rsquo;s NAV, may change as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regulation of the commodity interests
and energy markets is extensive and constantly changing; future regulatory developments are impossible to predict but may significantly
and adversely affect US12NG. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The futures markets are subject to comprehensive
statutes, regulations, and margin requirements.&nbsp;In addition, the CFTC and the exchanges are authorized to take extraordinary
actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits
or higher margin requirements, the establishment of daily price limits and the suspension of trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The regulation of commodity interest transactions
in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action.&nbsp;Considerable
regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States.&nbsp;
In addition, various national governments outside the United States have expressed concern regarding the disruptive effects of
speculative trading in the energy markets and the need to regulate the derivatives markets in general.&nbsp;The effect of any future
regulatory change on US12NG is impossible to predict, but it could be substantial and adverse. For a more detailed discussion of
the regulations to be imposed by the CFTC and the SEC and the potential impacts thereof on US12NG, please see <I>&ldquo;Item 1.
Business &ndash; Regulation&rdquo;</I> in this annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Investing in US12NG for purposes
of hedging may be subject to several risks including the possibility of losing the benefit of favorable market movement. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Participants in the natural gas or in other
industries may use US12NG as a vehicle to hedge the risk of losses in their natural gas-related transactions.&nbsp;There are several
risks in connection with using US12NG as a hedging device. While hedging can provide protection against an adverse movement in
market prices, it can also preclude a hedger&rsquo;s opportunity to benefit from a favorable market movement. In a hedging transaction,
the hedger may be concerned that the hedged item will increase in price, but must recognize the risk that the price may instead
decline and if this happens he will have lost his opportunity to profit from the change in price because the hedging transaction
will result in a loss rather than a gain.&nbsp;Thus, the hedger foregoes the opportunity to profit from favorable price movements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An investment in US12NG may provide
little or no diversification benefits.&nbsp;Thus, in a declining market, US12NG may have no gains to offset losses from other investments,
and an investor may suffer losses on an investment in US12NG while incurring losses with respect to other asset classes. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, Futures Contracts and Other
Natural Gas-Related Investments have generally been non-correlated to the performance of other asset classes such as stocks and
bonds.&nbsp;Non-correlation means that there is a low statistically valid relationship between the performance of futures and other
commodity interest transactions, on the one hand, and stocks or bonds, on the other hand.&nbsp;However, there can be no assurance
that such non-correlation will continue during future periods.&nbsp;If, contrary to historic patterns, US12NG&rsquo;s performance
were to move in the same general direction as the financial markets, investors will obtain little or no diversification benefits
from an investment in the units.&nbsp;In such a case, US12NG may have no gains to offset losses from other investments, and investors
may suffer losses on their investment in US12NG at the same time they incur losses with respect to other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Variables such as drought, floods, weather,
embargoes, tariffs and other political events may have a larger impact on natural gas prices and natural gas-linked instruments,
including Futures Contracts and Other Natural Gas-Related Investments, than on traditional securities.&nbsp;These additional variables
may create additional investment risks that subject US12NG&rsquo;s investments to greater volatility than investments in traditional
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-correlation should not be confused
with negative correlation, where the performance of two asset classes would be opposite of each other.&nbsp;There is no historic
evidence that the spot price of natural gas and prices of other financial assets, such as stocks and bonds, are negatively correlated.
In the absence of negative correlation, US12NG cannot be expected to be automatically profitable during unfavorable periods for
the stock market, or vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>US12NG&rsquo;s Operating Risks </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG is not a registered investment
company so unitholders do not have the protections of the 1940 Act. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is not an investment company subject
to the&nbsp;1940 Act. Accordingly, investors do not have the protections afforded by that statute which, for example, requires
investment companies to have a majority of disinterested directors and regulates the relationship between the investment company
and its investment manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>USCF is leanly staffed and relies
heavily on key personnel to manage trading activities. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In managing and directing the day-to-day
activities and affairs of US12NG, USCF relies heavily on Messrs. Howard Mah and&nbsp;John Hyland. If Messrs. Mah or&nbsp;Hyland
were to leave or be unable to carry out their present responsibilities, it may have an adverse effect on the management of US12NG.&nbsp;Furthermore,
Messrs. Mah and&nbsp;Hyland are currently involved in the management of the Related Public Funds. USCF has also filed registration
statements to register units of USSF, UNGD, USGO and UAC, each a series of the United States Commodity Funds Trust I, and HARD,
a series of the United States Currency Funds Trust.&nbsp;Mr. Mah is also employed by Ameristock Corporation, a registered investment
adviser that until January 11, 2013 managed a public mutual fund. On January 11, 2013, Ameristock Mutual Fund, Inc. was reorganized
with and into the Drexel Hamilton Centre American Equity Fund, a series of the Drexel Hamilton Mutual Funds. Drexel Hamilton Mutual
Funds and its advisor, Drexel Hamilton Investment Partners, are not affiliated with USCF. After the consummation of the reorganization
and liquidation, the Ameristock Corporation maintained its non-advisory assets. It is estimated that Mr.&nbsp;Mah will spend approximately
98% of his time on US12NG and Related Public Fund matters.&nbsp;Mr.&nbsp;Hyland will spend approximately 100% of his time on US12NG
and Related Public Fund matters.&nbsp;To the extent that USCF establishes additional funds, even greater demands will be placed
on Messrs. Mah and&nbsp;Hyland, as well as the other officers of USCF and its Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Accountability levels, position limits,
and daily price fluctuation limits set by the exchanges have the potential to cause a tracking error, which could cause the price
of units to substantially vary from the price of the Benchmark Futures Contract and prevent investors from being able to effectively
use US12NG as a way to hedge against natural gas-related losses or as a way to indirectly invest in natural gas. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Designated contract markets such as the
NYMEX and ICE Futures, have established accountability levels and position limits on the maximum net long or net short futures
contracts in commodity interests that any person or group of persons under common trading control (other than as a hedge, which
an investment by US12NG is not) may hold, own or control.<FONT STYLE="font-size: 10pt"> </FONT>In addition to accountability levels
and position limits, the NYMEX and ICE Futures also set daily price fluctuation limits on futures contracts.&nbsp;The daily price
fluctuation limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous
day&rsquo;s settlement price.&nbsp;Once the daily price fluctuation limit has been reached in a particular futures contract, no
trades may be made at a price beyond that limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In late 2011, the CFTC adopted rules that
impose new position limits on Referenced Contracts involving 28 energy, metals and agricultural commodities (the &ldquo;Position
Limit Rules&rdquo;). The Position Limit Rules were scheduled to become effective on October 12, 2012. However, on September 28,
2012, the United States District Court for the District of Columbia vacated these regulations on the basis of ambiguities in the
provisions of the CEA (as modified by the Dodd-Frank Act) upon which the regulations were based. In its September 28, 2012 decision,
the court remanded the Position Limit Rules to the CFTC with instructions to use its expertise and experience to resolve the ambiguities
in the statute. On November 15, 2012, the CFTC indicated that it will move forward with an appeal of the District Court&rsquo;s
decision to vacate the Position Limit Rules. At this time, it is not possible to predict how the CFTC&rsquo;s appeal could affect
US12NG, but it may be substantial and adverse. Furthermore, until such time as the appeal is resolved or, if applicable revisions
to the Position Limit Rules are proposed and adopted, the regulatory architecture in effect prior to the enactment of the Position
Limit Rules will govern transactions in commodities and related derivatives. Under that system, the CFTC enforces federal limits
on speculation in agricultural products (e.g., corn, wheat and soy), while futures exchanges enforce position limits and accountability
levels for agricultural and certain energy products (e.g., oil and natural gas). As a result, US12NG may be limited with respect
to the size of its investments in any commodities subject to these limits. Finally, subject to certain narrow exceptions, the vacated
Position Limit Rules would have required the aggregation, for purposes of the position limits, of all positions in the 28 Referenced
Contracts held by a single entity and its affiliates, regardless of whether such position existed on U.S. futures exchanges, non-U.S.
futures exchanges, in cleared swaps or in over-the-counter swaps. The CFTC is presently considering new aggregation rules, under
a rulemaking proposal that is distinct from the Position Limit Rules. At this time, it is unclear how any modified aggregation
rules may affect US12NG, but it may be substantial and adverse. By way of example, the aggregation rules in combination with any
potential revised Position Limit Rules may negatively impact the ability of US12NG to meet its investment objectives through limits
that may inhibit USCF&rsquo;s ability to sell additional Creation Baskets of US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of these limits may potentially cause
a tracking error between the price of the units and the prices of the Benchmark Futures Contracts.&nbsp;This may in turn prevent
investors from being able to effectively use US12NG as a way to hedge against natural gas-related losses or as a way to indirectly
invest in natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has not limited the size of its
offering and is committed to utilizing substantially all of its proceeds to purchase Futures Contracts and Other Natural Gas-Related
Investments.&nbsp;If US12NG encounters accountability levels, position limits, or price fluctuation limits for Futures Contracts
on the NYMEX or ICE Futures, it may then, if permitted under applicable regulatory requirements, purchase Futures Contracts and
Other Natural Gas-Related Investments on other exchanges that trade listed natural gas futures.&nbsp;In addition, if US12NG exceeds
accountability levels on either the NYMEX or ICE Futures and is required by such exchanges to reduce its holdings, such reduction
could potentially cause a tracking error between the price of the units and the price of the Benchmark Futures Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>To the extent that USCF uses spreads
and straddles as part of its trading strategy, there is the risk that the per unit NAV may not closely track the changes in the
Benchmark Futures Contract. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If USCF were to utilize a spread or straddle
position and the spread performed differently than expected, the results could impact US12NG&rsquo;s tracking error.&nbsp;This
could affect US12NG&rsquo;s investment objective of having its per unit NAV closely track the changes in the Benchmark Futures
Contract. Additionally, a loss on a spread position would negatively impact US12NG&rsquo;s absolute return. For a more detailed
discussion regarding spreads and straddles, please see <I>&ldquo;Item 1. Business &ndash; Spreads and Straddles&rdquo;</I> in this
annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG and USCF may have conflicts
of interest, which may permit them to favor their own interests to the detriment of unitholders. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG and USCF may have inherent conflicts
to the extent USCF attempts to maintain US12NG&rsquo;s asset size in order to preserve its fee income and this may not always be
consistent with US12NG&rsquo;s objective of having the value of its units&rsquo; per unit NAV track the changes in the average
of the prices of the Benchmark Futures Contracts.&nbsp;USCF&rsquo;s officers, directors and employees do not devote their time
exclusively to US12NG.&nbsp;These persons are directors, officers or employees of other entities that may compete with US12NG for
their services.&nbsp;They could have a conflict between their responsibilities to US12NG and to those other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, USCF&rsquo;s principals, officers,
directors or employees may trade futures and related contracts for their own account.&nbsp;A conflict of interest may exist if
their trades are in the same markets and at the same time as US12NG trades using the clearing broker to be used by US12NG.&nbsp;A
potential conflict also may occur if USCF&rsquo;s principals, officers, directors or employees trade their accounts more aggressively
or take positions in their accounts which are opposite, or ahead of, the positions taken by US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF has sole current authority to manage
the investments and operations of US12NG, and this may allow it to act in a way that furthers its own interests which may create
a conflict with the best interests of investors.&nbsp;Limited partners have limited voting control, which will limit the ability
to influence matters such as amendment of the LP Agreement, change in US12NG&rsquo;s basic investment policy, dissolution of this
fund, or the sale or distribution of US12NG&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF serves as the general partner to each
of US12NG, USOF, USNG, US12OF, UGA, USDHO, USSO and USBO and the sponsor for USCI, CPER, USAG and USMI, and will serve as the sponsor
for USSF, UNGD, USGO, UAC and HARD, if such funds offer their securities to the public or begin operations.&nbsp;USCF may have
a conflict to the extent that its trading decisions for US12NG may be influenced by the effect they would have on the other funds
it manages.&nbsp;These trading decisions may be influenced since USCF also serves as the general partner or sponsor for all of
the funds and is required to meet all of the funds&rsquo; investment objectives as well as US12NG&rsquo;s.&nbsp;If USCF believes
that a trading decision it made on behalf of US12NG might (i)&nbsp;impede its other funds from reaching their investment objectives,
or (ii)&nbsp;improve the likelihood of meeting its other funds&rsquo; objectives, then USCF may choose to change its trading decision
for US12NG, which could either impede or improve the opportunity for US12NG to meet its investment objective.&nbsp;In addition,
USCF is required to indemnify the officers and directors of its other funds if the need for indemnification arises. This potential
indemnification will cause USCF&rsquo;s assets to decrease.&nbsp;If USCF&rsquo;s other sources of income are not sufficient to
compensate for the indemnification, then USCF may terminate and investors could lose their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Unitholders may only vote on the
removal of USCF and limited partners have only limited voting rights. Unitholders and limited partners will not participate in
the management of US12NG and do not control USCF so they will not have influence over basic matters that affect US12NG. In addition,
US12NG could terminate at any time and cause the liquidation and potential loss of an investor&rsquo;s investment and could upset
the overall maturity and timing of an investor&rsquo;s investment portfolio. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Limited partners will have limited voting
rights with respect to US12NG&rsquo;s affairs. Unitholders must apply to become limited partners, and unitholders that have not
applied to become limited partners have no voting rights, other than to remove USCF as the general partner of US12NG.&nbsp;Even
then, unitholders may remove USCF only if 66 2/3% of the unitholders elect to do so.&nbsp;Unitholders and limited partners will
not be permitted to participate in the management or control of US12NG or the conduct of its business. Unitholders and limited
partners must therefore rely upon the duties and judgment of USCF to manage US12NG&rsquo;s affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG may terminate at any time, regardless
of whether US12NG has incurred losses, subject to the terms of the LP Agreement.&nbsp;In particular, unforeseen circumstances,
including the death, adjudication of incompetence, bankruptcy, dissolution, or removal of USCF as the general partner of US12NG
could cause US12NG to terminate unless a majority interest of the limited partners within 90 days of the event elects to continue
the partnership and appoints a successor general partner, or the affirmative vote of a majority in interest of the limited partners
subject to certain conditions.&nbsp;However, no level of losses will require USCF to terminate US12NG.&nbsp;US12NG&rsquo;s termination
would cause the liquidation and potential loss of an investor&rsquo;s investment.&nbsp;Termination could also negatively affect
the overall maturity and timing of&nbsp;an investor&rsquo;s&nbsp;investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>USCF may manage a large amount of
assets and this could affect US12NG&rsquo;s ability to trade profitably. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Increases in assets under management may
affect trading decisions. In general, USCF does not intend to limit the amount of assets of US12NG that it may manage.&nbsp;The
more assets USCF manages, the more difficult it may be for it to trade profitably because of the difficulty of trading larger positions
without adversely affecting prices and performance and of managing risk associated with larger positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Limited partners may have limited
liability in certain circumstances, including potentially having liability for the return of wrongful distributions. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Delaware law, a limited partner might
be held liable for US12NG&rsquo;s obligations as if it were a general partner if the limited partner participates in the control
of the partnership&rsquo;s business and the persons who transact business with the partnership think the limited partner is the
general partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A limited partner will not be liable for
assessments in addition to its initial capital investment in any of US12NG&rsquo;s capital securities representing units.&nbsp;However,
a limited partner may be required to repay to US12NG any amounts wrongfully returned or distributed to it under some circumstances.&nbsp;Under
Delaware law, US12NG may not make a distribution to limited partners if the distribution causes US12NG&rsquo;s liabilities (other
than liabilities to partners on account of their partnership interests and nonrecourse liabilities) to exceed the fair value of
US12NG&rsquo;s assets. Delaware law provides that a limited partner who receives such a distribution and knew at the time of the
distribution that the distribution violated the law will be liable to the limited partnership for the amount of the distribution
for three years from the date of the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>With adequate notice, a limited partner
may be required to withdraw from the partnership for any reason. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If USCF gives at least fifteen (15)&nbsp;days&rsquo;
written notice to a limited partner, then USCF may for any reason, in its sole discretion, require any such limited partner to
withdraw entirely from the partnership or to withdraw a portion of its partner capital account.&nbsp;USCF may require withdrawal
even in situations where the limited partner has complied completely with the provisions of the LP Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG does not expect to make cash
distributions. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has not previously made any cash
distributions and intends to re-invest any realized gains in Natural Gas Interests rather than distributing cash to limited partners.&nbsp;Therefore,
unlike mutual funds, commodity pools or other investment pools that actively manage their investments in an attempt to realize
income and gains from their investing activities and distribute such income and gains to their investors, US12NG generally does
not expect to distribute cash to limited partners.&nbsp;An investor should not invest in US12NG if it will need cash distributions
from US12NG to pay taxes on its share of income and gains of US12NG, if any, or for any other reason.&nbsp;Although US12NG does
not intend to make cash distributions, the income earned from its investments held directly or posted as margin may reach levels
that merit distribution, <I>e.g.</I>, at levels where such income is not necessary to support its underlying investments in Natural
Gas Interests and investors adversely react to being taxed on such income without receiving distributions that could be used to
pay such tax. If this income becomes significant then cash distributions may be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is a risk that US12NG will
not earn trading gains sufficient to compensate for the fees and expenses that it must pay and as such US12NG may not earn any
profit. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG pays brokerage charges of approximately
0.04% of average total net assets based on FCM fees of $3.50 per buy or sell, management fees of 0.75% of NAV per annum on its
average total net assets, and over-the-counter spreads and extraordinary expenses (<I>e.g.,</I> subsequent offering expenses, other
expenses not in the ordinary course of business, including the indemnification of any person against liabilities and obligations
to the extent permitted by law and required under the LP Agreement and under agreements entered into by USCF on US12NG&rsquo;s
behalf and the bringing and defending of actions at law or in equity and otherwise engaging in the conduct of litigation and the
incurring of legal expenses and the settlement of claims and litigation) that cannot be quantified.&nbsp;These fees and expenses
must be paid in all cases regardless of whether US12NG&rsquo;s activities are profitable.&nbsp;Accordingly, US12NG must earn trading
gains sufficient to compensate for these fees and expenses before it can earn any profit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If offerings of the units do not
raise sufficient funds to pay US12NG&rsquo;s future expenses and no other source of funding of expenses is found, US12NG may be
forced to terminate and investors may lose all or part of their investment. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the offering of units that commenced
on November&nbsp;18, 2009, all of US12NG&rsquo;s expenses were funded by USCF and its affiliates.&nbsp;These payments by USCF and
its affiliates were&nbsp;designed to allow US12NG the ability to commence the public offering of its units. US12NG now directly
pays certain of these fees and expenses.&nbsp;USCF will continue to pay other fees and expenses, as set forth in the LP Agreement.&nbsp;If
USCF and US12NG are unable to raise sufficient funds to cover their expenses or locate any other source of funding, US12NG may
be forced to terminate and investors may lose all or part of their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG may incur higher fees and
expenses upon renewing existing or entering into new contractual relationships. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The clearing arrangements between the clearing
brokers and US12NG generally are terminable by the clearing brokers once the clearing broker has given US12NG notice.&nbsp;Upon
termination, USCF may be required to renegotiate or make other arrangements for obtaining similar services if US12NG intends to
continue trading in Futures Contracts or Other Natural Gas-Related Investments at its present level of capacity.&nbsp;The services
of any clearing broker may not be available, or even if available, these services may not be available on the terms as favorable
as those of the expired or terminated clearing arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG may miss certain trading opportunities
because it will not receive the benefit of the expertise of independent trading advisors. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF does not employ trading advisors for
US12NG; however, it reserves the right to employ them in the future. The only advisor to US12NG is USCF.&nbsp;A lack of independent
trading advisors may be disadvantageous to US12NG because it will not receive the benefit of a trading advisor&rsquo;s expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An unanticipated number of redemption
requests during a short period of time could have an adverse effect on the NAV of US12NG. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a substantial number of requests for
redemption of Redemption Baskets are received by US12NG during a relatively short period of time, US12NG may not be able to satisfy
the requests from US12NG&rsquo;s assets not committed to trading.&nbsp;As a consequence, it could be necessary to liquidate positions
in US12NG&rsquo;s trading positions before the time that the trading strategies would otherwise dictate liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The financial markets are currently
in a slow period of recovery and the financial markets are still relatively fragile.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since 2008, the financial markets have
experienced very difficult conditions and volatility as well as significant adverse trends.&nbsp;The conditions in these markets
have resulted in a decrease in availability of corporate credit and liquidity and have led indirectly to the insolvency, closure
or acquisition of a number of major financial institutions and have contributed to further consolidation within the financial services
industry. In addition, the Administration and Congress have periodically been reaching impasses in passing a fiscal budget which
could create long-term concerns regarding the credit of the United States and interest earned, as well as the United States Government&rsquo;s
ability to pay its obligations to holders of Treasuries. If low interest rates on Treasuries continue or if US12NG is not able
to redeem its investments in Treasuries prior to maturity and the U.S. Government cannot pay its obligations, US12NG would be negatively
impacted. In addition, US12NG might also be negatively impacted by its use of money market mutual funds to the extent those funds
might themselves be using Treasuries. Although the financial markets saw signs of recovery beginning in late 2010 and 2011, economic
growth in 2012 was slow and the financial markets are still fragile. A poor financial recovery could adversely affect the financial
condition and results of operations of US12NG&rsquo;s service providers and Authorized Purchasers which would impact the ability
of USCF to achieve US12NG&rsquo;s investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The failure or bankruptcy of a clearing
broker or US12NG&rsquo;s Custodian could result in a substantial loss of US12NG&rsquo;s assets and could impair US12NG in its ability
to execute trades. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under CFTC regulations, a clearing broker
maintains customers&rsquo; assets in a bulk segregated account.&nbsp;If a clearing broker fails to do so, or even if the customers&rsquo;
funds are segregated by the clearing broker but the clearing broker is unable to satisfy a substantial deficit in a customer account,
the clearing broker&rsquo;s other customers may be subject to risk of a substantial loss of their funds in the event of that clearing
broker&rsquo;s bankruptcy.&nbsp;In that event, the clearing broker&rsquo;s customers, such as US12NG, are entitled to recover,
even in respect of property specifically traceable to them, only a proportional share of all property available for distribution
to all of that clearing broker&rsquo;s customers.&nbsp;The bankruptcy of a clearing broker could result in the complete loss of
US12NG&rsquo;s assets posted with the clearing broker; though the majority of US12NG&rsquo;s assets are held in Treasuries, cash
and/or cash equivalents with the Custodian and would not be impacted by the bankruptcy of a clearing broker.&nbsp;US12NG also may
be subject to the risk of failure of, or delay in performance by, any exchanges and markets and their clearing organizations, if
any, on which commodity interest contracts are traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to the extent US12NG&rsquo;s
clearing broker is required to post US12NG&rsquo;s assets as margin to a clearinghouse, the margin will be maintained in an omnibus
account containing the margin of all of the clearing broker&rsquo;s customers.&nbsp;If US12NG&rsquo;s clearing broker defaults
to a clearinghouse because of a default by one of the clearing broker&rsquo;s other customers or otherwise, then the clearinghouse
can look to all of the margin in the omnibus account, including margin posted by US12NG and any other non-defaulting customers
of the clearing broker to satisfy the obligations of the clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the clearing brokers
may be subject to legal or regulatory proceedings in the ordinary course of their business.&nbsp;A clearing broker&rsquo;s involvement
in costly or time-consuming legal proceedings may divert financial resources or personnel away from the clearing broker&rsquo;s
trading operations, which could impair the clearing broker&rsquo;s ability to successfully execute and clear US12NG&rsquo;s trades.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the majority of US12NG&rsquo;s
assets are held in Treasuries, cash and/or cash equivalents with the Custodian.&nbsp;The insolvency of the Custodian could result
in a complete loss of US12NG&rsquo;s assets held by that Custodian, which, at any given time, would likely comprise a substantial
portion of US12NG&rsquo;s total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Third parties may infringe upon or
otherwise violate intellectual property rights or assert that USCF has infringed or otherwise violated their intellectual property
rights, which may result in significant costs and diverted attention. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Third parties may utilize US12NG&rsquo;s
intellectual property or technology, including the use of its business methods, trademarks and trading program software, without
permission.&nbsp;USCF has a patent for US12NG&rsquo;s business method and has registered its trademarks.&nbsp;US12NG does not currently
have any proprietary software.&nbsp;However, if it obtains proprietary software in the future, then any unauthorized use of US12NG&rsquo;s
proprietary software and other technology could also adversely affect its competitive advantage. US12NG may not have adequate resources
to implement procedures for monitoring unauthorized uses of its patents, trademarks, proprietary software and other technology.&nbsp;Also,
third parties may independently develop business methods, trademarks or proprietary software and other technology similar to that
of USCF or claim that USCF has violated their intellectual property rights, including their copyrights, trademark rights, trade
names, trade secrets and patent rights.&nbsp;As a result, USCF may have to litigate in the future to protect its trade secrets,
determine the validity and scope of other parties&rsquo; proprietary rights, defend itself against claims that it has infringed
or otherwise violated other parties&rsquo; rights, or defend itself against claims that its rights are invalid.&nbsp;Any litigation
of this type, even if USCF is successful and regardless of the merits, may result in significant costs, divert its resources from
US12NG, or require it to change its proprietary software and other technology or enter into royalty or licensing agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The success of US12NG depends on
the ability of USCF to accurately implement trading systems, and any failure to do so could subject US12NG to losses on such transactions.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF uses mathematical formulas built into
a generally available spreadsheet program to decide whether it should buy or sell Natural Gas Interests each day.&nbsp;Specifically,
USCF uses the spreadsheet to make mathematical calculations and to monitor positions in Natural Gas Interests and Treasuries and
correlations to the Benchmark Futures Contract.&nbsp;USCF must accurately process the spreadsheets&rsquo; outputs and execute the
transactions called for by the formulas.&nbsp;In addition, US12NG relies on USCF to properly operate and maintain its computer
and communications systems. Extraordinary transaction volume, hardware or software failure, power or telecommunications failure,
a natural disaster or other catastrophe could cause the computer systems to operate at an unacceptably slow speed or even fail.
Any significant degradation or failure of the systems that USCF uses to gather and analyze information, enter orders, process data,
monitor risk levels and otherwise engage in trading activities may result in substantial losses on transactions, liability to other
parties, lost profit opportunities, damages to USCF&rsquo;s and US12NG&rsquo;s reputations, increased operational expenses and
diversion of technical resources.&nbsp;Any failure, inaccuracy or delay in implementing any of the formulas or systems, including
implementing upgrades and compatibility with the computer systems of third parties, and executing US12NG&rsquo;s transactions could
impair its ability to achieve US12NG&rsquo;s investment objective.&nbsp;It could also result in decisions to undertake transactions
based on inaccurate or incomplete information.&nbsp;This could cause substantial losses on transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The occurrence of a terrorist attack,
or the outbreak, continuation or expansion of war or other hostilities could disrupt US12NG&rsquo;s trading activity and materially
affect US12NG&rsquo;s profitability. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operations of US12NG, the exchanges,
brokers and counterparties with which US12NG does business, and the markets in which US12NG does business could be severely disrupted
in the event of a major terrorist attack or the outbreak, continuation or expansion of war or other hostilities.&nbsp;Global anti-terrorism
initiatives, political unrest in the Middle East and Southeast Asia as well as political hostility towards the United States continue
to fuel this concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk of Leverage and Volatility </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If USCF permits US12NG to become
leveraged, investors could lose all or substantially all of their investment if US12NG&rsquo;s trading positions suddenly turn
unprofitable. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commodity pools&rsquo; trading positions
in futures contracts or other commodity interests are typically required to be secured by the deposit of margin funds that represent
only a small percentage of a futures contract&rsquo;s (or other commodity interests&rsquo;) entire market value.&nbsp;This feature
permits commodity pools to &ldquo;leverage&rdquo; their assets by purchasing or selling futures contracts (or other commodity interests)
with an aggregate value in excess of the commodity pool&rsquo;s assets.&nbsp;While this leverage can increase the pool&rsquo;s
profits, relatively small adverse movements in the price of the pool&rsquo;s futures contracts can cause significant losses to
the pool.&nbsp;While USCF has not and does not currently intend to leverage USN12G&rsquo;s assets, it is not prohibited from doing
so under the LP Agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The price of natural gas is volatile
which could cause large fluctuations in the price of units. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Movements in the price of natural gas may
be the result of factors outside of USCF&rsquo;s control and may not be anticipated by USCF.&nbsp;Among the factors that can cause
volatility in the price of natural gas are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">worldwide or regional demand for energy, which is affected by economic conditions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the domestic and foreign supply and inventories of oil and gas;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">weather conditions, including abnormally mild winter or summer weather, and abnormally harsh winter or summer weather;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">availability and adequacy of pipeline and other transportation facilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">availability of storage facilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">domestic and foreign governmental regulations and taxes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">political conditions in gas or oil producing regions;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">technological advances relating to energy usage or relating to technology for exploration, production, refining and petrochemical
manufacturing;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the ability of members of OPEC to agree upon and maintain oil prices and production levels;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the price and availability of alternative fuels;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the impact of energy conservation efforts; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.1in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD STYLE="text-align: justify">the impact of environmental and other governmental regulations.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Over-the-Counter Contract Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Currently, over-the-counter transactions
are subject to changing regulation. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A portion of US12NG&rsquo;s assets may
be used to trade over-the-counter contracts, such as forward contracts or swap or spot contracts.&nbsp;Currently, over-the-counter
contracts are typically contracts traded on a principal-to-principal, non-cleared basis through dealer markets that are dominated
by major money center and investment banks and other institutions and that prior to the passage of the Dodd-Frank Act had been
essentially unregulated by the CFTC.&nbsp;The markets for over-the-counter contracts have relied upon the integrity of market participants
in lieu of the additional regulation imposed by the CFTC on participants in the futures markets.&nbsp;To date, the forward markets
have been largely unregulated, forward contracts have been executed bi-laterally and, in general, forward contracts have not been
cleared or guaranteed by a third party. On November 16, 2012, the Secretary of the Treasury issued a final determination that exempts
both foreign exchange swaps and foreign exchange forwards from the definition of &ldquo;swap&rdquo; and, by extension, additional
regulatory requirements (such as clearing and margin). The final determination does not extend to other foreign exchange derivatives,
such as foreign exchange options, certain currency swaps, and non-deliverable forwards. While the Dodd-Frank Act and certain regulations
adopted thereunder are intended to provide additional protections to participants in the over-the-counter market, the current regulation
of the over-the-counter contracts could expose US12NG in certain circumstances to significant losses in the event of trading abuses
or financial failure by participants. On November 28, 2012, the CFTC issued its final clearing determination requiring that certain
credit default swaps and interest rate swaps be cleared by registered DCOs. This is the CFTC&rsquo;s first clearing determination
under the Dodd-Frank Act and became effective on February 11, 2013. Determination on other types of swaps are expected in the future,
and, when finalized, could require US12NG to centrally clear certain over-the-counter instruments presently entered into and settled
on a bi-lateral basis. See <I>&ldquo;Item 1. Business &ndash; Regulation&rdquo;</I> for a discussion of how the over-the-counter
market will be subject to much more extensive CFTC oversight and regulation after the implementation of the Dodd-Frank Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG will be subject to
credit risk with respect to counterparties to uncleared over-the-counter contracts entered into by US12NG or held by special
purpose or structured vehicles. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.7pt 0pt 0; text-align: justify; color: #231F20">Historically,
over-the-counter contracts were not sent to a clearing house for central clearing. Provisions of the Dodd-Frank Act require the
mandatory use of clearing house mechanisms for sufficiently standardized (as determined by the CFTC) swaps executed in the over-the-counter
markets. On November 28, 2012, the CFTC issued its final clearing determination requiring that certain credit default swaps and
interest rate swaps be cleared by registered derivatives clearing organizations (DCOs). This is the CFTC&rsquo;s first clearing
determination under the Dodd-Frank Act and became effective February 11, 2013. On March 11, 2013, &ldquo;swap dealers,&rdquo; &ldquo;major
swap participants,&rdquo; and certain active funds will be required to clear certain credit default swaps and interest rate swaps.
Determination on other types of swaps are expected in the future and, when finalized, could require US12NG to centrally clear certain
over-the-counter instruments presently settled on a bi-lateral basis.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For over-the-counter contracts
that are not cleared, US12NG faces the risk of non-performance by the counterparties to those contracts.&nbsp;Unlike in
futures contracts, the counterparty to these contracts is generally a single bank or other financial institution, rather than
a clearing organization backed by a group of financial institutions.&nbsp;As a result, there will be greater
counterparty credit risk in these transactions.&nbsp;A counterparty may not be able to meet its obligations to US12NG, in
which case US12NG could suffer significant losses on these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a counterparty becomes bankrupt or otherwise
fails to perform its obligations due to financial difficulties, US12NG may experience significant delays in obtaining any recovery
in a bankruptcy or other reorganization proceeding.&nbsp;US12NG may obtain only limited recovery or may obtain no recovery in such
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG may be subject to liquidity
risk with respect to its over-the-counter contracts. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Over-the-counter contracts are less marketable
because they are not traded on an exchange, do not have uniform terms and conditions, and are entered into based upon the creditworthiness
of the parties and the availability of credit support, such as collateral, and in general, they are not transferable without the
consent of the counterparty.&nbsp;These conditions make such contracts less liquid than standardized futures contracts traded on
a commodities exchange and could adversely impact US12NG&rsquo;s ability to realize the full value of such contracts.&nbsp;In addition,
even if collateral is used to reduce counterparty credit risk, sudden changes in the value of over-the-counter transactions may
leave a party open to financial risk due to a counterparty default since the collateral held may not cover a party&rsquo;s exposure
on the transaction in such situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, valuing over-the-counter derivatives
is less certain than valuing actively traded financial instruments such as exchange traded futures contracts and securities or
cleared swaps because the price and terms on which such over-the-counter derivatives are entered into or can be terminated are
individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources. In addition,
while market makers and dealers generally quote indicative prices or terms for entering into or terminating over-the-counter contracts,
they typically are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result,
it may be difficult to obtain an independent value for an outstanding over-the-counter derivatives transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dodd-Frank Act requires the CFTC and
SEC to establish &ldquo;both initial and variation margin requirements on all swaps that are not cleared by a registered clearing
organization&rdquo; (i.e., uncleared swaps). In addition, the Dodd-Frank Act provides parties who post initial margin to a swap
dealer or major swap participant with a statutory right to insist that such margin be held in a segregated account with an independent
custodian. At this time, the CFTC has proposed a rule addressing this statutory right of certain market participants but has not
yet implemented any final rules. On November 16, 2012, the Secretary of the Treasury issued a final determination that exempts
both foreign exchange swaps and foreign exchange forwards from the definition of &ldquo;swap&rdquo; and, by extension, additional
regulatory requirements (such as clearing and margin).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk of Trading in International Markets
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Trading in international markets
could expose US12NG to credit and regulatory risk. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF invests primarily in Futures Contracts,
a significant portion of which are traded on United States exchanges, including the NYMEX.&nbsp;However, a portion of US12NG&rsquo;s
trades may take place on markets and exchanges outside the United States.&nbsp;Some non-U.S. markets present risks because they
are not subject to the same degree of regulation as their U.S. counterparts.&nbsp;The CFTC, NFA and the domestic exchanges have
little, if any, regulatory authority over the activities of any foreign boards of trade or exchanges, including the execution,
delivery and clearing of transactions, and have little, if any,&nbsp;power to compel enforcement of the rules of a foreign board
of trade or exchange or of any applicable non-U.S. laws.&nbsp;Similarly, the rights of market participants, such as US12NG, in
the event of the insolvency or bankruptcy of a non-U.S. market or broker are also likely to be more limited than in the case of
U.S. markets or brokers.&nbsp;As a result, in these markets, US12NG has less legal and regulatory protection than it does when
it trades domestically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In some of these non-U.S. markets, the
performance on a contract is the responsibility of the counterparty and is not backed by an exchange or clearing corporation and
therefore exposes US12NG to credit risk.&nbsp;Trading in non-U.S. markets also leaves US12NG susceptible to swings in the value
of the local currency against the U.S. dollar. Additionally, trading on non-U.S. exchanges is subject to the risks presented by
exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability.&nbsp;An
adverse development with respect to any of these variables could reduce the profit or increase the loss earned on trades in the
affected international markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>International trading activities
subject US12NG to foreign exchange risk.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price of any non-U.S. commodity interest
and, therefore, the potential profit and loss on such investment, may be affected by any variance in the foreign exchange rate
between the time the order is placed and the time it is liquidated, offset or exercised. As a result, changes in the value of the
local currency relative to the U.S. dollar may cause losses to US12NG even if the contract traded is profitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG&rsquo;s international trading
could expose it to losses resulting from non-U.S. exchanges that are less developed or less reliable than United States exchanges.
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some non-U.S. exchanges may be in a more
developmental stage so that prior price histories may not be indicative of current price dynamics.&nbsp;In addition, US12NG may
not have the same access to certain positions on foreign trading exchanges as do local traders, and the historical market data
on which USCF bases its strategies may not be as reliable or accessible as it is for U.S. exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Tax Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An investor&rsquo;s tax liability
may exceed the amount of distributions, if any, on its units. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash or property will be distributed at
the sole discretion of USCF. USCF has not and does not currently intend to make cash or other distributions with respect to units.&nbsp;Investors
will be required to pay U.S. federal income tax and, in some cases, state, local or foreign income tax, on their allocable share
of US12NG&rsquo;s taxable income, without regard to whether they receive distributions or the amount of any distributions.&nbsp;Therefore,
the tax liability of an investor with respect to&nbsp;its units may exceed the amount of cash or value of property (if any) distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>An investor&rsquo;s allocable share
of taxable income or loss may differ from its economic income or loss on its units. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the application of the assumptions
and conventions applied by US12NG in making allocations for tax purposes and other factors, an investor&rsquo;s allocable share
of US12NG&rsquo;s income, gain, deduction or loss may be different than its economic profit or loss from its units for a taxable
year.&nbsp;This difference could be temporary or permanent and, if permanent, could result in it being taxed on amounts in excess
of its economic income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Items of income, gain, deduction,
loss and credit with respect to units could be reallocated if the IRS does not accept the assumptions and conventions applied by
US12NG in allocating those items, with potential adverse consequences for an investor. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. tax rules pertaining to partnerships
are complex and their application to large, publicly traded partnerships such as US12NG is in many respects uncertain.&nbsp;US12NG
applies certain assumptions and conventions in an attempt to comply with the intent of the applicable rules and to report taxable
income, gains, deductions, losses and credits in a manner that properly reflects unitholders&rsquo; economic gains and losses.&nbsp;These
assumptions and conventions may not fully comply with all aspects of the Internal Revenue Code (the &ldquo;Code&rdquo;) and applicable
Treasury Regulations, however, and it is possible that the U.S. Internal Revenue Service will successfully challenge US12NG&rsquo;s
allocation methods and require US12NG to reallocate items of income, gain, deduction, loss or credit in a manner that adversely
affects investors.&nbsp;If this occurs, investors may be required to file an amended tax return and to pay additional taxes plus
deficiency interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG could be treated as a corporation
for federal income tax purposes, which may substantially reduce the value of the units. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has received an opinion of counsel
that, under current U.S. federal income tax laws, US12NG will be treated as a partnership that is not taxable as a corporation
for U.S. federal income tax purposes, provided that (i)&nbsp;at least 90 percent of US12NG&rsquo;s annual gross income consists
of &ldquo;qualifying income&rdquo; as defined in the Code, (ii)&nbsp;US12NG is organized and operated in accordance with its governing
agreements and applicable law and (iii)&nbsp;US1212NG does not elect to be taxed as a corporation for federal income tax purposes.&nbsp;Although
USCF anticipates that US12NG has satisfied and will continue to satisfy the &ldquo;qualifying income&rdquo; requirement for all
of its taxable years, that result cannot be assured.&nbsp;US12NG has not requested and will not request any ruling from the IRS
with respect to its classification as a partnership not taxable as a corporation for federal income tax purposes.&nbsp;If the IRS
were to successfully assert that US12NG is taxable as a corporation for federal income tax purposes in any taxable year, rather
than passing through its income, gains, losses and deductions proportionately to unitholders, US12NG would be subject to tax on
its net income for the year at corporate tax rates.&nbsp;In addition, although USCF does not currently intend to make distributions
with respect to units, any distributions would be taxable to unitholders as dividend income.&nbsp;Taxation of US12NG as a corporation
could materially reduce the after-tax return on an investment in units and could substantially reduce the value of the units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>US12NG is organized and operated
as a limited partnership in accordance with the provisions of the LP Agreement and applicable state law, and therefore, US12NG
has a more complex tax treatment than traditional mutual funds.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is organized and operated as a limited
partnership in accordance with the provisions of the LP Agreement and applicable state law. No U.S. federal income tax is paid
by US12NG on its income. Instead, US12NG will furnish unitholders each year with tax information on IRS Schedule K-1 (Form 1065)
and each U.S. unitholder is required to report on its U.S. federal income tax return its allocable share of the income, gain, loss
and deduction of US12NG. This must be reported without regard to the amount (if any) of cash or property the unitholder receives
as a distribution from US12NG during the taxable year. A unitholder, therefore, may be allocated income or gain by US12NG but receive
no cash distribution with which to pay the tax liability resulting from the allocation, or may receive a distribution that is insufficient
to pay such liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to federal income taxes, unitholders
may be subject to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise taxes and
estate, inheritance or intangible taxes that may be imposed by the various jurisdictions in which US12NG does business or owns
property or where the unitholders reside. Although an analysis of those various taxes is not presented here, each prospective unitholder
should consider their potential impact on its investment in US12NG. It is each unitholder&rsquo;s responsibility to file the appropriate
U.S. federal, state, local and foreign tax returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;1B.</B></TD>
    <TD STYLE="text-align: justify; width: 91%"><B>Unresolved Staff Comments. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;2.</B></TD>
    <TD STYLE="text-align: justify; width: 91%"><B>Properties. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;3.</B></TD>
    <TD STYLE="text-align: justify; width: 91%"><B>Legal Proceedings. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although US12NG may, from time to time,
be involved in litigation arising out of its operations in the normal course of business or otherwise, US12NG is currently not
a party to any pending material legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;4.</B></TD>
    <TD STYLE="text-align: justify; width: 91%"><B>Mine Safety Disclosures. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Part II </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;5.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Market for Registrant&rsquo;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Price Range of Units </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s units have traded on the&nbsp;NYSE
Arca under the symbol &ldquo;UNL&rdquo; since November&nbsp;18, 2009.&nbsp;The following table sets forth the range of reported
high and low sales prices of the units as reported on the NYSE Arca, for the periods indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-decoration: underline; text-align: left; text-indent: -12pt; padding-left: 12pt">Fiscal year 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -12pt; padding-left: 12pt">First quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">21.86</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">16.25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Second quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14.97</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Third quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16.07</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Fourth quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19.88</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17.15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-decoration: underline; text-align: left; text-indent: -12pt; padding-left: 12pt">Fiscal year 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; text-align: left; text-indent: -12pt; padding-left: 12pt">First quarter</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">36.66</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">34.97</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Second quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35.72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">31.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Third quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">33.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27.88</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Fourth quarter</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21.12</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December&nbsp;31, 2012, US12NG had approximately 3,564
holders of&nbsp;units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Dividends </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has not made and does not currently
intend to make cash distributions to its unitholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Issuer Purchases of Equity Securities
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG does not purchase units directly
from its unitholders; however, in connection with its redemption of baskets held by Authorized Purchasers, US12NG redeemed 7 baskets
(comprising 350,000 units) during the year ended December&nbsp;31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;6. Selected Financial Data. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Financial Highlights (for the years ended December&nbsp;31,
2012, 2011, 2010, 2009 and 2008) </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(Dollar amounts in 000&rsquo;s except for per unit information)
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended <BR>December&nbsp;31, <BR>2012</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended <BR>December&nbsp;31, <BR>2011</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended <BR>December&nbsp;31, <BR>2010</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended <BR>December&nbsp;31, <BR>2009*</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended <BR>December&nbsp;31, <BR>2008**</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 50%; text-align: left; text-indent: -12pt; padding-left: 12pt">Total assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">43,246</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">21,381</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">35,258</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">37,797</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Net realized and unrealized gain (loss) on futures transactions, inclusive of commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,499</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(14,068</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(13,425</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,588</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Net income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4,829</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(14,345</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(13,720</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,572</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Weighted-average limited partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,132,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,039,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">889,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">427,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Net income (loss) per unit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(3.98</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(13.81</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(18.75</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Net income (loss) per weighted average unit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2.26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(13.80</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(15.42</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.02</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Cash and cash equivalents at end of year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">39,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,313</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">32,056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">*</TD>
    <TD STYLE="width: 98%">The commencement of operations of US12NG was November 18, 2009.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>**</TD>
    <TD>&nbsp;The inception of US12NG was July 6, 2007.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><B>Item&nbsp;7.</B></TD>
    <TD STYLE="width: 91%"><B>Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion should be read
in conjunction with the financial statements and the notes thereto&nbsp;of US12NG included elsewhere in this annual report on Form
10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Forward-Looking Information </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This annual report on Form 10-K, including
this &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations,&rdquo;&nbsp;contains forward-looking
statements regarding the plans and objectives of management for future operations.&nbsp;This information may involve known and
unknown risks, uncertainties and other factors that may cause US12NG&rsquo;s actual results, performance or achievements to be
materially different from future results, performance or achievements expressed or implied by any forward-looking statements.&nbsp;Forward-looking
statements, which involve assumptions and describe&nbsp;US12NG&rsquo;s future plans, strategies and expectations, are generally
identifiable by use of the words &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;believe,&rdquo; &ldquo;intend&rdquo; or &ldquo;project,&rdquo;&nbsp;the negative of these words,
other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be
incorrect, and US12NG cannot assure investors that the projections included in these forward-looking statements will come to pass.&nbsp;US12NG&rsquo;s
actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various
factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has based the forward-looking statements
included in this annual report on Form 10-K on information available to&nbsp;it on the date of this annual report on Form 10-K,
and&nbsp;US12NG assumes no obligation to update any such forward-looking statements.&nbsp;Although US12NG undertakes no obligation
to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, investors
are advised to consult any additional disclosures that&nbsp;US12NG may make directly to them or through reports that US12NG in
the future&nbsp;files with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Introduction </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG, a Delaware limited partnership,
is a commodity pool that issues units that may be purchased and sold on the NYSE Arca.&nbsp;The investment objective of US12NG
is for the daily changes in percentage terms of its units&rsquo; per unit NAV to reflect the daily changes in percentage terms&nbsp;of
the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the average of the prices
of 12 futures contracts on natural gas traded on the&nbsp;NYMEX, consisting of the near month contract to expire and the contracts
for the following 11 months, for a total of 12 consecutive months&rsquo; contracts, except when the near month contract is within
two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire and
the contracts for the following 11 consecutive months (the &ldquo;Benchmark Futures Contracts&rdquo;), less US12NG&rsquo;s expenses.
&ldquo;Near month contract&rdquo; means the next contract traded on the NYMEX due to expire. &ldquo;Next month contract&rdquo;
means the first contract traded on the NYMEX due to expire after the near month contract.&nbsp;When calculating the daily movement
of the average price of the 12 contracts, each contract month is equally weighted. It is not the intent of US12NG to be operated
in a fashion such that the per unit NAV will equal, in dollar terms, the spot price of natural gas or any particular futures contract
based on natural gas. It is not the intent of US12NG to be operated in a fashion such that its per unit NAV will reflect the percentage
change of the price of any particular futures contract as measured over a time period greater than one day. USCF believes that
it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts and Other Natural
Gas-Related Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG seeks to achieve its investment
objective by investing in a combination of natural gas Futures Contracts and Other Natural Gas-Related Investments such that daily
changes in its per unit NAV, measured in percentage terms, will closely track the daily changes in the&nbsp;average of the prices
of the Benchmark Futures Contracts, also measured in percentage terms.&nbsp;USCF believes the daily changes in the average of
the prices of the Benchmark Futures Contracts have historically exhibited a close correlation with the daily changes in the spot
price of natural gas. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The regulation of commodity interest trading
in the United States and other countries is an evolving area of the law, as exemplified by the various discussions of the Dodd-Frank
Act. The various statements made in this summary are subject to modification by legislative action and changes in the rules and
regulations of the CFTC, the NFA, the futures exchanges, clearing organizations and regulatory bodies. Pending final resolution
of all applicable regulatory requirements, some specific examples of how the new Dodd-Frank Act provisions and rules adopted thereunder
could impact US12NG are discussed in &ldquo;Item 1. Business&rdquo; and &ldquo;Item 1A. Risk Factors&rdquo; in this annual report
on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Price Movements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Natural gas futures prices were volatile
during the year ended December&nbsp;31, 2012.&nbsp;The average price of the Benchmark Futures Contracts started the year at $3.303.&nbsp;It
rose over the course of the year and hit a peak on November 23, 2012 of $4.084.&nbsp;The average low price of the year was on April
19, 2012, when the average price of the Benchmark Futures Contracts was $2.661.&nbsp;The average price of the Benchmark Futures
Contracts on December&nbsp;31, 2012 was $3.600, for an increase of approximately 8.99% over the year.&nbsp;US12NG&rsquo;s per unit
NAV began the year at $21.21 and ended the year at $17.23 on December 31, 2012 , a decrease of approximately 18.76% over the year.
US12NG&rsquo;s per unit NAV reached its high for the year on January 4, 2012 at $21.83 and reached its low for the year on April
19, 2012 at $14.96.&nbsp;The average Benchmark Futures Contracts price listed above began with the February 2012 to January 2013
contracts and ended with the February 2013 to January 2014 contracts.&nbsp;The increase of approximately 8.99% on the average
price of the Benchmark Futures Contracts listed above is a hypothetical return only and could not actually be achieved by an investor
holding Futures Contracts.&nbsp;An investment in natural gas Futures Contracts would need to be rolled forward during the time
period described in order to achieve such a result.&nbsp;Furthermore, the change in the nominal price of these differing natural
gas Futures Contracts, measured from the start of the year to the end of the year, does not represent the actual benchmark results
that US12NG seeks to track, which are more fully described below, in the section titled <I>&ldquo;Tracking US12NG&rsquo;s Benchmark.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December&nbsp;31,
2012, the natural gas futures market was primarily in a state of contango, meaning that the price of the near month natural gas
Futures Contract was lower than the price of the next month natural gas Futures Contract, or contracts further away from expiration.
A contango market is one in which the price of the near month natural gas Futures Contract is less than the price of the next month
natural gas Futures Contract, or contracts further away from expiration.&nbsp;For a discussion of the impact of backwardation and
contango on total returns, see <I>&ldquo;Term Structure of Natural Gas Futures Prices and the Impact on Total Returns&rdquo;</I>
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Valuation of Futures Contracts and the
Computation of the Per Unit NAV </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The per unit NAV of US12NG&rsquo;s units
is calculated once each NYSE Arca trading day.&nbsp;The per unit NAV for a particular trading day is released after 4:00&nbsp;p.m.
New York time.&nbsp;Trading during the core trading session on the NYSE Arca typically closes at 4:00&nbsp;p.m. New York time.&nbsp;The
Administrator uses the NYMEX closing price (determined at the earlier of the close of the NYMEX or 2:30&nbsp;p.m. New York time)
for the contracts held on the NYMEX, but calculates or determines the value of all other US12NG investments, including cleared
swaps, or other futures contracts, as of the earlier of the close of the NYSE Arca or 4:00 p.m. New York time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Results of Operations and the Natural
Gas Market </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Results of Operations.&nbsp;</I>On November&nbsp;18,
2009, US12NG listed its units on the NYSE Arca under the ticker symbol &ldquo;UNL.&rdquo;&nbsp;On that day, US12NG established
its initial offering price at $50.00 per unit and issued 200,000 units to the initial Authorized Purchaser, Merrill Lynch Professional
Clearing Corp., in exchange for $10,000,000 in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since its initial offering&nbsp;of 30,000,000
units, US12NG has not registered any subsequent offerings of its units.&nbsp;As of December&nbsp;31, 2012, US12NG had issued 5,000,000
units, 2,500,000 of which were outstanding.&nbsp;As of December&nbsp;31, 2012, there were 25,000,000 units registered but not yet
issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">More units may have been issued by US12NG
than are outstanding due to the redemption of units.&nbsp;Unlike funds that are registered under the 1940 Act, units that have
been redeemed by US12NG cannot be resold by US12NG.&nbsp;As a result, US12NG contemplates that additional offerings of its units
will be registered&nbsp;with the SEC in the future in anticipation of additional issuances and redemptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2012, US12NG had the
following authorized purchasers: Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC, JP Morgan Securities, Inc.,
Merrill Lynch Professional Clearing Corporation, Morgan Stanley &amp; Company Inc., NewEdge USA LLC, Nomura Securities International
Inc., SG Americas Securities LLC and Virtu Financial BD LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>For the Year Ended December&nbsp;31,
2012 Compared to the Years Ended December&nbsp;31, 2011 and 2010</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&nbsp;31, 2012, the total
unrealized loss on natural gas Futures Contracts, owned or held on that day was $906,580 and US12NG established cash deposits,
investments in Treasuries and money market funds that were equal to $44,083,264. US12NG held 89.98% of its cash assets in overnight
deposits and investments in money market funds at the Custodian, while 10.02% of the cash balance was held as investments in Treasuries
and margin deposits for the Futures Contracts purchased at the FCM. The ending per unit NAV on December&nbsp;31, 2012 was $17.23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By comparison, as of December&nbsp;31,
2011, the total unrealized loss on natural gas Futures Contracts, owned or held on that day was $8,583,320 and US12NG established
cash deposits, investments in Treasuries and money market funds that were equal to $29,850,271. US12NG held 66.06% of its cash
assets in overnight deposits and investments in money market funds at the Custodian, while 33.94% of the cash balance was held
as investments in Treasuries and margin deposits for the Futures Contracts purchased at the FCM. The increase in cash assets in
overnight deposits and investments in Treasuries and money market funds for December&nbsp;31, 2012, as compared to December&nbsp;31,
2011, was the result of US12NG&rsquo;s greater size as of December&nbsp;31, 2012 as measured by total net assets.&nbsp;The ending
per unit NAV on December&nbsp;31, 2011 was $21.21. The decrease in the per unit NAV for December&nbsp;31, 2012, as compared to
December&nbsp;31, 2011, was a result of contango during the year ended December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By comparison, as of December&nbsp;31,
2010, the&nbsp;total unrealized loss on natural gas Futures Contracts, owned or held&nbsp;on that day was $2,175,060 and US12NG
established cash deposits and investments in money market funds that were equal to $37,279,967.&nbsp;US12NG held 81.31% of its
cash assets in overnight deposits and investments in money market funds at the Custodian, while 18.69% of the cash balance was
held as margin deposits for the Futures Contracts purchased at the FCM. The decrease in cash assets in overnight deposits, investments
in Treasuries and money market funds for December&nbsp;31, 2011, as compared to December&nbsp;31, 2010, was the result of US12NG&rsquo;s
larger size as of December&nbsp;31, 2010 as measured by total net assets.&nbsp;The ending per unit NAV on December&nbsp;31, 2010
was $35.02. The decrease in the per unit NAV for December&nbsp;31, 2011, as compared to December&nbsp;31, 2010, was primarily a
result of sharply lower prices for natural gas and the related decline in the value of the Futures Contracts that US12NG had invested
in between the year ended December&nbsp;31, 2010 and the year ended December&nbsp;31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Portfolio Expenses</I>. US12NG&rsquo;s
expenses consist of investment management fees, brokerage fees&nbsp;and commissions, certain offering costs, licensing fees, the
fees and expenses of the independent directors of USCF and expenses relating to tax accounting and reporting requirements.&nbsp;The
management&nbsp;fee that US12NG pays to USCF is calculated as a percentage of the total net assets of US12NG.&nbsp;US12NG pays
USCF a management fee of 0.75% of NAV on its average net assets.&nbsp;The fee is accrued daily and paid monthly. Since inception
through April&nbsp;30, 2010, USCF was charging US12NG a management fee at a reduced rate of 0.60%&nbsp;per annum of average net
assets.&nbsp;Effective May&nbsp;1, 2010, USCF resumed charging its standard rate of 0.75%&nbsp;per annum of average net assets.&nbsp;The
difference of 0.15%&nbsp;per annum of average net assets since inception through April&nbsp;30, 2010 was waived by USCF and will
not be recouped from US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December&nbsp;31,
2012, the average daily total net assets of US12NG were $37,829,195. The management fee incurred by US12NG during the year amounted
to $283,719<B>. </B>Management fees as a percentage of average total net assets averaged 0.75% over the course of the year ended
December&nbsp;31, 2012. By comparison, during the year ended December 31, 2011, the average daily total net assets of US12NG were
$31,912,059. The management fee paid by US12NG during the year ended December&nbsp;31, 2011 amounted to $239,340. Management fees
as a percentage of average total net assets averaged 0.75% over the course of the year ended December&nbsp;31, 2011. By comparison,
during the year ended December&nbsp;31, 2010, the average total net assets of&nbsp;US12NG were&nbsp;$35,560,339.&nbsp;The management
fee paid by US12NG during the year amounted to $249,022.&nbsp;Management fees as a percentage of average total net assets averaged
0.70% over the course of the year ended December&nbsp;31, 2010. US12NG&rsquo;s management fees as a percentage of average total
net assets were higher for the years ended December&nbsp;31, 2012 and 2011, as compared to the year ended December&nbsp;31, 2010,
due to the fact that USCF was charging US12NG a management fee at a reduced rate of 0.60% of average total net assets since its
inception through April&nbsp;30, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the management fee, US12NG&nbsp;pays
all brokerage fees and other expenses, including tax reporting costs, licensing fees for the use of intellectual property, ongoing
registration or other fees paid to the SEC,&nbsp;FINRA and&nbsp;any other regulatory agency in connection with&nbsp;offers and
sales of its units subsequent to the initial offering and all legal, accounting, printing and other expenses associated therewith.&nbsp;The
gross total of these fees and expenses for the year ended December&nbsp;31, 2012 was $151,012, as compared to $169,451 for the
year ended December&nbsp;31, 2011 and $233,944 for the year ended December&nbsp;31, 2010. The decrease in gross total expenses
excluding management fees for the year ended December&nbsp;31, 2012, as compared to the year ended December&nbsp;31, 2011, was
primarily due to decreased tax reporting, audit, licensing and other fees during the year ended December&nbsp;31, 2012. The decrease
in gross total expenses excluding management fees for the year ended December&nbsp;31, 2011, as compared to the year ended December&nbsp;31,
2010, was primarily due to decreased brokerage, tax reporting, audit, licensing, directors and other fees during the year ended
December 31, 2011. For the years ended December&nbsp;31, 2012, 2011 and 2010, US12NG did not incur ongoing registration fees or
other expenses relating to the registration and offering of additional units. During the years ended December&nbsp;31, 2012, 2011
and 2010, an expense waiver was in effect which offset certain of the expenses incurred by US12NG. The total amount of the expense
waiver was $68,503 for the year ended December&nbsp;31, 2012, $113,169 for the year ended December&nbsp;31, 2011 and $151,688 for
the year ended December&nbsp;31, 2010.&nbsp;For the years ended December&nbsp;31, 2012, 2011 and 2010, the expenses of US12NG,
including management fees, commissions, and all other expenses, before allowance for the expense waiver, totaled $434,731, $408,791
and $482,966, respectively, and after allowance for the expense waiver, totaled $366,228, $295,622 and $331,278, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is responsible for paying its portion
of the directors&rsquo; and&nbsp;officers&rsquo; liability insurance of US12NG and the Related Public Funds and the fees and expenses
of the independent directors who also serve as audit committee members of US12NG and the Related Public Funds organized as limited
partnerships and, as of July&nbsp;8, 2011, the Related Public Funds organized as a series of a Delaware statutory trust. US12NG
shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets
of each fund computed on a daily basis. These fees and expenses for the year ended December&nbsp;31, 2012 amounted to a total of
$540,586 for US12NG and the Related Public Funds. US12NG&rsquo;s portion of such fees and expenses for the year ended December
31, 2012 was $5,704. By comparison, for the year ended December&nbsp;31, 2011, these fees and expenses amounted to a total of $607,582
for US12NG and the Related Public Funds. US12NG&rsquo;s portion of such fees and expenses for the year ended December 31, 2011
was $3,808. The decrease in directors&rsquo; fees and expenses for the year ended December&nbsp;31, 2012, as compared to the year
ended December&nbsp;31, 2011, was primarily due to the non-incurrence of the independent directors&rsquo; deferred compensation
expense for the year ended December 31, 2012, which was amortized during the years ended December 31, 2011 and 2010. By comparison,
for the year ended December 31, 2010, these fees and expenses amounted to a total of $1,107,140 for US12NG and the Related Public
Funds, except USCI, CPER, UAG and USMI. US12NG&rsquo;s portion of such fees and expenses for the year ended December 31, 2010 was
$7,571. The decrease in directors&rsquo; fees and expenses for the year ended December 31, 2011, as compared to the year ended
December 31, 2010, was due to the non-incurrence of the independent directors&rsquo; deferred compensation expense for the year
ended December 31, 2011, the majority of which was amortized in the year ended December 31, 2010. Effective as of April&nbsp;1,
2010, US12NG became responsible for paying its portion of any payments that may become due to the independent directors pursuant
to the deferred compensation agreements entered into between the independent directors, USCF, US12NG and the Related Public Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG also incurs commissions to brokers
for the purchase and sale of Futures Contracts, Other Natural Gas-Related Investments or Treasuries. During the year ended December&nbsp;31,
2012, total commissions accrued to brokers amounted to $14,360.&nbsp;Of this amount, approximately $10,995 was a result of rebalancing
costs and approximately $3,365 was the result of trades necessitated by creation and redemption activity. By comparison, during
the year ended December&nbsp;31, 2011, total commissions accrued to brokers amounted to $7,002.&nbsp;Of this amount, approximately
$6,306 was a result of rebalancing costs and approximately $696 was the result of trades necessitated by creation and redemption
activity. By comparison, during the year ended December 31, 2010, total commissions accrued to brokers amounted to $12,869. Of
this amount, approximately $10,724 was a result of rebalancing costs and approximately $2,145 was the result of trades necessitated
by creation and redemption activity. The increase in the total commissions accrued to brokers for the year ended December&nbsp;31,
2012, as compared to the year ended December&nbsp;31, 2011, was primarily a function of increased brokerage fees due to an increase
in creation and redemption activity during the year ended December 31, 2012. The decrease in the total commissions accrued to brokers
for the year ended December&nbsp;31, 2011, as compared to the year ended December&nbsp;31, 2010, was primarily a function of decreased
brokerage fees due to a lower number of futures contracts being held and traded due to US12NG&rsquo;s reduced size and a decrease
in the creation and redemption of units during the year ended December 31, 2011.&nbsp;As an annualized percentage of average daily
total net assets, the figure for the year ended December&nbsp;31, 2012 represents approximately 0.04% of average daily total net
assets. By comparison, the figure for the year ended December&nbsp;31, 2011 represented approximately 0.02% of average daily total
net assets and the figure for the year ended December&nbsp;31, 2010 represented approximately 0.04% of average daily total net
assets. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise
in future quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG did not incur transaction costs
related to investments in Other Natural Gas-Related Investments, including over-the-counter swaps, during the year ended December&nbsp;31,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fees and expenses associated with US12NG&rsquo;s
audit expenses and tax accounting and reporting requirements are paid by US12NG.&nbsp;These costs are estimated to be $75,000 for
the year ended December&nbsp;31, 2012.&nbsp;USCF has voluntarily agreed to pay certain expenses typically borne by US12NG, to the
extent that such expenses exceed 0.15% (15 basis points) of US12NG&rsquo;s NAV, on an annualized basis, through at least June 30,
2013.&nbsp;USCF has no obligation to continue such payments into subsequent periods. For the year ended December 31, 2012, USCF
waived $68,503 of US12NG&rsquo;s expenses. This voluntary expense waiver is in addition to those amounts USCF is contractually
obligated to pay as described in Note 4 in Item 8 of this annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend and Interest Income</I>. US12NG
seeks to invest its assets such that it holds&nbsp;Futures Contracts and Other Natural Gas-Related Investments in an amount equal
to the total net assets of its portfolio.&nbsp;Typically, such investments do not require US12NG to pay the full amount of the
contract value at the time of purchase, but rather require US12NG to post an amount as a margin deposit against the eventual settlement
of the contract.&nbsp;As a result, US12NG retains an amount that is approximately equal to its total net assets, which US12NG invests
in&nbsp;Treasuries, cash and/or cash equivalents.&nbsp;This includes both the amount on deposit with the FCM as margin, as well
as unrestricted cash and cash equivalents held with US12NG&rsquo;s Custodian.&nbsp;The Treasuries, cash and/or cash equivalents
earn income that accrues on a daily basis.&nbsp;For the year ended December&nbsp;31, 2012, US12NG earned $11,446 in dividend and
interest income on such Treasuries, cash and/or cash equivalents. Based on US12NG&rsquo;s average daily total net assets, this
is equivalent to an annualized yield of approximately 0.03%. US12NG purchased Treasuries during the year ended December&nbsp;31,
2012 and also held cash and/or cash equivalents during this time period. By comparison, for the years ended December&nbsp;31, 2011
and 2010, US12NG earned $6,138 and $15,527, respectively, in dividend and interest income on such Treasuries, cash and/or cash
equivalents.&nbsp;Based on US12NG&rsquo;s average daily total net assets, this is equivalent to an annualized yield of approximately
0.02% and 0.04%, respectively.&nbsp;US12NG purchased Treasuries during the year ended December 31, 2011 and also held cash and/or
cash equivalents during this time period. US12NG did not purchase&nbsp;Treasuries during the year ended December&nbsp;31, 2010
and held only cash and/or cash equivalents during this time period.&nbsp;Interest rates on short-term investments held by US12NG,
including cash, cash equivalents and Treasuries were higher during the year ended December&nbsp;31, 2012 compared to the year ended
December&nbsp;31, 2011 and lower compared to the year ended December 31, 2010.&nbsp;The amount of income earned by US12NG as a
percentage of average total net assets was higher during the year ended December&nbsp;31, 2012 as compared to the year ended December&nbsp;31,
2011 and lower compared to the year ended December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>For the Three Months Ended December&nbsp;31,
2012 Compared to the Three Months Ended December&nbsp;31, 2011 and 2010</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Portfolio Expenses</I>. During the three
months ended December&nbsp;31, 2012, the average daily total net assets of US12NG were $48,979,486. The management fee incurred
by US12NG during the period amounted to $92,338. Management fees as a percentage of average daily total net assets averaged 0.75%
over the course of the three months ended December&nbsp;31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By comparison, during the three months
ended December&nbsp;31, 2011, the average daily total net assets of US12NG were $25,328,149.&nbsp;The management fee incurred by
US12NG during the period amounted to $47,880. Management fees as a percentage of average daily total net assets averaged 0.75%
during the three months ended December&nbsp;31, 2011. By comparison, during the three months ended December 31, 2010, the average
daily total net assets of US12NG were $38,563,537. The management fee incurred by US12NG during the period amounted to $72,901.
Management fees as a percentage of average daily total net assets averaged 0.75% during the three months ended December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>


<P STYLE="margin: 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the management fee, US12NG&nbsp;pays
all brokerage fees and other expenses, including tax reporting costs, licensing fees for the use of intellectual property, ongoing
registration or other fees paid to the SEC,&nbsp;FINRA and&nbsp;any other regulatory agency in connection with&nbsp;offers and
sales of its units subsequent to the initial offering and all legal, accounting, printing and other expenses associated therewith.&nbsp;The
gross total of these fees and expenses for the three months ended December&nbsp;31, 2012 was $51,292, as compared to $3,538 for
the three months ended December&nbsp;31, 2011 and $20,589 for the three months ended December&nbsp;31, 2010. The increase in gross
total expenses excluding management fees for the three months ended December&nbsp;31, 2012, as compared to the three months ended
December&nbsp;31, 2011, was primarily due to increased tax reporting, audit, licensing and other fees during the three months ended
December 31, 2012. The decrease in gross total expenses excluding management fees for the three months ended December&nbsp;31,
2011, as compared to the three months ended December&nbsp;31, 2010, was primarily due to lower estimated fees for tax reporting,
audit, licensing, directors and other fees during the three months ended December 31, 2011.&nbsp;For the three months ended December&nbsp;31,
2012, 2011 and 2010, US12NG did not incur ongoing registration fees or other expenses relating to the registration and offering
of additional units. During the three months ended December 31, 2012, 2011 and 2010, an expense waiver was in effect which offset
certain of the expenses incurred by US12NG. During the three months ended December&nbsp;31, 2011, US12NG&rsquo;s expenses did not
exceed 0.15% (15 basis points) of its NAV; therefore, no expenses were waived by USCF.&nbsp;The total amount of the expense waiver
was $26,148 for the three months ended December 31, 2012 and $17,332 for the three months ended December&nbsp;31, 2010.&nbsp;For
the three months ended December&nbsp;31, 2012 and 2010, the expenses of US12NG, including management fees, commissions, and all
other expenses, before allowance for the expense waiver, totaled $143,630 and $93,490, respectively, and after allowance for the
expense waiver, totaled $117,482 and $110,822, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is responsible for paying its portion
of the directors&rsquo; and officers&rsquo; liability insurance of US12NG and the Related Public Funds and the fees and expenses
of the independent directors who also serve as audit committee members of US12NG and the Related Public Funds organized as limited
partnerships and, as of July&nbsp;8, 2011, the Related Public Funds organized as a series of a Delaware statutory trust. US12NG
shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets
of each fund computed on a daily basis.&nbsp;These fees and expenses for the year ended December&nbsp;31, 2012 amounted to a total
of $540,586 for US12NG and the Related Public Funds. US12NG&rsquo;s portion of such fees and expenses for the year ended December
31, 2012 was $5,704.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG also incurs commissions to brokers
for the purchase and sale of Futures Contracts, Other Natural Gas-Related Investments or Treasuries.&nbsp;During the three months
ended December&nbsp;31, 2012, total commissions accrued to brokers amounted to $2,875, all of which was a result of rebalancing
costs. By comparison, during the three months ended December&nbsp;31, 2011, total commissions accrued to brokers amounted to $1,551,
all of which was a result of rebalancing costs. By comparison, during the three months ended December 31, 2010, total commissions
accrued to the brokers amounted $3,996, all of which was a result of rebalancing costs. The increase in total commissions accrued
to brokers for the three months ended December&nbsp;31, 2012, as compared to the three months ended December&nbsp;31, 2011, was
primarily a function of increased brokerage fees due to an increase in creation and redemption activity during the three months
ended December 31, 2012.&nbsp;The decrease in total commissions accrued to brokers for the three months ended December 31, 2011,
as compared to the three months ended December 31, 2010, was primarily the result of US12NG&rsquo;s reduced size over the three
months ended December 31, 2011, resulting in less futures trading activity. As an annualized percentage of average daily total
net assets, the figure for the three months ended December&nbsp;31, 2012 represents approximately 0.02% of average daily total
net assets. By comparison, the&nbsp;figure for the three months ended December&nbsp;31, 2011 represented approximately 0.02% of
average daily total net assets and the figure for the three months ended December&nbsp;31, 2010 represented approximately 0.04%
of average daily total net assets. However, there can be no assurance that commission costs and portfolio turnover will not cause
commission expenses to rise in future quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG did not incur transaction costs
related to investment in Other Natural Gas-Related Investments, including over-the-counter swaps, during the three months ended
December&nbsp;31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fees and expenses associated with US12NG&rsquo;s
audit expenses and tax accounting and reporting requirements are paid by US12NG. These costs are estimated to be $75,000 for the
year ended December 31, 2012. USCF has voluntarily agreed to pay certain expenses typically borne by US12NG, to the extent that
such expenses exceed 0.15% (15 basis points) of US12NG&rsquo;s NAV, on an annualized basis, through at least June 30, 2013. USCF
has no obligation to continue such payments into subsequent periods. For the three months ended December 31, 2012, USCF waived
$26,148 of US12NG&rsquo;s expenses. This voluntary expense waiver is in addition to those amounts USCF is contractually obligated
to pay as described in Note 4 in Item 8 of this annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend and Interest Income</I>. US12NG
seeks to invest its assets such that it holds&nbsp;Futures Contracts and Other Natural Gas-Related Investments in an amount equal
to the total net assets of its portfolio.&nbsp;Typically, such investments do not require US12NG to pay the full amount of the
contract value at the time of purchase, but rather require US12NG to post an amount as a margin deposit against the eventual settlement
of the contract.&nbsp;As a result, US12NG retains an amount that is approximately equal to its total net assets, which US12NG invests
in&nbsp;Treasuries, cash and/or cash equivalents.&nbsp;This includes both the amount on deposit with the FCM as margin, as well
as unrestricted cash and cash equivalents held with US12NG&rsquo;s Custodian.&nbsp;The Treasuries, cash and/or cash equivalents
earn income that accrues on a daily basis. For the three months ended December&nbsp;31, 2012, US12NG earned $4,043 in dividend
and interest income on such Treasuries, cash and/or cash equivalents. Based on US12NG&rsquo;s average total net assets, this was
equivalent to an annualized yield of approximately 0.03%. US12NG purchased Treasuries during the three months ended December&nbsp;31,
2012 and also held cash and/or cash equivalents during this time period. By comparison, for the three months ended December&nbsp;31,
2011 and 2010, US12NG earned $1,495 and $5,162, respectively, in dividend and interest income on such Treasuries, cash and/or cash
equivalents.&nbsp;Based on US12NG&rsquo;s average total net assets, this was equivalent to an annualized yield of approximately
0.02% and 0.05%, respectively.&nbsp;US12NG purchased Treasuries during the three months ended December 31, 2011 and also held cash
and/or cash equivalents during this time period. US12NG did not purchase Treasuries during the three months ended December&nbsp;31,
2010 and held only cash and/or cash equivalents during this time period. Interest rates on short-term investments held by US12NG,
including cash, cash equivalents and Treasuries, were higher during the three months ended December&nbsp;31, 2012 compared to the
three months ended December&nbsp;31, 2011 and lower compared to the three months ended December 31, 2010.&nbsp;The amount of income
earned by US12NG as a percentage of average daily total net assets was higher during the three months ended December&nbsp;31, 2012
as compared to three months ended December&nbsp;31, 2011 and lower as compared to the three months ended December 31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Tracking US12NG&rsquo;s Benchmark</I>.
USCF seeks to manage US12NG&rsquo;s portfolio such that changes in its average daily per unit NAV, on a percentage basis, closely
track the average daily changes in the average prices of the Benchmark Futures Contracts, also on a percentage basis.&nbsp;Specifically,
USCF seeks to manage the portfolio such that over any rolling period of 30 valuation days, the average daily change in US12NG&rsquo;s
per unit NAV is within a range of 90% to 110% (0.9 to 1.1) of the average daily change in the price of the Benchmark&nbsp;Futures
Contracts.&nbsp;As an example, if the average daily movement of the&nbsp;average of the prices of the Benchmark&nbsp;Futures Contracts
for a particular 30-valuation day time period was 0.50%&nbsp;per day, USCF would attempt to manage the portfolio such that the
average daily movement of the per unit NAV during that same time period fell between 0.45% and 0.50% (<I>i.e</I>., between 0.9
and 1.1 of the benchmark&rsquo;s results).&nbsp;US12NG&rsquo;s portfolio management goals do not include trying to make the nominal
price of US12NG&rsquo;s per unit NAV equal to the average of the nominal prices of the current Benchmark&nbsp;Futures Contracts
or the spot price for natural gas.&nbsp;USCF believes that it is not practical to manage the portfolio to achieve such an investment
goal when investing in listed natural gas Futures Contracts and Other Natural Gas-Related Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the 30 valuation days ended December&nbsp;31,
2012, the simple average daily change in the Benchmark Futures Contracts was (0.304)%, while the simple average daily change in
the per unit NAV of US12NG over the same time period was (0.308)%.&nbsp;The average daily difference was (0.004)% (or (0.4) basis
points, where 1 basis point equals 1/100 of 1%).&nbsp;As a percentage of the daily movement of the average price of the Benchmark
Futures Contracts, the average error in daily tracking by the per unit NAV was (0.474)%, meaning that over this time period US12NG&rsquo;s
tracking error was within the plus or minus 10% range established as its benchmark tracking goal.&nbsp;The first chart below shows
the daily movement of US12NG&rsquo;s per unit NAV versus the daily movement of the Benchmark Futures Contracts for the 30-valuation
day period ended December&nbsp;31, 2012.&nbsp;The second chart below shows the monthly total returns of US12NG as compared to the
monthly value of the Benchmark Futures Contracts since inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the commencement of the offering
of US12NG units to the public on November&nbsp;18, 2009 to December&nbsp;31, 2012, the simple average daily change in the average
price of its Benchmark Futures Contracts was (0.114)%, while the simple average daily change in the per unit NAV of US12NG over
the same time period was (0.118)%.&nbsp;The average daily difference was (0.004)% (or (0.4) basis points, where 1 basis point equals
1/100 of 1%).&nbsp;As a percentage of the daily movement of the average price of the Benchmark Futures Contracts, the average error
in daily tracking by the per unit NAV was (0.602)%, meaning that over this time period US12NG&rsquo;s tracking error was within
the plus or minus 10% range established as its benchmark tracking goal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg53a.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>*PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg53b.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>*PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An alternative tracking measurement of
the return performance of US12NG versus the return of its Benchmark&nbsp;Futures Contracts can be calculated by comparing the actual
return of US12NG, measured by changes in its per unit&nbsp;NAV, versus the&nbsp;<I>expected</I>&nbsp;changes in its per unit NAV
under the assumption that US12NG&rsquo;s returns had been exactly the same as the daily changes in its Benchmark&nbsp;Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the year ended&nbsp;December 31, 2012,
the actual total return of US12NG as measured by changes in its per unit NAV was (18.76)%.&nbsp;This is based on an initial per
unit NAV&nbsp;of $21.21 on December&nbsp;31, 2011&nbsp;and an ending per unit NAV as of December&nbsp;31, 2012&nbsp;of $17.23.&nbsp;During
this time period, US12NG made no distributions to its unitholders.&nbsp;However, if US12NG&rsquo;s daily changes in its per unit
NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contracts, US12NG would have had
an estimated per unit NAV of $17.39 as of December&nbsp;31, 2012, for a total return over the relevant time period of (18.01)%.&nbsp;The
difference between the actual per unit NAV total return of US12NG of (18.76)% and the expected total return based on the Benchmark
Futures Contracts of (18.01)% was an error over the time period of (0.75)%, which is to say that US12NG&rsquo;s actual total return
underperformed the benchmark result by that percentage.&nbsp;USCF believes that a portion of&nbsp;the difference between the actual
total return and the expected benchmark total return can be attributed to the net impact of the expenses that US12NG pays, offset
in part by the income that US12NG collects on its cash and cash equivalent holdings.&nbsp;During the year ended December&nbsp;31,
2012, US12NG earned dividend and interest income of $11,446, which is equivalent to a weighted average income rate of approximately
0.03% for such period.&nbsp;In addition, during the year ended December&nbsp;31, 2012, US12NG also collected $10,500 from its Authorized
Purchasers for creating or redeeming baskets of units.&nbsp;This income also contributed to US12NG&rsquo;s actual total return.&nbsp;During
the year ended December&nbsp;31, 2012, US12NG incurred net expenses of $366,228.&nbsp;Income from dividends and interest and Authorized
Purchaser collections net of expenses was $(344,282), which is equivalent to a weighted average net income rate of approximately
(0.91)% for the year ended December&nbsp;31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By comparison, for the year ended&nbsp;December
31, 2011, the actual total return of US12NG as measured by changes in its per unit NAV was (39.43)%.&nbsp;This is based on an initial
per unit NAV&nbsp;of $35.02 on December&nbsp;31, 2010&nbsp;and an ending per unit NAV as of December&nbsp;31, 2011&nbsp;of $21.21.&nbsp;During
this time period, US12NG made no distributions to its unitholders.&nbsp;However, if US12NG&rsquo;s daily changes in its per unit
NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contracts, US12NG would have had
an estimated per unit NAV of $21.40 as of December&nbsp;31, 2011, for a total return over the relevant time period of (38.89)%.&nbsp;The
difference between the actual per unit NAV total return of US12NG of (39.43)% and the expected total return based on the Benchmark
Futures Contracts of (38.89)% was an error over the time period of (0.54)%, which is to say that US12NG&rsquo;s actual total return
underperformed the benchmark result by that percentage.&nbsp;USCF believes that a portion of&nbsp;the difference between the actual
total return and the expected benchmark total return can be attributed to the net impact of the expenses that US12NG pays, offset
in part by the income that US12NG collects on its cash and cash equivalent holdings.&nbsp;During the year ended December&nbsp;31,
2011, US12NG earned dividend and interest income of $6,138, which is equivalent to a weighted average income rate of approximately
0.02% for such period.&nbsp;In addition, during the year ended December&nbsp;31, 2011, US12NG also collected $5,350 from its Authorized
Purchasers for creating or redeeming baskets of units.&nbsp;This income also contributed to US12NG&rsquo;s actual total return.&nbsp;During
the year ended December&nbsp;31, 2011, US12NG incurred net expenses of $295,622.&nbsp;Income from dividends and interest and Authorized
Purchaser collections net of expenses was $(284,134), which is equivalent to a weighted average net income rate of approximately
(0.89)% for the year ended December&nbsp;31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By comparison, for the year ended&nbsp;December
31, 2010, the actual total return of US12NG as measured by changes in its per unit NAV was (34.87)%.&nbsp;This was based on an
initial per unit NAV&nbsp;of $53.77 on December&nbsp;31, 2009&nbsp;and an ending per unit NAV as of December&nbsp;31, 2010&nbsp;of
$35.02.&nbsp;During this time period, US12NG made no distributions to its unitholders.&nbsp;However, if US12NG&rsquo;s daily changes
in its per unit NAV had instead exactly tracked the changes in the daily total return of the Benchmark Futures Contracts, US12NG
would have had an estimated per unit NAV of $35.13 as of December&nbsp;31, 2010, for a total return over the relevant time period
of (34.67)%.&nbsp;The difference between the actual per unit NAV total return of US12NG of (34.87)% and the expected total return
based on the Benchmark Futures Contracts of (34.67)% was an error over the time period of (0.20)%, which is to say that US12NG&rsquo;s
actual total return underperformed the benchmark result by that percentage.&nbsp;USCF believes that a portion of&nbsp;the difference
between the actual total return and the expected benchmark total return can be attributed to the net impact of the expenses that
US12NG paid, offset in part by the income that US12NG collected on its cash and cash equivalent holdings.&nbsp;During the year
ended December&nbsp;31, 2010, US12NG earned dividend and interest income of $15,527, which is equivalent to a weighted average
income rate of approximately 0.04% for such period.&nbsp;In addition, during the year ended December&nbsp;31, 2010, US12NG also
collected $8,000 from its Authorized Purchasers for creating or redeeming baskets of units.&nbsp;This income also contributed to
US12NG&rsquo;s actual total return.&nbsp;During the year ended December&nbsp;31, 2010, US12NG incurred net expenses of $331,278.&nbsp;Income
from dividends and interest and Authorized Purchaser collections net of expenses was $(307,751), which is equivalent to a weighted
average net income rate of approximately (0.87)% for the year ended December&nbsp;31, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are currently three factors that&nbsp;have
impacted or are most likely to impact US12NG&rsquo;s ability to accurately track its Benchmark&nbsp;Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First, US12NG may buy or sell its holdings
in the then current Benchmark Futures Contracts at a price other than the closing settlement price of that contract on the day
during which US12NG executes the trade.&nbsp;In that case, US12NG may pay a price that is higher, or lower, than that of the Benchmark&nbsp;Futures
Contracts, which&nbsp;could cause the daily changes in the per unit NAV of US12NG to either be too high or too low relative to
the daily changes in the Benchmark Futures Contracts.&nbsp;During the year ended December&nbsp;31, 2012, USCF attempted to minimize
the effect of these transactions by seeking to execute its purchase or sale of the Benchmark&nbsp;Futures Contracts at, or as close
as possible to, the end of the day settlement price. However, it may not always be possible for US12NG to obtain the closing settlement
price and there is no assurance that failure to obtain the closing settlement price in the future will not adversely impact US12NG&rsquo;s
attempt to track the Benchmark Futures Contracts over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Second, US12NG earns dividend and interest
income on its cash, cash equivalents and Treasuries.&nbsp;US12NG is not required to distribute any portion of its income to its
unitholders and did not make any distributions to unitholders during the year ended December&nbsp;31, 2012. Interest payments,
and any other income, were retained within the portfolio and added to US12NG&rsquo;s NAV.&nbsp;When this income exceeds the level
of US12NG&rsquo;s expenses for its management fee, brokerage commissions and other expenses (including ongoing registration fees,
licensing fees and the&nbsp;fees and expenses of the independent directors of USCF), US12NG&nbsp;will realize a net yield that
will tend to cause daily changes in the per unit NAV of US12NG to track slightly higher than daily changes in the Benchmark&nbsp;Futures
Contracts.&nbsp;During the year ended December&nbsp;31, 2012, US12NG earned, on an annualized basis, approximately 0.03% on its
cash and cash equivalent holdings.&nbsp;It also incurred cash expenses on an annualized basis of 0.75% for management fees, approximately
0.04% in brokerage commission costs related to the purchase and sale of Futures Contracts, and approximately 0.18% for other net
expenses.&nbsp;The foregoing fees and expenses resulted in a net yield on an annualized basis of approximately (0.94)% and affected
US12NG&rsquo;s ability to track its benchmark.&nbsp;If short-term interest rates rise above the current levels, the level of deviation
created by the yield would decrease.&nbsp;Conversely, if short-term interest rates were to decline, the amount of error created
by the yield would increase.&nbsp;When short-term yields drop to a level lower than the combined expenses of the management fee
and the brokerage commissions, then the tracking error becomes a negative number and would tend to cause the daily returns of the
per unit NAV to underperform the daily returns of the Benchmark Futures Contracts. USCF anticipates that interest rates will continue
to remain at historical lows and therefore, it is anticipated that fees and expenses paid by US12NG will continue to be higher
than interest earned by US12NG. As such, USCF anticipates that US12NG will continue to underperform its benchmark until such time
when interest earned at least equals or exceeds the fees and expenses paid by US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Third, US12NG&nbsp;may hold Other Natural
Gas-Related Investments in its portfolio that may fail to closely track the Benchmark&nbsp;Futures Contracts&rsquo; total return
movements. In that case, the error in tracking the changes in the average of the Benchmark Futures Contracts could result in daily
changes in the per unit NAV of US12NG that are either too high, or too low, relative to the daily changes in the average of the
Benchmark&nbsp;Futures Contracts.&nbsp;During the year ended December&nbsp;31, 2012, US12NG did not hold Other Natural Gas-Related
Investments.&nbsp;If US12NG increases in size, and due to its obligations to comply with regulatory limits, US12NG may invest in
Other Natural Gas-Related Investments which may have the effect of increasing transaction related expenses and may result in increased
tracking error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Term Structure of Natural Gas Futures
Prices and the Impact on Total Returns.&nbsp;</I>Several factors determine the total return from investing in a futures contract
position. One factor that impacts the total return that will result&nbsp;from investing in near month natural gas Futures Contracts
and &ldquo;rolling&rdquo; those contracts forward each month is the price relationship between the current near month contract
and the next month contract.&nbsp;For example, if the price of the near month contract is higher than the next month contract (a
situation referred to as &ldquo;backwardation&rdquo; in the futures market), then absent any other change there is a tendency for
the price of a next month contract to rise in value as it becomes the near month contract and approaches expiration.&nbsp;Conversely,
if the price of a near month contract is lower than the next month contract (a situation referred to as &ldquo;contango&rdquo;
in the futures market), then absent any other change there is a tendency for the price of a next month contract to decline in value
as it becomes the near month contract and approaches expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an example, assume that the price of
natural gas for immediate delivery (the &ldquo;spot price&rdquo;), was $7 per MMBtu, and the value of a position in the near month
futures contract was also $7.&nbsp;Over time, the price of 10,000 MMBtu of natural gas will fluctuate&nbsp;based on a number of
market factors, including demand for natural gas relative to its supply.&nbsp;The value of the near month contract will likewise
fluctuate&nbsp;in reaction to a number of market factors. If investors seek to maintain their position in a near month contract
and not take delivery of the natural gas, every month they must sell their current near month contract as it approaches expiration
and invest in the next month contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the futures market is in backwardation,&nbsp;<I>e.g.</I>,
when the expected price of natural gas in the future would be less, the investor would be buying a next month contract for a lower
price than the current near month contract. Using the $7 per MMBtu price above to represent the front month price, the price of
the next month contract could be $6.86 per barrel, that is, 2% cheaper than the front month contract. Hypothetically, and assuming
no other changes to either prevailing natural gas prices or the price relationship between the spot price, the near month contract
and the next month contract (and ignoring the impact of commission costs and the income earned on cash and/or cash equivalents),
the value of the $6.86 next month contract would rise as it approaches expiration and becomes the new near month contract with
a price of $7.&nbsp;In this example, the value of an investment in the second month contract would tend to rise faster than the
spot price of natural gas, or fall slower.&nbsp;As a result, it would be possible in this hypothetical example for the spot price
of natural gas to have risen 10% after some period of time, while the value of the investment in the second month futures contract
would have risen 12%, assuming backwardation is large enough or enough time has elapsed.&nbsp;Similarly, the spot price of natural
gas could have fallen 10% while the value of an investment in the futures contract could have fallen only 8%.&nbsp;Over time, if
backwardation remained constant, the difference would continue to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the futures market is in contango, the
investor would be buying a next month contract for a higher price than the current near month contract. Using again the $7 per
MMBtu price above to represent the front month price, the price of the next month contract could be $7.14 per barrel, that is,
2% more expensive than the front month contract.&nbsp;Hypothetically, and assuming no other changes to either prevailing natural
gas prices or the price relationship between the spot price, the near month contract and the next month contract (and ignoring
the impact of commission costs and the income earned on cash and/or cash equivalents), the value of the next month contract would
fall as it approaches expiration and becomes the new near month contract with a price of $7.&nbsp;In this example, it would mean
that the value of an investment in the second month would tend to rise slower than the spot price of natural gas, or fall faster.
As a result, it would be possible in this hypothetical example for the spot price of&nbsp;natural gas to have risen 10% after some
period of time, while the value of the investment in the second month futures contract will have risen only 8%, assuming contango
is large enough or enough time has elapsed. Similarly, the spot price of natural gas could have fallen 10% while the value of an
investment in the second month futures contract could have fallen 12%.&nbsp;Over time, if contango remained constant, the difference
would continue to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The chart below compares the price of the
near month contract to the average price of the&nbsp;near&nbsp;12&nbsp;month contracts over the last 10 years for natural gas.&nbsp;When
the price of the near month contract is higher than the average price of the near 12 month contracts, the market would be described
as being in backwardation.&nbsp;When the price of the near month contract is lower than the average price of the near 12 month
contracts, the market would be described as being in contango.&nbsp;Although the prices of the near month contract and the average
price of the near 12 month contracts do tend to move up or down together, it can be seen that at times the near month prices are
clearly higher than the average price of the near 12 month contracts (backwardation), and other times they are below the average
price of the near 12 month contracts (contango).&nbsp;In addition, investors can observe that natural gas prices, both front month
and second month, often display a seasonal pattern in which the price of natural gas tends to rise in the early winter months and
decline in the summer months.&nbsp;This mirrors the physical demand for natural gas, which typically peaks in the winter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg57.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An alternative way to view backwardation
and contango data over time is to subtract the dollar price of the near month natural gas Futures Contract from the dollar price
of the near 12 month natural gas Futures Contracts.&nbsp;If the resulting number is a positive number, then the near month price
is higher than the average price of the near 12 months and the market could be described as being in backwardation.&nbsp;If the
resulting number is a negative number, then the near month price is lower than the average price of the near 12 months and the
market could be described as being in contango.&nbsp;The chart below shows the results from subtracting the average dollar price
of the near 12 month contracts from the near month price for the 10 year period between December 31, 2002 and December 31, 2012.&nbsp;Investors
will note that the natural gas market spent time in both backwardation and contango.&nbsp;Investors will further note that the
markets display a seasonal pattern that corresponds to the seasonal demand patterns for natural gas above.&nbsp;That is, in many,
but not all, cases the average price of the near 12 month contracts is higher than the near month during the approach to the winter
months as the price of natural gas for delivery in those winter months rises on expectations of demand. At the same time, the price
of the near month, when that month is just before the onset of winter, does not rise as far or as fast as the average price of
the near 12 month contracts whose delivery falls during the winter season.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg58.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in a portfolio that involved
owning only the near month contract would likely produce a different result than an investment in a portfolio that owned an equal
number of each of the near 12 months&rsquo; worth of contracts.&nbsp;Generally speaking, when the natural gas futures market is
in backwardation, the near month only portfolio would tend to have a higher total return than the 12 month contract portfolio.&nbsp;Conversely,
if the natural gas futures market was in contango, the portfolio containing 12 months&rsquo; worth of contracts would tend to outperform
the near month only portfolio.&nbsp;The chart below shows the annual results of owning a portfolio consisting of the near month
contract and a portfolio containing the near 12 months&rsquo; worth of contracts.&nbsp;In addition, the chart shows the annual
change in the spot price of natural gas.&nbsp;In this example, each month, the near month only portfolio would sell the near month
contract at expiration and buy the next month out contract.&nbsp;The portfolio holding an equal number of the near 12 months&rsquo;
worth of contracts would sell the near month contract at expiration and replace it with the contract that becomes the new twelfth
month contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tpg59.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>*PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>HYPOTHETICAL PERFORMANCE RESULTS HAVE
MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT US12NG WILL OR IS LIKELY TO
ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE
RESULTS AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ONE OF THE LIMITATIONS OF HYPOTHETICAL
PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT
INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FOR EXAMPLE, THE ABILITY TO WITHSTAND
LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT
ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC
TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN
ADVERSELY AFFECT ACTUAL TRADING RESULTS. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As seen in the chart above, there have
been periods of both positive and negative annual total returns for both hypothetical portfolios over the last 10 years. In addition,
there have been periods during which the near month only approach had higher returns, and periods where the 12 month approach had
higher total returns.&nbsp;The above chart does not represent the performance history of US12NG or any Related Public Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, the&nbsp;natural gas futures&nbsp;markets
have experienced periods of contango and backwardation.&nbsp;Because natural gas demand is seasonal, it is possible for the price
of&nbsp;Futures Contracts for delivery within one or two months to rapidly move from backwardation into contango and back again
within a relatively short period of time of less than one year.&nbsp;While the investment objective of US12NG is not to have the
market price of its units match, dollar for dollar, changes in the spot price of natural gas, contango impacted the total return
on an investment in US12NG units during the year ended December&nbsp;31, 2012 relative to&nbsp;a hypothetical direct investment
in natural gas. For example, an investment in US12NG units made on December&nbsp;31, 2011 and held to December&nbsp;31, 2012 decreased,
based upon the changes in the NAV for US12NG units on those days, by approximately 18.76%, while the spot price of natural gas
for immediate delivery during the same period increased by approximately 12.00% (note: this comparison ignores the potential costs
associated with physically owning and storing natural gas, which could be substantial). By comparison, an investment in US12NG
units made on December&nbsp;31, 2010 and held to December&nbsp;31, 2011 decreased, based upon the changes in the NAV for US12NG
units on those days, by approximately 39.43%, while the spot price of natural gas for immediate delivery during the same period
decreased by approximately 28.82% (note: this comparison ignores the potential costs associated with physically owning and storing
natural gas, which could be substantial). The natural gas futures market remained in contango through the year ended December 31,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF believes that holding futures contracts
whose expiration dates are spread out over a 12 month period of time will cause the total return of such a portfolio to vary compared
to a portfolio that holds only a single month&rsquo;s contract (such as the near month contract). In particular, USCF believes
that the total return of a portfolio holding contracts with a range of expiration months will be impacted differently by the price
relationship between different contract months of the same commodity future compared to the total return of a portfolio consisting
of the near month contract.&nbsp;USCF believes that based on historical evidence a portfolio that held futures contracts with a
range of expiration dates spread out over a 12 month period of time would typically be impacted less by the positive effect of
backwardation, and less by the negative effect of contango, compared to a portfolio that held contracts of a single near month.&nbsp;As
a result, absent the impact of any other factors, a portfolio of 12 different monthly contracts would tend to have a lower total
return than a near month only portfolio in a backwardation market and a higher total return in a contango market.&nbsp;However
there can be no assurance that such historical relationships would provide the same or similar results in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Periods of contango or backwardation do
not materially impact US12NG&rsquo;s investment objective of having the daily percentage changes in its per unit NAV track the
daily percentage changes in the average of the price of the Benchmark&nbsp;Futures Contracts since the impact of backwardation
and contango tend to equally impact the daily percentage changes in price of both US12NG&rsquo;s units and&nbsp;the Benchmark Futures
Contracts.&nbsp;It is impossible to predict with any degree of certainty whether backwardation or contango will occur in the future.&nbsp;It
is likely that both conditions will occur during different periods and, because of the seasonal nature of natural gas demand, both
may occur within a single year&rsquo;s time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Natural Gas Market. </I>During the year
ended December&nbsp;31, 2012, natural gas prices in the United States were volatile and finished the period higher than the beginning
of the year. Prices were impacted by several factors. The continued existence of a historic storage surplus weighed on prices during
the first few months of the year, with prices reaching a low of $1.983 on April 12, 2012. However, reduced natural gas production
and a reduction of the surplus contributed to an increase in natural gas prices since mid-April 2012. As of December&nbsp;31, 2012,
the amount of natural gas in storage had reached 3.517 billion cubic feet, which was approximately 8.3% and 1.3% above the five-year
average and 2011 levels, respectively, but down from the peak surpluses that existed earlier in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By comparison, during the year ended December&nbsp;31,
2011, natural gas prices in the United States were impacted by several factors. During the first quarter of 2011, the amount of
natural gas in storage remained near the high of average levels as compared to 2010 levels. During the second and third quarter
of 2011, the amount of natural gas in storage fell below 2010 levels to the approximate median of the maximum-minimum range of
the previous five years. However, during the fourth quarter of 2011, the amount of natural gas in storage rose well above 2010
levels and the five-year average high storage level. As of December 30, 2011, the amount of natural gas in storage had reached
3.472 billion cubic feet, which was approximately 15% and 12% above the five-year average and 2010 levels, respectively. Although
prices were volatile, they tended to trend along with the seasonal changes in natural gas storage levels during the first and second
quarters but diverged from the seasonal trend during the third and fourth quarters. Warmer weather during most of the year contributed
to the volatility in prices. In addition, increased natural gas production also contributed to a decline in natural gas prices
during the year ended December 31, 2011, with prices reaching a low of $2.989 on December 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By comparison, during the year ended December&nbsp;31,
2010, natural gas prices in the United States were impacted by several factors. At the beginning of 2010, the amount of natural
gas in storage was at higher than average levels versus the previous five years and versus 2009 levels. During all of 2010, the
seasonally adjusted inventory levels of stored natural gas remained above five-year averages and above 2009 levels. In addition,
a combination of mild U.S. economic growth and increased natural gas production both contributed to a very significant decline
in natural gas prices during most of 2010, with prices reaching a low of $3.292 near the end of October 2010 before finally ending
the year with a price of $4.405</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Natural Gas Price Movements in Comparison
to Other Energy Commodities and Investment Categories.</I>&nbsp;USCF believes that investors frequently measure the degree to which
prices or total returns of one investment or asset class move up or down in value in concert with another investment or asset class.&nbsp;Statistically,
such a measure is usually done by measuring the correlation of the price movements of the two different investments or asset classes
over some period of time.&nbsp;The correlation is scaled between 1 and -1, where 1 indicates that the two investment options move
up or down in price or value together, known as &ldquo;positive correlation,&rdquo; and -1 indicates that they move in completely
opposite directions, known as &ldquo;negative correlation.&rdquo;&nbsp;A correlation of 0 would mean that the movements of the
two are neither positively nor negatively correlated, known as &ldquo;non-correlation.&rdquo;&nbsp;That is, the investment options
sometimes move up and down together and other times move in opposite directions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the ten year time period between 2003
and 2012, the table below compares the monthly movements of natural gas prices versus the monthly movements of the prices of several
other energy commodities, such as crude oil, diesel-heating oil, and unleaded gasoline, as well as several major non-commodity
investment asset classes, such as large cap U.S. equities, U.S. government bonds and global equities.&nbsp;It can be seen that
over this particular time period, the movement of natural gas on a monthly basis was not strongly correlated with the movements
of unleaded gasoline, crude oil, large cap U.S. equities, U.S. government bonds or global equities. Movements in natural gas had
a positive, yet moderate, correlation to movements in diesel-heating oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Correlation&nbsp;Matrix <BR>December&nbsp;31, <BR>2003-2012</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Large&nbsp;Cap<BR> U.S.<BR> Equities<BR> (S&amp;P<BR> 500)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">U.S.<BR>
Gov&rsquo;t.<BR> Bonds<BR> (EFFAS<BR>
U.S.<BR> Gov&rsquo;t.<BR> Bond<BR> Index)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Global&nbsp;Equities<BR> (FTSE&nbsp;World<BR> Index)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Crude<BR> Oil</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Diesel-<BR>
Heating<BR> Oil</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unleaded<BR> Gasoline</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Natural<BR> Gas</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 23%; font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-style: normal; font-family: Times New Roman, Times, Serif">Large
    Cap U.S. Equities (S&amp;P 500)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(0.275</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.965</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.346</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.290</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.227</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">0.069</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-style: normal; font-family: Times New Roman, Times, Serif">U.S.
    Gov&rsquo;t. Bonds (EFFAS U.S. Gov&rsquo;t. Bond Index)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.260</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.217</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.162</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.233</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.055</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-style: normal; font-family: Times New Roman, Times, Serif">Global
    Equities (FTSE World Index)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.278</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.119</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-style: normal; font-family: Times New Roman, Times, Serif">Crude
    Oil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.366</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: normal; text-indent: -12pt; padding-left: 12pt; font-style: normal; font-family: Times New Roman, Times, Serif">Diesel-Heating
    Oil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.485</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-style: normal; font-family: Times New Roman, Times, Serif">Unleaded
    Gasoline</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.281</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-style: normal; font-family: Times New Roman, Times, Serif">Natural
    Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1.000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: Bloomberg, NYMEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below covers a more recent, but
much shorter, range of dates than the above table.&nbsp;It can be seen that over this particular time period, the movement of natural
gas on a monthly basis was negatively, although weakly, correlated with large-cap U.S. equities, global equities, crude oil, diesel-heating
oil and unleaded gasoline. However, U.S. government bonds had a positive, yet weak, correlation over the shorter time period. <FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Correlation Matrix 12 <BR>Months <BR>ended&nbsp;December&nbsp;31,&nbsp;2012</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Large&nbsp;Cap <BR>U.S.<BR> Equities<BR> (S&amp;P<BR> 500)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">U.S.&nbsp; <BR>Gov&rsquo;t.<BR> Bonds<BR> (EFFAS&nbsp; <BR>U.S.<BR> Gov&rsquo;t.<BR> Bond<BR> Index)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Global&nbsp;Equities<BR> (FTSE&nbsp;World<BR> Index)</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Crude<BR> Oil</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Diesel-<BR> Heating<BR> Oil</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unleaded<BR> Gasoline</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Natural<BR> Gas</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 23%; font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-family: Times New Roman, Times, Serif; font-style: normal">Large Cap U.S. Equities (S&amp;P 500)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1.000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(0.652</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.943</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.639</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.733</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.735</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">(0.210</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-family: Times New Roman, Times, Serif; font-style: normal">U.S. Gov&rsquo;t. Bonds (EFFAS U.S. Gov&rsquo;t. Bond Index)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.652</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.350</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.411</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.361</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.121</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-family: Times New Roman, Times, Serif; font-style: normal">Global Equities (FTSE World Index)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.698</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.763</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.567</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(0.083</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-family: Times New Roman, Times, Serif; font-style: normal">Crude Oil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.890</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.515</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(0.212</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: normal; text-indent: -12pt; padding-left: 12pt; font-family: Times New Roman, Times, Serif; font-style: normal">Diesel-Heating Oil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(0.203</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-family: Times New Roman, Times, Serif; font-style: normal">Unleaded Gasoline</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(0.457</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: normal; text-align: left; text-indent: -12pt; padding-left: 12pt; font-family: Times New Roman, Times, Serif; font-style: normal">Natural Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1.000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Source: Bloomberg, NYMEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors are cautioned that the historical
price relationships between natural gas and various other energy commodities, as well as other investment asset classes, as measured
by correlation may not be reliable predictors of future price movements and correlation results.&nbsp;The results pictured above
would have been different if a different range of dates had been selected.&nbsp;USCF believes that natural gas has historically
not demonstrated a strong correlation with equities or bonds over long periods of time.&nbsp;However, USCF also believes that in
the future it is possible that natural gas could have long term correlation results that indicate prices of natural gas more closely
track the movements of equities or bonds.&nbsp;In addition, USCF believes that, when measured over time periods shorter than ten
years, there will always be some periods where the correlation of natural gas to equities and bonds will be either more strongly
positively correlated or more strongly negatively correlated than the long term historical results suggest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The&nbsp;correlations&nbsp;between natural
gas, crude oil, diesel-heating oil and gasoline&nbsp;are relevant because USCF endeavors to invest US12NG&rsquo;s assets in Futures
Contracts and Other Natural Gas-Related Investments so that daily changes in percentage terms in US12NG&rsquo;s per unit NAV correlate
as closely as possible with daily changes in percentage terms in the average of the prices of the Benchmark Futures Contracts.&nbsp;If
certain other fuel-based commodity futures contracts&nbsp;do not closely correlate with the natural gas Futures Contracts, then
their use could lead to greater tracking error.&nbsp;As noted, USCF also believes that the changes in percentage terms in the average
of the prices of the Benchmark Futures Contracts will closely correlate with changes in percentage terms in the spot price of natural
gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Critical Accounting Policies </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preparation of the financial statements
and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the
application of appropriate accounting rules and guidance, as well as the use of estimates.&nbsp;US12NG&rsquo;s application of these
policies involves judgments and actual results may differ from the estimates used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF has evaluated the nature and types
of estimates that it&nbsp;makes in preparing US12NG&rsquo;s financial statements and related disclosures&nbsp;and has determined
that the valuation of its investments which are not traded on a United States or internationally recognized futures exchange (such
as forward contracts and over-the-counter contracts) involves a critical accounting policy.&nbsp;The values which are used by US12NG
for its Futures Contracts are provided by its commodity broker who uses market prices when available, while&nbsp;over-the-counter
contracts are valued based on the present value of estimated future cash flows that would be received from or paid to a third party
in settlement of these derivative contracts prior to their delivery date and valued on a daily basis.&nbsp;In addition, US12NG
estimates dividend and interest income on a daily basis using prevailing rates earned on its cash and cash equivalents.&nbsp;These
estimates are adjusted to the actual amount received on a monthly basis and the difference, if any, is not considered material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Liquidity and Capital Resources </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has not made, and does not anticipate
making, use of borrowings or other lines of credit to meet its obligations.&nbsp;US12NG has met, and it is anticipated that US12NG
will continue to meet, its liquidity needs in the normal course of business from the proceeds of the sale of its investments or
from the Treasuries, cash and/or cash equivalents that it intends to hold at all times.&nbsp;US12NG&rsquo;s liquidity needs include:
redeeming units, providing margin deposits for its existing natural gas Futures Contracts or the purchase of additional natural
gas Futures Contracts and posting collateral for its over-the-counter contracts and, if applicable, payment of its expenses, summarized
below under &ldquo;Contractual Obligations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG currently generates cash primarily
from: (i)&nbsp;the sale of Creation Baskets&nbsp;and (ii)&nbsp;income earned on Treasuries, cash and/or cash equivalents.&nbsp;US12NG
has allocated substantially all of its net assets to trading in Natural Gas Interests. US12NG invests in Natural Gas Interests
to the fullest extent possible without being leveraged or unable to satisfy its current or potential margin or collateral obligations
with respect to its investments in Futures Contracts and Other Natural Gas-Related Investments.&nbsp;A significant portion of US12NG&rsquo;s
NAV is held in Treasuries, cash and cash equivalents&nbsp;that are used as margin and as collateral for its trading in Natural
Gas Interests.&nbsp;The balance of the assets is held in US12NG&rsquo;s account at the Custodian and in investments in Treasuries
at the FCM.&nbsp;Income received from US12NG&rsquo;s investments in money market funds and Treasuries is paid to US12NG.&nbsp;During
the years ended December&nbsp;31, 2012 and 2011, US12NG&rsquo;s expenses exceeded the income US12NG earned and the cash earned
from the sale of Creation Baskets.&nbsp;During the years ended December&nbsp;31, 2012 and 2011, US12NG was forced to use other
assets to pay expenses, which could cause a drop in US12NG&rsquo;s NAV over time.&nbsp;To the extent expenses exceed income, US12NG&rsquo;s
NAV will be negatively impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s investments in Natural Gas
Interests may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons.&nbsp;For
example, most commodity exchanges limit the fluctuations in&nbsp;futures contracts prices during a single day by regulations referred
to as &ldquo;daily limits.&rdquo;&nbsp;During a single day, no trades may be executed at prices beyond the daily limit.&nbsp;Once
the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in the contracts can
neither be taken nor liquidated unless the traders are willing to effect trades at or within the specified daily limit.&nbsp;Such
market conditions could prevent US12NG from promptly liquidating its positions in&nbsp;futures contracts.&nbsp;During the year
ended December&nbsp;31, 2012, US12NG was not forced to purchase or liquidate any of its positions while daily limits were in effect;
however, US12NG cannot predict whether such an event may occur in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the initial offering of US12NG, all
payments with respect to US12NG&rsquo;s expenses were paid by USCF.&nbsp;US12NG does not have an obligation or intention to refund
such payments by USCF.&nbsp;USCF has voluntary agreed to pay certain expenses typically borne by US12NG, to the extent that such
expenses exceeded 0.15% (15 basis points) of US12NG&rsquo;s NAV, on an annualized basis, through at least June 30, 2013.&nbsp;USCF
has no obligation to continue such payment into subsequent periods.&nbsp;US12NG will be responsible for expenses incurred subsequent
to the initial offering of units relating to: (i)&nbsp;management fees, (ii)&nbsp;brokerage fees&nbsp;and commissions, (iii)&nbsp;licensing
fees for the use of intellectual property, (iv)&nbsp;ongoing registration expenses in connection with&nbsp;offers and sales of
its units subsequent to the initial offering, (v)&nbsp;other expenses, including tax reporting costs, (vi)&nbsp;fees and expenses
of the independent directors of USCF and (vii)&nbsp;other extraordinary expenses not in the ordinary course of business, while
USCF has been responsible for expenses relating to the fees of US12NG&rsquo;s Marketing Agent, Administrator and Custodian.&nbsp;If&nbsp;USCF
and US12NG are unsuccessful in raising sufficient funds to cover these respective expenses or in locating any other source of funding,
US12NG will terminate and investors may lose all or part of their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Market Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trading in Futures Contracts and Other
Natural Gas-Related Investments, such as forwards, involves US12NG entering into contractual commitments to purchase or sell natural
gas at a specified date in the future.&nbsp;The aggregate market value of the contracts will significantly exceed US12NG&rsquo;s
future cash requirements since US12NG intends to close out its open positions prior to settlement.&nbsp;As a result, US12NG is
generally only subject to the risk of loss arising from the change in value of the contracts.&nbsp;US12NG considers the &ldquo;fair
value&rdquo; of its derivative instruments to be the unrealized gain or loss on the contracts.&nbsp;The market risk associated
with US12NG&rsquo;s commitments to purchase natural gas is limited to the aggregate market value of the contracts held.&nbsp;However,
should US12NG enter into a contractual commitment to sell natural gas, it would be required to make delivery of the natural gas
at the contract price, repurchase the contract at prevailing prices or settle in cash.&nbsp;Since there are no limits on the future
price of natural gas, the market risk to US12NG could be unlimited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s exposure to market risk
depends on a number of factors, including the markets for natural gas, the volatility of interest rates and foreign exchange rates,
the liquidity of the Futures Contracts and Other Natural Gas-Related Investments markets and the relationships among the contracts
held by US12NG.&nbsp;Drastic market occurrences could ultimately lead to the loss of all or substantially all of an investor&rsquo;s
capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Credit Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When US12NG enters into Futures Contracts
and Other Natural Gas-Related Investments, it is exposed to the credit risk that the counterparty will not be able to meet its
obligations.&nbsp;The counterparty for the Futures Contracts traded on the NYMEX and on most other futures exchanges is the clearinghouse
associated with the particular exchange.&nbsp;In general, in addition to margin required to be posted by the clearinghouse in connection
with cleared trades, clearinghouses are backed by their members who may be required to share in the financial burden resulting
from the nonperformance of one of their members and, therefore, this additional member support should significantly reduce credit
risk.&nbsp;Some foreign exchanges are not backed by their clearinghouse members but may be backed by a consortium of banks or other
financial institutions.&nbsp;There can be no assurance that any counterparty, clearinghouse, or their members or their financial
backers will satisfy their obligations to US12NG in such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF attempts to manage the credit risk
of US12NG by following various trading limitations and policies.&nbsp;In particular, US12NG generally posts margin and/or holds
liquid assets that are approximately equal to the market value of its obligations to counterparties under the Futures Contracts
and Other Natural Gas-Related Investments it holds.&nbsp;USCF has implemented procedures that include, but are not limited to,
executing and clearing trades only with creditworthy parties and/or requiring the posting of collateral or margin by such parties
for the benefit of US12NG to limit its credit exposure. <FONT STYLE="font-size: 10pt"> </FONT>UBS Securities, US12NG&rsquo;s commodity
broker, or any other broker that may be retained by US12NG in the future, when acting as US12NG&rsquo;s FCM in accepting orders
to purchase or sell Futures Contracts on United States exchanges, is&nbsp;required by&nbsp;CFTC regulations to separately account
for and segregate as belonging to US12NG, all assets of US12NG relating to domestic Futures Contracts trading.&nbsp;These FCMs
are not allowed to commingle US12NG&rsquo;s assets with their other assets.&nbsp;In addition, the CFTC requires commodity brokers
to hold in a secure account US12NG&rsquo;s assets related to foreign&nbsp;Futures Contracts trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the future, US12NG may purchase over-the-counter
contracts. See <I>&ldquo;Item 7A.&nbsp;Quantitative and Qualitative Disclosures About Market Risk&rdquo;</I> in this annual report
on Form 10-K for a discussion of over-the-counter contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&nbsp;31, 2012, US12NG held
cash deposits and investments in Treasuries and money market funds in the amount of $44,083,264 with the Custodian and FCM. Some
or all of these amounts may be subject to loss should the Custodian and/or FCM cease operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Off Balance Sheet Financing </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&nbsp;31, 2012, US12NG had
no loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the
normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake
in performing services which are in the best interests of US12NG.&nbsp;While US12NG&rsquo;s exposure under these indemnification
provisions cannot be estimated, they are not expected to have a material impact on US12NG&rsquo;s financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>European Sovereign Debt </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG had no direct exposure to European
sovereign debt as of December&nbsp;31, 2012 and has no direct exposure to European sovereign debt as of the filing of this annual
report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Redemption Basket Obligation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to meet its investment objective
and pay its contractual obligations described below, US12NG&nbsp;requires liquidity to redeem units, which redemptions must be
in blocks of 50,000 units as of February&nbsp;29, 2012 called &ldquo;Redemption Baskets&rdquo;. (Prior to February&nbsp;29, 2012,
the size of the Redemption Basket was 100,000 units.) US12NG has to date satisfied this obligation by paying from the cash or cash
equivalents it holds or through the sale of its Treasuries in an amount proportionate to the number of units being redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contractual Obligations </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s primary contractual obligations
are with USCF. In return for its services, USCF is entitled to a management fee calculated daily and paid monthly as a fixed percentage
of US12NG&rsquo;s NAV, currently 0.75% of US12NG&rsquo;s NAV on its average daily total net assets.&nbsp;Since inception through
April&nbsp;30, 2010, USCF was charging US12NG a management fee at a reduced rate of 0.60%&nbsp;per annum of average daily total
net assets.&nbsp;Effective May&nbsp;1, 2010, USCF resumed charging its standard rate of 0.75%&nbsp;per annum of average daily total
net assets.&nbsp;The difference of 0.15%&nbsp;per annum of average daily total net assets since inception through April&nbsp;30,
2010 was waived by USCF and will not be recouped from US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF&nbsp;agreed to pay the start-up costs
associated with the formation of US12NG, primarily its legal, accounting and other costs in connection with USCF&rsquo;s registration
with the CFTC as a CPO and the registration and listing of US12NG and its units with the&nbsp;SEC, FINRA and NYSE Arca (formerly,
AMEX), respectively.&nbsp;However, since US12NG&rsquo;s initial offering of units, offering costs incurred in connection with registering
and listing additional units of US12NG have been directly borne on an ongoing basis by US12NG, and not by USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF&nbsp;pays the fees of the Marketing
Agent and the fees of the Custodian and Transfer Agent, BBH&amp;Co., as well as BBH&amp;Co.&rsquo;s fees for performing administrative
services, including those in connection with the preparation of US12NG&rsquo;s financial statements and its SEC, NFA and CFTC reports.&nbsp;USCF
and US12NG&nbsp;have also&nbsp;entered into a licensing agreement with the NYMEX pursuant to which US12NG and the Related Public
Funds, other than USBO, USCI, CPER, USAG and USMI, pay a licensing fee to the NYMEX. US12NG also pays the fees and expenses associated
with its tax accounting and reporting requirements.&nbsp;USCF has voluntarily agreed to pay certain expenses typically borne by
US12NG, to the extent that such expenses exceeded 0.15% (15 basis points) of US12NG&rsquo;s NAV, on an annualized basis, through
at least June 30, 2013. USCF has no obligation to continue such payment into subsequent periods. This voluntary expense waiver
is in addition to those amounts USCF is contractually obligated to pay as described in Note 4 in Item 8 of this annual report on
Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to USCF&rsquo;s management
fee, US12NG pays its brokerage fees (including fees to a FCM), over-the-counter dealer spreads, any licensing fees for the use
of intellectual property, and, subsequent to the initial offering, registration and other fees paid to the SEC, FINRA, or other
regulatory agencies in connection with the offer and sale of units, as well as legal, printing, accounting and other expenses associated
therewith, and extraordinary expenses.&nbsp;The latter are expenses not incurred in the ordinary course of US12NG&rsquo;s business,
including expenses relating to the indemnification of any person against liabilities and obligations to the extent permitted by
law and under the LP Agreement, the bringing or defending of actions in law or in equity or otherwise conducting litigation and
incurring legal expenses and the settlement of claims and litigation.&nbsp;Commission payments to a FCM are on a contract-by-contract,
or round turn, basis. US12NG also pays a portion of the fees and expenses of the independent directors of USCF.&nbsp;See Note 3
to the Notes to Financial Statements in Item&nbsp;8 of this annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties cannot anticipate the amount
of payments that will be required under these arrangements for future periods, as US12NG&rsquo;s per unit NAVs and trading levels
to meet its investment objective will not be known until a future date.&nbsp;These agreements are effective for a specific term
agreed upon by the parties with an option to renew, or, in some cases, are in effect for the duration of US12NG&rsquo;s existence.&nbsp;Either
party may terminate these agreements earlier for certain reasons described in the agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December&nbsp;31, 2012, US12NG&rsquo;s
portfolio consisted of 1,197 Natural Gas Futures NG Contracts traded on the NYMEX. As of December 31, 2012, US12NG did not hold
any Futures Contracts traded on ICE Futures. For a list of US12NG&rsquo;s current holdings, please see US12NG&rsquo;s website at
www.unitedstates12monthnaturalgasfund.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;7A.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Quantitative and Qualitative Disclosures About Market Risk</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Over-the-Counter Derivatives (Including
Spreads and Straddles) </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the future, US12NG may purchase over-the-counter
contracts (&ldquo;OTC Contracts&rdquo;).&nbsp;Unlike most exchange-traded Futures Contracts or exchange-traded options on such
futures, each party to an OTC Contract bears the credit risk that the other party may not be able to perform its obligations under
its contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Swap transactions, like other financial
transactions, involve a variety of significant risks. The specific risks presented by a particular swap transaction necessarily
depend upon the terms and circumstances of the transaction. In general, however, all swap transactions involve some combination
of market risk, credit risk, counterparty credit risk, funding risk, liquidity risk and operational risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Highly customized swap transactions in
particular may increase liquidity risk, which may result in a suspension of redemptions. Highly leveraged transactions may experience
substantial gains or losses in value as a result of relatively small changes in the value or level of an underlying or related
market factor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In evaluating the risks and contractual
obligations associated with a particular swap transaction, it is important to consider that a swap transaction may be modified
or terminated only by mutual consent of the original parties and subject to agreement on individually negotiated terms. Therefore,
it may not be possible for USCF to modify, terminate or offset US12NG&rsquo;s obligations or its exposure to the risks associated
with a transaction prior to its scheduled termination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To reduce the credit risk that arises in
connection with such contracts, US12NG will generally enter into an agreement with each counterparty based on the Master Agreement
published by ISDA&nbsp;that provides for the netting of its overall exposure to its counterparty, if the counterparty is unable
to meet its obligations to US12NG due to the occurrence of a specified event, such as the insolvency of the counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF assesses or reviews, as appropriate,
the creditworthiness of each potential or existing counterparty to an OTC Contract pursuant to guidelines approved by USCF&rsquo;s
Board.&nbsp;Furthermore, USCF on behalf of US12NG&nbsp;only enters into OTC Contracts with counterparties who are, or are affiliates
of, (a)&nbsp;banks regulated by a United States federal bank regulator, (b)&nbsp;broker-dealers regulated by the SEC, (c)&nbsp;insurance
companies domiciled in the United States, or (d)&nbsp;producers, users or traders of energy, whether or not regulated by the CFTC.&nbsp;Any
entity acting as a counterparty shall be regulated in either the United States or the United Kingdom unless otherwise approved
by the Board after consultation with its legal counsel.&nbsp;Existing counterparties are also reviewed periodically by USCF. US12NG
will also require that the counterparty be highly rated and/or provide collateral or other credit support. Even if collateral is
used to reduce counterparty credit risk, sudden changes in the value of OTC transactions may leave a party open to financial risk
due to a counterparty default since the collateral held may not cover a party&rsquo;s exposure on the transaction in such situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, valuing OTC derivatives is
less certain than valuing actively traded financial instruments such as exchange-traded futures contracts and securities or cleared
swaps because the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated,
and those prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers
and dealers generally quote indicative prices or terms for entering into or terminating OTC Contracts, they typically are not contractually
obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent
value for an outstanding OTC derivatives transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended December&nbsp;31,
2012, US12NG did not employ any hedging methods such as those described above since all of US12NG&rsquo;s investments were made
over an exchange.&nbsp;Therefore, during such period, US12NG was not exposed to counterparty risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;8.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Financial Statements and Supplementary Data. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United States 12 Month Natural Gas Fund,
LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Index to&nbsp;Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 90%; border-bottom: windowtext 1pt solid; text-align: justify"><B>Documents</B></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: windowtext 1pt solid; text-align: center"><B>Page</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Management&rsquo;s Annual Report on Internal Control Over Financial Reporting.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Reports of Independent Registered Public Accounting Firm.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Statements of Financial Condition at December&nbsp;31, 2012 and 2011.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Schedule of Investments at December&nbsp;31, 2012 and 2011.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">68</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Statements of Operations for the years ended December&nbsp;31, 2012, 2011 and 2010.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">70</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Statements of Changes in Partners&rsquo; Capital for the years ended December&nbsp;31, 2012, 2011 and 2010.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">71</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Statements of Cash Flows for the years ended December&nbsp;31, 2012, 2011 and 2010.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 12pt; text-align: justify; text-indent: -12pt">Notes to Financial Statements for the years ended December&nbsp;31, 2012, 2011 and 2010.</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">73</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management&rsquo;s Annual Report on Internal Control Over
Financial Reporting. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF assessed the effectiveness of US12NG&rsquo;s
internal control over financial reporting as of December&nbsp;31, 2012.&nbsp;In making this assessment, it used the criteria set
forth by the Committee of Sponsoring Organizations of the Treadway Commission in <I>Internal Control Integrated Framework.&nbsp;</I>Based
on the assessment, USCF believes that, as of December&nbsp;31, 2012, US12NG&rsquo;s internal control over financial reporting is
effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Attestation Report of Registered Public Accounting Firm.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Report of Independent Registered Public Accounting Firm </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Auditors&rsquo; Report on Internal Control over Financial
Reporting </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Partners of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States 12 Month Natural Gas Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the internal control over
financial reporting of United States 12 Month Natural Gas Fund, LP (the &ldquo;Fund&rdquo;) as of December&nbsp;31, 2012, based
on criteria established in Internal Control&nbsp;&mdash; Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission. The Fund&rsquo;s management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management&rsquo;s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the
Fund&rsquo;s internal control over financial reporting based on our audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audit in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all
material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control
over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An entity&rsquo;s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the
United States of America. An entity&rsquo;s internal control over financial reporting includes those policies and procedures that
(1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the entity; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
entity are being made only in accordance with authorizations of management and directors of the entity; and (3)&nbsp;provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the entity&rsquo;s assets
that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of the effectiveness
to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the Fund maintained, in
all material respects, effective internal control over financial reporting as of December&nbsp;31, 2012, based on the criteria
established in Internal Control&nbsp;&mdash; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have also audited, in accordance
with the standards of the Public Company Accounting Oversight Board (United States), the financial statements as of and for
the year ended December&nbsp;31, 2012, of the Fund and our report dated March 26, 2013 expressed an unqualified opinion on
those financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Spicer Jeffries LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greenwood Village, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 26, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Report of Independent Registered Public Accounting Firm </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Partners of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States 12 Month Natural Gas Fund,
LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying statements
of financial condition of United States&nbsp;12 Month Natural Gas Fund, LP&nbsp;(the &ldquo;Fund&rdquo;) as of December&nbsp;31,
2012 and 2011, including the&nbsp;schedule of investments as of December&nbsp;31, 2012 and 2011 and the related statements of operations,
changes in partners&rsquo; capital and cash flows for the years ended December&nbsp;31, 2012, 2011 and 2010.&nbsp;These financial
statements are the responsibility of the Fund&rsquo;s management. Our responsibility is to express an opinion on these financial
statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the financial statements
referred to above present fairly, in all material respects, the financial position of United States&nbsp;12 Month Natural Gas Fund,
LP&nbsp;as of December&nbsp;31, 2012 and 2011, and the results of its operations and its cash flows for the years ended December&nbsp;31,
2012, 2011 and 2010, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also have audited, in accordance with
standards of the Public Company Accounting Oversight Board (United States), the Fund&rsquo;s internal control over financial reporting
as of December&nbsp;31, 2012, based on criteria established in Internal Control &mdash; Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission and our report dated March 26, 2013 expressed an unqualified opinion on
the Fund&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Spicer Jeffries LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Greenwood Village, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 26, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States 12 Month Natural Gas Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Statements of Financial Condition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>At December 31, 2012 and 2011</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; padding-left: 9pt">Cash and cash equivalents (Notes 2 and 5)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">39,667,209</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">19,719,092</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Equity in UBS Securities LLC trading accounts:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,416,055</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,131,179</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Unrealized loss on open commodity futures contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(906,580</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,583,320</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Receivable from General Partner (Note 3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,503</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,169</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Dividend receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">423</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">195</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Interest receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">321</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">203</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 27pt; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">43,245,931</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">21,380,526</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities and Partners' Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Investment payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Professional fees payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,075</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">General Partner management fees payable (Note 3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,661</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Brokerage commissions payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,334</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">976</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 27pt; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">160,240</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">170,980</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; font-style: normal"><B>Commitments and Contingencies</B> (Notes 3, 4 and
    5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Partners' Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">General Partner</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt; padding-bottom: 1pt">Limited Partners</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">43,085,691</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">21,209,546</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 27pt; padding-bottom: 1pt">Total Partners' Capital</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">43,085,691</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">21,209,546</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 9pt; padding-bottom: 2.5pt">Total liabilities and partners' capital</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">43,245,931</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">21,380,526</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt; padding-bottom: 2.5pt">Limited Partners' units outstanding</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">2,500,000</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">1,000,000</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt; padding-bottom: 2.5pt">Net asset value per unit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">17.23</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">21.21</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt; padding-bottom: 2.5pt">Market value per unit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">17.24</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">21.12</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States 12 Month Natural Gas Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Schedule of Investments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>At December 31, 2012</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of<BR> Contracts</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unrealized<BR> Gain&nbsp;(Loss)<BR> on&nbsp;Open<BR> Commodity<BR> Contracts</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of<BR> Partners'<BR> Capital</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Open Futures Contracts - Long</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">United States Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG February 2013 contracts, expiring January 2013</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">99</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(205,290</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(0.48</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG March 2013 contracts, expiring February 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(178,200</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.41</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG April 2013 contracts, expiring March 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,820</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.05</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG May 2013 contracts, expiring April 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,460</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG June 2013 contracts, expiring May 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(55,630</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.13</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG July 2013 contracts, expiring June 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">191,530</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG August 2013 contracts, expiring July 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,640</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.14</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG September 2013 contracts, expiring August 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG October 2013 contracts, expiring September 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(90,560</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.21</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG November 2013 contracts, expiring October 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(334,130</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.78</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG December 2013 contracts, expiring November 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(334,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.78</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG January 2014 contracts, expiring December 2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">100</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,560</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.06</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total Open Futures Contracts</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,197</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(906,580</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2.10</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal<BR> Amount</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market <BR> Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD COLSPAN="13" STYLE="font-weight: bold">Cash Equivalents</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">United States Treasury Obligation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -0.1in; padding-left: 0.1in; padding-bottom: 1pt">U.S. Treasury Bill, 0.10%, 1/17/2013</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">$</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 1pt">3,400,000</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">3,399,856</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">7.89</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">United States - Money Market Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Fidelity Institutional Government Portfolio - Class I</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,509,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,509,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.82</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Goldman Sachs Financial Square Funds - Government Fund - Class FS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,502,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,502,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.49</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Morgan Stanley Institutional Liquidity Fund - Government Portfolio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,510,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,510,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.11</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Wells Fargo Advantage Government Money Market Fund - Class I</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">10,000,468</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,000,468</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23.21</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Total Money Market Funds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,522,574</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47.63</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total Cash Equivalents</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23,922,430</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">55.52</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States 12 Month Natural Gas Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Schedule of Investments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>At December 31, 2011</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;of<BR> Contracts</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Unrealized<BR> Loss<BR> on&nbsp;Open<BR> Commodity<BR> Contracts</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%&nbsp;of<BR> Partners'<BR> Capital</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Open Futures Contracts - Long</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">United States Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG February 2012 contracts, expiring January 2012</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">53</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(1,134,840</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">(5.35</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG March 2012 contracts, expiring February 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(992,530</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.68</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG April 2012 contracts, expiring March 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(902,990</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.26</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG May 2012 contracts, expiring April 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(882,660</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.16</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG June 2012 contracts, expiring May 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(835,310</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.94</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG July 2012 contracts, expiring June 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(890,120</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.20</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG August 2012 contracts, expiring July 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(839,470</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.96</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG September 2012 contracts, expiring August 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(693,560</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.27</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG October 2012 contracts, expiring September 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(662,680</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.12</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG November 2012 contracts, expiring October 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(426,230</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.01</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG December 2012 contracts, expiring November 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(250,390</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.18</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">NYMEX Natural Gas Futures NG January 2013 contracts, expiring December 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">53</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(72,540</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">Total Open Futures Contracts</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">642</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(8,583,320</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(40.47</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal<BR> Amount</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Market <BR> Value</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash Equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">United States Treasury Obligation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -0.25in; padding-left: 0.25in; padding-bottom: 1pt">U.S. Treasury Bill, 0.03%, 6/21/2012</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">$</TD><TD STYLE="width: 12%; text-align: right; padding-bottom: 1pt">1,760,000</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">1,759,748</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">8.30</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">United States - Money Market Funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Fidelity Institutional Government Portfolio - Class I</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,508,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,508,863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.83</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 0.1in">Goldman Sachs Financial Square Funds - Government Fund - Class SL</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,501,985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,501,985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.08</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Morgan Stanley Institutional Liquidity Fund - Government Portfolio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,507,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,507,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30.68</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Money Market Funds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,518,621</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">49.59</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Cash Equivalents</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,278,369</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">57.89</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States 12 Month Natural Gas Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Statements of Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>For the years ended December 31, 2012, 2011 and 2010</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended<BR> December&nbsp;31,&nbsp;2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended<BR> December&nbsp;31,&nbsp;2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended<BR> December&nbsp;31,&nbsp;2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain (loss) on trading of commodity futures contracts:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; padding-left: 9pt">Realized loss on closed positions</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(12,161,650</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(7,653,100</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(9,574,510</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Change in unrealized gain (loss) on open positions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,676,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,408,260</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,837,730</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Dividend income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,917</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,350</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0.25in; padding-bottom: 1pt">Total loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(4,462,964</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(14,049,872</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(13,388,713</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General Partner management fees (Note 3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">283,719</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,340</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">151,075</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,005</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brokerage commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,360</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,869</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,379</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,374</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,070</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0.25in">Total expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">434,731</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">408,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">482,966</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Expense waiver (Note 3)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(68,503</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(113,169</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(151,688</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 0.25in; padding-bottom: 1pt">Net expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">366,228</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">295,622</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">331,278</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(4,829,192</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(14,345,494</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(13,719,991</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss per limited partnership unit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(3.98</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(13.81</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(18.75</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss per weighted average limited partnership unit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(2.26</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(13.80</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(15.42</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Weighted average limited partnership units outstanding</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">2,132,514</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">1,039,452</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">889,863</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States 12 Month Natural Gas Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Statements of Changes in Partners&rsquo; Capital</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>For the years ended December 31, 2012, 2011 and 2010</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">General&nbsp;Partner</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Limited&nbsp;Partners</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; font-weight: bold">Balances, at December 31, 2009</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">37,637,148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">37,637,148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Addition of 800,000 partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,789,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,789,052</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Redemption of 500,000 partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,684,196</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,684,196</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,719,991</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,719,991</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Balances, at December 31, 2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,022,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,022,013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Addition of 300,000 partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,130,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,130,630</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Redemption of 300,000 partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,597,603</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,597,603</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,345,494</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(14,345,494</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold">Balances, at December 31, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,209,546</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,209,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Addition of 1,850,000 partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,083,248</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,083,248</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Redemption of 350,000 partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,377,911</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,377,911</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,829,192</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,829,192</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balances, at December 31, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">&ndash;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">43,085,691</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">43,085,691</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Net Asset Value Per Unit:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">At December 31, 2009</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt"> &nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">53.77</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">At December 31, 2010</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">35.02</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">At December 31, 2011</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">21.21</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">At December 31, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">  &nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">17.23</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>United States 12 Month Natural Gas Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Statements of Cash Flows</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>For the years ended December 31, 2012, 2011 and 2010</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended<BR> December&nbsp;31,<BR> 2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended<BR> December&nbsp;31,<BR> 2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;ended<BR> December&nbsp;31,<BR> 2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: left; padding-left: 9pt">Net loss</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(4,829,192</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(14,345,494</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(13,719,991</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 18pt; text-indent: -9pt">Adjustments to reconcile net loss to net cash used in operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: -9pt">(Increase) decrease in commodity futures trading account - cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,715,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,164,487</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,026,276</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Unrealized (gain) loss on futures contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,676,740</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,408,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,837,730</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">(Increase) decrease in receivable from General Partner</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,666</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,011</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">(Increase) decrease in dividend receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(228</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">868</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(334</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">(Increase) decrease in interest receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">(Increase) decrease in other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(118</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(558</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Increase (decrease) in investment payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Increase (decrease) in professional fees payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,802</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,205</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 36pt; text-indent: -9pt">Increase (decrease) in General Partner management fees payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,964</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,196</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,874</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 27pt">Increase (decrease) in brokerage commissions payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(252</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(425</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,485</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt; padding-bottom: 1pt">Increase (decrease) in other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,358</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(1,681</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,904</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 45pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,757,220</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,127,210</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,847,972</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Addition of partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,083,248</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,130,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,789,052</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt; padding-bottom: 1pt">Redemption of partnership units</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(6,377,911</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(9,597,603</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(19,684,196</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1pt; padding-left: 45pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,705,337</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">533,027</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,104,856</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Increase (Decrease) in Cash and Cash Equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,948,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,594,183</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,743,116</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 1pt; font-style: normal"><B>Cash and Cash Equivalents</B>,
    beginning of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">19,719,092</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">30,313,275</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">32,056,391</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: normal; text-align: left; padding-bottom: 2.5pt; font-style: normal"><B>Cash and Cash Equivalents</B>,
    end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">39,667,209</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19,719,092</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">30,313,275</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>See accompanying notes to financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>United States 12 Month Natural Gas Fund, LP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes to Financial Statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For the years ended December&nbsp;31, 2012, 2011 and 2010</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 1 - ORGANIZATION AND BUSINESS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The United States 12 Month Natural Gas
Fund, LP (&ldquo;US12NG&rdquo;) was organized as a limited partnership under the laws of the state of Delaware on June 27, 2007.&nbsp;US12NG
is a commodity pool that issues limited partnership units (&ldquo;units&rdquo;) that may be purchased and sold on the NYSE Arca,
Inc. (the &ldquo;NYSE Arca&rdquo;).&nbsp;US12NG will continue in perpetuity, unless terminated sooner upon the occurrence of one
or more events as described in its&nbsp;Second Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013
(the &ldquo;LP Agreement&rdquo;).&nbsp;The investment objective of US12NG is for the daily changes in percentage terms of its units&rsquo;
per unit net asset value (&ldquo;NAV&rdquo;) to reflect the daily changes in percentage terms&nbsp;of the spot price of natural
gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the average of the prices of 12 futures contracts
on natural gas traded on the&nbsp;New York Mercantile Exchange (the &ldquo;NYMEX&rdquo;),&nbsp;consisting of the near month contract
to expire and the contracts for the following 11 months for a total of 12 consecutive months&rsquo; contracts, except when the
near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that are the
next month contract to expire and the contracts for the following 11 consecutive months (the &ldquo;Benchmark Futures Contracts&rdquo;),
less US12NG&rsquo;s expenses. It is not the intent of US12NG to be operated in a fashion such that the per unit NAV will equal,
in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas. It is not the intent of
US12NG to be operated in a fashion such that its per unit NAV will reflect the percentage change of the price of any particular
futures contract as measured over a time period greater than one day. United States Commodity Funds LLC (&ldquo;USCF&rdquo;), the
general partner of US12NG, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing
in Futures Contracts (as defined below) and Other Natural Gas-Related Investments (as defined below).&nbsp;US12NG accomplishes
its objective through investments in futures contracts for natural gas, crude oil, diesel-heating oil, gasoline and other petroleum-based
fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, &ldquo;Futures Contracts&rdquo;)
and other natural gas-related investments such as cash-settled options on Futures Contracts, forward contracts for natural gas,
cleared swap contracts and over-the-counter transactions that are based on the price of natural gas, crude oil and other petroleum-based
fuels, Futures Contracts and indices based on the foregoing&nbsp;(collectively, &ldquo;Other Natural Gas-Related Investments&rdquo;).&nbsp;As
of December&nbsp;31, 2012, US12NG held 1,197 Futures Contracts for natural gas traded on the NYMEX and did not hold any Futures
Contracts traded on ICE Futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG commenced investment operations
on November&nbsp;18, 2009 and has a fiscal year ending on December&nbsp;31. USCF is&nbsp;responsible for the management of US12NG.
USCF is a member of the National Futures Association (the &ldquo;NFA&rdquo;) and became&nbsp;a commodity pool operator registered
with the Commodity Futures Trading Commission (the &ldquo;CFTC&rdquo;) effective December&nbsp;1, 2005.&nbsp;USCF is also the general
partner of&nbsp;the United States Oil Fund, LP (&ldquo;USOF&rdquo;), the United States Natural Gas Fund, LP (&ldquo;USNG&rdquo;),
the United States 12 Month Oil Fund, LP (&ldquo;US12OF&rdquo;), the United States Gasoline Fund, LP (&ldquo;UGA&rdquo;) and the
United States Diesel-Heating Oil Fund, LP (formerly, the United States Heating Oil Fund, LP) (&ldquo;USDHO&rdquo;), which listed
their limited partnership units on the AMEX under the ticker symbols&nbsp;&ldquo;USO&rdquo; on April&nbsp;10, 2006, &ldquo;UNG&rdquo;
on April&nbsp;18, 2007, &ldquo;USL&rdquo;&nbsp;on December&nbsp;6, 2007, &ldquo;UGA&rdquo; on February&nbsp;26, 2008 and &ldquo;UHN&rdquo;
on April&nbsp;9, 2008, respectively.&nbsp;As a result of the acquisition of the American Stock Exchange (the &ldquo;AMEX&rdquo;)
by NYSE Euronext, each of USOF&rsquo;s, USNG&rsquo;s, US12OF&rsquo;s, UGA&rsquo;s and USDHO&rsquo;s units commenced trading on
the NYSE Arca on November&nbsp;25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (&ldquo;USSO&rdquo;)
and the United States Brent Oil Fund, LP (&ldquo;USBO&rdquo;), which listed their limited partnership units on the NYSE Arca under
the ticker symbols &ldquo;DNO&rdquo; on September&nbsp;24, 2009 and &ldquo;BNO&rdquo; on June&nbsp;2, 2010, respectively.&nbsp;USCF
is also the sponsor of the United States Commodity Index Fund (&ldquo;USCI&rdquo;), the United States Copper Index Fund (&ldquo;CPER&rdquo;),
the United States Agriculture Index Fund (&ldquo;USAG&rdquo;) and the United States Metals Index Fund (&ldquo;USMI&rdquo;), each
a series of the United States Commodity Index Funds Trust. USCI, CPER, USAG and USMI listed their units on the NYSE Arca under
the ticker symbol &ldquo;USCI&rdquo; on August&nbsp;10, 2010, &ldquo;CPER&rdquo; on November&nbsp;15, 2011, &ldquo;USAG&rdquo;
on April 13, 2012 and &ldquo;USMI&rdquo; on June 19, 2012, respectively.&nbsp;All funds listed previously are referred to collectively
herein as the &ldquo;Related Public Funds.&rdquo; USCF has also filed registration statements to register units of the United States
Sugar Fund (&ldquo;USSF&rdquo;), the United States Natural Gas Double Inverse Fund (&ldquo;UNGD&rdquo;), the United States Gasoil
Fund (&ldquo;USGO&rdquo;) and the United States Asian Commodities Basket Fund (&ldquo;UAC&rdquo;), each a series of the United
States Commodity Funds Trust I, and the US Golden Currency Fund (&ldquo;HARD&rdquo;), a series of the United States Currency Funds
Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective February&nbsp;29, 2012, US12NG&nbsp;issues
units to certain authorized purchasers (&ldquo;Authorized Purchasers&rdquo;) by offering baskets consisting of 50,000 units (&ldquo;Creation
Baskets&rdquo;) through ALPS Distributors, Inc. as the marketing agent (the &ldquo;Marketing Agent&rdquo;). Prior to February&nbsp;29,
2012, US12NG issued units to Authorized Purchasers by offering baskets consisting of 100,000 units through the Marketing Agent.&nbsp;The
purchase price for a Creation Basket is based upon the NAV of a unit calculated shortly after the close of the core trading session
on the NYSE Arca on the day the order to create the basket is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From July&nbsp;1, 2011 through December&nbsp;31,
2012 (and continuing at least through May&nbsp;1, 2013), the applicable transaction fee paid by Authorized Purchasers is $350 to
US12NG for each order they place to create or redeem one or more baskets (&ldquo;Redemption Baskets&rdquo;); prior to July&nbsp;1,
2011, this fee was $1,000. Units may be purchased or sold on a nationally recognized securities exchange in smaller increments
than a Creation Basket or Redemption Basket.&nbsp;Units purchased or sold on a nationally recognized securities exchange are not
purchased or sold at the per unit NAV of US12NG but rather at market prices quoted on such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2009, US12NG initially registered
30,000,000 units on Form S-1 with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;).&nbsp;On November&nbsp;18,
2009, US12NG listed its units on the NYSE Arca under the ticker symbol &ldquo;UNL&rdquo;. On that day, US12NG established its initial
per unit NAV by setting the price at $50.00 and issued 200,000&nbsp;units in exchange for $10,001,000.&nbsp;US12NG also commenced
investment operations on November&nbsp;18, 2009 by purchasing Futures Contracts traded on the NYMEX based on natural gas. As of
December&nbsp;31, 2012, US12NG had registered a total of 30,000,000 units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Revenue Recognition </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commodity futures contracts, forward contracts,
physical commodities and related options are recorded on the trade date.&nbsp;All such transactions are recorded on the identified
cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial
condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement
prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical
commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.
Changes in the unrealized gains or losses between periods are reflected in the statements of operations. US12NG earns interest
on its assets denominated in U.S. dollars on deposit with the futures commission merchant at the overnight Federal Funds Rate less
32 basis points. In addition, US12NG earns income on funds held at the custodian or futures commission merchant at prevailing market
rates earned on such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Brokerage Commissions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brokerage commissions on all open commodity
futures contracts are accrued on a full-turn basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income Taxes </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is not subject to federal income
taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with accounting principles
generally accepted in the United States of America (&ldquo;GAAP&rdquo;), US12NG is required to determine whether a tax position
is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related
appeals or litigation processes, based on the technical merits of the position.&nbsp;US12NG files an income tax return in the U.S.
federal jurisdiction, and may file income tax returns in various U.S. states.&nbsp;US12NG is not subject to income tax return examinations
by major taxing authorities for years before 2009. The tax benefit recognized is measured as the largest amount of benefit that
has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously
recognized results in US12NG recording a tax liability that reduces net assets. However, US12NG&rsquo;s conclusions regarding this
policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis
of and changes to tax laws, regulations and interpretations thereof. US12NG recognizes interest accrued related to unrecognized
tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or
penalties have been recognized as of and for the year ended December&nbsp;31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Creations and Redemptions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective February&nbsp;29, 2012, Authorized
Purchasers may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 units at a price equal to the NAV
of the units calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Prior
to February&nbsp;29, 2012, Authorized Purchasers could only purchase Creation Baskets or redeem Redemption Baskets in blocks of
100,000 units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG receives or pays the proceeds from
units sold or redeemed within three business days after the trade date of the purchase or redemption.&nbsp;The amounts due from
Authorized Purchasers are reflected in US12NG&rsquo;s statements of financial condition as receivable for units sold, and amounts
payable to Authorized Purchasers upon redemption are reflected as payable for units redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Partnership Capital and Allocation of
Partnership Income and Losses </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profit or loss shall be allocated among
the partners of US12NG in proportion to the number of units each partner holds as of the close of each month.&nbsp;USCF may revise,
alter or otherwise modify this method of allocation as described in the LP Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Calculation of Per Unit Net Asset Value
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s per unit NAV is calculated
on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing
that amount by the total number of units outstanding. US12NG uses the&nbsp;closing price for the contracts on the relevant exchange
on that day to determine the value of contracts held on such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Net Income (Loss) Per&nbsp;Unit </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income (loss) per&nbsp;unit is the
difference between the per unit NAV at the beginning of each period and at the&nbsp;end of each period. The weighted average number
of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average
units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units added and redeemed
based on the amount of time the units were outstanding during such period. There were no units held by USCF at December&nbsp;31,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Offering Costs </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Offering costs incurred in connection with
the registration of additional units after the initial registration of units are borne by US12NG. These costs include registration
fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs
are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter
period, if warranted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash Equivalents </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash equivalents include money market funds
and overnight deposits or time deposits with original maturity dates of six months or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Reclassification </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain amounts in the accompanying financial
statements were reclassified to conform with the current presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Use of Estimates </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements
in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue
and expenses during the reporting period.&nbsp;Actual results may differ from those estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE&nbsp;3 - FEES PAID BY THE FUND
AND RELATED PARTY TRANSACTIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>USCF Management Fee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the LP Agreement, USCF is responsible
for investing the assets of US12NG in accordance with the objectives and policies of US12NG.&nbsp;In addition, USCF has arranged
for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to US12NG.&nbsp;For
these services, US12NG is contractually obligated to pay USCF a fee, which is paid monthly, that is equal to 0.75%&nbsp;per annum
of average daily total net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Ongoing Registration Fees and Other
Offering Expenses </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&nbsp;pays all costs and expenses
associated with the ongoing registration of its units subsequent to the initial offering.&nbsp;These costs include registration
or other fees paid to regulatory agencies in connection with the offer and sale of units, and all legal, accounting, printing and
other expenses associated with&nbsp;such offer and sale.&nbsp;For the years ended December&nbsp;31, 2012, 2011 and 2010, US12NG
did not incur any registration fees and other offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Directors&rsquo; Fees and Expenses </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is responsible for paying its portion
of the directors&rsquo; and officers&rsquo; liability insurance for US12NG and the Related Public Funds and the fees and expenses
of the independent directors who also serve as audit committee members of US12NG and the Related Public Funds organized as limited
partnerships and, as of July&nbsp;8, 2011, the Related Public Funds organized as a series of a Delaware statutory trust. US12NG
shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets
of each fund, computed on a daily basis.&nbsp;These fees and expenses for the year ended December&nbsp;31, 2012 were $540,586 for
US12NG and the Related Public Funds. US12NG&rsquo;s portion of such fees and expenses for the year ended December 31, 2012 was
$5,704.&nbsp;For the years ended December&nbsp;31, 2011 and 2010, these fees and expenses were $607,582 and $1,107,140, respectively,
for US12NG and the Related Public Funds. US12NG&rsquo;s portion of such fees and expenses was $3,808 and $7,571, respectively.
Effective as of April 1, 2010, US12NG became responsible for paying its portion of any payments that may become due to the independent
directors pursuant to the deferred compensation agreements entered into between the independent directors, USCF, US12NG and the
Related Public Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Licensing Fees </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Note 4 below, US12NG entered
into a&nbsp;licensing agreement with the NYMEX on December&nbsp;4, 2007, as amended on October&nbsp;20, 2011.&nbsp;Pursuant to
the agreement, up through October&nbsp;19, 2011, US12NG and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI,
paid a licensing fee that was equal to 0.04% for the first&nbsp;$1,000,000,000 of combined net assets of the funds and 0.02% for
combined net assets above $1,000,000,000. On and after October&nbsp;20, 2011, US12NG and the Related Public Funds, other than USBO,
USCI, CPER, USAG and USMI, pay a licensing fee that is equal to 0.015% on all net assets.&nbsp;During the years ended December&nbsp;31,
2012, 2011 and 2010, US12NG incurred $5,674, $7,565 and $8,499, respectively, under this arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investor Tax Reporting Cost </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fees and expenses associated with US12NG&rsquo;s
audit expenses and tax accounting and reporting requirements are paid by US12NG.&nbsp;These costs were approximately $75,000, $55,000
and $155,000, respectively, for the years ended December&nbsp;31, 2012, 2011 and 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Expenses and Fees and Expense
Waivers </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the fees described above,
US12NG&nbsp;pays all brokerage fees and other expenses in connection with the operation of US12NG, excluding costs and expenses&nbsp;paid
by USCF as outlined in Note 4 below.&nbsp;USCF has voluntarily agreed to pay certain expenses typically borne by US12NG, to the
extent that such expenses exceeded 0.15% (15 basis points) of US12NG&rsquo;s NAV, on an annualized basis, through at least June
30, 2013.&nbsp;USCF has no obligation to continue such payment into subsequent periods. For the year ended December 31, 2012, USCF
waived $68,503 of US12NG&rsquo;s expenses. This voluntary expense waiver is in addition to those amounts USCF is contractually
obligated to pay as described in Note 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 4 - CONTRACTS AND AGREEMENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is party to a marketing agent agreement,
dated as of&nbsp;October 30, 2009, as amended from time to time, with&nbsp;the Marketing Agent and USCF, whereby the Marketing
Agent provides certain marketing services for US12NG as outlined in the agreement.&nbsp;The fee of the Marketing Agent, which is
borne by USCF, is equal to 0.06% on US12NG&rsquo;s assets up to $3 billion; and 0.04% on US12NG&rsquo;s assets in excess of $3
billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above fee does not include the following
expenses, which are also borne by USCF: the cost of placing advertisements in various periodicals; web construction and development;
or the printing and production of various marketing materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is also party to a custodian agreement,
dated November&nbsp;3, 2009, as amended from time to time, with Brown Brothers Harriman&nbsp;&amp; Co. (&ldquo;BBH&amp;Co.&rdquo;)
and USCF, whereby BBH&amp;Co. holds investments on behalf of US12NG. USCF&nbsp;pays the fees of the custodian, which are determined
by the parties from time to time.&nbsp;In addition, US12NG is party to an administrative agency agreement, dated as of November&nbsp;3,
2009, as amended from time to time, with USCF and BBH&amp;Co., whereby BBH&amp;Co. acts as the administrative agent, transfer agent
and registrar for US12NG.&nbsp;USCF&nbsp;also pays the fees of BBH&amp;Co. for its services under such agreement and such fees
are determined by the parties from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, USCF pays BBH&amp;Co. for its
services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration
services rendered to US12NG and each of the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services.&nbsp;In
addition, USCF pays BBH&amp;Co. an asset-based charge of (a)&nbsp;0.06% for the first $500&nbsp;million of US12NG&rsquo;s, USOF&rsquo;s,
USNG&rsquo;s, US12OF&rsquo;s, UGA&rsquo;s, USDHO&rsquo;s, USSO&rsquo;s, USBO&rsquo;s, USCI&rsquo;s, CPER&rsquo;s, USAG&rsquo;s
and USMI&rsquo;s combined net assets, (b)&nbsp;0.0465% for US12NG&rsquo;s, USOF&rsquo;s, USNG&rsquo;s, US12OF&rsquo;s, UGA&rsquo;s,
USDHO&rsquo;s, USSO&rsquo;s, USBO&rsquo;s, USCI&rsquo;s, CPER&rsquo;s, USAG&rsquo;s and USMI&rsquo;s combined net assets greater
than $500 million but less than $1 billion, and (c)&nbsp;0.035% once US12NG&rsquo;s, USOF&rsquo;s, USNG&rsquo;s, US12OF&rsquo;s,
UGA&rsquo;s, USDHO&rsquo;s, USSO&rsquo;s, USBO&rsquo;s, USCI&rsquo;s, CPER&rsquo;s, USAG&rsquo;s and USMI&rsquo;s combined net
assets exceed $1 billion.&nbsp;The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate
exceeds $75,000.&nbsp;USCF also pays transaction fees ranging from $7 to $15 per transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has entered into a brokerage agreement
with UBS Securities LLC (&ldquo;UBS Securities&rdquo;).&nbsp;The agreement requires UBS Securities to provide services to US12NG
in connection with the purchase and sale of&nbsp;Futures Contracts and Other Natural Gas-Related Investments that may be purchased
and sold by or through UBS Securities for US12NG&rsquo;s account. In accordance with the agreement, UBS Securities charges US12NG
commissions of approximately $7 per round-turn trade, including applicable exchange and NFA fees for&nbsp;Futures Contracts and
options on Futures Contracts. Such fees include those incurred when purchasing natural gas Futures Contracts and options on Futures
Contracts when US12NG issues units as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and
options on Futures Contracts when US12NG redeems units as a result of a Redemption Basket. Such fees are also incurred when Futures
Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. US12NG also
incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Natural Gas-Related Investments or short-term
obligations of the United States of two years or less (&ldquo;Treasuries&rdquo;). During the year ended December&nbsp;31, 2012,
total commissions accrued to brokers amounted to $14,360.&nbsp;Of this amount, approximately $10,995 was a result of rebalancing
costs and approximately $3,365 was the result of trades necessitated by creation and redemption activity. By comparison, during
the year ended December&nbsp;31, 2011, total commissions accrued to brokers amounted to $7,002.&nbsp;Of this amount, approximately
$6,306 was a result of rebalancing costs and approximately $696 was the result of trades necessitated by creation and redemption
activity. By comparison, during the year ended December 31, 2010, total commissions accrued to brokers amounted to $12,869. Of
this amount, approximately $10,724 was a result of rebalancing costs and approximately $2,145 was the result of trades necessitated
by creation and redemption activity. The increase in the total commissions accrued to brokers for the year ended December&nbsp;31,
2012, as compared to the year ended December&nbsp;31, 2011, was primarily a function of increased brokerage fees due to an increase
in creation and redemption activity during the year ended December 31, 2012. The decrease in the total commissions accrued to brokers
for the year ended December&nbsp;31, 2011, as compared to the year ended December&nbsp;31, 2010, was primarily a function of decreased
brokerage fees due to a lower number of futures contracts being held and traded due to US12NG&rsquo;s reduced size and a decrease
in the creation and redemption of units during the year ended December 31, 2011. As an annualized percentage of average daily total
net assets, the&nbsp;figure for the year ended December&nbsp;31, 2012 represents approximately 0.04% of average daily total net
assets. By comparison, the figure for the year ended December&nbsp;31, 2011 represented approximately 0.02% of average daily total
net assets and the figure for the year ended December&nbsp;31, 2010 represented approximately 0.04% of average daily total net
assets. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise
in future quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG and the NYMEX entered into a licensing
agreement on December&nbsp;4, 2007, as amended on October&nbsp;20, 2011, whereby US12NG was granted a non-exclusive license to
use certain of the NYMEX&rsquo;s settlement prices and service marks.&nbsp;Under the&nbsp;licensing agreement, US12NG and the Related
Public Funds, other than USBO, USCI, CPER, USAG and USMI, pay the NYMEX an asset-based fee for the license, the terms of which
are described in Note 3. US12NG expressly disclaims any association with the NYMEX or endorsement of US12NG by the NYMEX and acknowledges
that &ldquo;NYMEX&rdquo; and &ldquo;New York Mercantile Exchange&rdquo; are registered trademarks of the NYMEX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 5 - FINANCIAL INSTRUMENTS, OFF-BALANCE
SHEET RISKS AND CONTINGENCIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&nbsp;engages in the trading of&nbsp;futures
contracts, options on futures contracts and cleared swap contracts (collectively, &ldquo;derivatives&rdquo;).&nbsp;US12NG is exposed
to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the
risk of failure by another party to perform according to the terms of a contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG may enter into futures contracts
and options on futures contracts and may engage in cleared swap contracts to gain exposure to changes in the value of an underlying
commodity.&nbsp;A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified
quantity and type of a commodity at a specified time and place.&nbsp;Some futures contracts may call for physical delivery of the
asset, while others are settled in cash.&nbsp;The contractual obligations of a buyer or seller may generally be satisfied by taking
or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract
on the same or linked exchange before the designated date of delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase and sale of futures contracts,
options on futures contracts and cleared swaps require margin deposits with a futures commission merchant.&nbsp;Additional deposits
may be necessary for any loss on contract value.&nbsp;The Commodity Exchange Act requires a futures commission merchant to segregate
all customer transactions and assets from the futures commission merchant&rsquo;s proprietary activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Futures contracts and cleared swaps involve,
to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of
variation margin.&nbsp;The face or contract amounts reflect the extent of the total exposure US12NG has in the particular classes
of instruments.&nbsp;Additional risks associated with the use of futures contracts are an imperfect correlation between movements
in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market
for a futures contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the futures contracts held by US12NG
were exchange-traded futures contracts through December&nbsp;31, 2012.&nbsp;The risks associated with exchange-traded contracts
are generally perceived to be less than those associated with over-the-counter transactions, since, in over-the-counter transactions,
a party must rely solely on the credit of its respective individual counterparties.&nbsp;However, in the future, if US12NG were
to enter into non-exchange traded contracts, it would be subject to credit risks associated with counterparty non-performance.&nbsp;Over-the-counter
transactions subject US12NG to the credit risk associated with counterparty non-performance.&nbsp;The credit risk from counterparty
non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. US12NG has credit risk
under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for
the exchange on which the relevant contracts are traded.&nbsp;In addition, US12NG bears the risk of financial failure by the clearing
broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s cash and other property,
such as Treasuries, deposited with a futures commission merchant are considered commingled with all other customer funds, subject
to the futures commission merchant&rsquo;s segregation requirements.&nbsp;In the event of a futures commission merchant&rsquo;s
insolvency, recovery may be limited to a pro rata share of segregated funds available.&nbsp;It is possible that the recovered amount
could be less than the total of cash and other property deposited.&nbsp;The insolvency of a futures commission merchant could result
in the complete loss of US12NG&rsquo;s assets posted with that futures commission merchant; however, the majority of US12NG&rsquo;s
assets are held in cash and/or cash equivalents with US12NG&rsquo;s custodian and would not be impacted by the insolvency of a
futures commission merchant.&nbsp;The failure or insolvency of US12NG&rsquo;s custodian, however, could result in a substantial
loss of US12NG&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF invests a portion of US12NG&rsquo;s
cash in money market funds that seek to maintain a stable per unit NAV. US12NG is exposed to any risk of loss associated with an
investment in such money market funds. As of December&nbsp;31, 2012 and December&nbsp;31, 2011, US12NG held investments in money
market funds in the amounts of $20,522,574 and $10,518,621, respectively. US12NG also holds cash deposits with its custodian. Pursuant
to a written agreement with BBH&amp;Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and
domiciled banks located in Toronto, Canada, London, United Kingdom, Grand Cayman, Cayman Islands and Nassau, Bahamas, which are
subject to U.S. regulation and regulatory oversight. As of December&nbsp;31, 2012 and December&nbsp;31, 2011, US12NG held cash
deposits and investments in Treasuries in the amounts of $23,560,690 and $19,331,650, respectively, with the custodian and futures
commission merchant. Some or all of these amounts may be subject to loss should US12NG&rsquo;s custodian and/or futures commission
merchant cease operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For derivatives, risks arise from changes
in the market value of the contracts.&nbsp;Theoretically, US12NG&nbsp;is exposed to market risk equal to the value of futures contracts
purchased and unlimited liability on such contracts sold short.&nbsp;As both a buyer and a seller of options, US12NG pays or receives
a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG&rsquo;s policy is to continuously
monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting
controls and procedures.&nbsp;In addition, US12NG has a policy&nbsp;of requiring review of the credit standing of each broker or
counterparty with which it conducts business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial instruments held by US12NG
are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value,
because of their highly liquid nature and short-term maturity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE&nbsp;6 - FINANCIAL HIGHLIGHTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table presents per unit performance
data and other supplemental financial data for the years ended December&nbsp;31, 2012, 2011 and 2010.&nbsp;This information has
been derived from information presented in the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended<BR> December&nbsp;31, <BR>2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended<BR> December&nbsp;31,&nbsp;<BR> 2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year&nbsp;Ended<BR> December&nbsp;31,<BR> 2010</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left; text-indent: -12pt; padding-left: 12pt">Per Unit Operating Performance:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -12pt; padding-left: 12pt">Net asset value, beginning of year</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">21.21</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">35.02</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">53.77</TD><TD NOWRAP STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Total income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.78</TD><TD NOWRAP STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13.42</TD><TD NOWRAP STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18.21</TD><TD NOWRAP STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Net expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.20</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.39</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(0.54</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.25in; padding-bottom: 1pt">Net decrease in net asset value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(3.98</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(13.81</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(18.75</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Net asset value, end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">17.23</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">21.21</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">35.02</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Total Return</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(18.76</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(39.43</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(34.87</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -12pt; padding-left: 12pt">Ratios to Average Net Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Total&nbsp;income (loss)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(11.80</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(44.03</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(37.65</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Management fees</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.75</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.75</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.70</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Total expenses excluding management fees</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.40</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.53</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.66</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Expenses waived</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(0.18</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(0.36</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(0.43</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Net expenses excluding management fees</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.22</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.17</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">0.23</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Net&nbsp;income (loss)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(12.77</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(44.95</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(38.58</TD><TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt">)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 81; Value: 47 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total returns are calculated based on the
change in value during the period.&nbsp;An individual unitholder&rsquo;s total return and ratio may vary from the above total returns
and ratios based on the timing of contributions to and withdrawals from US12NG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE&nbsp;7 - QUARTERLY FINANCIAL DATA (Unaudited) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following summarized (unaudited) quarterly financial information
presents the results of operations and other data for the three-month periods ended March&nbsp;31,&nbsp;June&nbsp;30,&nbsp;September&nbsp;30
and December&nbsp;31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">First <BR>Quarter</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Second <BR>Quarter</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Third <BR>Quarter</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Fourth <BR>Quarter</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Total Income (Loss)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">(6,713,578</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">2,309,257</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">3,406,724</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 12%; text-align: right; border-bottom: Black 1pt solid">(3,465,367</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Total Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,598</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,485</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,630</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Expense Waivers</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(16,307</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(12,614</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(13,434</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">(26,148</TD><TD STYLE="text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">Net Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">57,711</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">81,984</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">109,051</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">117,482</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Net Income (Loss)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(6,771,289</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">2,227,273</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">3,297,673</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(3,582,849</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Net Income (Loss) per Unit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(4.84</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.01</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1.30</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1.45</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">First <BR>Quarter</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Second <BR>Quarter</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Third <BR>Quarter</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center">Fourth <BR>Quarter</TD><TD NOWRAP STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Total Loss</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">(418,515</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">(1,924,977</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">(5,015,695</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">(6,690,685</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Total Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,956</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">119,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,418</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Expense Waivers</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(37,670</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(35,903</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(39,596</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Net Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75,286</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">88,857</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">80,061</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">51,418</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Net Loss</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(493,801</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(2,013,834</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(5,095,756</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(6,742,103</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 2.5pt">Net Loss per Unit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(0.75</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(1.70</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(4.63</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">(6.73</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 8&nbsp;- FAIR VALUE OF FINANCIAL
INSTRUMENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG values its investments in accordance
with Accounting Standards Codification 820 &ndash; Fair Value Measurements and Disclosures (&ldquo;ASC 820&rdquo;).&nbsp;ASC 820
defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures
about fair value measurement.&nbsp;The changes to past practice resulting from the application of ASC 820 relate to the definition
of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement.&nbsp;ASC 820
establishes a fair value hierarchy that distinguishes between: (1)&nbsp;market participant assumptions developed based on market
data obtained from sources independent of US12NG (observable inputs) and (2)&nbsp;US12NG&rsquo;s own assumptions about market participant
assumptions developed based on the best information available under the circumstances (unobservable inputs).&nbsp;The three levels
defined by the ASC 820 hierarchy are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level I &ndash; Quoted prices (unadjusted)
in active markets for&nbsp;<I>identical</I>&nbsp;assets or liabilities that the reporting entity has the ability to access at the
measurement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level II &ndash; Inputs other than quoted
prices included within Level I that are observable for the asset or liability, either directly or indirectly.&nbsp;Level II assets
include the following: quoted prices for&nbsp;<I>similar</I>&nbsp;assets or liabilities in active markets, quoted prices for identical
or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset
or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means
(market-corroborated inputs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level III &ndash; Unobservable pricing
input at the measurement date for the asset or liability.&nbsp;Unobservable inputs shall be used to measure fair value to the extent
that observable inputs are not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In some instances, the inputs used to measure
fair value might fall within different levels of the fair value hierarchy.&nbsp;The level in the fair value hierarchy within which
the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the
fair value measurement in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the valuation
of US12NG&rsquo;s securities at December&nbsp;31, 2012 using the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At&nbsp;December 31, 2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level I</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level&nbsp;II</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level&nbsp;III</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; text-indent: -12pt; padding-left: 12pt">Short-Term Investments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">23,922,430</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">23,922,430</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Exchange-Traded Futures Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.5in">United States Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(906,580</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(906,580</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the year ended December&nbsp;31, 2012, there were no
transfers between Level I and Level II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes the valuation of US12NG&rsquo;s
securities at December&nbsp;31, 2011 using the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">At&nbsp;December 31, 2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level I</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level&nbsp;II</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level&nbsp;III</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; text-indent: -12pt; padding-left: 12pt">Short-Term Investments</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">12,278,369</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">12,278,369</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Exchange-Traded Futures Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 0.5in">United States Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,583,320</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,583,320</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the year ended December&nbsp;31, 2011, there were no
transfers between Level I and Level II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January&nbsp;1, 2009, US12NG
adopted the provisions of Accounting Standards Codification 815 &ndash; Derivatives and Hedging (&ldquo;ASC 815&rdquo;), which
require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures
about fair value amounts and gains and losses on derivatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fair Value of Derivative Instruments </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; border-bottom: Black 1pt solid">Derivatives not Accounted <BR>for&nbsp;as&nbsp;Hedging&nbsp;Instruments</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Statements&nbsp;of<BR> Financial&nbsp;Condition<BR> Location</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair&nbsp;Value&nbsp;At<BR> December&nbsp;31,&nbsp;2012</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair&nbsp;Value&nbsp;At<BR> December 31,&nbsp;2011</TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 25%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 9pt; text-indent: -9pt">Futures - <BR>
Commodity Contracts</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(906,580</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,583,320</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Effect of Derivative Instruments on the Statements of
Operations </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 7pt">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For&nbsp;the&nbsp;year&nbsp;ended<BR>
    December&nbsp;31,&nbsp;2012</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For&nbsp;the&nbsp;year&nbsp;ended<BR>
    December&nbsp;31,&nbsp;2011</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For
    the year ended <BR>December 31, 2010</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Derivatives
    not Accounted <BR>for as Hedging Instruments</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Location&nbsp;of<BR>
    Gain&nbsp;or<BR> (Loss)&nbsp;on<BR> Derivatives<BR> Recognized<BR> in&nbsp;Income</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Realized<BR>
    Gain&nbsp;or<BR> (Loss)&nbsp;on<BR> Derivatives<BR> Recognized<BR> in&nbsp;Income</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Change&nbsp;in<BR>
    Unrealized<BR> Gain&nbsp;or<BR> (Loss) on<BR>
    Derivatives<BR> Recognized<BR> in&nbsp;Income</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Realized<BR>
    Gain&nbsp;or<BR> (Loss)&nbsp;on<BR> Derivatives<BR> Recognized<BR> in&nbsp;Income</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Change&nbsp;in<BR>
    Unrealized<BR> Gain&nbsp;or<BR> (Loss) on<BR>
    Derivatives<BR> Recognized<BR> in&nbsp;Income</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Realized<BR>
    Gain&nbsp;or<BR> (Loss)&nbsp;on<BR> Derivatives<BR> Recognized<BR> in&nbsp;Income</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Change&nbsp;in<BR>
    Unrealized<BR> Gain&nbsp;or<BR> (Loss) on <BR>
    Derivatives<BR> Recognized<BR> in&nbsp;Income</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 11%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Futures
    - <BR>
Commodity Contracts</B></FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Realized<BR>
    loss on<BR> closed<BR>
    positions</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12,161,650</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,653,100</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9,574,510</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change&nbsp;in<BR> unrealized<BR>
    gain (loss) on<BR>
    open&nbsp;positions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,676,740</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,408,260</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,837,730</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 9&nbsp;-&nbsp;RECENT ACCOUNTING
PRONOUNCEMENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2011, the Financial Accounting
Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standards Update (&ldquo;ASU&rdquo;) No.&nbsp;2011-11, &ldquo;Balance Sheet
(Topic 210): Disclosures about Offsetting Assets and Liabilities.&rdquo; The amendments in ASU No.&nbsp;2011-11 require an entity
to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the
effect of those arrangements on its financial position. ASU No.&nbsp;2011-11 is effective for annual reporting periods beginning
on or after January&nbsp;1, 2013, and interim periods within those annual periods. The guidance requires retrospective application
for all comparative periods presented. USCF is currently evaluating the impact ASU No.&nbsp;2011-11 will have on US12NG&rsquo;s
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 10 - SUBSEQUENT EVENTS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has performed an evaluation of subsequent
events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated
disclosures and/or adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds llc AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">&nbsp;CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 84%; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 16%; padding: 0; font-size: 10pt; text-align: right; text-indent: 0"><FONT STYLE="font-size: 10pt"><U>Page</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Report of Independent Registered Public Accounting Firm</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consolidated Statements of Financial Condition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to Consolidated Statements of Financial Condition</P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">84</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">85</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">86</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Directors and Member of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Commodity Funds LLC and Subsidiaries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statements of financial condition of United States Commodity Funds LLC and Subsidiaries (the &ldquo;Company&rdquo;) as of December
31, 2012 and 2011. These financial statements are the responsibility of the Company&rsquo;s management. Our responsibility is to
express an opinion on these financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the statements of financial condition are free of material misstatement. An
audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control
over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence
supporting the amounts and disclosures in the statements of financial condition, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall statement of financial condition presentation. We believe that
our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the financial statements
referred to above present fairly, in all material respects, the consolidated financial position of United States Commodity Funds
LLC and Subsidiaries as of December 31, 2012 and 2011 in conformity with accounting principles generally accepted in the United
States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Spicer Jeffries LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greenwood Village, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 26, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds llc AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Consolidated
statementS of financial condition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="text-transform: uppercase"><B>DECEMBER
31, 2012 AND 2011</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><U>ASSETS</U></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">3,293,847</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">367,792</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Management fees receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,655,642</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,561,194</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Investments (Notes 2 and 4)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,251,427</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,321</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">25,582</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">10,191</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.25in; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">6,226,498</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">1,940,498</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center">LIABILITIES AND EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">LIABILITIES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.25in">Accounts payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">200,520</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,280,251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.25in">Notes payable (Note 3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.25in">Income tax payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">69,511</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">175,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.25in; padding-bottom: 1pt">Expense waiver payable (Note 3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">915,253</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">474,045</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.5in; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">2,185,284</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">1,929,296</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">COMMITMENTS AND CONTINGENCIES (Notes 6 and 8)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">EQUITY:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.25in">Member's equity (Notes 3 and 7)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">4,040,234</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">10,222</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.25in; padding-bottom: 1pt">Noncontrolling interests (Note 3)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">980</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">980</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.5in; padding-bottom: 1pt">Total equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">4,041,214</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">11,202</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.5in; padding-bottom: 2.5pt">Total liabilities and equity</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">6,226,498</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">1,940,498</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">The accompanying notes are an integral part of this statement.</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 14%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>NOTE&nbsp;1&nbsp;- &#9;<FONT STYLE="text-transform: uppercase">Organization
and Operation</FONT></I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">United States
Commodity Funds LLC, formerly Victoria Bay Asset Management, LLC was formed as a single-member limited liability company in the
State of Delaware on May&nbsp;10, 2005. On June 13, 2008, Victoria Bay Asset Management, LLC changed its name to United States
Commodity Funds LLC (the &ldquo;Company&rdquo;). The Company is the General Partner (the &ldquo;General Partner&rdquo;) of United
States Oil Fund, LP (&ldquo;USOF&rdquo;), United States Natural Gas Fund, LP (&ldquo;USNG&rdquo;), United States Diesel-Heating
Oil Fund, LP (formerly, United States Heating Oil Fund, LP) (&ldquo;USDHO&rdquo;), United States Gasoline Fund, LP (&ldquo;UGA&rdquo;),
United States 12 Month Oil Fund, LP (&ldquo;US12OF&rdquo;), United States 12 Month Natural Gas Fund, LP (&ldquo;US12NG&rdquo;),
United States Short Oil Fund, LP (&ldquo;USSO&rdquo;), United States Brent Oil Fund, LP (&ldquo;USBO&rdquo;), United States Short
Natural Gas Fund, LP (&ldquo;USSNG&rdquo;), and is the Sponsor (&ldquo;Sponsor&rdquo;) of United States Commodity Index Fund (&ldquo;USCI&rdquo;),
United States Copper Index Fund (&ldquo;CPER&rdquo;), United States Agriculture Index Fund (&ldquo;USAG&rdquo;) and United States
Metals Index Fund (USMI&rdquo;), each of which is a series of the United States Commodity Index Funds Trust (&ldquo;Trust&rdquo;).
The Company is registered as a commodity pool operator with the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) and is
a member of the National Futures Association (&ldquo;NFA&rdquo;). USOF, USNG, USDHO, USG, US12OF, US12NG, USSO, USBO, USCI, CPER,
USAG and USMI (collectively, the &ldquo;Funds&rdquo;) are commodity pools registered with the CFTC and members of the NFA that
issue units that may be purchased and sold on the NYSE Arca, Inc. (&ldquo;NYSE Arca&rdquo;) under the ticker symbols &ldquo;USO,&rdquo;
&ldquo;UNG,&rdquo; &ldquo;UHN,&rdquo; &ldquo;UGA,&rdquo; &ldquo;USL,&rdquo; &ldquo;UNL,&rdquo; &ldquo;DNO,&rdquo; &ldquo;BNO,&rdquo;
&ldquo;USCI,&rdquo; &ldquo;CPER,&rdquo; &ldquo;USAG,&rdquo; and &ldquo;USMI.&rdquo; USSNG is a commodity pool that has been formed
but has not yet begun the process of registering its units. United States Asian Commodities Basket Fund (&ldquo;UAC&rdquo;), a
series of the United States Commodity Funds Trust I, has registered units but has not commenced operations as of the date of this
report. The Company has also filed registration statements to register units of United States Sugar Fund (&ldquo;USSF&rdquo;),
United States Natural Gas Double Inverse Fund (&ldquo;UNGD&rdquo;) and United States Gasoil Fund (&ldquo;USGO&rdquo;), each a series
of the United States Commodity Funds Trust I, and the US Golden Currency Fund (&ldquo;HARD&rdquo;), a series of the United States
Currency Funds Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">USOF began trading
on April 10, 2006 by purchasing futures contracts for light, sweet crude oil that are traded on the New York Mercantile Exchange
(the &ldquo;Exchange&rdquo;). The investment objective of USOF is for the daily changes in percentage terms of its units&rsquo;
net asset value to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing,
Oklahoma, as measured by the changes in the price of the futures contract on light sweet crude oil<FONT STYLE="text-underline-style: none; color: windowtext">
traded on the Exchange, that is the near month contract to expire, except when the near month contract is within two weeks of expiration,
in which case it will be measured by the futures contract that is the next month contract to expire</FONT>, less USOF&rsquo;s expenses.
USOF seeks to accomplish its objective through investments in futures contracts for light, sweet crude oil, other types of crude
oil, heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the Exchange and other U.S. and foreign
exchanges and other oil interests such as cash-settled options on futures contracts, forward contracts for crude oil, cleared swap
contracts and over-the-counter transactions that are based on the price of crude oil, heating oil, gasoline, natural gas and other
petroleum-based fuels, futures contracts and indices based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">USNG began trading
on April 18, 2007 by purchasing futures contracts for natural gas that are traded on the Exchange. The investment objective of
USNG is for the daily changes in percentage terms of its units&rsquo; net asset value to reflect the daily changes in percentage
terms of the spot price of natural gas delivered to the Henry Hub, Louisiana, as measured by the changes in the price of the futures
contract on natural gas traded on the Exchange that is the near month contract to expire, except when the near month contract is
within two weeks of expiration, in which case it will be measured by the futures contract that is the next month contract to expire,
less USNG&rsquo;s expenses. <FONT STYLE="text-underline-style: none; color: windowtext">USNG seeks to accomplish its objective
through investments in futures contracts for natural gas, crude oil, heating oil, gasoline, and other petroleum-based fuels that
are traded on the Exchange and other U.S. and foreign exchanges and other natural gas-related investments such as cash-settled
options on futures contracts, forward contracts for natural gas, cleared swap contracts and over-the-counter transactions that
are based on the price of natural gas, crude oil and other petroleum-based fuels, futures contracts and indices based on the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>NOTE&nbsp;1&nbsp;- &#9;<FONT STYLE="text-transform: uppercase">Organization
and Operation</FONT></I></B><I> (continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">US12OF began trading
on December 6, 2007 by purchasing futures contracts for light, sweet crude oil that are traded on the Exchange. <FONT STYLE="color: black">The
investment objective of US12OF is for the daily changes in percentage terms of its units&rsquo; net asset value to reflect the
daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the
changes in the average of the prices of 12 futures contracts on crude oil traded on the Exchange, consisting of the near month
contract to expire and the contracts for the following eleven months, for a total of 12 consecutive months&rsquo; contracts, except
when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that
are the next month contract to expire and the contracts for the following eleven consecutive months, less US12OF&rsquo;s expenses.
When calculating the daily movement of the average price of the 12 contracts each contract month will be equally weighted</FONT>.
<FONT STYLE="text-underline-style: none; color: windowtext">US12OF seeks to accomplish its objective through investments in futures
contracts for light, sweet crude oil, other types of crude oil, heating oil, gasoline, natural gas, and other petroleum-based fuels
that are traded on the Exchange and or other U.S. and foreign exchanges and other oil interests such as cash-settled options on
futures contracts, forward contracts for oil, cleared swap contracts and over-the-counter transactions that are based on the price
of crude oil, other petroleum-based fuels, futures contracts and indices based on the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: black">UGA
began trading on February 26, 2008 </FONT>by purchasing futures contracts on gasoline that are traded on the Exchange. The investment
objective of UGA is for the daily changes in percentage terms of its units&rsquo; net asset value to reflect the daily changes
in percentage terms of the spot price of unleaded gasoline, as measured by the changes in the price of the futures contract on
gasoline traded on the Exchange that is the near month contract to expire, except when the near month contract is within two weeks
of expiration, in which case it will be measured by the futures contract that is the next month contact to expire, less UGA&rsquo;s
expenses. UGA seeks to accomplish its objective through investments in futures contracts for gasoline, crude oil, natural gas,
heating oil and other petroleum-based fuels that are traded on the Exchange and other U.S. and foreign exchanges and other gasoline-related
investments such as cash-settled options on futures contracts, forward contracts for gasoline, cleared swap contracts and over-the-counter
transactions that are based on the price of gasoline, crude oil and other petroleum-based fuels, futures contracts and indices
based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USDHO began trading on April 9, 2008 by
purchasing futures contracts on heating oil that are traded on the Exchange. The investment objective of USDHO is for the daily
changes in percentage terms of its units&rsquo; net asset value to reflect the daily changes in percentage terms of the spot price
of heating oil for delivery at the New York Harbor, as measured by the changes in the price of the futures contract on heating
oil traded on the Exchange that is the near month contract to expire, except when the near month contract is within two weeks of
expiration, in which case it will be measured by the futures contract that is the next month contact to expire, less USDHO&rsquo;s
expenses. USDHO seeks to accomplish its objective through investments in futures contracts for heating oil, crude oil, gasoline,
natural gas and other petroleum-based fuels that are traded on the Exchange and other U.S. and foreign exchanges and other heating
oil-related investments such as cash-settled options on futures contracts, forward contracts for heating oil, cleared swap contracts
and over-the-counter transactions that are based on the price of heating oil, crude oil and other petroleum-based fuels, futures
contracts and indices based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>NOTE&nbsp;1&nbsp;- &#9;<FONT STYLE="text-transform: uppercase">Organization
and Operation</FONT></I></B><I> (continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">USSO began trading
on September 24, 2009 by selling futures contracts on light, sweet crude oil that are traded on the Exchange. The investment objective
of USSO is for the daily changes in percentage terms of its units&rsquo; net asset value to inversely reflect the daily changes
in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the changes in the
price of the futures contract on light, sweet crude oil as traded on the Exchange that is the near month contract to expire, except
when the near month contract is within two weeks of expiration, in which case the futures contract will be the next month contract
to expire, less USSO&rsquo;s expenses. USSO accomplishes its objective through taking short positions in futures contracts for
light, sweet crude oil and other types of crude oil, heating oil, gasoline, natural gas and other petroleum-based fuels that are
traded on the Exchange and other crude oil-related investments such as cash-settled options on Futures Contracts, forward contracts
for crude oil, cleared swap contracts and over-the-counter transactions that are based on the price of crude oil, heating oil,
gasoline, natural gas and other petroleum-based fuels, futures contracts and indices based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="text-underline-style: none; color: windowtext">US12NG
began trading on November 18, 2009 by purchasing futures contracts for </FONT>natural gas that are traded on the Exchange. The
investment objective of US12NG is for the daily changes in percentage terms of its units&rsquo; net asset value to reflect the
daily changes in percentage terms of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the changes
in the average of the prices of 12 futures contracts on natural gas traded on the Exchange, consisting of the near month contract
to expire and the contracts for the following 11 months for a total of 12 consecutive months&rsquo; contracts, except when the
near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that are the
next month contract to expire and the contracts for the following 11 consecutive months, less US12NG&rsquo;s expenses. <FONT STYLE="color: black">When
calculating the daily movement of the average price of the 12 contracts each contract month will be equally weighted</FONT>. US12NG
seeks to accomplish its objective through investments in futures contracts for natural gas, crude oil, heating oil, gasoline and
other petroleum-based fuels that are traded on the Exchange and other U.S. and foreign exchanges and other natural gas-related
investments such as cash-settled options on futures contracts, forward contracts for natural gas, cleared swap contracts and over-the-counter
transactions that are based on the price of natural gas, crude oil and other petroleum-based fuels, futures contracts and indices
based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">USBO began trading
on June 2, 2010 by purchasing futures contracts for Brent oil that are traded on the Exchange. The investment objective of USBO
is for the daily changes in percentage terms of its units&rsquo; net asset value to reflect the daily changes in percentage terms
of the spot price of Brent crude oil as measured by the changes in the price of the futures contract on Brent crude oil as traded
on the ICE Futures Exchange (the &ldquo;ICE Futures&rdquo;) that is the near month contract to expire, except when the near month
contract is within two weeks of expiration, in which case the futures contract will be the next month contract to expire, less
USBO&rsquo;s expenses. USBO accomplishes its objective through investments in futures contracts for crude oil, heating oil, gasoline,
natural gas and other petroleum-based fuels that are traded on the ICE Futures, NYMEX, or other U.S. and foreign exchanges, and
other crude oil-related investments such as cash-settled options on Futures Contracts, forward contracts for crude oil, cleared
swap contracts and over-the-counter transactions that are based on the price of crude oil and other petroleum-based fuels, futures
contracts and indices based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">USCI began
trading on August 10, 2010 by purchasing futures contracts traded on the New York Mercantile Exchange (&ldquo;NYMEX&rdquo;),
ICE Futures Exchange (&ldquo;ICE Futures&rdquo;), Chicago Board of Trade (&ldquo;CBOT&rdquo;), Chicago Mercantile Exchange
(&ldquo;CME&rdquo;), London Metal Exchange (&ldquo;LME&rdquo;) and the Commodity Exchange, Inc. (&ldquo;COMEX&rdquo;). The
investment objective of USCI is for the daily changes in percentage terms of its units&rsquo; net asset value
(&ldquo;NAV&rdquo;) to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total
Return<SUP>SM</SUP> (the &ldquo;Commodity Index&rdquo;), less USCI&rsquo;s expenses. The Commodity Index is comprised of 14
futures contracts that are selected on a monthly basis from a list of 27 possible futures contracts. The futures contracts
that at any given time make up the Commodity Index are referred to herein as &ldquo;Benchmark Component Futures
Contracts.&rdquo; USCI invests first in the current Benchmark Component Futures Contracts and other Futures Contracts
intended to replicate the return on the current Benchmark Component Futures Contracts and, thereafter, to comply with
regulatory requirements or in view of market conditions, in Other Commodity-Related Investments intended to replicate the
return on the Benchmark Component Futures Contracts, including cleared swap contracts and other
over-the-counter transactions, and in other Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>NOTE&nbsp;1&nbsp;-
&#9;<FONT STYLE="text-transform: uppercase">Organization and Operation</FONT></I></B><I> (concluded)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">CPER began trading
on November 15, 2011 by purchasing futures contracts traded on the COMEX. The investment objective of CPER is for the daily changes
in percentage terms of its units&rsquo; NAV to reflect the daily changes in percentage terms of the SummerHaven Copper Index Total
Return<SUP>SM</SUP> (the &ldquo;Copper Index&rdquo;), less CPER&rsquo;s expenses. The Copper Index is designed to reflect the performance
of the investment returns form a portfolio of copper futures contracts. The Copper Index is comprised of either two or three eligible
copper futures contracts that are selected on a monthly basis based on quantitative formulas relating to the prices of the eligible
copper futures contracts developed by SummerHaven Indexing. The eligible copper futures contracts that at any given time make up
the Copper Index are referred to herein as &ldquo;Benchmark Component Copper Futures Contracts.&rdquo; CPER seeks to achieve its
investment objective by investing to the fullest extent possible in the Benchmark Component Copper Futures Contracts. Then, if
constrained by regulatory requirements or in view of market conditions, CPER will invest next in other eligible copper futures
contracts, and finally to a lesser extent, in other exchange traded futures contracts that are economically identical or substantially
similar to the Benchmark Component Copper Futures Contracts if one or more other eligible copper futures contracts is not available.
When CPER has invested to the fullest extent possible in exchange-traded futures contracts, CPER may then invest in other contracts
and instruments based on the Benchmark Component Copper Futures Contracts, other eligible copper futures contracts or copper, such
as cash-settled options, forward contracts, cleared swap contracts and swap contracts other than cleared swap contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">USAG began trading
on April 13, 2012 by purchasing futures contracts traded on the ICE Futures, CME, Kansas City Board of Trade (&ldquo;KCBT&rdquo;)
and CBOT. The investment objective of USAG is for the daily changes in percentage terms of its units&rsquo; NAV to reflect the
daily changes in percentage terms of the SummerHaven Dynamic Agriculture Index Total Return<SUP>SM</SUP> (the &ldquo;Agriculture
Index&rdquo;), less USAG&rsquo;s expenses. The Agriculture Index is designed to reflect the performance of a diversified group
of agricultural commodities. The Agriculture Index is comprised of 14 eligible agriculture futures contracts that are selected
on a monthly basis based on quantitative formulas developed by SummerHaven Indexing. The eligible agriculture futures contracts
that at any given time make up the Agriculture Index are referred to herein as &ldquo;Benchmark Component Agriculture Futures Contracts.&rdquo;
USAG seeks to achieve its investment objective by investing to the fullest extent possible in the Benchmark Component Agriculture
Futures Contracts. Then, if constrained by regulatory requirements or in view of market conditions, USAG will invest next in other
eligible agriculture futures contracts, and finally to a lesser extent, in other exchange traded futures contracts that are economically
identical or substantially similar to the Benchmark Component Agriculture Futures Contracts if one or more other eligible agriculture
futures contracts is not available. When USAG has invested to the fullest extent possible in exchange-traded futures contracts,
USAG may then invest in other contracts and instruments based on the Benchmark Component Agriculture Futures Contracts, other eligible
agriculture futures Contracts or the agricultural commodities included in the Agriculture Index, such as cash-settled options,
forward contracts, cleared swap contracts and swap contracts other than cleared swap contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">USMI began trading
on June 19, 2012 by purchasing futures contracts traded on the NYMEX, CME, LME and COMEX. The investment objective of USMI is for
the daily changes in percentage terms of its units&rsquo; NAV to reflect the daily changes in percentage terms of the SummerHaven
Metals Index Total Return<SUP>SM</SUP> (the &ldquo;Metals Index&rdquo;), less USMI&rsquo;s expenses. The Metals Index is comprised
of 10 eligible metals futures contracts that are selected on a monthly basis based on quantitative formulas developed by SummerHaven
Indexing. The eligible metals futures contracts that at any given time make up the Metals Index are referred to herein as &ldquo;Benchmark
Component Metals Futures Contracts.&rdquo; USMI seeks to achieve its investment objective by investing to the fullest extent possible
in the Benchmark Component Metals Futures Contracts. Then, if constrained by regulatory requirements or in view of market conditions,
USMI will invest next in other eligible metals futures contracts, and finally to a lesser extent, in other exchange traded futures
contracts that are economically identical or substantially similar to the Benchmark Component Metals Futures Contracts if one or
more other eligible metals futures contracts is not available. When USMI has invested to the fullest extent possible in exchange-traded
futures contracts, USMI may then invest in other contracts and instruments based on the Benchmark Component Metals Futures Contracts,
other eligible metals futures contracts or the metals included in the Metals Index, such as cash-settled options, forward contracts,
cleared swap contracts and swap contracts other than cleared swap contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company is
a wholly owned subsidiary of Wainwright Holdings, Inc. (&ldquo;Wainwright&rdquo;), a Delaware corporation. Wainwright is a holding
company that is controlled by the president of the Company and served as the initial limited partner of the Funds, except for USCI,
CPER, USAG and USMI. It also serves as the initial limited partner for USSNG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">As the General
Partner or Sponsor of the Funds, the Company is required to evaluate the credit risk of the Funds to their futures commission merchant,
oversee the purchases and sales of the Funds&rsquo; units by certain &ldquo;authorized purchasers,&rdquo; review the daily positions
and margin requirements of the Funds, and manage the Funds&rsquo; investments. The Company also pays continuing service fees to
the marketing agent for communicating with the authorized purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>NOTE&nbsp;2&nbsp;-
&#9;<FONT STYLE="text-transform: uppercase">Summary of Significant Accounting Policies</FONT></I></B><I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Principles of consolidation</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company, as
General Partner or Sponsor of the Funds and USSNG, has included the accounts of USSNG since its inception in the consolidated financial
statements. The Company has recorded a noncontrolling interest for the amount directly owned by the limited partner (representing
the limited partner interest owned by Wainwright). Subsequent to the Funds commencing operations, the Company and Wainwright redeemed
their interests. Therefore, as of December 31, 2012, the accounts of each of the Funds were no longer included in the accompanying
consolidated statement of financial condition. All intercompany accounts and balances have been eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2007, the FASB issued FASB
ASC Topic 810-10-65, <I>Non-controlling Interests in Consolidated Financial Statements</I>, an amendment of ARB No. 51. FASB ASC
Topic 810-10-65 requires all entities to report noncontrolling (minority) interests in subsidiaries as equity in the consolidated
financial statements. Additionally, FASB ASC Topic 810-10-65 requires that transactions between an entity and noncontrolling interests
be treated as equity transactions. FASB ASC Topic 810-10-65 is effective for fiscal years beginning after December 15, 2008. Adoption
on January 1, 2009, as required, did not have a material effect on the Company&rsquo;s financial condition, results of operations
or liquidity. The minority interests previously reflected in the Company&rsquo;s financial statements have been reclassified to
conform to the current presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Revenue recognition</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company recognizes
revenue in the period earned under the terms of the Funds&rsquo; respective Limited Partnership Agreements, as amended from time
to time (the &ldquo;Limited Partnership Agreements&rdquo;) and the Trust Agreement(s), as amended from time to time (the &ldquo;Trust
Agreement(s)&rdquo;) (collectively, the &ldquo;Agreements&rdquo;). These Agreements provide for fees based upon a percentage of
the daily average net asset value of the Funds. In connection with the Funds&rsquo; trading activities, commodity futures contracts,
cleared swap contracts, forward contracts, physical commodities, and related options are recorded on the trade-date basis. All
such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains and losses on open contracts
are reflected in the statement of financial condition and represent the difference between original contract amount and market
value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined
time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the
last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statement
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company earns
interest on its assets on deposit at the broker at the 90-day Treasury bill rate for deposits denominated in U.S. dollars. In addition,
the Funds earn interest on funds held with their custodian at prevailing market rates earned on such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I><U>Management fee</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under the
Funds&rsquo; respective Agreements, the Company is responsible for investing the assets of the Funds in accordance with the
objectives and policies of the Funds. In addition, the Company has arranged for one or more third parties to provide
administrative, custody, accounting, transfer agency and other necessary services to the Funds. For these services, the Funds
are contractually obligated to pay the Company a management fee, which is paid monthly, based on the average daily net assets
of the Funds. USOF pays a management fee of 0.45% per annum on its average daily net assets. USNG pays a fee equal to 0.60%
per annum on average daily net assets of $1,000,000,000 or less and 0.50% of average daily net assets that are greater than
$1,000,000,000. US12OF, USDHO, UGA and USSO each pay a fee of 0.60% per annum on their average daily net assets. Since
inception through April 30, 2010 the Company has been charging US12NG a management fee at a reduced rate of 0.60% per annum
of average daily net assets. Effective May 1, 2010, the Company resumed charging US12NG its standard rate of 0.75% per annum
of average daily net assets. The difference of 0.15% per annum of average daily net assets since inception through April 30,
2010 has been waived by the Company and will not be recouped from US12NG. USBO pays a management fee of 0.75% per annum on
its average daily net assets. Each of USCI, CPER, USAG and USMI is contractually obligated to pay the Company a management
fee, which is paid monthly, equal to 0.95% per annum on its average daily total net assets. Effective as of May 29, 2012 (and
continuing at least through May 1, 2013), the Company voluntarily waived the management fee paid by CPER and USAG from 0.95%
per annum of average daily total net assets to 0.65% and 0.80% per annum of average daily total net assets, respectively.
Effective as of May 30, 2012 (and continuing at least through May 1, 2013), the Company voluntarily waived the management fee
paid by USMI form 0.95% per annum of average daily total net assets to 0.70% per annum of average daily total net assets. The
reduced fee for USMI became operational as of June 19, 2012, when USMI first became listed on the NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>NOTE&nbsp;2&nbsp;-
&#9;<FONT STYLE="text-transform: uppercase">Summary of Significant Accounting PolicieS </FONT></I></B><I>(continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Funds pay
for all brokerage fees, taxes and other expenses, including registration or other fees paid to the SEC, the Financial Industry
Regulatory Authority (&ldquo;FINRA&rdquo;) formerly the National Association of Securities Dealers, or any other regulatory agency
in connection with the offer and sale of subsequent units after their initial registration and all legal, accounting, printing
and other expenses associated therewith. The Funds, except for USBO, USCI, CPER, USAG and USMI, also pay licensing fees for the
use of intellectual property. The Funds also pay the fees and expenses of the independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I><U>Investments and Valuation
of Investments</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company&rsquo;s
investments in common stock are classified as available-for-sale-securities and are considered to be held for an indefinite period.
Securities investments not classified as either held-to-maturity or trading securities are classified as available-for-sale securities.
Available-for-sale-securities are recorded at fair value on the statement of financial condition, with the change in fair value
excluded from earnings and recorded as a component of other comprehensive income (loss) included in member&rsquo;s equity. Unrealized
holding gains or losses on such securities, which were added to or subtracted from member&rsquo;s equity was $(60,340) and $(1,085),
for the years ended December 31, 2012 and 2011 (see Note 7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Realized gains
or losses are recorded upon disposition of investments calculated based upon the difference between the proceeds and the cost basis
determined using the specific identification method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company values its investments in accordance
with FASB Accounting Standards Codification Topic 820, <I>Fair Value Measurements and Disclosures</I> (&ldquo;FASB ASC Topic 820&rdquo;).
FASB ASC Topic 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles,
and expands disclosures about fair value measurement. The changes to past practice resulting from the application of FASB ASC Topic
820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value
measurement. FASB ASC Topic 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions
developed based on market data obtained from sources independent of the Company (observable inputs) and (2) the Company&rsquo;s
own assumptions about market participant assumptions developed based on the best information available under the circumstances
(unobservable inputs). The three levels defined by the FASB ASC Topic 820 hierarchy are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE&nbsp;2&nbsp;- &#9;<FONT STYLE="text-transform: uppercase">Summary
of Significant Accounting PolicieS </FONT></I></B><I>(continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level I - Quoted prices (unadjusted) in
active markets for <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>identical</I></FONT> assets or liabilities that
the reporting entity has the ability to access at the measurement date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level II - Inputs other than quoted prices
included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level II assets include
the following: quoted prices for <FONT STYLE="font-family: Times New Roman, Times, Serif"><I>similar</I></FONT> assets or liabilities
in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than
quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable
market data by correlation or other means (market-corroborated inputs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Level III - Unobservable pricing input
at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that
observable inputs are not available. In some instances, the inputs used to measure fair value might fall in different levels of
the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall
be determined based on the lowest input level that is significant to the fair value measurement in its entirety. The Company&rsquo;s
adoption of FASB ASC Topic 820 did not have a material effect on its consolidated financial position, results of operations or
liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In March 2008,
the FASB released FASB ASC Topic 815-10, <I>Disclosures about Derivative Instruments and Hedging Activities</I>. FASB ASC Topic
815-10 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair
value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features
in derivative agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I><U>Brokerage commissions</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brokerage commissions on all open commodity
futures contracts are accrued on a full-turn basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Additions
and redemptions</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Authorized purchasers may purchase creation
baskets of the Funds only in blocks of 100,000 units at a price equal to the net asset value of the units calculated shortly after
the close of the core trading session on the NYSE Arca on the day the order is placed. Authorized purchasers may redeem units from
the Funds only in blocks of 100,000 units called &ldquo;Redemption Baskets.&rdquo; Effective as of February 29, 2012, the size
of the Creation Basket and Redemption Basket was reduced from 100,000 units to 50,000 units for US12OF, UGA, USDHO, USSO, US12NG
and USBO. Effective as of May 1, 2012, the size of the Creation Basket and Redemption Basket was reduced from 100,000 units to
50,000 units for USCI, CPER and USAG. USMI was not available to the public until June 19, 2012, and from its inception of offering,
authorized purchasers could only purchase Creation Baskets in blocks of 50,000 units. The amount of the redemption proceeds for
a Redemption Basket will be equal to the net asset value of the Funds&rsquo; units in the Redemption Basket as of the end of each
business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Funds receive
or pay the proceeds from units sold or redeemed within three business days after the trade-date of the purchase or redemption.
The amounts due from authorized purchasers are reflected in the Funds&rsquo; statement of financial condition as receivables for
units sold, and amounts payable to authorized purchasers upon redemption are reflected as payable for units redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE&nbsp;2&nbsp;- &#9;<FONT STYLE="text-transform: uppercase">Summary
of Significant Accounting PolicieS </FONT></I></B><I>(continued)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Capital
and allocation of income and losses</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Profit or loss
shall be allocated among the unitholders of the Funds in proportion to the number of units each unitholder holds as of the close
of each month. The Company, when it serves in a capacity as a General Partner or Sponsor, may revise, alter or otherwise modify
this method of allocation as described in the Limited Partnership Agreements or Trust Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Calculation
of net asset value per unit</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Funds calculate
their net asset value on each NYSE Arca trading day by taking the current market value of their total assets, subtracting any liabilities
and dividing the amount by the total number of units issued and outstanding. The Funds use the closing price for the contracts
on the relevant exchange on that day to determine the value of contracts held on such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I><U>Cash
equivalents</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Cash equivalents
are highly liquid investments with original maturity dates of three months or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Accounting estimates</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The preparation
of financial statements in conformity with accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I><U>Income taxes</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company has
filed an election with the Internal Revenue Service to be treated as an association taxable as a corporation. The Company files
a consolidated federal income tax return with Wainwright and provides for income taxes as if the Company filed separately. The
Company, however, does not file on a consolidated basis for state income tax purposes. The Company accounts for income taxes in
accordance with Financial Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting Standards Classification (&ldquo;ASC&rdquo;)
Topic 740-10, <I>Accounting for Income Taxes</I> (&ldquo;FASB ASC Topic 740-10&rdquo;). Under the asset and liability method of
FASB ASC Topic 740-10, deferred tax assets and liabilities are recognized for the estimated future tax consequences or benefits
attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective
tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates in effect for the year in which those temporary
differences are expected to be recovered or settled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Effective January
1, 2008, the Company adopted FASB ASC Topic 740-10, <I>Accounting for Uncertainty in Income Taxes</I> (&ldquo;FASB ASC Topic 740-10&rdquo;),
which establishes that a tax position taken or expected to be taken in a tax return is to be recognized in the consolidated financial
statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination.
FASB ASC Topic 740-10 is effective for private companies for fiscal years beginning after December 15, 2008. The Company&rsquo;s
adoption of FASB ASC Topic 740-10 did not have a material effect on its consolidated financial position, results of operations
or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE&nbsp;2&nbsp;- &#9;<FONT STYLE="text-transform: uppercase">Summary
of Significant Accounting PolicieS </FONT></I></B><I>(concluded)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I><U>Fund startup expenses</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expenses all startup expenses
associated with the registration of each fund. Fund startup expenses include offering costs relating to the initial registration
of units and include, but are not limited to, legal fees pertaining to the initial registration of units, SEC and FINRA registration
fees, initial fees paid to be listed on an exchange and other similar costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I><U>Recent accounting pronouncements</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2009, the FASB issued ASU 2009-17,
<I>Consolidations</I> (Topic 810) &ndash; Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities.
This ASU changes how a reporting entity determines when an entity that is insufficiently capitalized or is not controlled through
voting (or similar rights) should be consolidated. ASU 2009-17 also requires a reporting entity to provide additional disclosures
about its involvement with variable interest entities and any significant changes in risk exposure due to that involvement. ASU
2009-17 is effective at the start of a reporting entity&rsquo;s first fiscal year beginning after November 15, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In February 2010,
the FASB issued ASU 2010-10, <I>Consolidation</I> (Topic 810) &ndash; Amendments for Certain Investments Funds. This ASU amends
certain provisions of ASC 810 pertaining to investments in variable interest entities to defer the effective date of ASU 2009-17
for certain investment entities and changes how decision makers and service providers determine whether their fees are variable
interests. The amendments in ASU 2010-10 are effective as of the beginning of a reporting entity&rsquo;s first annual period that
begins after November 15, 2009, and for interim periods within that first annual reporting period. The adoption of ASU 2010-10
did not have a material impact on the Company&rsquo;s financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In January 2010, the FASB issued ASU 2010-06,
<I>Fair Value Measurements and Disclosures</I> (Topic 820) &ndash; Improving Disclosures about Fair Value Measurements. This ASU
requires new disclosures and clarifies certain existing disclosure requirements about fair value measurements. ASU 2010-06 requires
a reporting entity to disclose significant transfers in and out of Level 1 and Level 2 fair value measurements, to describe the
reasons for the transfers, and to present separately information about purchases, sales, issuances, and settlements for fair value
measurements using significant unobservable inputs. ASU 2010-06 is effective for interim and annual reporting periods beginning
after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity
in Level 3 fair value measurements, which is effective for interim and annual reporting periods beginning after December 15, 2010;
early adoption is permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE&nbsp;3&nbsp;- &#9;<FONT STYLE="text-transform: uppercase">Capitalization</FONT></I></B><I><FONT STYLE="text-transform: uppercase">
<B>and related party transactions</B></FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">During the years
ended December 31, 2012 and 2011, the Company paid approximately $500,000 and $9,900,000 in distributions to its member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Funds (except
for USCI, CPER, USAG and USMI) and USSNG were each capitalized with $1,000, of which the Company contributed $20 and Wainwright
contributed $980. The United States Commodity Index Funds Trust was capitalized with $4,000, which was contributed solely by the
Company, which is included in cash and cash equivalents in the accompanying statement of financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE&nbsp;3&nbsp;- &#9;<FONT STYLE="text-transform: uppercase">Capitalization</FONT></I></B><I><FONT STYLE="text-transform: uppercase">
<B>and related party transactions</B></FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Company, as General Partner
or Sponsor, through no obligation to do so, has agreed to pay certain expenses, including those relating to audit expenses and
tax accounting and reporting requirements normally borne by USDHO, USG, USSO, US12NG, USBO, USCI, CPER, USAG and USMI to the extent
that such expenses exceed 0.15% (15 basis points) of their NAV, on an annualized basis. The Company, as General Partner or Sponsor,
has no obligation to continue such payments in subsequent years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s consolidated statements
of financial condition reflects noncontrolling interests in its subsidiaries as of December 31, 2012 and 2011. A schedule of the
noncontrolling interests is presented below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Limited partner interest in United States Short Natural</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Gas Fund, LP</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">980</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="width: 12%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">980</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 8, 2012, a principal of the Company
loaned $1,000,000 to the Company. The loan is due on on the earlier of March 11, 2014 or within 60 days of the launch of UAC and
bears interest at a rate of 3%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE 4 -&#9;FAIR VALUE MEASUREMENTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the valuation
of the Company&rsquo;s investments at December 31, 2012 and 2011 using the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">At December 31, 2012:</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Level I</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">Level II</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">Level III</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: black">Investments</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,251,427</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,251,427</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">At December 31, 2011:</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Total</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Level I</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Level II</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Level III</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: black">Investments</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,321</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,321</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Included in investments at December 31,
2012 are 40,000 shares of United States Metals Fund with a fair value of approximately $1,250,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE 5 -&#9;INCOME TAXES</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has filed an election with
the Internal Revenue Service to be treated as an association taxable as a corporation. The Company files a consolidated federal
income tax return with Wainwright and provides for income taxes as if the Company filed separately. The Company, however, does
not file on a consolidated basis for state income tax purposes. In connection with filing a consolidated federal income tax return,
the Company has recorded federal income tax expense (benefit) and has recorded a corresponding due from parent and due to parent
for its federal tax liability (benefit).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE 5 -&#9;INCOME TAXES </I></B><I>(concluded)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities reflect
the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for income tax purposes. Significant components of the Company&rsquo;s deferred tax liabilities and assets
as of December 31, 2012 and 2011 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"><B>December
31,</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">Deferred tax liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Deferred tax assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.125in">Funds' startup expenses (offering costs)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">1,418,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">981,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.125in">Unrealized losses on investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">189,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">169,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.125in">Valuation allowance for deferred tax assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,607,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(1,150,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">-</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-top: 0pt; margin-bottom: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The valuation allowance increased by $457,000
and $66,000 for the years ended December 31, 2012 and 2011. The portion of the deferred tax asset shown relating to the Company&rsquo;s
unrealized losses on investments reported above relates to the unrealized losses on investments and is accounted for as other comprehensive
loss (see Note 7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE<FONT STYLE="font-family: Times New Roman, Times, Serif">
6 -&#9;<FONT STYLE="text-transform: uppercase">CONTRACTS AND AGREEMENTS</FONT></FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, together with each of the
Funds, is a party to marketing agent agreements with ALPS Distributors, Inc. (&ldquo;ALPS&rdquo;), a Colorado corporation, whereby
ALPS provides certain marketing services for the Funds as outlined in their respective marketing agent agreements. Under the agreement
dated as of March 13, 2006, as amended, whereby ALPS provides certain marketing services for USOF, the Company pays ALPS a marketing
fee of $425,000 per annum plus the following incentive fee: 0.00% on USOF&rsquo;s assets from $0 &mdash; $500 million; 0.04% on
USOF&rsquo;s assets from $500 million &mdash; $4 billion; and 0.03% on USOF&rsquo;s assets in excess of $4 billion. Under the agreement
dated as of April 17, 2007, whereby ALPS provides certain marketing services for USNG, and the agreement dated as of November 13,
2007, whereby ALPS provides certain marketing services for US12OF, the Company pays ALPS fees equal to 0.06% on each of USNG&rsquo;s
and US12OF&rsquo;s assets up to $3 billion and 0.04% on each of USNG&rsquo;s and US12OF&rsquo;s assets in excess of $3 billion.
Under the agreement dated as of February 15, 2008, whereby ALPS provides certain marketing services for UGA, and the agreement
dated March 10, 2008 whereby ALPS provides certain marketing services for USDHO, the Company pays ALPS fees equal to 0.06% on each
of UGA&rsquo;s and USDHO&rsquo;s assets up to $3 billion and 0.04% on each of UGA&rsquo;s and USDHO&rsquo;s assets in excess of
$3 billion. Under the agreement dated as of June 8, 2009, whereby ALPS provides certain marketing services for USSO and the agreement
dated October 30, 2009, whereby ALPS provides certain marketing services for US12NG, the Company pays ALPS fees equal to 0.06%
on each of USSO&rsquo;s and US12NG&rsquo;s assets up to $3 billion; and 0.04% on each of USSO&rsquo;s and US12NG&rsquo;s assets
in excess of $3 billion. Under the agreement dated as of March 31, 2010, whereby ALPS provides certain marketing services for USBO
and the agreement dated July 22, 2010, whereby ALPS provides certain marketing services for each of USCI, CPER, USAG and USMI,
the Company pays ALPS fees equal to 0.06% on each of USBO&rsquo;s, USCI&rsquo;s, CPER&rsquo;s, USAG&rsquo;s and USMI&rsquo;s assets
up to $3 billion; and 0.04% on each of USBO&rsquo;s, USCI&rsquo;s, CPER&rsquo;s, USAG&rsquo;s and USMI&rsquo;s assets in excess
of $3 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above fees do not include the following
expenses, which are also borne by the Company: the cost of placing advertisements in various periodicals, web construction and
development, and the printing and production of various marketing materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, each of the Funds and Trust
are parties to custodian agreements with Brown Brothers Harriman &amp; Co. (&ldquo;Brown Brothers&rdquo;), whereby Brown Brothers
holds investments on behalf of the Funds. The Company pays the fees of the custodian, which shall be determined by the parties
from time to time. In addition, the Company, with each of the Funds and the Trust, are parties to administrative agency agreements
with Brown Brothers, whereby Brown Brothers acts as the administrative agent, transfer agent and registrar for each of the Funds.
The Company also pays the fees of Brown Brothers for its services under these agreements and such fees will be determined by the
parties from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, the Company pays Brown Brothers
for its services, in the foregoing capacities, the greater of a minimum amount of $75,000 annually or an asset-based charge of
(a) 0.06% for the first $500 million of combined net assets, (b) 0.0465% for combined net assets greater than $500 million but
less than $1 billion, and (c) 0.035% of combined net assets in excess of $1 billion. The Company also pays a $20,000 annual fee
for transfer agency services and transaction fees ranging from $7.00 to $15.00 per transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE<FONT STYLE="font-family: Times New Roman, Times, Serif">
6 -&#9;<FONT STYLE="text-transform: uppercase">CONTRACTS AND AGREEMENTS</FONT></FONT></I></B><I><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="text-transform: uppercase"><FONT STYLE="font-weight: normal">
(</FONT></FONT><FONT STYLE="font-weight: normal">concluded<FONT STYLE="text-transform: uppercase">)</FONT></FONT></FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, as Sponsor to the Trust, has
entered into an agreement with SummerHaven Asset Management, LLC (&ldquo;SummerHaven&rdquo;) for their services as a commodity
trading advisor to each of USCI, CPER, USAG and USMI. For their services, the Company pays SummerHaven an advisory fee for USCI
equal to a percentage of the average daily assets of USCI that is equal to the percentage paid to USCF by USCI minus 0.14% with
that result multiplied by 0.5 minus 0.06%. The Company also pays an advisory fee for each of CPER, USAG and USMI equal to a percentage
of the average daily assets of CPER, USAG and USMI that is equal to the percentage paid to USCF by CPER, USAG and USMI minus 0.18%
with that result multiplied by 0.5 minus 0.06%. The Company also pays SummerHaven a sublicense fee for the use of the Commodity
Index, the Copper Index, the Agriculture Index and the Metals Index. For each of USCI, CPER, USAG and USMI, the Company paid $15,000
for the calendar year 2012, plus an annual fee of 0.06% of the average daily assets of each of USCI, CPER, USAG and USMI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Funds, with the exception of
USCI, CPER, USAG and USMI, has entered into brokerage agreements pursuant to which UBS Securities LLC acts as the futures commission
merchant (the &ldquo;FCM&rdquo;); NewEdge USA, LLC acts as the FCM for USCI, CPER, USAG and USMI. The agreements provide that the
FCM will charge commissions of approximately $7 to $8 per round-turn trade plus applicable exchange and NFA fees for futures contracts
and options on futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of the Funds, other than USBO, USCI,
CPER, USAG and USMI, has invested primarily in futures contracts traded on the Exchange since the commencement of its operations.
The Funds, other than USBO, USCI, CPER, USAG and USMI, have entered into a license agreement with the Exchange whereby the Funds
were granted a non-exclusive license to use certain of the Exchange&rsquo;s settlement prices and service marks. Up to October&nbsp;19,
2011, the Funds, other than USBO, USCI, CPER, USAG and USMI, paid a licensing fee that was equal to 0.04% for the first&nbsp;$1,000,000,000
of combined assets of the Funds and 0.02% for combined assets above $1,000,000,000. On and after October&nbsp;20, 2011, the Funds,
other than USBO, USCI, CPER, USAG and USMI, pay a licensing fee that is equal to 0.015% on all assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Funds expressly disclaim any association
with the Exchange or endorsement of the Funds by the Exchange and acknowledge that &ldquo;NYMEX&rdquo; and &ldquo;New York Mercantile
Exchange&rdquo; are registered trademarks of such Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has contracted an accounting
firm to prepare each of the Funds, USSNG and the United States Commodity Index Funds Trust&rsquo;s yearly income tax filings with
the Internal Revenue Service and various states. The cost associated with any registered new fund is expected to be comparable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>NOTE 7 -&#9;ACCUMULATED
OTHER COMPREHENSIVE LOSS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Changes in accumulated
other comprehensive loss for the years ended December 31, 2012 and 2011 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 85%; font: bold 10pt Times New Roman, Times, Serif; color: black">Balance, December 31, 2010</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(497,966</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.125in; padding-bottom: 1pt">Unrealized holding losses on investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">(1,085</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">Balance, December 31, 2011</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">(499,051</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 0.125in; padding-bottom: 1pt">Unrealized holding losses on investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 1pt solid">(60,340</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">Balance, December 31, 2012</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right; border-bottom: Black 2.5pt double">(559,391</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 2.5pt">)</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company records
its other comprehensive loss net of income tax expense (benefit). As of December 31, 2012 and 2011, the Company has not recorded
an income tax expense or benefit associated with its accumulated other comprehensive loss (see Note 5).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>NOTE 8 -&#9;OFF-BALANCE
SHEET RISKS AND CONTINGENCIES</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Funds engage in the trading of U.S.
futures contracts, options on U.S. contracts, cleared swap contracts and over-the-counter derivative transactions (collectively
&ldquo;derivatives&rdquo;). The Funds are exposed to both market risk, the risk arising from changes in the market value of the
contracts; and credit risk, the risk of failure by another party to perform according to the terms of a contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All of the contracts
currently traded by the Funds, with the exception of USNG, are exchange-traded. The risks associated with exchange-traded contracts
are generally perceived to be less than those associated with over-the-counter transactions since, in over-the-counter transactions,
the Funds must rely solely on the credit of their respective individual counterparties. To the extent the Funds enter into non-exchange
traded contracts, they are subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty
non-performance associated with such instruments is the net unrealized gain, if any. The Funds also have credit risk since the
sole counterparty to all domestic futures contracts is the exchange clearing corporation. In addition, the Funds bear the risk
of financial failure by the clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purchase and sale of futures and options
on futures contracts require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value.
The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM&rsquo;s proprietary activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A customer&rsquo;s cash and other property,
such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM&rsquo;s
segregation requirements. In the event of an FCM&rsquo;s insolvency, recovery may be limited to a pro rata share of segregated
funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For derivatives,
risks arise from changes in the market value of the contracts. Theoretically, the Funds are exposed to market risk equal to the
value of futures and forward contracts purchased and unlimited liability on such contracts sold short. As both buyers and sellers
of options, the Funds pay or receive a premium at the outset and then bear the risk of unfavorable changes in the price of the
contract underlying the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>united
states commodity funds LLc AND SUBSIDIARies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>NOTES
TO CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION</B></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>NOTE 8 -&#9;OFF-BALANCE
SHEET RISKS AND CONTINGENCIES</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s policy is to continuously
monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting
and control procedures. In addition, the Company has a policy of reviewing the credit standing of each clearing broker or counter-party
with which it conducts business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The financial
instruments held by the Company are reported in the statement of financial condition at market or fair value, or at carrying amounts
that approximate fair value, because of their highly liquid nature and short-term maturities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company has
securities for its own account and may incur losses if the market value of the securities decreases subsequent to December 31,
2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company has
a substantial portion of its assets on deposit with banks. Assets deposited with banks are subject to credit risk. In the event
of a bank's insolvency, recovery of the Company's assets on deposit may be limited to account insurance or other protection afforded
such deposits. As of December 31, 2012, the Company had cash of $2,469,405 in excess of the federally insured amount of $250,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>NOTE 9 -&#9;SUBSEQUENT EVENTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with FASB ASC Topic 855-10-05,
the Company has performed an evaluation of subsequent events through March 28, 2012 which is the date the financial statements
were available to be issued. The evaluation did not result in any items to disclose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;9.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;9A.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Controls and Procedures. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Disclosure Controls and Procedures </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG maintains disclosure controls and
procedures that are designed to ensure that material information required to be disclosed in&nbsp;US12NG&rsquo;s periodic reports
filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the
SEC&rsquo;s rules and forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The duly appointed officers of USCF,&nbsp;including
its chief executive officer and&nbsp;chief financial officer,&nbsp;who perform functions equivalent to those of a principal executive
officer and principal financial officer of US12NG if US12NG had any officers, have evaluated the effectiveness of US12NG&rsquo;s
disclosure controls and&nbsp;procedures and have concluded that the disclosure controls and procedures of US12NG have been effective
as of the end of the period covered by this annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Management&rsquo;s Annual Report on
Internal Control Over Financial Reporting </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG is responsible for establishing
and maintaining adequate internal control over financial reporting. US12NG&rsquo;s internal control system is designed to provide
reasonable assurance to USCF and the Board of USCF regarding the preparation and fair presentation of published financial statements.&nbsp;All
internal control systems, no matter how well designed, have inherent limitations.&nbsp;Therefore, even those systems determined
to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. USCF&rsquo;s
report on internal control over financial reporting is set forth above under the heading, &ldquo;Management&rsquo;s Annual Report
on Internal Control Over Financial Reporting&rdquo; in Item&nbsp;8 of this annual report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Change in Internal Control Over Financial
Reporting </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no changes in US12NG&rsquo;s
internal control over financial reporting during US12NG&rsquo;s last fiscal quarter that have materially affected, or are reasonably
likely to materially affect, US12NG&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;9B.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Other Information. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Monthly Account Statements </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirement under Rule
4.22 under the CEA, each month US12NG publishes an account statement for its unitholders, which includes a Statement of Income
(Loss) and a Statement of Changes in Net Asset Value.&nbsp;The account statement is furnished to the SEC on a current report on
Form 8-K pursuant to Section&nbsp;13 or 15(d) of the Exchange Act and posted each month on US12NG&rsquo;s website at www.unitedstates12monthnaturalgasfund.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Part III </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;10.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Directors, Executive Officers and Corporate Governance. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&nbsp;Nicholas Gerber and Mr.&nbsp;Howard
Mah serve as executive officers of USCF. US12NG has no executive officers. Its affairs are generally managed by USCF.&nbsp;The
following individuals serve as Management Directors of USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Nicholas Gerber</I></B> has been
the President and CEO of USCF since June&nbsp;9, 2005 and a Management Director of USCF since May&nbsp;10, 2005.&nbsp;He maintains
his main business office at 1999 Harrison Street, Suite 1530, Oakland, California 94612.&nbsp;He has been listed with the CFTC
as a Principal of USCF since November&nbsp;29, 2005, as Branch Manager of USCF since May&nbsp;15, 2009 and registered with the
CFTC as an Associated Person of USCF on December&nbsp;1, 2005.&nbsp;Mr. Gerber also served as Vice President/Chief Investment Officer
of Lyon&rsquo;s Gate Reinsurance Company, Ltd., a company formed to reinsure workmen&rsquo;s compensation insurance, from June
2003 to December 2009.&nbsp;Mr. Gerber has an extensive background in securities portfolio management and in developing investment
funds that make use of indexing and futures contracts.&nbsp;He is also the founder of Ameristock Corporation, a California-based
investment adviser registered under the Investment Advisers Act of 1940.&nbsp;From&nbsp;August 1995 to January 2013, Mr.&nbsp;Gerber
was the portfolio manager of the Ameristock Mutual Fund, Inc. a mutual fund registered under the Investment Company Act of 1940,
focused on large cap U.S. equities that, as of December&nbsp;31, 2012, had $126,879,540 in assets.&nbsp;On January 11, 2013, the
Ameristock Mutual Fund, Inc. merged with and into the Drexel Hamilton Centre American Equity Fund, a series of Drexel Hamilton
Mutual Funds. Drexel Hamilton Mutual Funds is not affiliated with Ameristock Corporation, the Ameristock Mutual Fund, Inc. or USCF.
He has also been a Trustee for the Ameristock ETF Trust since June 2006, and served as a portfolio manager for the Ameristock/Ryan
1 Year, 2 Year, 5 Year, 10 Year and 20 Year Treasury ETF from June 2007 to June 2008 when such funds were liquidated.&nbsp;In these
roles, Mr.&nbsp;Gerber has gained extensive experience in evaluating and retaining third-party service providers, including custodians,
accountants, transfer agents, and distributors.&nbsp;Mr. Gerber has passed the Series 3 examination for associated persons. He
holds an MBA in finance from the University of San Francisco and a BA from Skidmore College.&nbsp;Mr. Gerber is 50 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In concluding that Mr.&nbsp;Gerber should
serve as Management Director of USCF, USCF considered his broad business experiences in the industry including: forming and managing
investment companies and commodity pools, raising capital for such entities and founding and managing non-finance related companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Howard Mah</I></B> has been a Management
Director of USCF since May&nbsp;10, 2005, Secretary of USCF since June&nbsp;9, 2005, Chief Financial Officer of USCF since May&nbsp;23,
2006 and Treasurer since February 23, 2012.&nbsp;He has been listed with the CFTC as a Principal of USCF since November&nbsp;29,
2005.&nbsp;In these roles, Mr.&nbsp;Mah is currently involved in the management of US12NG and the Related Public Funds and will
be involved in the management of USSF, UNGD, USGO, UAC and HARD, if such funds commence operations.&nbsp;Mr. Mah also serves as
USCF&rsquo;s Chief Compliance Officer.&nbsp;He received a Bachelor of Education from the University of Alberta, in 1986 and an
MBA from the University of San Francisco in 1988.&nbsp;He served as Secretary and Chief Compliance Officer of the Ameristock ETF
Trust from February 2007 until June 2008 when the trust was liquidated, Chief Compliance Officer of Ameristock Corporation since
January 2001; a tax and finance consultant in private practice since January 1995, Secretary of Ameristock Mutual Fund from June
1995 to January 2013 and Ameristock Focused Value Fund from December 2000 to January 2005; Chief Compliance Officer of Ameristock
Mutual Fund from August 2004 to January 2013 and the Co-Portfolio Manager of the Ameristock Focused Value Fund from December 2000
to January 2005. Mr.&nbsp;Mah is 48 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In concluding that Mr.&nbsp;Mah should
serve as Management Director of USCF, USCF considered his background in accounting and finance, as well as his experience as Chief
Compliance Officer for USCF and Ameristock Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Andrew F. Ngim</I></B> has been a
Management Director of USCF since May&nbsp;10, 2005 and Treasurer of USCF from June&nbsp;9, 2005 to February 23, 2012.&nbsp;Mr.
Ngim has acted as Portfolio Manager for USCI, CPER, USAG and USMI since January 31, 2013. He has been listed with the CFTC as a
Principal of USCF since November&nbsp;29, 2005.&nbsp;Mr.&nbsp;Ngim is currently involved in the management
of US12NG and the Related Public Funds and will be involved in the management of USSF, UNGD, USGO, UAC and HARD, if such funds
commence operations.&nbsp;He received a Bachelor of Arts from the University of California at Berkeley in 1983.&nbsp;Mr. Ngim was
Ameristock Corporation&rsquo;s Managing Director from January 1999 to January 2013 and co-portfolio manager of Ameristock Mutual
Fund, Inc. from January 2000 to January 2013 when such fund was liquidated, Trustee of the Ameristock ETF Trust since February
2007, and served as a portfolio manager for the Ameristock/Ryan 1 Year, 2 Year, 5 Year, 10 Year and 20 Year Treasury ETF from June
2007 to June 2008 when such funds were liquidated. Mr.&nbsp;Ngim is 52 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In concluding that Mr.&nbsp;Ngim should
serve as Management Director of USCF, USCF considered his broad career in the financial services industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following individuals provide significant
services to US12NG but are employed by USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>John P. Love, CFA </I></B>has acted
as a Portfolio Manager since the launch of USOF in 2006 and is currently the Portfolio Manager for USNG, UGA, USDHO and US12NG.&nbsp;Effective
March 1, 2010, Mr. Love became the Senior Portfolio Manager for the USCF funds and is expected to be the Portfolio Manager for
USSF, UNGD, USGO and UAC, if such funds commence operations. Mr. Love is also employed by USCF. He has been listed with the CFTC
as a Principal of USCF since January 17, 2006. Mr. Love also served as the operations manager of Ameristock Corporation from October
2002 to January 2007, where he was responsible for back office and marketing activities for the Ameristock Mutual Fund and Ameristock
Focused Value Fund and for the firm in general. Mr. Love holds a Series 7 and a Series 3 license and was registered with the CFTC
as an Associated Person of USCF from December 1, 2005 through April 16, 2009.&nbsp;Mr. Love received his CFA designation in 2012.&nbsp;He
is a member of the CFA Institute (formerly AIMR) and the CFA Society of Los Angeles.&nbsp;Mr. Love is a graduate of the University
of Southern California.&nbsp;Mr. Love is 41 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>John T. Hyland, CFA</I></B> is employed
by USCF and has acted as the Chief Investment Officer for the USCF funds since January 2008. Mr.&nbsp;Hyland was Portfolio Manager
for USOF, USNG, US12OF, UGA, USDHO, USSO, US12NG, USBO, USCI and CPER beginning in April 2006,&nbsp;April 2007,&nbsp;December 2007,&nbsp;February
2008,&nbsp;April 2008,&nbsp;September 2009,&nbsp;November 2009,&nbsp;June 2010,&nbsp;August 2010 and&nbsp;November 2011, respectively.
He will also be the Chief Investment Officer for USSF, UNGD, USGO, UAC and HARD upon the commencement of such funds&rsquo; operations.
Since December&nbsp;1, 2005, Mr.&nbsp;Hyland has been registered with the CFTC as an Associated Person of USCF and since January&nbsp;17,
2006, he has been listed with the CFTC as a Principal of USCF. As part of his responsibilities for USCF and the Related Public
Funds, Mr.&nbsp;Hyland oversees the day-to-day trading, helps set investment policies and oversees the Related Public Funds&rsquo;
activities with their futures commission brokers, custodian-administrator and marketing agent. Mr.&nbsp;Hyland has an extensive
background in portfolio management and research with both equity and fixed income securities, as well as in the development of
new types of complex investment funds. In July 2001, Mr.&nbsp;Hyland founded Towerhouse Capital Management, LLC, a firm that provided
portfolio management and new fund development expertise to non-U.S. institutional investors through December 2009. Since January
2010, Towerhouse Capital Management has been inactive. Mr.&nbsp;Hyland was a Principal for Towerhouse in charge of portfolio research
and product development regarding U.S. and non-U.S. real estate related securities. Mr.&nbsp;Hyland received his CFA designation
in 1994. Mr.&nbsp;Hyland is a member of the CFA Institute (formerly AIMR) and is a member and former president of the CFA Society
of San Francisco. He is also a member of the National Association of Petroleum Investment Analysts, a not-for-profit organization
of investment professionals focused on the oil industry. He is a graduate of the University of California, Berkeley. Mr.&nbsp;Hyland
is 53 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Ray W. Allen</I></B> acts as a Portfolio
Manager for USOF, US12OF, USSO and USBO.&nbsp;He has been employed by USCF since January&nbsp;14, 2008.&nbsp;He holds a Series
3 license and registered with the CFTC as an Associated Person of USCF from March&nbsp;25, 2008 to November 1, 2012.&nbsp;He has
been listed with the CFTC as a Principal of USCF since March&nbsp;18, 2009. Mr.&nbsp;Allen&rsquo;s responsibilities include daily
trading and operations for USOF, US12OF, USSO and USBO. Mr.&nbsp;Allen also acted as a Portfolio Manager for UGA, USDHO and US12NG
until March&nbsp;1, 2010.&nbsp;In addition, from February 2002 to October 2007, Mr.&nbsp;Allen was responsible for analyzing and
evaluating the creditworthiness of client companies at Marble Bridge Funding Group Inc., in Walnut Creek, CA. Marble Bridge Funding
Group Inc. is a commercial finance company providing capital to entrepreneurial companies. For the period from October 2007 to
January&nbsp;14, 2008, Mr.&nbsp;Allen was not employed by USCF and did not engage in any business-related activity. Mr.&nbsp;Allen
received a BA in Economics from the University of California at Berkeley in 1980. Mr.&nbsp;Allen is 56 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following individuals serve as independent
directors of USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Peter M. Robinson</I></B> has been
an independent director of USCF since September&nbsp;30, 2005 and, as such, serves on the Board of USCF, which acts on behalf of
US12NG and the Related Public Funds.&nbsp;He has been listed with the CFTC as a Principal of USCF since December 2005.&nbsp;Mr.
Robinson has been employed as a Research Fellow with the Hoover Institution since 1993.&nbsp;The Hoover Institution is a public
policy think tank located on the campus of Stanford University.&nbsp;Mr. Robinson graduated from Dartmouth College in 1979 and
Oxford University in 1982.&nbsp;Mr. Robinson received an MBA from the Stanford University Graduate School of Business.&nbsp;Mr.
Robinson has also written three books and has been published in the <I>New York Times</I>, <I>Red Herring</I>, and <I>Forbes ASAP</I>
and he is the editor of <I>Can Congress Be Fixed?: Five Essays on Congressional Reform</I> (Hoover Institution Press, 1995).&nbsp;Mr.
Robinson is 55 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In concluding that Mr.&nbsp;Robinson should
serve as independent director of USCF, USCF considered his broad experience in the United States government, including his employment
at the SEC, and his knowledge of and insight into public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Gordon L. Ellis</I></B> has been
an independent director of USCF since September&nbsp;30, 2005 and, as such, serves on the Board of USCF, which acts on behalf of
US12NG and the Related Public Funds.&nbsp;He has been listed with the CFTC as a Principal of USCF since November 2005.&nbsp;Mr.
Ellis was a founder and Chairman of International Absorbents, Inc., a NYSE listed company and the parent company of Absorption
Corp., since July 1988, President and Chief Executive Officer since November 1996 and a Class I Director of the company since July
1985.&nbsp;Mr. Ellis was also a director of Absorption Corp., International Absorbents, Inc.&rsquo;s wholly-owned subsidiary which
is engaged in developing, manufacturing and marketing a wide range of animal care and industrial absorbent products.&nbsp;International
Absorbents and Absorption Corp. were sold to a private investment banking firm in May 2010. Mr. Ellis continues as a director of
the privatized firm. Mr. Ellis was chairman and a founder of Polymer Solutions, Inc. from April 1986 to February 2004, a former
publicly-held company that sold all of its assets to a senior coatings manufacturer effective February&nbsp;3, 2004.&nbsp;Polymer
Solutions previously developed and manufactured paints, coatings, stains and primers for wood furniture manufacturers. Mr. Ellis
is founder and chairman of Lupaka Gold Corp. since November 2000, a Toronto Stock Exchange listed company developing a precious
metal deposit in South America (from November 2000 to May 2010, Lupaka Gold Corp. was called Kcrok Enterprises Ltd.). Mr. Ellis
has his Chartered Directors designation from The Director&rsquo;s College (a joint venture of McMaster University and The Conference
Board of Canada).&nbsp;Mr. Ellis is a professional engineer with an MBA in international finance.&nbsp;Mr. Ellis is 66 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In concluding that Mr.&nbsp;Ellis should
serve as independent director of USCF, USCF considered his experience serving as the Chairman and Chief Executive Officer of a
former publicly-traded corporation as well as his experience as an entrepreneur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Malcolm R. Fobes III</I></B> has
been an independent director of USCF since September&nbsp;30, 2005 and, as such, serves on the Board of USCF, which acts on behalf
of US12NG and the Related Public Funds. He has been listed with the CFTC as a Principal of USCF since November 2005.&nbsp;Mr. Fobes
is the founder, Chairman and Chief Executive Officer of Berkshire Capital Holdings, Inc., a California-based investment adviser
registered under the Investment Advisers Act of 1940, that has been sponsoring and providing portfolio management services to mutual
funds since June 1997.&nbsp;Since&nbsp;June 1997, Mr.&nbsp;Fobes has been the Chairman and President of The Berkshire Funds, a
mutual fund investment company registered under the Investment Company Act of 1940.&nbsp;Mr. Fobes also serves as portfolio manager
of the Berkshire Focus Fund, a mutual fund registered under the Investment Company Act of 1940, which concentrates its investments
in the electronic technology industry.&nbsp;From April 2000 to July 2006, Mr.&nbsp;Fobes also served as co-portfolio manager of
The Wireless Fund, a mutual fund registered under the Investment Company Act of 1940, which concentrates its investments in companies
engaged in the development, production, or distribution of wireless-related products or services. In these roles, Mr.&nbsp;Fobes
has gained extensive experience in evaluating and retaining third-party service providers, including custodians, accountants, transfer
agents, and distributors.&nbsp;Mr. Fobes was also contributing editor of <I>Start a Successful Mutual Fund: The Step-by-Step Reference
Guide to Make It Happen</I> (JV Books, 1995).&nbsp;Mr. Fobes holds a B.S. degree in Finance with a minor in Economics from San
Jose State University in California.&nbsp;Mr. Fobes is 48 years old.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In concluding that Mr.&nbsp;Fobes should
serve as independent director of USCF, USCF considered his background as founder, Chairman and Chief Executive Officer of a registered
investment adviser as well as Chairman, President, Chief Financial Officer and Portfolio Manager of a mutual fund investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are individual Principals,
as that term is defined in CFTC Rule 3.1, for USCF: Nicholas Gerber, Melinda Gerber, the Nicholas and Melinda Gerber Living Trust,
Howard Mah, Andrew Ngim, Peter Robinson, Gordon Ellis, Malcolm Fobes, John Love, John Hyland, Ray Allen, Wainwright Holdings Inc.
and Margaret Johnson. These individuals are Principals due to their positions, however, Nicholas Gerber and Melinda Gerber are
also Principals due to their controlling stake in Wainwright.&nbsp;None of the Principals owns or has any other beneficial interest
in US12NG.&nbsp;John Love and John Hyland make trading and investment decisions for US12NG.&nbsp;John Love and Ray Allen execute
trades on behalf of US12NG.&nbsp;In addition, Nicholas Gerber and John Hyland are registered with the CFTC as Associated Persons
of USCF and are NFA Associate Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Audit Committee </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of USCF has an audit committee
which is made up of the three independent directors (Peter M. Robinson, Gordon L. Ellis, and Malcolm R. Fobes III).&nbsp;The audit
committee is governed by an audit committee charter that is posted on US12NG&rsquo;s website at www.unitedstates12monthnaturalgas.com.&nbsp;Any
unitholder of US12NG may also obtain a printed copy of the audit committee charter, free of charge, by calling 1-800-920-0259.
The Board has determined that each member of the audit committee meets the financial literacy requirements of the NYSE Arca and
the audit committee charter.&nbsp;The Board has further determined that each of Messrs. Ellis and Fobes have accounting or related
financial management expertise, as required by the NYSE Arca, such that each of them is considered an &ldquo;Audit Committee Financial
Expert&rdquo; as such term is defined in Item&nbsp;407(d)(5) of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Committees </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the individuals who perform work
on behalf of US12NG are not compensated by US12NG, but instead by USCF, US12NG does not have a compensation committee. Similarly,
since the directors noted above serve on the Board of USCF, there is no nominating committee of the Board that acts on behalf of
US12NG.&nbsp;USCF believes that it is necessary for each member of the Board to possess many qualities and skills.&nbsp;USCF further
believes that all directors should possess a considerable amount of business management and educational experience.&nbsp;There
have not been any vacancies on USCF&rsquo;s Board since the commencement of operations of USOF in April 2006; however, if such
a vacancy were to occur, the members of the Board would consider a candidate&rsquo;s management experience as well as his/her background,
stature, conflicts of interest, integrity and ethics.&nbsp;In connection with this, the Board would also consider issues of diversity,
such as diversity of gender, race and national origin, education, professional experience and differences in viewpoints and skills.&nbsp;The
Board does not have a formal policy with respect to diversity; however, the Board believes that it is essential that the Board
represent diverse viewpoints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Corporate Governance Policy </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of USCF has adopted a Corporate
Governance Policy that applies to US12NG and the Related Public Funds.&nbsp;US12NG has posted the text of the Corporate Governance
Policy on its website at www.unitedstates12monthnaturalgasfund.com.&nbsp;Any unitholder of US12NG may also obtain a printed copy
of the Corporate Governance Policy, free of charge, by calling 1-800-920-0259.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Code of Ethics </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">USCF has adopted a Code of Business Conduct
and Ethics (the &ldquo;Code of Ethics&rdquo;) that applies to its principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions, and also to US12NG.&nbsp;US12NG has posted the text
of the Code of Ethics on its website at www.unitedstates12monthnaturalgasfund.com.&nbsp;Any unitholder of US12NG may also obtain
a printed copy of the Code of Ethics, free of charge, by calling 1-800-920-0259. US12NG intends to disclose any amendments or waivers
to the Code of Ethics applicable to USCF&rsquo;s principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, on its website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Executive Sessions of the Non-Management
Directors </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Corporate Governance
Policy of USCF, the non-management directors of the Board (who are the same as the independent directors of the Board) meet separately
from the other directors in regularly scheduled executive sessions, without the presence of Management Directors or executive officers
of USCF.&nbsp;The non-management directors have designated Malcolm R. Fobes III to preside over each such executive session. Interested
parties who wish to make their concerns known to the non-management directors may communicate directly with Mr.&nbsp;Fobes by writing
to 475 Milan Drive, No.&nbsp;103, San Jose, CA&nbsp;95134-2453 or by e-mail at uscf.director@gmail.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Leadership Structure and Role
in Risk Oversight </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of USCF is led by a Chairman,
Nicholas Gerber, who is also the President and CEO of USCF.&nbsp;The Board&rsquo;s responsibilities include (i)&nbsp;the selection,
evaluation, retention and succession of the Chief Executive Officer and the oversight of the selection and performance of other
executive officers, (ii)&nbsp;understanding, reviewing and monitoring the implementation of strategic plans, annual operating plans
and budgets, (iii)&nbsp;the selection and oversight of US12NG&rsquo;s independent auditors and the oversight of US12NG&rsquo;s
financial statements, (iv)&nbsp;advising management on significant issues, (v)&nbsp;the review and approval of significant company
actions and certain other matters, (vi)&nbsp;nominating directors and committee members and overseeing effective corporate governance
and (vii)&nbsp;the consideration of other constituencies, such as USCF&rsquo;s and US12NG&rsquo;s customers, employees, suppliers
and the communities impacted by US12NG.&nbsp;The non-management directors have designated Malcolm R. Fobes III as the presiding
independent director.&nbsp;Mr. Fobes&rsquo; role as the presiding independent director includes presiding over each executive session
of the non-management directors, facilitating communications by shareholders and employees with the non-management directors and
may also include representing the non-management directors with respect to certain matters as to which the views of the non-management
directors are sought pursuant to US12NG&rsquo;s Corporate Governance Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board believes that Mr.&nbsp;Gerber
is best situated to serve as Chairman of USCF because he is the director most familiar with the business of USCF, including investing
in the futures contracts and other commodity interests in order to track the benchmark futures contracts of US12NG and the Related
Public Funds.&nbsp;Because of his background, he is most capable of effectively leading the discussion and execution of new strategic
objectives.&nbsp;The independent directors of USCF are actively involved in the oversight of USCF and, because of their varied
backgrounds, provide different perspectives in connection with the oversight of USCF, US12NG and the Related Public Funds.&nbsp;USCF&rsquo;s
independent directors bring expertise from outside USCF and the commodities industry, while Mr.&nbsp;Gerber brings company-specific
and industry-specific experience and expertise.&nbsp;The Board believes that the combined role of Chairman and Chief Executive
Officer facilitates information flow between USCF and the Board, including the independent directors, which is essential to effective
governance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk Management </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full Board is actively involved in
overseeing the management and operation of USCF, including oversight of the risks that face US12NG and the Related Public Funds.&nbsp;For
example, the Board has adopted an Investment Policy and a Policy for Use of Derivatives.&nbsp;The policies are intended to ensure
that USCF takes prudent and careful action while entering into and managing investments taken by US12NG, including Futures Contracts
or Other Natural Gas-Related Investments such as over-the-counter swap contracts.&nbsp;Additionally, the policies are intended
to provide assurance that there is sufficient flexibility in controlling risks and returns associated with the use of investments
by US12NG.&nbsp;The policies, among other things, limit US12NG&rsquo;s ability to have too high of a concentration of its assets
in non-exchange traded futures contracts or cleared swap contracts or concentrating its investments in too few counterparties,
absent prior approval from the Board.&nbsp;Existing counterparties are reviewed periodically by the Board to ensure that they continue
to meet the criteria outlined in the policies.&nbsp;The Board tasks USCF with assessing risks, including market risk, credit risk,
liquidity risk, cash flow risk, basis risk, legal and tax risk, settlement risk, and operational risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board also determines compensation
payable to employees of USCF, including the portfolio managers of each of US12NG and the Related Public Funds.&nbsp;The compensation
of certain employees of USCF is, in part, based on the amount of assets under management by US12NG and the Related Public Funds.&nbsp;The
Board feels that compensating certain employees, in part, based on the amount of assets under management is appropriate since having
more assets in a fund generally reflects that investors perceive the fund&rsquo;s investment objective is being met.&nbsp;There
are certain risks that may arise as a result of a growth in assets under management.&nbsp;For example, if position limits are imposed
on US12NG and the assets under management continue to increase, then US12NG may not be able to invest solely in the Benchmark Futures
Contract and may have to invest in over-the-counter swap contracts or Other Natural Gas-Related Investments as it seeks to track
its benchmark.&nbsp;Other Futures Contracts in which US12NG may invest may not track changes in the price of the Benchmark Futures
Contract.&nbsp;Other Natural Gas-Related Investments, including over-the-counter swap contracts, may also expose US12NG to increased
counterparty credit risk and may be less liquid and more difficult to value than Futures Contracts.&nbsp;US12NG and the Related
Public Funds ameliorate the potential credit, liquidity and valuation risks by fully collateralizing any over-the-counter swap
contracts or other investments.&nbsp;In making compensation decisions, the Board considers whether a compensation arrangement would
expose US12NG or the Related Public Funds to additional risks and whether the risks posed by such arrangement are consistent with
the best interests of US12NG&rsquo;s investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Other Information </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the certifications of the
Chief Executive Officer and Chief Financial Officer of USCF filed or furnished with this annual report on Form 10-K regarding the
quality of US12NG&rsquo;s public disclosure, US12NG will submit, within 30 days after filing this annual report on Form 10-K, to
the NYSE Arca a certification of the Chief Executive Officer of USCF certifying that he is not aware of any violation by US12NG
of NYSE Arca corporate governance listing standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;11.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Executive Compensation. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation to USCF and Other Compensation
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG does not directly&nbsp;compensate
any of the executive officers noted above.&nbsp;The executive officers noted above are&nbsp;compensated by USCF for the work they
perform on behalf of US12NG and other entities controlled by USCF.&nbsp;US12NG does not reimburse USCF for, nor does it set the
amount or form of any portion of, the compensation paid to the executive officers by USCF.&nbsp;US12NG pays fees to USCF pursuant
to the&nbsp;LP Agreement under which it is obligated to pay USCF an annualized fee of 0.75% of its average daily total net assets.&nbsp;For
2012, US12NG accrued aggregate management fees of $283,719.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Compensation </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth compensation
earned during the year ended December&nbsp;31, 2012, by the directors of USCF.&nbsp;US12NG&rsquo;s portion of the aggregate fees
paid to the directors for the year ended December&nbsp;31, 2012 was $3,896.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Name</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Fees<BR>
    Earned<BR> or<BR> Paid in<BR> Cash</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Stock<BR>
    Awards</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Option<BR>
    Awards</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Non-Equity<BR>
    Incentive&nbsp;Plan<BR> Compensation</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Change&nbsp;in<BR>
    Pension<BR> Value and<BR> Nonqualified<BR> Deferred<BR> Compensation<BR> Plan</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">All
    Other<BR> Compensation</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Management
    Directors</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 37%; text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Nicholas Gerber</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Andrew F. Ngim</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Howard Mah</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Robert L. Nguyen<SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">Independent
    Directors</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Peter M. Robinson</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">101,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">101,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Gordon L. Ellis</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">101,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">101,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204); font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Malcolm R. Fobes III<SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">121,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">NA</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">121,000</FONT></TD><TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP>&nbsp;</FONT></TD>
    <TD STYLE="width: 96%; text-align: justify">Effective March 20, 2012, Robert L. Nguyen resigned as a Management Director of USCF. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="text-align: justify">Mr.&nbsp;Fobes serves as chairman of the audit committee of USCF and receives additional compensation in recognition of the additional responsibilities he has undertaken in this role. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;12.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the directors or executive officers
of USCF, nor the employees of US12NG own any units of US12NG.&nbsp;In addition, US12NG is not aware of any 5% holder of its units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><B>Item&nbsp;13.</B></TD>
    <TD><B>Certain Relationships and Related Transactions, and Director Independence. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Relationships and Related Transactions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">US12NG has and will continue to have certain
relationships with USCF and its affiliates.&nbsp;However, there have been no direct financial transactions between US12NG and the
directors or officers of USCF that have not been disclosed herein.&nbsp;See &ldquo;Item 11. Executive Compensation&rdquo; and &ldquo;Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.&rdquo;&nbsp;Any transaction
with a related person that must be disclosed in accordance with SEC Regulation S-K item 404(a), including financial transactions
by US12NG with directors or executive officers of USCF or holders of beneficial interests in USCF or US12NG of more than 5%, will
be subject to the provisions regarding &ldquo;Resolutions of Conflicts of Interest; Standard of Care&rdquo; as set forth in Section&nbsp;7.7
of the LP Agreement and will be reviewed and approved by the audit committee of the Board of USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Independence </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2013, the Board undertook a
review of the independence of the directors of USCF and considered whether any director has a material relationship or other arrangement
with USCF, US12NG, or the Related Public Funds that could compromise his ability to exercise independent judgment in carrying out
his responsibilities.&nbsp;As a result of this review, the Board determined that each of Messrs. Fobes, Ellis and Robinson is an
&ldquo;independent director,&rdquo; as defined under the rules of NYSE Arca.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: justify"><B>Item&nbsp;14.</B></TD>
    <TD STYLE="width: 91%; text-align: justify"><B>Principal Accountant Fees and Services. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fees for services billed to US12NG
by its independent auditors for the last two fiscal years are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 64%; text-align: left; text-indent: -12pt; padding-left: 12pt">Audit fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">Audit-related fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Tax fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt; padding-bottom: 1pt">All other fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">25,000</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">25,000</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit fees consist of fees paid to&nbsp;Spicer
Jeffries LLP for (i)&nbsp;the audit of US12NG&rsquo;s annual financial statements included in the annual report on Form 10-K, and&nbsp;review
of financial statements included in the quarterly reports on Form 10-Q and certain of US12NG&rsquo;s current reports on Form 8-K;
(ii)&nbsp;the audit of US12NG&rsquo;s internal control over financial reporting included in the annual report on Form 10-K; and
(iii)&nbsp;services that are normally provided by the Independent Registered Public Accountants in connection with statutory and
regulatory filings of registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Tax fees consist of fees paid to Spicer
Jeffries LLP for professional services rendered in connection with tax compliance and partnership income tax return filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit committee has established policies
and procedures which are intended to control the services provided by US12NG&rsquo;s independent auditors and to monitor their
continuing independence.&nbsp;Under these policies and procedures, no audit or permitted non-audit services (including fees and
terms thereof), except for the <I>de minimis</I> exceptions for non-audit services described in Section&nbsp;10A(i)(1)(B) of the
Exchange Act, may be undertaken by US12NG&rsquo;s independent auditors unless the engagement is specifically pre-approved by the
audit committee.&nbsp;The audit committee may form and delegate authority to subcommittees consisting of one or more members when
appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that decisions
of such subcommittee to grant pre-approvals must be presented to the full audit committee at its next scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Part IV </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><B>Item&nbsp;15.</B></TD>
    <TD><B>Exhibits and Financial Statement Schedules. </B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">1.</TD>
    <TD STYLE="width: 96%">See Index to Financial Statements on page 63.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT>2.</TD>
    <TD>No financial statement schedules are filed herewith because (i)&nbsp;such schedules are not required or (ii)&nbsp;the information required has been presented in the aforementioned financial statements. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT>3.</TD>
    <TD>Exhibits required to be filed by Item&nbsp;601 of Regulation S-K. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibit Index</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Listed below are the exhibits which are filed or furnished as
part of this annual report on Form 10-K (according to the number assigned to them in Item&nbsp;601 of Regulation S-K):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"><B>Number</B></P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 81%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 0.5pt solid"><B>Description&nbsp;of&nbsp;Document</B></P></TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">3.1(1)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Certificate of Limited Partnership of the Registrant.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">3.2(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Second Amended and Restated Agreement of Limited Partnership.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">3.3(3)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Fifth Amended and Restated Limited Liability Company Agreement of USCF.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.1(4)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form of Authorized Purchaser Agreement.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.2(5)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form of Marketing Agent Agreement.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.3(6)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Amendment Agreement to the Marketing Agent Agreement.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.4(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Second Amendment Agreement to the Marketing Agent Agreement.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.5(5)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form of Custodian Agreement.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.6(6)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Amendment Agreement to the Custodian Agreement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 18%">10.7(5)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 81%">Form of Administrative Agency Agreement.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.8(6)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Amendment Agreement to the Administrative Agency Agreement.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.9(7)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Form of United States Commodity Funds LLC Director Deferred Compensation Agreement.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">10.10(8)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Third Amendment to License Agreement between United States Commodity Funds LLC and New York Mercantile Exchange, Inc.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">14.1(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Code of Ethics.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">31.1(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">31.2(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">32.1(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Certification of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350).</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">32.2(2)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Certification of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350).</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">99.1(9)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Customer Agreement for Futures Contracts.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">101.INS(10)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">XBRL Instance Document.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">101.SCH(10)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">XBRL Taxonomy Extension Schema.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">101.CAL(10)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">XBRL Taxonomy Extension Calculation Linkbase.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">101.DEF(10)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">XBRL Taxonomy Extension Definition Linkbase.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">101.LAB(10)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">XBRL Taxonomy Extension Label Linkbase.</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">101.PRE(10)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">XBRL Taxonomy Extension Presentation Linkbase.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt"></FONT>(1)</TD>
    <TD STYLE="width: 96%">Incorporated by reference to Registrant&rsquo;s Registration Statement on Form S-1 (File No.&nbsp;333-144409) filed on July&nbsp;6, 2007. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(2)</TD>
    <TD>Filed herewith.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(3)</TD>
    <TD>Incorporated by reference to Registrant&rsquo;s Annual Report on Form 10-K for the Year ended December 31, 2011, filed on March 28, 2012. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(4)</TD>
    <TD>Incorporated by reference to Registrant&rsquo;s Pre-Effective Amendment No.&nbsp;3 to the Registration Statement on Form S-1 (File No.&nbsp;333-144409) filed on November&nbsp;2, 2009. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(5)</TD>
    <TD>Incorporated by reference to Registrant&rsquo;s Pre-Effective Amendment No.&nbsp;2 to the Registration Statement on Form S-1 (File No.&nbsp;333-144409) filed on September&nbsp;23, 2009. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(6)</TD>
    <TD>Incorporated by reference to Registrant&rsquo;s Quarterly Report on Form 10-Q for the Quarter ended June 30, 2012, filed on August 14, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(7)</TD>
    <TD>Incorporated by reference to Registrant&rsquo;s report on Form 8-K filed on April&nbsp;1, 2010. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(8)</TD>
    <TD>Incorporated by reference to Registrant&rsquo;s report on Form 8-K filed on October&nbsp;24, 2011. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(9)</TD>
    <TD>Incorporated by reference to Registrant&rsquo;s quarterly report on Form 10-Q for the quarter ended September&nbsp;30, 2009 filed on December&nbsp;23, 2009. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>(10)</TD>
    <TD>In accordance with Rule 406T of Regulation S-T, the information in these exhibits is furnished and deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Pursuant to the requirements
of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP COLSPAN="3"><B>United States 12 Month Natural Gas Fund, LP (Registrant)</B></TD></TR>
<TR>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top; width: 10%; padding-left: 12pt; text-indent: -12pt">By:</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; width: 89%">United States Commodity Funds LLC, its general<BR>
 partner</TD></TR>
<TR>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt">By:</TD>
    <TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">
/s/ Nicholas D. Gerber</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" NOWRAP>Nicholas D. Gerber</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" NOWRAP>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" NOWRAP>(Principal executive officer)</TD></TR>
<TR>
    <TD COLSPAN="3" NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" NOWRAP>Date: March 26, 2013</TD></TR>
<TR>
    <TD NOWRAP>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>By:</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">
/s/ Howard Mah</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" NOWRAP>Howard Mah</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" NOWRAP>Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" NOWRAP>(Principal financial and accounting officer)</TD></TR>
<TR>
    <TD COLSPAN="3" NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" NOWRAP>Date: March 26, 2013</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">Pursuant to the requirements
of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant
in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 37%"><B>Signature</B></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 44%"><B>Title (Capacity)</B></TD>
    <TD STYLE="width: 2%; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%"><B>Date</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Nicholas D. Gerber</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Management Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 26, 2013</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Nicholas D. Gerber</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Howard Mah</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Management Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 26, 2013</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Howard Mah</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Andrew Ngim</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Management Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 26, 2013</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Andrew Ngim</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Peter M. Robinson</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Independent Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 26, 2013</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Peter M. Robinson</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Gordon L. Ellis</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Independent Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 26, 2013</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Gordon L. Ellis</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Malcolm R. Fobes III</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Independent Director</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">March 26, 2013</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Malcolm R. Fobes III</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>v333985_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES 12 MONTH NATURAL GAS FUND,
LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDED AND RESTATED AGREEMENT
OF LIMITED PARTNERSHIP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Second Amended and Restated Agreement
of Limited Partnership (this <I>&ldquo;Agreement&rdquo;</I>) dated as of March 1, 2013, is entered into by United States Commodity
Funds LLC, a Delaware limited liability company, as General Partner on behalf of itself and any Person or Persons who shall hereafter
be admitted as Partners in accordance with this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the General Partner and Knight
Capital Markets, LLC, as successor company to Kellogg Capital Markets, the Initial Limited Partner, are parties to that certain
amended and restated agreement of limited partnership executed on October 30, 2009 (the &ldquo;LP Agreement&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, Knight Capital Markets, LLC is
no longer a Limited Partner; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the General Partner now desires
to amend and restate the LP Agreement regarding the operation of the Partnership;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW THEREFORE, the LP Agreement in its
entirety is hereby amended and restated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Definitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this Agreement, the following
terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 <I>&ldquo;Accounting Period&rdquo;</I>
shall mean the following periods: the initial accounting period which shall commence upon the commencement of operations of the
Partnership. Each subsequent Accounting Period shall commence immediately after the close of the preceding Accounting Period. Each
Accounting Period hereunder shall close on the earliest of (i) the last Business Day of a month, (ii) the effective date of dissolution
of the Partnership, and (iii) such other day or days in addition thereto or in substitution therefore as may from time to time
be determined by the General Partner in its discretion either in any particular case or generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 <I>&ldquo;Act&rdquo;</I> shall mean
the Revised Uniform Limited Partnership Act of the State of Delaware, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 <I>&ldquo;Additional Limited Partner&rdquo;</I>
shall mean a Person admitted to the Partnership as a Limited Partner pursuant to this Agreement and who is shown as such on the
books and records of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.4 <I>&ldquo;Affiliate&rdquo;</I> shall
mean, when used with reference to a specified Person, (i) any Person who directly or indirectly through one or more intermediaries
controls or is controlled by or is under common control with the specified Person or (ii) any Person that is an officer of, partner
in, or trustee of, or serves in a similar capacity with respect to, the specified Person or of which the specified Person is an
officer, partner or trustee, or with respect to which the specified Person serves in a similar capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.5 <I>&ldquo;Assignee&rdquo;</I> shall
mean a Record Holder that has not been admitted to the Partnership as a Substituted Limited Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.6 <I>&ldquo;Agreement&rdquo;</I> shall
mean this Second Amended and Restated Agreement of Limited Partnership as may be amended, modified, supplemented or restated from
time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.7 <I>&ldquo;Authorized Purchaser Agreement&rdquo;</I>
shall mean an agreement among the Partnership, the General Partner and a Participant, as may be amended or supplemented from time
to time in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.8 <I>&ldquo;Business Day&rdquo;</I> shall
mean any day other than a day on which the NYSE Arca, Inc., the New York Mercantile Exchange or the New York Stock Exchange is
closed for regular trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.9 <I>&ldquo;Beneficial Owner&rdquo;</I>
shall mean the ultimate beneficial owner of Units held by a nominee which has furnished the identity of the Beneficial Owner in
accordance with Section 6031(c) of the Code (or any other method acceptable to the General Partner in its sole discretion) and
with Section 9.2.2 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.10 <I>&ldquo;Capital Account&rdquo;</I>
shall have the meaning assigned to such term in Section 4.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.11 <I>&ldquo;Capital Contribution&rdquo;</I>
shall mean the total amount of money or agreed-upon value of property contributed to the Partnership by all the Partners or any
class of Partners or any one Partner, as the case may be (or the predecessor holders of the interests of such Partner or Partners).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.12 <I>&ldquo;Capital Transaction&rdquo;</I>
shall mean a sale of all or substantially all of the assets of the Partnership not in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.13 <I>&ldquo;Certificate&rdquo;</I> shall
mean a certificate issued by the Partnership evidencing ownership of one or more Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.14 <I>&ldquo;Close of Business&rdquo;</I>
shall mean 5:00 PM New York time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.15 <I>&ldquo;Creation Basket&rdquo;</I>
shall mean 50,000 Units, or such other number of Units as may be determined by the General Partner from time to time, purchased
by a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.16 <I>&ldquo;Code&rdquo;</I> shall mean
the Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.17 <I>&ldquo;Departing Partner&rdquo;</I>
shall mean a former General Partner, from and after the effective date of any withdrawal or removal of such former General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.18 <I>&ldquo;Depository&rdquo;</I> or
<I>&ldquo;DTC&rdquo;</I> shall mean The Depository Trust Company, New York, New York, or such other depository of Units as may
be selected by the General Partner as specified herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.19 <I>&ldquo;Depository Agreement&rdquo;</I>
shall mean the Letter of Representations from the General Partner to the Depository, dated as of October 30, 2009, as may be amended
or supplemented from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.20 <I>&ldquo;Distributable Cash&rdquo;</I>
shall mean, with respect to any period, all cash revenues of the Partnership (not including (i) Capital Contributions, (ii) funds
received by the Partnership in respect of indebtedness incurred by the Partnership, (iii) interest or other income earned on temporary
investments of Partnership funds pending utilization, and (iv) proceeds from any Capital Transaction), less the sum of the following:
(x) all amounts expended by the Partnership pursuant to this Agreement in such period and (y) such working capital or reserves
or other amounts as the General Partner reasonably deems to be necessary or appropriate for the proper operation of the Partnership&rsquo;s
business or its winding up and liquidation. The General Partner in its sole discretion may from time to time declare other funds
of the Partnership to be Distributable Cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.21 <I>&ldquo;DTC Participants&rdquo;</I>
shall have the meaning assigned to such term in Section 9.2.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.22 <I>&ldquo;General Partner&rdquo;</I>
shall mean United States Commodity Funds LLC, a Delaware limited liability company, or any Person who, at the time of reference
thereto, serves as a general partner of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.23 <I>&ldquo;Global Certificates&rdquo;</I>
shall mean the global certificate or certificates issued to the Depository as provided in the Depository Agreement, each of which
shall be in substantially the form attached hereto as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.24 <I>&ldquo;Indirect Participants&rdquo;</I>
shall have the meaning assigned to such term in Section 9.2.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.25 <I>&ldquo;Initial Limited Partner&rdquo;</I>
shall have the meaning assigned to such term in Section 3.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.26&nbsp;<I>&ldquo;Initial Offering Period&rdquo;</I>
shall mean the period commencing with the initial effective date of the Prospectus and terminating no later than the ninetieth
(90th) day following such date unless extended for up to an additional 90 days at the sole discretion of the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.27 <I>&ldquo;Limited Partner&rdquo;</I>
shall mean the Organizational Limited Partner prior to its withdrawal from the Partnership and any other Person who is a limited
partner (whether the Initial Limited Partner, a Limited Partner admitted pursuant to this Agreement or an assignee who is admitted
as a Limited Partner) at the time of reference thereto, in such Person&rsquo;s capacity as a limited partner of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.28 <I>&ldquo;Management Fee&rdquo;</I>
shall mean the management fee paid to the General Partner pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.29 <I>&ldquo;Net Asset Value&rdquo;</I>
or <I>&ldquo;NAV&rdquo;</I> shall mean the current market value of the Partnership&rsquo;s total assets, less any liabilities,
and dividing that total by the total number of outstanding Units, as reasonably determined by the General Partner or its designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.30 <I>&ldquo;Opinion of Counsel&rdquo;</I>
shall mean a written opinion of counsel (who may be regular counsel to the Partnership or the General Partner) acceptable to the
General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.31 <I>&ldquo;Organizational Limited Partner&rdquo;</I>
shall mean Wainwright Holdings, Inc., a Delaware corporation, in its capacity as the organizational limited partner of the Partnership
pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.32 <I>&ldquo;Outstanding&rdquo;</I> shall
mean, with respect to the Units or other Partnership Securities, as the case may be, all Units or other Partnership Securities
that are issued by the Partnership and reflected as outstanding on the Partnership&rsquo;s books and records as of the date of
determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.33 <I>&ldquo;Participant&rdquo;</I> shall
mean a Person that is a DTC Participant and has entered into an Authorized Purchaser Agreement, which at the relevant time, is
in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.34 <I>&ldquo;Partner&rdquo;</I> shall
mean the General Partner or any Limited Partner. <I>&ldquo;Partners&rdquo;</I> shall mean the General Partner and all Limited Partners
(unless otherwise indicated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.35 <I>&ldquo;Partnership&rdquo;</I> shall
mean the limited partnership hereby formed, as such limited partnership may from time to time be constituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.36 <I>&ldquo;Partnership Securities&rdquo;</I>
shall mean any additional Units, options, rights, warrants or appreciation rights relating thereto, or any other type of equity
security that the Partnership may lawfully issue, any unsecured or secured debt obligations of the Partnership or debt obligations
of the Partnership convertible into any class or series of equity securities of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.37 <I>&ldquo;Person&rdquo;</I> shall
mean any natural person, partnership, limited partnership, limited liability company, trust, estate, corporation, association,
custodian, nominee or any other individual or entity in its own or any representative capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.38 <I>&ldquo;Profit or Loss&rdquo;</I>
with respect to any Accounting Period shall mean the excess (if any) of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) the Net Asset Value as of the Valuation
Time on the Valuation Date, less</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) the Net Asset Value as of the Valuation
Time on the Valuation Date immediately preceding the commencement of such Accounting Period,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">adjusted as deemed appropriate by the General
Partner to reflect any Capital Contributions, redemptions, withdrawals, distributions, or other events occurring or accounted for
during such Accounting Period (including any allocation of Profit or Loss to a redeeming partner pursuant to Article 4.3.2 with
respect to such Accounting Period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the amount determined pursuant to the
preceding sentence is a positive number, such amount shall be the <I>&ldquo;Profit&rdquo;</I> for the Accounting Period and if
such amount is a negative number, such amount shall be the <I>&ldquo;Loss&rdquo;</I> for the Accounting Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.39 <I>&ldquo;Prospectus&rdquo;</I> shall
mean the United States 12 Month Natural Gas Fund, LP prospectus, as the same may have been amended or supplemented, used in connection
with the offer and sale of Units in the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.40 <I>&ldquo;Record Date&rdquo;</I> shall
mean the date established by the General Partner for determining (a) the identity of Limited Partners (or Assignees if applicable)
entitled to notice of, or to vote at any meeting of Limited Partners or entitled to vote by ballot or give approval of any Partnership
action in writing without a meeting or entitled to exercise rights in respect of any action of Limited Partners or (b) the identity
of Record Holders entitled to receive any report or distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.41 <I>&ldquo;Record Holder&rdquo;</I>
shall mean the Person in whose name such Unit is registered on the books of the Transfer Agent as of the open of business on a
particular Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.42 <I>&ldquo;Redeemable Units&rdquo;</I>
shall mean any Units for which a redemption notice has been given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.43 <I>&ldquo;Redemption Basket&rdquo;</I>
shall mean 50,000 Units or such other number of Units as may be determined by the General Partner from time to time, redeemed by
a Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.44 <I>&ldquo;Revolving Credit Facility&rdquo;</I>
shall mean a revolving credit facility that the Partnership may enter into on behalf of the Partnership with one or more commercial
banks or other lenders for liquidity or other purposes for the benefit of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.45 <I>&ldquo;Substituted Limited Partner&rdquo;</I>
shall mean a Person who is admitted as a Limited Partner to the Partnership pursuant to Article 11.2 in place of and with all the
rights of a Limited Partner and who is shown as a Limited Partner on the books and records of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.46 <I>&ldquo;Tax Certificate&rdquo;</I>
shall mean an Internal Revenue Service Form W-9 (or the substantial equivalent thereof) in the case of a Limited Partner that is
a U.S. person within the meaning of the Code, or an Internal Revenue Service Form W-8BEN or other applicable form in the case of
a Limited Partner that is not a U.S. person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.47 <I>&ldquo;Transfer Agent&rdquo;</I>
shall mean Brown Brothers Harriman &amp; Co. or such bank, trust company or other Person (including, without limitation, the General
Partner or one of its Affiliates) as shall be appointed from time to time by the Partnership to act as registrar and transfer agent
for the Units or any applicable Partnership Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.48 <I>&ldquo;Transfer Application&rdquo;</I>
shall mean an application and agreement for transfer of Units, which shall be substantially in the form attached hereto as Exhibit
C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.49 <I>&ldquo;Unit&rdquo;</I> shall mean
an interest of a Limited Partner or an assignee of the Partnership representing such fractional part of the interests of all Limited
Partners and assignees as shall be determined by the General Partner pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.50 <I>&ldquo;Unit Register&rdquo;</I>
shall have the meaning assigned to such term in Article 9.2.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.51&nbsp;<I>&ldquo;Unitholders&rdquo;</I>
shall mean the General Partner and all holders of Units, where no distinction is required by the context in which the term is used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.52 <I>&ldquo;Valuation Date&rdquo;</I>
shall mean the last Business Day of any Accounting Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.53 <I>&ldquo;Valuation Time&rdquo;</I>
shall mean (i) Close of Business on a Valuation Date or (ii) such other time or day as the General Partner in its discretion may
determine from time to time either in any particular case or generally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">General Provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.1 This Agreement shall become effective
on the date set forth in the preamble of this Agreement. The rights and liabilities of the Partners shall be as set forth in the
Act, except as herein otherwise expressly provided. The Partnership shall continue without interruption as a limited partnership
pursuant to the provisions of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2 The name of the Partnership shall be
United States 12 Month Natural Gas Fund, LP; however, the business of the Partnership may be conducted, upon compliance with all
applicable laws, under any other name designated in writing by the General Partner to the Limited Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.3 The Partnership&rsquo;s principal place
of business shall be located at 1999 Harrison Street, Suite 1530, Oakland, California 94612 or such other place as the General
Partner may designate from time to time. The registered agent for the Partnership is Corporation Service Company and the registered
office is located at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, County of New Castle. The Partnership may maintain
such other offices at such other places as the General Partner deems advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.4 The investment objective of the Partnership
is to have the changes in percentage terms of the units&rsquo; net asset value reflect the changes in percentage terms of the price
of natural gas delivered at the Henry Hub, Louisiana, as measured by the changes in the average of the prices of 12 futures contracts
on natural gas traded on the New York Mercantile Exchange (the &ldquo;<I>Benchmark Futures Contracts</I>&rdquo;), consisting of
the near month contract to expire and the contracts for the following eleven months, for a total of 12 consecutive months&rsquo;
contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures
contracts that are the next month contract to expire and the contracts for the following eleven consecutive months, less the Partnership&rsquo;s
expenses. When calculating the daily movement of the average price of the 12 contracts each contract month will be equally weighted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net assets of the Partnership will
consist primarily of investments in futures contracts for natural gas, crude oil, heating oil, gasoline, and other petroleum-based
fuels that are traded on the New York Mercantile Exchange, ICE Futures or other U.S. and foreign exchanges (collectively, &ldquo;<I>Futures
Contracts</I>&rdquo;). This may include contracts that are of the standard industry size as measured in physical amounts of natural
gas, as well as similar contracts that are financially settled but are based on a percentage of the standard size contracts. The
Partnership may also invest in other natural gas-related investments such as cash-settled options on Futures Contracts, forward
contracts for natural gas, and over-the-counter transactions that are based on the price of natural gas, oil and other petroleum-based
fuels, Futures Contracts and indices based on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.5 The term of the Partnership shall be
from the date of its formation in perpetuity, unless earlier terminated in accordance with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.6 The General Partner shall execute,
file and publish all such certificates, notices, statements or other instruments required by law for the formation or operation
of a limited partnership in all jurisdictions where the Partnership may elect to do business. The General Partner shall not be
required to deliver or mail to the Limited Partners a copy of the certificate of limited partnership of the Partnership or any
certificate of amendment thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.7 The Partnership shall be empowered
to do any and all acts and things necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and
accomplishment of the purposes, business, protection and benefit of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.8 The business and affairs of the Partnership
shall be managed by the General Partner in accordance with Article 7 hereof. The General Partner has seven directors, a majority
of whom may also be executive officers of the General Partner. The General Partner shall establish and maintain an audit committee
of its board of directors for the Partnership (the <I>&ldquo;Audit Committee&rdquo;</I>) in compliance with, and granted the requisite
authority and funding pursuant to, any applicable (1) federal securities laws and regulations, including the Sarbanes-Oxley Act
of 2002, and (2) rules, policies and procedures of any national securities exchange on which the securities issued by the Partnership
are listed and traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Partners and Capital Contributions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 <I>General Partner.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1.1 The name of the General Partner is
United States Commodity Funds LLC, which maintains its principal business office at 1999 Harrison Street, Suite 1530, Oakland,
California 94612.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3.1.2 In consideration of management and administrative services
rendered by the General Partner, the Partnership shall pay the Management Fee to the General Partner (or such other person or entity
designated by the General Partner). In addition, all ongoing charges, costs and expenses of the Partnership&rsquo;s operations
shall be billed to and paid by the Partnership. Such costs and expenses, shall include, without limitation, (i)&nbsp;brokerage
and other fees and commissions incurred in connection with the trading activities of the Units of the Partnership, (ii) licensing
fees for the use of intellectual property used by the Partnership, (iii)&nbsp;expenses incurred in connection with registering
additional Units of the Partnership or offering Units of the Partnership after the time any units of Partnership have begun trading
on an Exchange; (iv)&nbsp;the routine expenses associated with distribution, including printing and mailing, of any monthly, annual
and other reports to Unitholders required by applicable U.S. federal and state regulatory authorities; (v)&nbsp;fees and expenses
associated with compensation to the directors; (vi)&nbsp;payment for legal counsel and independent accountants; (vii)&nbsp;payment
for fees associated with tax accounting and reporting, routine accounting, bookkeeping, whether performed by an outside service
provider or by Affiliates of the General Partner (viii)&nbsp;postage and insurance, including directors&rsquo; and officers&rsquo;
liability insurance; (ix)&nbsp;costs and expenses associated with client relations and services; (x)&nbsp;the payment of any distributions
related to redemption of Units; and (xi)&nbsp;payment of all federal, state, local or foreign taxes payable on the income, assets
or operations of the Partnership and the preparation of all tax returns related thereto.<FONT STYLE="font-size: 10pt"> </FONT>
The Management Fee shall be 0.60% of NAV. Fees and Expenses, including the Management Fee, are calculated on a daily basis and
paid on a monthly basis (accrued at 1/365 of applicable percentage of the NAV on that day). The General Partner may, in its sole
discretion, waive all or part of the Management Fee. The Partnership shall be responsible for all extraordinary expenses (i.e.,
expenses not in the ordinary course of business, including, without limitation, the items listed above in this Section 3.1.2, the
indemnification of any Person against liabilities and obligations to the extent permitted by law and required under this Agreement
and the bringing and defending of actions at law or in equity and otherwise engaging in the conduct of litigation and the incurring
of legal expense and the settlement of claims and litigation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1.3 In connection with the formation
of the Partnership under the Act, the General Partner acquired a 2% interest in the profits and losses of the Partnership and made
an initial capital contribution to the Partnership in the amount of $20.00, and the Organizational Limited Partner acquired a 98%
interest in the profits and losses of the Partnership and made an initial capital contribution to the Partnership in the amount
of $980.00. As of the date hereof, the interest of the Organizational Limited Partner shall be redeemed, the initial capital contribution
of the Organizational Limited Partner shall be refunded, and the Organizational Limited Partner shall thereupon withdraw and cease
to be a Limited Partner. 98% of any interest or other profit that may have resulted from the investment or other use of such initial
capital contribution was allocated and distributed to the Organizational Limited Partner, and the balance thereof was allocated
and distributed to the General Partner. As of the first date of the offering, the General Partner shall be issued an appropriate
number of Units based on its initial capital contribution. The General Partner may but shall not be required to make Capital Contributions
to the Partnership on or after the date hereof. If the General Partner does make a Capital Contribution to the Partnership on or
after the date hereof, it shall be issued Units based on the same terms and conditions applicable to the purchase of a Creation
Basket under Article 16 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1.4 The General Partner may not, without
written approval by all of the Limited Partners or by other written instrument executed and delivered by all of the Limited Partners
subsequent to the date of this Agreement, take any action in contravention of this Agreement, including, without limitation, (i)
any act that would make it impossible to carry on the ordinary business of the Partnership, except as otherwise provided in this
Agreement; (ii) possess Partnership property, or assign any rights in specific Partnership property, for other than a Partnership
purpose; (iii) admit a Person as a Partner, except as otherwise provided in this Agreement; (iv) amend this Agreement in any manner,
except as otherwise provided in this Agreement or under applicable law; or (v) transfer its interest as general partner of the
Partnership, except as otherwise provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1.5 Except as otherwise provided herein,
the General Partner may not sell, exchange or otherwise dispose of all or substantially all of the Partnership&rsquo;s assets in
a single transaction or a series of related transactions (including by way of merger, consolidation or other combination with any
other Person) or approve on behalf of the Partnership the sale, exchange or other disposition of all or substantially all of the
assets of the Partnership, taken as a whole, without the approval of at least a majority of the Limited Partners; provided, however,
that this provision shall not preclude or limit the General Partner&rsquo;s ability to mortgage, pledge, hypothecate or grant a
security interest in all or substantially all of the Partnership&rsquo;s assets and shall not apply to any forced sale of any or
all of the Partnership&rsquo;s assets pursuant to the foreclosure of, or other realization upon, any such encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1.6 Unless approved by a majority of
the Limited Partners, the General Partner shall not take any action or refuse to take any reasonable action the effect of which,
if taken or not taken, as the case may be, would be to cause the Partnership, to the extent it would materially and adversely affect
the Limited Partners, to be taxable as a corporation for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1.7 Notwithstanding any other provision
of this Agreement, the General Partner is not authorized to institute or initiate on behalf of, or otherwise cause the Partnership
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;make a general assignment for
the benefit of creditors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file a voluntary bankruptcy petition;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;file a petition seeking for the
Partnership a reorganization, arrangement, composition, readjustment liquidation, dissolution or similar relief under any law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 <I>Issuance of Units.</I> Units in
the Partnership will only be issued in a Creation Basket or whole number multiples thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.3.&nbsp;&nbsp;<I>Initial Limited Partner.</I>&nbsp;&nbsp;The
Initial Limited Partner was Knight Capital Markets, LLC formerly, Kellogg Capital Markets (<I>&ldquo;Initial Limited Partner&rdquo;</I>)
located at 55 Broadway New York, NY 10006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.4 <I>Capital Contribution.</I> Except
as otherwise provided in this Agreement, no Partner shall have any right to demand or receive the return of its Capital Contribution
to the Partnership. No Partner shall be entitled to interest on any Capital Contribution to the Partnership or on such Partner&rsquo;s
capital account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Capital Accounts of Partners and Operation
Thereof</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 <I>Capital Accounts.</I> There shall
be established on the books and records of the Partnership for each Partner (or Beneficial Owner in the case of Units held by a
nominee) a capital account (a <I>&ldquo;Capital Account&rdquo;</I>). It is intended that each Partner&rsquo;s Capital Account shall
be maintained at all times in a manner consistent with Section 704 of the Code and applicable Treasury regulations thereunder,
and that the provisions hereof relating to the Capital Accounts shall be interpreted in a manner consistent therewith. For each
Accounting Period, the Capital Account of each Partner shall be:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) credited with the amount of any Capital
Contributions made by such Partner during such Accounting Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) credited with any allocation of Profit
made to such Partner for such Accounting Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) debited with any allocation of Loss
made to such Partners for such Accounting Period; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv) debited with the amount of cash paid
to such Partner as an amount withdrawn or distributed to such Partner during such Accounting Period, or, in the case of any payment
of a withdrawal or distribution in kind, the fair value of the property paid or distributed during such Accounting Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1.1 For any Accounting Period in which
Units are issued or redeemed for cash or other property, the General Partner shall, in accordance with Treasury Regulation Section
1.704-1(b)(2)(iv)(f), adjust the Capital Accounts of all Partners and the carrying value of each Partnership asset upward or downward
to reflect any unrealized gain or unrealized loss attributable to each such Partnership asset, as if such unrealized gain or unrealized
loss had been recognized on an actual sale of the asset and had been allocated to the Partners at such time pursuant to Article
4.2 of this Agreement in the same manner as any item of gain or loss actually recognized during such period would have been allocated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1.2 To the extent an adjustment to the
adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment
to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Partners in a manner consistent
with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 <I>Allocation of Profit or Loss.</I>
Profit or Loss for an Accounting Period shall be allocated among the Partners in proportion to the number of Units each Partner
holds as of the close of business on the last Business Day of such Accounting Period. The General Partner may revise, alter or
otherwise modify this method of allocation to the extent it deems necessary to comply with the requirements of Section 704 or Section
706 of the Code and Treasury Regulations or administrative rulings thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 <I>Allocations for Tax Purposes</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3.1 Except as otherwise provided in this
Agreement, for each fiscal year of the Partnership, items of income, deduction, gain, loss, and credit recognized by the Partnership
for federal income tax purposes shall be allocated among the Partners in a manner that equitably reflects the amounts credited
or debited to each Partner&rsquo;s Capital Account for each Accounting Period during such fiscal year. Allocations under this Article
4.3 shall be made by the General Partner in accordance with the principles of Sections 704(b) and 704(c) of the Code and in conformity
with applicable Treasury Regulations promulgated thereunder (including, without limitation, Treasury Regulations Sections 1.704-1(b)(2)(iv)(f),
1.704-1(b)(4)(i), and 1.704-3(e)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3.2 Notwithstanding anything else contained
in this Article 4, if any Partner has a deficit Capital Account for any Accounting Period as a result of any adjustment of the
type described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d) (6), then the Partnership&rsquo;s
income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate such deficit as quickly
as possible. Any special allocation of items of income or gain pursuant to this Article 4.3.2 shall be taken into account in computing
subsequent allocations pursuant to this Article 4 so that the cumulative net amount of all items allocated to each Partner shall,
to the extent possible, be equal to the amount that would have been allocated to such Partner if there had never been any allocation
pursuant to the first sentence of this Article 4.3.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3.3 Allocations that would otherwise
be made to a Limited Partner under the provisions of this Article 4 shall instead be made to the Beneficial Owner of Units held
by a nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.4 <I>Compliance.</I> In applying the
provisions of this Article 4, the General Partner is authorized to utilize such reasonable accounting conventions, valuation methods
and assumptions as the General Partner shall determine to be appropriate and in compliance with the Code and applicable Treasury
Regulations. The General Partner may amend the provisions of this Agreement to the extent it determines to be necessary to comply
with the Code and Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Records and Accounting; Reports</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1 <I>Records and Accounting.</I> The
Partnership will keep proper books of record and account of the Partnership at its office located in 1999 Harrison Street, Suite
1530, Oakland, California 94612 or such office, including that of an administrative agent, as it may subsequently designate upon
notice to the Limited Partners. These books and records are open to inspection by any person who establishes to the Partnership&rsquo;s
satisfaction that such person is a Limited Partner upon reasonable advance notice at all reasonable times during the usual business
hours of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2 <I>Annual Reports.</I> Within 90 days
after the end of each fiscal year, the General Partner shall cause to be delivered to each Person who was a Partner at any time
during the fiscal year, an annual report containing the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) financial statements of the Partnership,
including, without limitation, a balance sheet as of the end of the Partnership&rsquo;s fiscal year and statements of income, Partners&rsquo;
equity and changes in financial position, for such fiscal year, which shall be prepared in accordance with generally accepted accounting
principles consistently applied and shall be audited by a firm of independent certified public accountants registered with the
Public Company Accounting Oversight Board,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) a general description of the activities
of the Partnership during the period covered by the report, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) a report of any material transactions
between the Partnership and the General Partner or any of its Affiliates, including fees or compensation paid by the Partnership
and the services performed by the General Partner or any such Affiliate or such fees or compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.3 <I>Quarterly Reports.</I> Within 45
days after the end of each quarter of each fiscal year, the General Partner shall cause to be delivered to each Person who was
a Partner at any time during the quarter then ended, a quarterly report containing a balance sheet and statement of income for
the period covered by the report, each of which may be unaudited but shall be certified by the General Partner as fairly presenting
the financial position and results of operations of the Partnership during the period covered by the report. The report shall also
contain a description of any material event regarding the business of the Partnership during the period covered by the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.4 <I>Monthly Reports.</I> Within 30 days
after the after the end of each month, the General Partner shall cause to be delivered to each Person who was a Partner at any
time during the month then ended, a monthly report containing an account statement, which will include a statement of income (loss)
and a statement of changes in NAV, for the prescribed period. In addition, the account statement will disclose any material business
dealings between the Partnership, General Partner, commodity trading advisor (if any), futures commission merchant, or the principals
thereof that previously have not been disclosed in the Partnership&rsquo;s Prospectus or any amendment thereto, other account statements
or annual reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.5 <I>Tax Information.</I> Unless not
required to be provided to a Partner, Assignee or Beneficial Owner under the applicable rules and regulations of the Code, the
General Partner shall use its best efforts to prepare and to transmit a U.S. federal income tax form K-1 for each Partner, Assignee,
or Beneficial Owner or a report setting forth in sufficient detail such transactions effected by the Partnership during each fiscal
year as shall enable each Partner, Assignee, or Beneficial Owner to prepare its U.S. federal income tax return, if any, within
a reasonable period after the end of such fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.6 <I>Tax Returns.</I> The General Partner
shall cause income tax returns of the Partnership to be prepared and timely filed with the appropriate authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.7 <I>Tax Matters Partner.</I> The General
Partner is hereby designated as the Partnership&rsquo;s <I>&ldquo;Tax Matters Partner,&rdquo;</I> as defined under Section 6231(a)(7)
of the Code. The General Partner is specifically directed and authorized to take whatever steps the General Partner, in its discretion,
deems necessary or desirable to perfect such designation, including filing any forms or documents with the U.S. Internal Revenue
Service and taking such other action as may from time to time be required under U.S. Treasury regulations. Any Partner shall have
the right to participate in any administrative proceedings relating to the determination of Partnership items at the Partnership
level. Expenses of such administrative proceedings undertaken by the Tax Matters Partner shall be expenses of the Partnership.
Each Partner who elects to participate in such proceedings shall be responsible for any expenses incurred by such Partner in connection
with such participation. The cost of any resulting audits or adjustments of a Partner&rsquo;s tax return shall be borne solely
by the affected Partner. In the event of any audit, investigation, settlement or review, for which the General Partner is carrying
out the responsibilities of Tax Matters Partner, the General Partner shall keep the Partners reasonably apprised of the status
and course of such audit, investigation, settlement or review and shall forward copies of all written communications from or to
any regulatory, investigative or judicial authority with regard thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Fiscal Affairs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 <I>Fiscal Year.</I> The fiscal year
of the Partnership shall be the calendar year. The General Partner may select an alternate fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 <I>Partnership Funds.</I> Pending application
or distribution, the funds of the Partnership shall be deposited in such bank account or accounts, or invested in such interest-bearing
or non-interest bearing investment, including, without limitation, checking and savings accounts, certificates of deposit and time
or demand deposits in commercial banks, U.S. government securities and securities guaranteed by U.S. government agencies as shall
be designed by the General Partner. Such funds shall not be commingled with funds of any other Person. Withdrawals therefrom shall
be made upon such signatures as the General Partner may designate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 <I>Accounting Decisions.</I> All decisions
as to accounting principles, except as specifically provided to the contrary herein, shall be made by the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 <I>Tax Elections.</I> The General Partner
shall, from time to time, make such tax elections as it deems necessary or desirable in its sole discretion to carry out the business
of the Partnership or the purposes of this Agreement. Notwithstanding the foregoing, the General Partner shall make a timely election
under Section 754 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.5 <I>Partnership Interests.</I> Title
to the Partnership assets shall be deemed to be owned by the Partnership as an entity, and no Partner or Assignee, individually
or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the
Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner
may determine. The General Partner hereby declares and warrants that any Partnership assets for which record title is held in the
name of the General Partner shall be held by the General Partner for the exclusive use and benefit of the Partnership in accordance
with the provisions of this Agreement; provided, however, that the General Partner shall use its reasonable efforts to cause record
title to such assets (other than those assets in respect of which the General Partner determines that the expense and difficulty
of conveyancing makes transfer of record title to the Partnership impracticable) to be vested in the Partnership as soon as reasonably
practicable; provided, that prior to the withdrawal or removal of the General Partner or as soon thereafter as practicable, the
General Partner will use reasonable efforts to effect the transfer of record title to the Partnership and, prior to any such transfer,
will provide for the use of such assets in a manner satisfactory to the Partnership. All Partnership Assets shall be recorded as
the property of the Partnership in its books and records, irrespective of the name in which record title to such Partnership assets
are held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rights and Duties of the General Partner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.1 <I>Management Power.</I> The General
Partner shall have exclusive management and control of the business and affairs of the Partnership, and all decisions regarding
the management and affairs of the Partnership shall be made by the General Partner. The General Partner shall have all the rights
and powers of general partner as provided in the Act and as otherwise provided by law. Except as otherwise expressly provided in
this Agreement, the General Partner is hereby granted the right, power and authority to do on behalf of the Partnership all things
which, in its sole judgment, are necessary, proper or desirable to carry out the aforementioned duties and responsibilities, including
but not limited to, the right, power and authority from time to time to do the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) the making of any expenditures, the
lending or borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the
issuance of evidences of indebtedness and the incurring of any other obligations and the securing of same by mortgage, deed of
trust or other lien or encumbrance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) the making of tax, regulatory and other
filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets
of the Partnership;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) the acquisition, disposition, mortgage,
pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership, or the merger or other combination
of the Partnership with or into another Person (the matters described in this clause (c) being subject, however, to any prior approval
that may be required in accordance with this Agreement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) the use of the assets of the Partnership
(including, without limitation, cash on hand) for any purpose consistent with the terms of this Agreement including, without limitation,
the financing of the conduct of the operations of the Partnership, the lending of funds to other Persons, and the repayment of
obligations of the Partnership;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e) the negotiation, execution and performance
of any contracts, conveyances or other instruments (including, without limitation, instruments that limit the liability of the
Partnership under contractual arrangements to all or particular assets of the Partnership with the other party to the contract
to have no recourse against the General Partner or its assets other than its interest in the Partnership, even if same results
in the terms of the transaction being less favorable to the Partnership than would otherwise be the case);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f) the distribution of Distributable Cash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g) the selection and dismissal of employees
(including, without limitation, employees having titles such as <I>&ldquo;president,&rdquo; &ldquo;vice president,&rdquo; &ldquo;secretary&rdquo;</I>
and <I>&ldquo;treasurer&rdquo;</I>), agents, outside attorneys, accountants, consultants and contractors and the determination
of their compensation and other terms of employment or hiring;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h) the maintenance of insurance for the
benefit of the Partners and the Partnership (including, without limitation, the assets and operations of the Partnership);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) the formation of, or acquisition of
an interest in, and the contribution of property to, any further limited or general partnerships, joint ventures or other relationships;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(j) the control of any matters affecting
the rights and obligations of the Partnership, including, without limitation, the bringing and defending of actions at law or in
equity and otherwise engaging in the conduct of litigation and the incurring of legal expense and the settlement of claims and
litigation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(k) the indemnification of any Person against
liabilities and contingencies to the extent permitted by law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(l) the entering into of listing agreements
with the NYSE Arca, Inc. and any other securities exchange and the delisting of some or all of the Units from, or requesting that
trading be suspended on, any such exchange; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(m) the purchase, sale or other acquisition
or disposition of Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.2 <I>Best Efforts.</I> The General Partner
will use its best efforts to cause the Partnership to be formed, reformed, qualified or registered under assumed or fictitious
name statutes or similar laws in any state in which the Partnership owns property or transacts business if such formation, reformation,
qualification or registration is necessary in order to protect the limited liability of the Limited Partners or to permit the Partnership
lawfully to own property or transact business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.3 <I>Right of Public to Rely on Authority
of a General Partner.</I> No person shall be required to determine the General Partner&rsquo;s authority to make any undertaking
on behalf of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.4 <I>Obligation of the General Partner.</I>
The General Partner shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;devote to the Partnership and
apply to the accomplishment of the Partnership purposes so much of its time and attention as is necessary or advisable to manage
properly the affairs of the Partnership;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;maintain the Capital Account for
each Partner; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;cause the Partnership to enter
into and carry out the obligations of the Partnership contained in the agreements with Affiliates of the General Partner as described
in the Prospectus and cause the Partnership not to take any action in violation of such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.5 <I>Good Faith.</I> The General Partner
has a responsibility to the Limited Partners to exercise good faith and fairness in all dealings. In the event that a Limited Partner
believes that the General Partner has violated its fiduciary duty to the Limited Partners, he may seek legal relief individually
or on behalf of the Partnership under applicable laws, including under the Act and under securities and commodities laws, to recover
damages from or require an accounting by the General Partner. Limited Partners should be aware that performance by the General
Partner of its fiduciary duty is measured by the terms of this Agreement as well as applicable law. Limited Partners may also have
the right, subject to applicable procedural and jurisdictional requirements, to bring class actions in federal court to enforce
their rights under the federal securities laws and the rules and regulations promulgated thereunder by the SEC. Limited Partners
who have suffered losses in connection with the purchase or sale of the Units may be able to recover such losses from the General
Partner where the losses result from a violation by the General Partner of the federal securities laws. State securities laws may
also provide certain remedies to limited partners. Limited Partners are afforded certain rights to institute reparations proceedings
under the Commodity Exchange Act for violations of the Commodity Exchange Act or of any rule, regulation or order of the Commodities
Futures Trading Commission <I>(&ldquo;CFTC&rdquo;)</I> by the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.6 <I>Indemnification</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.6.1 Notwithstanding any other provision
of this Agreement, neither a General Partner nor any employee or other agent of the Partnership nor any officer, director, stockholder,
partner, employee or agent of a General Partner (a <I>&ldquo;Protected Person&rdquo;</I>) shall be liable to any Partner or the
Partnership for any mistake of judgment or for any action or inaction taken, nor for any losses due to any mistake of judgment
or to any action or inaction or to the negligence, dishonesty or bad faith of any officer, director, stockholder, partner, employee
or agent of the Partnership or any officer, director, stockholder, partner, employee or agent of such General Partner, provided
that such officer, director, stockholder, partner, employee or agent of the Partner or officer, director, stockholder, partner,
employee or agent of such General Partner was selected, engaged or retained by such General Partner with reasonable care, except
with respect to any matter as to which such General Partner shall have been finally adjudicated in any action, suit or other proceeding
not to have acted in good faith in the reasonable belief that such Protected Person&rsquo;s action was in the best interests of
the Partnership and except that no Protected Person shall be relieved of any liability to which such Protected Person would otherwise
be subject by reason of willful misfeasance, gross negligence or reckless disregard of the duties involved in the conduct of the
Protected Person&rsquo;s office. A General Partner and its officers, directors, employees or partners may consult with counsel
and accountants (except for the Partnership&rsquo;s independent auditors) in respect of Partnership affairs and be fully protected
and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel or accountants
(except for the Partnership&rsquo;s independent auditors), provided that they shall have been selected with reasonable care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding any of the foregoing to
the contrary, the provisions of this Article 7.6.1 and of Article 7.6.2 hereof shall not be construed so as to relieve (or attempt
to relieve) a General Partner (or any officer, director, stockholder, partner, employee or agent of such General Partner) of any
liability to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law,
but shall be construed so as to effectuate the provisions of this Article 7.6.1 and of Article 7.6.2 hereof to the fullest extent
permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.6.2 The Partnership shall, to the fullest
extent permitted by law, but only out of Partnership assets, indemnify and hold harmless a General Partner and each officer, director,
stockholder, partner, employee or agent thereof (including persons who serve at the Partnership&rsquo;s request as directors, officers
or trustees of another organization in which the Partnership has an interest as a Unitholder, creditor or otherwise) and their
respective legal representatives and successors (hereinafter referred to as a <I>&ldquo;Covered Person&rdquo;</I> against all liabilities
and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties,
and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or
other proceedings, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person
may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened,
while in office or thereafter, by reason of an alleged act or omission as a General Partner or director or officer thereof, or
by reason of its being or having been such a General Partner, director or officer, except with respect to any matter as to which
such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding not to have acted in good
faith in the reasonable believe that such Covered Person&rsquo;s action was in the best interest of the Partnership, and except
that no Covered Person shall be indemnified against any liability to the Partnership or Limited Partners to which such Covered
Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of such Covered Person&rsquo;s office. Expenses, including counsel fees so incurred by any such Covered
Person, may be paid from time to time by the Partnership in advance of the final disposition of any such action, suit or proceeding
on the condition that the amounts so paid shall be repaid to the Partnership if it is ultimately determined that the indemnification
of such expenses is not authorized hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As to any matter disposed of by a compromise
payment by any such Covered Person, pursuant to a consent decree or otherwise, no such indemnification either for said payment
or for any other expenses shall be provided unless such compromise shall be approved as in the best interests of the Partnership,
after notice that it involved such indemnification by any disinterested person or persons to whom the questions may be referred
by the General Partner, provided that there has been obtained an opinion in writing of independent legal counsel to the effect
that such Covered Person appears to have acted in good faith in the reasonable belief that his or her action was in the best interests
of the Partnership and that such indemnification would not protect such persons against any liability to the Partnership or its
Limited Partners to which such person would otherwise by subject by reason of willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of office. Approval by any disinterested person or persons shall not
prevent the recovery from persons of indemnification if such Covered Person is subsequently adjudicated by a court of competent
jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person&rsquo;s action was in the best interests
of the Partnership or to have been liable to the Partnership or its Limited Partners by reason of willful misfeasance, bad faith,
gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person&rsquo;s office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The right of indemnification hereby provided
shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article
7.6.2, an <I>&ldquo;interested Covered Person&rdquo;</I> is one against whom the action, suit or other proceeding on the same or
similar grounds is then or has been pending and a <I>&ldquo;disinterested person&rdquo;</I> is a person against whom no actions,
suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending.
Nothing contained in this Article 7.6.2 shall affect any rights to indemnification to which personnel of a General Partner, other
than directors and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Partnership
to purchase and maintain liability insurance on behalf of any such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nothing in this Article 7.6.2 shall be
construed to subject any Covered Person to any liability to which he or she is not already liable under this Agreement or applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.6.3 Each Limited Partner agrees that
it will not hold any Affiliate or any officer, director, stockholder, partner, employee or agent of any Affiliate of the General
Partner liable for any actions of such General Partner or any obligations arising under or in connection with this Agreement or
the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.7 <I>Resolutions of Conflicts of Interest;
Standard of Care.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.7.1 Unless otherwise expressly provided
in this Agreement or any other agreement contemplated hereby, whenever a conflict of interest exists or arises between the General
Partner on the one hand, and the Partnership or any Limited Partner, on the other hand, any resolution or course of action by the
General Partner in respect of such conflict of interest shall be permitted and deemed approved by all Partners and shall not constitute
a breach of this Agreement or of any agreement contemplated hereby or of a duty stated or implied by law or equity, if the resolution
or course of action is, or by operation of this Agreement is deemed to be, fair and reasonable to the Partnership. If a dispute
arises, it will be resolved through negotiations with the General Partner or by a court located in the State of Delaware. Any resolution
of a dispute is deemed to be fair and reasonable to the Partnership if the resolution is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Approved by the Audit Committee, although
no party is obligated to seek such approval and the General Partner may adopt a resolution or course of action that has not received
such approval;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On terms no less favorable to the Limited
Partners than those generally being provided to or available from unrelated third parties; or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fair to the Limited Partners, taking into
account the totality of the relationships of the parties involved including other transactions that may be particularly favorable
or advantageous to the Limited Partners.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.7.2 Whenever this Agreement or any other
agreement contemplated hereby provides that the General Partner is permitted or required to make a decision (i) in its discretion
or under a grant of similar authority or latitude, the General Partner shall be entitled to the extent permitted by applicable
law, to consider only such interest and factors as it desires and shall have no duty or obligation to give any consideration to
any interest of or factors affecting the partnership or the Limited Partners, or (ii) in its good faith or under another express
standard, the General Partner shall act under such express standard and except as required by applicable law, shall not be subject
to any other different standards imposed by this Agreement, any other agreement contemplated hereby or applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.8 <I>Other Matters Concerning the General
Partner.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.8.1 The General Partner (including the
Audit Committee) may rely on and shall be protected in acting or refraining from acting upon any certificate, document or other
instrument believed by it to be genuine and to have been signed or presented by the proper party or parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.8.2 The General Partner (including the
Audit Committee) may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other
consultants and advisors selected by it and any opinion or advice of any such person as to matters which the General Partner (including
the Audit Committee) believes to be within such person&rsquo;s professional or expert competence shall be the basis for full and
complete authorization of indemnification and provide legal protection with respect to any action taken or suffered or omitted
by the General Partner (including the Audit Committee) hereunder in good faith and in accordance with such opinion or advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.8.3 The General Partner (including the
Audit Committee) may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder
either directly or by or through its agents, and the General Partner (including the Audit Committee) shall not be responsible for
any misconduct or negligence on the part of any such agent appointed by the General Partner in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.9 <I>Other Business Ventures.</I> Any
Partner, director, employee, Affiliate or other person holding a legal or beneficial interest in any entity which is a Partner,
may engage in or possess an interest in other business ventures of every nature and description, independently or with others,
whether such ventures are competitive with the Partnership or otherwise; and, neither the Partnership nor the Partners shall have
any right by virtue of this Agreement in or to such independent ventures or to the income or profits derived there from.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.10 <I>Contracts with the General Partner
or its Affiliates.</I> The General Partner may, on behalf of the Partnership, enter into contracts with any Affiliate. The validity
of any transaction, agreement or payment involving the Partnership and any General Partner or any Affiliate of a General Partner
otherwise permitted by the terms of this Agreement shall not be affected by reason of (i) the relationship between the Partnership
and the Affiliate of the General Partner, or (ii) the approval of said transaction agreement or payment by officers or directors
of the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7.11 <I>Additional General Partners.</I>
Additional general partners may be admitted with the consent of the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 8</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rights and Obligations of Limited Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.1 <I>No Participation in Management.</I>
No Limited Partner (other than a General Partner if it has acquired an interest of a Limited Partner) shall take part in the management
of the Partnership&rsquo;s business, transact any business in the Partnership&rsquo;s name or have the power to sign documents
for or otherwise bind the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.2 <I>Limitation of Liability.</I> Except
as provided in the Act, the debts, obligations, and liabilities of the Partnership, whether arising in contract, tort or otherwise,
shall be solely the debts, obligations and liabilities of the Partnership. A Limited Partner will not be liable for assessments
in addition to its initial capital investment in any capital securities representing limited partnership interests. However, a
Limited Partner may be required to repay to the Partnership any amounts wrongfully returned or distributed to it under some circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.3 <I>Indemnification and Terms of Admission.</I>
Each Limited Partner shall indemnify and hold harmless the Partnership, the General Partner and every Limited Partner who was or
is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceedings, whether civil,
criminal, administrative or investigative, by reason of or arising from any actual or alleged misrepresentation or misstatement
of facts or omission to state facts made (or omitted to be made) by such Limited Partner in connection with any assignment, transfer,
encumbrance or other disposition of all or any part of an interest, or the admission of a Limited Partner to the Partnership, against
expenses for which the Partnership or such other Person has not otherwise been reimbursed (including attorneys&rsquo; fees, judgments,
fines and amounts paid in settlement) actually and reasonably incurred by him in connection with such action, suit or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.4 <I>Effective Date.</I> The effective
date of admission of a Limited Partner shall be the date designated by the General Partner in writing to such assignee or transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.5 <I>Death or Incapacity of Limited Partner.</I>
The death or legal incapacity of a Limited Partner shall not cause dissolution of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8.6 <I>Rights of Limited Partner Relating
to the Partnership.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) In addition to other rights provided
by this Agreement or by applicable law, and except as otherwise limited under this Agreement, each Limited Partner shall have the
right, for a purpose reasonably related to such Limited Partner&rsquo;s interest as a Limited Partner in the Partnership, upon
reasonable demand and at such Limited Partner&rsquo;s own expense:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(i) to obtain true and full information
regarding the status of the business and financial condition of the Partnership;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(ii) promptly after becoming available,
to obtain a copy of the Partnership&rsquo;s federal, state and local tax returns for each year;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iii) to have furnished to it, upon notification
to the General Partner, a current list of the name and last known business, residence or mailing address of each Partner;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(iv) to have furnished to it, upon notification
to the General Partner, a copy of this Agreement and the Certificate of Limited Partnership and all amendments thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(v) to obtain true and full information
regarding the amount of cash contributed by and a description and statement of the value of any other Capital Contribution by each
Partner and which each Partner has agreed to contribute in the future, and the date on which each became a Partner; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(vi) to obtain such other information regarding
the affairs of the Partnership as is just and reasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Notwithstanding any other provision
of this Agreement, the General Partner may keep confidential from the Limited Partners and Assignees for such period of time as
the General Partner deems reasonable, any information that the General Partner reasonably believes to be in the nature of trade
secrets or other information, the disclosure of which the General Partner in good faith believes is not in the best interests of
the Partnership or could damage the Partnership or that the Partnership is required by law or by agreements with third parties
to keep confidential (other than agreements with Affiliates the primary purpose of which is to circumvent the obligations set forth
in this Article 8.6).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 9</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Unit Certificates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.1 <I>Unit Certificates.</I> Certificates
shall be executed on behalf of the Partnership by any officer either of the General Partner or, if any, of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2 <I>Registration Form, Registration
of Transfer and Exchange.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2.1 The General Partner shall cause to
be kept on behalf of the Partnership a register (the <I>&ldquo;Unit Register&rdquo;</I>) in which, subject to such reasonable regulations
as it may prescribe, the General Partner will provide for the registration and the transfer of Units. The Transfer Agent has been
appointed registrar and transfer agent for the purpose of registering and transferring Units as herein provided. The Partnership
shall not recognize transfers of Certificates representing Units unless same are effected in the manner described in this Article
9.2. Upon surrender for registration of transfer of any Units evidenced by a Certificate, the General Partner on behalf of the
Partnership will execute, and the Transfer Agent will countersign and deliver, in the name of the holder or the designated transferee
or transferees, as required pursuant to the holder&rsquo;s instructions, one or more new Certificates evidencing the same aggregate
number of Units as was evidenced by the Certificate so surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2.2 <I>Book-Entry-Only System.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) <I>Global Certificate Only.</I> Unless
otherwise authorized by the General Partner, Certificates for Units will not be issued, other than the one or more Global Certificates
issued to the Depository. So long as the Depository Agreement is in effect, Creation Baskets will be issued and redeemed and Units
will be transferable solely through the book-entry systems of the Depository and the DTC Participants and their Indirect Participants
as more fully described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) <I>Global Certificate.</I> The Partnership
and the General Partner will enter into the Depository Agreement pursuant to which the Depository will act as securities depository
for the Units. Units will be represented by the Global Certificate (which may consist of one or more certificates as required by
the Depository), which will be registered, as the Depository shall direct, in the name of Cede &amp; Co., as nominee for the Depository
and deposited with, or on behalf of, the Depository. No other certificates evidencing Units will be issued. The Global Certificate
shall be in the form attached hereto as Exhibit A and shall represent such Units as shall be specified therein, and may provide
that it shall represent the aggregate amount of outstanding Units from time to time endorsed thereon and that the aggregate amount
of outstanding Units represented thereby may from time to time be increased or decreased to reflect creations or redemptions of
Baskets. Any endorsement of a Global Certificate to reflect the amount, or any increase or decrease in the amount, of outstanding
Units represented thereby shall be made in such manner and upon instructions given by the General Partner on behalf of the Partnership
as specified in the Depository Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) <I>Legend.</I> Any Global Certificate
issued to the Depository or its nominee shall bear a legend substantially to the following effect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;), TO THE FUND OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) <I>The Depository.</I> The Depository
has advised the Partnership and the General Partner as follows: the Depository is a limited-purpose trust company organized under
the laws of the State of New York, a member of the U.S. Federal Reserve System, a <I>&ldquo;clearing corporation&rdquo;</I> within
the meaning of the New York Uniform Commercial Code, and a <I>&ldquo;clearing agency&rdquo;</I> registered pursuant to the provisions
of Section 17A of the Securities Exchange Act of 1934, as amended. The Depository was created to hold securities of DTC Participants
and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through
electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities
certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations, and certain
other organizations, some of whom (and/or their representatives) own the Depository. Access to the Depository&rsquo;s system is
also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship
with a DTC Participant, either directly or indirectly <I>(&ldquo;Indirect Participants&rdquo;)</I>. The Depository may determine
to discontinue providing its service with respect to Creation Baskets and Units by giving notice to the General Partner pursuant
to and in conformity with the provisions of the Depository Agreement and discharging its responsibilities with respect thereto
under applicable law. Under such circumstances, the General Partner shall take action either to find a replacement for the Depository
to perform its functions at a comparable cost and on terms acceptable to the General Partner or, if such a replacement is unavailable,
to terminate the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) <I>Beneficial Owners.</I> As provided
in the Depository Agreement, upon the settlement date of any creation, transfer or redemption of Units, the Depository will credit
or debit, on its book-entry registration and transfer system, the number of Units so created, transferred or redeemed to the accounts
of the appropriate DTC Participants. The accounts to be credited and charged shall be designated by the General Partner on behalf
of the Partnership and each Participant, in the case of a creation or redemption of Baskets. Ownership of beneficial interest in
Units will be limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect
Participants. Beneficial Owners will be shown on, and the transfer of beneficial ownership by Beneficial Owners will be effected
only through, in the case of DTC Participants, records maintained by the Depository and, in the case of Indirect Participants and
Beneficial Owners holding through a DTC Participant or an Indirect Participant, through those records or the records of the relevant
DTC Participants. Beneficial Owners are expected to receive, from or through the broker or bank that maintains the account through
which the Beneficial Owner has purchased Units, a written confirmation relating to their purchase of Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) <I>Reliance on Procedures.</I> Except
for those who have provided Transfer Applications to the General Partner, so long as Cede &amp; Co., as nominee of the Depository,
is the registered owner of Units, references herein to the registered or record owners of Units shall mean Cede &amp; Co. and shall
not mean the Beneficial Owners of Units. Beneficial Owners of Units will not be entitled to have Units registered in their names,
will not receive or be entitled to receive physical delivery of certificates in definitive form and will not be considered the
record or registered holder of Units under this Agreement. Accordingly, to exercise any rights of a holder of Units under the Agreement,
a Beneficial Owner must rely on the procedures of the Depository and, if such Beneficial Owner is not a DTC Participant, on the
procedures of each DTC Participant or Indirect Participant through which such Beneficial Owner holds its interests. The Partnership
and the General Partner understand that under existing industry practice, if the Partnership requests any action of a Beneficial
Owner, or a Beneficial Owner desires to take any action that the Depository, as the record owner of all outstanding Units, is entitled
to take, the Depository will notify the DTC Participants regarding such request, such DTC Participants will in turn notify each
Indirect Participant holding Units through it, with each successive Indirect Participant continuing to notify each person holding
Units through it until the request has reached the Beneficial Owner, and in the case of a request or authorization to act that
is being sought or given by a Beneficial Owner, such request or authorization is given by the Beneficial Owner and relayed back
to the Partnership through each Indirect Participant and DTC Participant through which the Beneficial Owner&rsquo;s interest in
the Units is held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(6) <I>Communication between the Partnership
and the Beneficial Owners.</I> As described above, the Partnership will recognize the Depository or its nominee as the owner of
all Units for all purposes except as expressly set forth in this Agreement. Conveyance of all notices, statements and other communications
to Beneficial Owners will be effected in accordance with this paragraph. Pursuant to the Depository Agreement, the Depository is
required to make available to the Partnership, upon request and for a fee to be charged to the Partnership, a listing of the Unit
holdings of each DTC Participant. The Partnership shall inquire of each such DTC Participant as to the number of Beneficial Owners
holding Units, directly or indirectly, through such DTC Participant. The Partnership shall provide each such DTC Participant with
sufficient copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant
may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly
or indirectly, to such Beneficial Owners. In addition, the Partnership shall pay to each such DTC Participant an amount as reimbursement
for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(7) <I>Distributions.</I> Distributions
on Units pursuant to this Agreement shall be made to the Depository or its nominee, Cede &amp; Co., as the registered owner of
all Units. The Partnership and the General Partner expect that the Depository or its nominee, upon receipt of any payment of distributions
in respect of Units, shall credit immediately DTC Participants&rsquo; accounts with payments in amounts proportionate to their
respective beneficial interests in Units as shown on the records of the Depository or its nominee. The Partnership and the General
Partner also expect that payments by DTC Participants to Indirect Participants and Beneficial Owners held through such DTC Participants
and Indirect Participants will be governed by standing instructions and customary practices, as is now the case with securities
held for the accounts of customers in bearer form or registered in a <I>&ldquo;street name,&rdquo;</I> and will be the responsibility
of such DTC Participants and Indirect Participants. Neither the Partnership nor the General Partner will have any responsibility
or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial
ownership interests in Units, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests
or for any other aspect of the relationship between the Depository and the DTC Participants or the relationship between such DTC
Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants or Indirect Participants
or between or among the Depository, any Beneficial Owner and any person by or through which such Beneficial Owner is considered
to own Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(8) <I>Limitation of Liability.</I> The
Global Certificate to be issued hereunder is executed and delivered solely on behalf of the Partnership by the General Partner
in its capacity as such and in the exercise of the powers and authority conferred and vested in it by this Agreement. The representations,
undertakings and agreements made on the part of the Partnership in the Global Certificate are made and intended not as personal
representations, undertakings and agreements by the General Partner, but are made and intended for the purpose of binding only
the Partnership. Nothing in the Global Certificate shall be construed as creating any liability on the General Partner, individually
or personally, to fulfill any representation, undertaking or agreement other than as provided in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(9) <I>Successor Depository.</I> If a successor
to the Depository shall be employed as Depository hereunder, the Partnership and the General Partner shall establish procedures
acceptable to such successor with respect to the matters addressed in this Section 9.2.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(10) <I>Transfer of Units.</I> Beneficial
Owners that are not DTC Participants may transfer Units by instructing the DTC Participant or Indirect Participant holding the
Units for such Beneficial Owner in accordance with standard securities industry practice. Beneficial Owners that are DTC Participants
may transfer Units by instructing the Depository in accordance with the rules of the Depository and standard securities industry
practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.2.3 Except as otherwise provided in this
Agreement, the Partnership shall not recognize any transfer of Units until the Certificates (if applicable) and a Transfer Application
have been provided to the General Partner evidencing such Units are surrendered for registration of transfer. Such Certificates
must be accompanied by a Transfer Application duly executed by the transferee (or the transferee&rsquo;s attorney-in-fact duly
authorized in writing). No charge shall be imposed by the Partnership for such transfer, provided, that, as a condition to the
issuance of any new Certificate under this Article 9.2, the General Partner may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.3 <I>Mutilated, Destroyed, Lost or Stolen
Certificates.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.3.1 If any mutilated Certificate is surrendered
to the Transfer Agent, the General Partner on behalf of the Partnership, shall execute, and upon its request, the Transfer Agent
shall countersign and deliver in exchange therefore, a new Certificate evidencing the same number of Units as the Certificate so
surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.3.2 The General Partner, on behalf of
the Partnership, shall execute, and upon its request, the Transfer Agent shall countersign and deliver a new Certificate in place
of any Certificate previously issued if the Record Holder of the Certificate:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) makes proof by affidavit, in form and
substance satisfactory to the General Partner, that a previously issued Certificate has been lost, destroyed or stolen;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) requests the issuance of a new Certificate
before the Partnership has received notice that the Certificate has been acquired by a purchaser for value in good faith and without
notice of an adverse claim;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) if requested by the General Partner,
delivers to the Partnership a bond or such other form of security or indemnity as may be required by the General Partner, in form
and substance satisfactory to the General Partner, with surety or sureties and with fixed or open penalty as the General Partner
may direct, in its sole discretion, to indemnify the Partnership, the General Partner and the Transfer Agent against any claim
that may be made on account of the alleged loss, destruction or theft of the Certificate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) satisfies any other reasonable requirements
imposed by the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a Limited Partner or Assignee fails
to notify the Partnership within a reasonable time after it has notice of the loss, destruction or theft of a Certificate, and
a transfer of the Units represented by the Certificate is registered before the Partnership, the General Partner or the Transfer
Agent receives such notification, the Limited Partner or Assignee shall be precluded from making any claim against the Partnership,
the General Partner or the Transfer Agent for such transfer or for a new Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.3.3 As a condition to the issuance of
any new Certificate under this Article 9.3, the General Partner may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including, without limitation, the fees
and expenses of the Transfer Agent) connected therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.4 <I>Record Holder.</I> The Partnership
shall be entitled to recognize the Record Holder as the Limited Partner or Assignee with respect to any Units and, accordingly,
shall not be bound to recognize any equitable or other claim to or interest in such Units on the part of any other Person, whether
or not the Partnership shall have actual or other notice thereof, except as otherwise provided by law or any applicable rule, regulation,
guideline or requirement of any national securities exchange on which the Units are listed for trading. Without limiting the foregoing,
when a Person (such as a broker, dealer, bank trust company or clearing corporation or an agent of any of the foregoing) is acting
as nominee, agent or in some other representative capacity for another Person in acquiring and/or holding Units, as between the
Partnership on the one hand and such other Persons on the other hand such representative Person (a) shall be the Limited Partner
or Assignee (as the case may be) of record and beneficially, (b) must execute and deliver a Transfer Application and (c) shall
be bound by this Agreement and shall have the rights and obligations of a Limited Partner or Assignee (as the case may be) hereunder
and as provided for herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.5 <I>Partnership Securities. </I>The
General Partner is hereby authorized to cause the Partnership to issue Partnership Securities, for any Partnership purpose, at
any time or from time to time, to the Partners or to other Persons for such consideration and on such terms and conditions as shall
be established by the General Partner in its sole discretion, all without the approval of any Limited Partners. The General Partner
shall have sole discretion, subject to the requirements of the Act, in determining the consideration and terms and conditions with
respect to any future issuance of Partnership Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">9.5.1 The General Partner shall do all
things necessary to comply with the Act and is authorized and directed to do all things it deems to be necessary or advisable in
connection with any future issuance of Partnership Securities, including, without limitation, compliance with any statute, rule,
regulation or guideline of any federal, state or other governmental agency or any national securities exchange on which the Units
or other Partnership Securities are listed for trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 10</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Transfer of Interests</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1 <I>Transfer.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1.1 The term <I>&ldquo;transfer,&rdquo;</I>
when used in this Article 10 with respect to an interest, shall be deemed to refer to an appropriate transaction by which the General
Partner assigns its interest as General Partner to another Person or by which the holder of a Unit assigns such Unit to another
Person who is or becomes an Assignee and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange
or any other disposition by law or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.1.2 No interest shall be transferred
in whole or in part, except in accordance with the terms and conditions set forth in this Article 10. Any transfer or purported
transfer of an interest not made in accordance with this Article 10 shall be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2 <I>Transfer of General Partner&rsquo;s
Interest.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2.1 Except as set forth in this Article
10.2.1, the General Partner may transfer all, but not less than all, of its interest as the general partner to a single transferee
if, but only if, (i) at least a majority of the Limited Partners approve of such transfer and of the admission of such transferee
as general partner, (ii) the transferee agrees to assume the rights and duties of the General Partner and be bound by the provisions
of this Agreement and other applicable agreements, and (iii) the Partnership receives an Opinion of Counsel that such transfer
would not result in the loss of limited liability of any Limited Partner or of the Partnership or cause the Partnership to be taxable
as a corporation or otherwise taxed as an entity for federal income tax purposes. The foregoing notwithstanding, the General Partner
is expressly permitted to pledge its interest as General Partner to secure the obligations of the Partnership under a Revolving
Credit Facility, as the same may be amended, supplemented, replaced, refinanced or restated from time to time, or any successor
or subsequent loan agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.2.2 Neither Article 10.2.1 nor any other
provision of this Agreement shall be construed to prevent (and all Partners do hereby consent to) (i) the transfer by the General
Partner of all of its interest as a general partner to an Affiliate or (ii) the transfer by the General Partner of all its interest
as a general partner upon its merger or consolidation with or other combination into any other Person or the transfer by it of
all or substantially all of its assets to another Person if, in the case of a transfer described in either clause (i) or (ii) of
this sentence, the rights and duties of the General Partner with respect to the interest so transferred are assumed by the transferee
and the transferee agrees to be bound by the provisions of this Agreement; provided, that in either such case, such transferee
furnishes to the Partnership an Opinion of Counsel that such merger, consolidation, combination, transfer or assumption will not
result in a loss of limited liability of any Limited Partner or of the Partnership or cause the Partnership to be taxable as a
corporation or otherwise taxed as an entity for federal income tax purpose. In the case of a transfer pursuant to this Article
10.2.2, the transferee or successor (as the case may be) shall be admitted to the Partnership as the General Partner immediately
prior to the transfer of the interest, and the business of the Partnership shall continue without dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3 <I>Transfer of Units.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3.1 Units may be transferred only in
the manner described in Article 9.2. The transfer of any Units and the admission of any new Partner shall not constitute an amendment
to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3.2 Until admitted as a Substituted
Limited Partner pursuant to Article 11, the Record Holder of a Unit shall be an Assignee in respect of such Unit. Limited Partners
may include custodians, nominees or any other individual or entity in its own or any representative capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3.3 Each distribution in respect of
Units shall be paid by the Partnership, directly or through the Transfer Agent or through any other Person or agent, only to the
Record Holders thereof as of the Record Date set for the distribution. Such payment shall constitute full payment and satisfaction
of the Partnership&rsquo;s liability in respect of such payment, regardless of any claim of any Person who may have an interest
in such payment by reason of an assignment or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.3.4 A transferee who has completed and
delivered a Transfer Application provided by the seller of the Units (or if purchased on an exchange directly from the Partnership),
shall be deemed to have (i) requested admission as a Substituted Limited Partner, (ii) agreed to comply with and be bound by and
to have executed this Agreement, (iii) represented and warranted that such transferee has the capacity and authority to enter into
this Agreement, (iv) made the powers of attorney set forth in this Agreement, and (v) given the consents and made the waivers contained
in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.4 <I>Restrictions on Transfers.</I>
Notwithstanding the other provisions of this Article 10, no transfer of any Unit or interest therein of any Limited Partner or
Assignee shall be made if such transfer would (a) violate the then applicable federal or state securities laws or rules and regulations
of the SEC, any state securities commission, the CFTC, or any other governmental authorities with jurisdiction over such transfer,
(b) cause the Partnership to be taxable as a corporation or (c) affect the Partnership&rsquo;s existence or qualification as a
limited partnership under the Act. The General Partner may request each Record Holder to furnish certain information, including
that holder&rsquo;s nationality, citizenship or other related status. A transferee who is not a U.S. resident may not be eligible
to become a Record Holder or a Limited Partner if such ownership would subject the Partnership to the risk of cancellation or forfeiture
of any of its assets under any federal, state or local law or regulation. If the Record Holder fails to furnish the information
or if the General Partner determines, on the basis of the information furnished by the holder in response to the request, that
such holder is not qualified to become one of a Limited Partner, the General Partner may be substituted as a holder for the Record
Holder, who will then be treated as a non-citizen assignee, and the Partnership will have the right to redeem those securities
held by the Record Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.5 <I>Tax Certificates.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.5.1 All Limited Partners or Assignees
(or, if the Limited Partner or Assignee is a nominee holding for the account of a Beneficial Owner, the Beneficial Owner) are required
to provide the Partnership with a properly completed Tax Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.5.2 If a Limited Partner or Assignee
(or, if the Limited Partner or Assignee is a nominee holding for the account of a Beneficial Owner, the Beneficial Owner) fails
to provide the Partnership with a properly completed Tax Certificate, the General Partner may request at any time and from time
to time, that such Limited Partner or Assignee (or Beneficial Owner) shall, within 15 days after request (whether oral or written)
therefore by the General Partner, furnish to the Partnership, a properly completed Tax Certificate. If a Limited Partner or Assignee
fails to furnish to the General Partner within the aforementioned 15-day period such Tax Certificate, the Units owned by such Limited
Partner or Assignee (or in the case of a Limited Partner or Assignee that holds Units on behalf of a Beneficial Owner, the Units
held on behalf of the Beneficial Owner) shall be subject to redemption in accordance with the provisions of Article 10.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.6 <I>Redemption of Units for Failure
to Provide Tax Certificate.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.6.1 If at any time a Limited Partner
or Assignee fails to furnish a properly completed Tax Certificate within the 15-day period specified in Article 10.5.2, the Partnership
may redeem the Units of such Limited Partner or Assignee as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) The General Partner shall not later
than the tenth (10th) Business Day before the date fixed for redemption, give notice of redemption to the Limited Partner or Assignee,
at its last address designated on the records of the Partnership or the Transfer Agent, by registered or certified mail, postage
prepaid. The notice shall be deemed to have been given when so mailed (the <I>&ldquo;Notice Date&rdquo;</I>). The notice shall
specify the Redeemable Units, the date fixed for redemption, the place of payment, and that payment of the redemption price will
be made upon surrender of the certification evidencing the Redeemable Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) The aggregate redemption price for
Redeemable Units shall be an amount equal to the market price as of the Close of Business on the Business Day immediately prior
to the date fixed for redemption of Units to be so redeemed multiplied by the number of Units included among the Redeemable Units.
The redemption price shall be paid in the sole discretion of the General Partner, in cash or by delivery of a promissory note of
the Partnership in the principal amount of the redemption price, bearing interest at the Prime Rate and payable in three equal
annual installments of principal together with accrued interest commencing one year after the redemption date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Upon surrender by or on behalf of the
Limited Partner or Assignee, at the place specified in the notice of redemption, of the certification evidencing the Redeemable
Units, duly endorsed in blank or accompanied by an assignment duly executed in blank, the Limited Partner or Assignee or its duly
authorized representative shall be entitled to receive the payment therefore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) In the event the Partnership is required
to pay withholding tax or otherwise withhold any amount on behalf of, or with respect to, a Limited Partner or Assignee (or Beneficial
Owner) who has failed to provide a properly completed Tax Certificate, such amounts paid or withheld by the Partnership shall be
deemed to have been paid to such Limited Partner or Assignee (or Beneficial Owner) as part of the redemption price for the Redeemable
Units and the Partnership shall reduce the amount of the payment made to such Limited Partner or Assignee (or Beneficial owner)
in redemption of such Redeemable Units by any amounts so withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.6.2 After the Notice Date, Redeemable
Units shall no longer constitute issued and Outstanding Units and no allocations or distributions shall be made with respect to
such Redeemable Units. In addition, after the Notice Date, the Redeemable Units shall not be transferable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">10.6.3 The provisions of this Article 10.6
shall also be applicable to Units held by a Limited Partner or Assignee as nominee of a Beneficial Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 11</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Admission of Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.1 <I>Admission of Initial Limited Partners
and Other Creation Basket Purchases.</I> Subject to the requirements of this Article 11, upon the issuance by the Partnership of
Units to the Initial Limited Partner and any other purchasers of a Creation Basket, the General Partner shall admit the Initial
Limited Partner and such other purchasers of the Creation Basket to the Partnership as Limited Partners in respect of the Units
purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.2 <I>Admission of Substituted Limited
Partners.</I> By transfer of a Unit in accordance with Article 10, the transferor shall be deemed to have given the transferee
the right to seek admission as a Substituted Limited Partner subject to the conditions of, and in the manner permitted under, this
Agreement. A transferor of a Certificate shall, however, only have the authority to convey to a purchaser or other transferee who
does not execute and deliver a Transfer Application (i) the right to negotiate such Certificate to a purchaser or other transferee,
and (ii) the right to transfer the right to request admission as a Substituted Limited Partner to such purchaser or other transferee
in respect of the transferred Units. Each transferee of a Unit (including, without limitation, any nominee holder or an agent acquiring
such Unit for the account of another Person) who executes and delivers a Transfer Application shall, by virtue of such execution
and delivery, be an Assignee and be deemed to have applied to become a Substituted Limited Partner with respect to the Units so
transferred to such Person. Such Assignee shall become a Substituted Limited Partner (i) at such time as the General Partner consents
thereto, which consent may be given or withheld in the General Partner&rsquo;s sole discretion, and (ii) when any such admission
is shown on the books and records of the Partnership, following the consent of the General Partner to such admission. If such consent
is withheld, such transferee shall be an Assignee. An Assignee shall have an interest in the Partnership equivalent to that of
a Limited Partner with respect to allocations and distributions, including, without limitation, liquidating distributions, of the
Partnership. With respect to voting rights attributable to Units that are held by Assignees, the General Partner shall be deemed
to be the Limited Partner with respect thereto and shall, in exercising the voting rights in respect of such Units on any matter,
vote such Units at the written direction of the Assignee who is the Record Holder of such Units. If no such written direction is
received, such Units will not be voted. An Assignee shall have none of the other rights of a Limited Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.3 <I>Admission
of Successor General Partner.</I> A successor General Partner approved pursuant to this Article 11.3 or the transferee of or successor
to all of the General Partner&rsquo;s interest pursuant to Article 10.2 who is proposed to be admitted as a successor General Partner
shall be admitted to the Partnership as the General Partner, effective immediately prior to the withdrawal or removal of the General
Partner pursuant to Article 12 or the transfer of the General Partner&rsquo;s interest pursuant to Article 10.2; provided, however,
that no such successor shall be admitted to the Partnership until compliance with the terms of Article 10.2 has occurred. Any such
successor shall carry on the business of the Partnership without dissolution. In each case, the admission shall be subject to the
successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this
Agreement and such other documents or instruments as may be requited to effect the admission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4 <I>Admission of Additional Limited
Partners.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4.1 A Person (other than the General
Partner, an Initial Limited Partner or a Substituted Limited Partner) who makes a Capital Contribution to the Partnership in accordance
with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon furnishing to the General Partner
(i) evidence of acceptance in form satisfactory to the General Partner of all of the terms and conditions of this Agreement, including,
without limitation, the power of attorney granted in this Agreement, and (ii) such other documents or instruments as may be required
in the discretion of the General Partner to effect such Person&rsquo;s admission as an Additional Limited Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.4.2 Notwithstanding anything to the
contrary in this Article 11.4, no Person shall be admitted as an Additional Limited Partner without the consent of the General
Partner, which consent may be given or withheld in the General Partner&rsquo;s sole discretion. The admission of any Person as
an Additional Limited Partner shall become effective on the date upon which the name of such Person is recorded on the books and
records of the Partnership, following the consent of the General Partner to such admission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">11.5 <I>Amendment of Agreement and Certificate
of Limited Partnership.</I> To effect the admission to the Partnership of any Partner, the General Partner shall take all steps
necessary and appropriate under the Act to amend the records of the Partnership and if necessary, to prepare as soon as practical
an amendment of this Agreement and if required by law, to prepare and file an amendment to the Certificate of Limited Partnership
and may for this purpose, among others, exercise the power of attorney granted pursuant to Article 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Withdrawal or Removal of Partners</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1 <I>Withdrawal of the General Partner.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1.1 The General Partner shall be deemed
to have withdrawn from the Partnership upon the occurrence of any one of the following events (each such event herein referred
to as an <I>&ldquo;Event of Withdrawal&rdquo;</I>):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the General Partner voluntarily
withdraws from the Partnership by giving written notice to the other Partners;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the General Partner transfers
all of its rights as general partner pursuant to this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the General Partner is removed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the General Partner (1) makes
a general assignment for the benefit of creditors; (2) files a voluntary bankruptcy petition; (3) files a petition or answer seeking
for itself a reorganization, arrangement, composition, readjustment liquidation, dissolution or similar relief under any law; (4)
files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the General
Partner in a proceeding of the type described in clauses (1) &mdash; (3) of this sentence; or (5) seeks, consents to or acquiesces
in the appointment of a trustee, receiver or liquidator of the General Partner or of all or any substantial part of its properties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a final and non-appealable judgment
is entered by a court with appropriate jurisdiction ruling that the General Partner is bankrupt or insolvent or a final and non-appealable
order for relief is entered by a court with appropriate jurisdiction against the General Partner, in each case under any federal
or state bankruptcy or insolvency laws as now or hereafter in effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a certificate of dissolution or
its equivalent is filed for the General Partner, or 90 days expire after the date of notice to the General Partner of revocation
of its charter without a reinstatement of its charter, under the laws of its state of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an Event of Withdrawal specified in
this Article 12.1.1(d), (e) or (f) occurs, the withdrawing General Partner shall give written notice to the Limited Partners within
30 days after such occurrence. The Partners hereby agree that only the Events of Withdrawal described in this Article 12.1 shall
result in the withdrawal of the General Partner from the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.1.2 Withdrawal of the General Partner
from the Partnership upon the occurrence of an Event of Withdrawal will not constitute a breach of this Agreement under the following
circumstances: (i) the General Partner voluntarily withdraws by giving at least 90 days&rsquo; advance notice to the Limited Partners,
such withdrawal to take effect on the date specified in such notice; or (ii) at any time that the General Partner ceases to be
a General Partner pursuant to Article 12.1.1(b) or is removed pursuant to Article 12.2. If the General Partner gives a notice of
withdrawal pursuant to Article 12.1.1(a), holders of at least a majority of such Outstanding Units (excluding for purposes of such
determination any Units owned by the General Partner and its Affiliates) may, prior to the effective date of such withdrawal, elect
a successor General Partner. If, prior to the effective date of the General Partner&rsquo;s withdrawal, a successor is not selected
by the Unitholders as provided herein, the Partnership shall be dissolved in accordance with Article 13. If a successor General
Partner is elected, such successor shall be admitted immediately prior to the effective time of the withdrawal or removal of the
Departing Partner and shall continue the business of the Partnership without dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.2 <I>Removal of the General Partner.</I>
The General Partner may be removed only if such removal is approved by the Unitholders holding at least 66 2/3% of the Outstanding
Units (excluding for this purpose any Units held by the General Partner and its Affiliates). Any such action by such holders for
removal of the General Partner must also provide for the election of a successor General Partner by the Unitholders holding a majority
of the Outstanding Units (excluding for this purpose any Units held by the General Partner and its Affiliates). Such removal shall
be effective immediately following the admission of a successor General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">12.3 <I>Withdrawal of a Limited Partner
other than the Organizational Limited Partner.</I> In addition to withdrawal of a Limited Partner due to its redemption of Units
constituting a Redemption Basket under this Agreement, the General Partner may, at any time, in its sole discretion, require any
Limited Partner to withdraw entirely from the Partnership or to withdraw a portion of its Partner capital account, by giving not
less than 15 days&rsquo; advance written notice to the Limited Partner thus designated. In addition, the General Partner without
notice may require at any time, or retroactively, withdrawal of all or any portion of the Capital Account of any Limited Partner:
(i) that made a misrepresentation to the General Partner in connection with its purchase of Units; or (ii) whose ownership of Units
would result in the violation of any law or regulations applicable to the Partnership or a Partner. The Limited Partner thus designated
shall withdraw from the Partnership or withdraw that portion of its Partner Capital Account specified in such notice, as the case
may be, as of the Close of Business on such date as determined by the General Partner. The Limited Partner thus designated shall
be deemed to have withdrawn from the Partnership or to have made a partial withdrawal from its Partner Capital Account, as the
case may be, without further action on the part of said Limited Partner and the provisions of Article 17.6 shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 13</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Termination and Distribution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.1 <I>Termination.</I> The Partnership
shall continue in effect from the date of its formation in perpetuity, unless sooner terminated upon the occurrence of any one
or more of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) The death, adjudication of incompetence,
bankruptcy, dissolution, withdrawal, or removal of a General Partner who is the sole remaining General Partner, unless a majority
in interest of the Limited Partners within 90 days after such event elects to continue the Partnership and appoints a successor
General Partner; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) The affirmative vote of a majority
in interest of the Limited Partners; provided, however, that any such termination shall be subject to the conditions set forth
in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.2 <I>Assumption of Agreements.</I> No
vote by the Limited Partners to terminate the Partnership pursuant to Section 13.1(b) shall be effective unless, prior to or concurrently
with such vote, there shall have been established procedures for the assumption of the Partnership&rsquo;s obligations arising
under any agreement to which the Partnership is a party and which is still in force immediately prior to such vote regarding termination,
and there shall have been an irrevocable appointment of an agent who shall be empowered to give and receive notices, reports and
payments under such agreements, and hold and exercise such other powers as are necessary to permit all other parties to such agreements
to deal with such agent as if the agent were the sole owner of the Partnership&rsquo;s interest, which procedures are agreed to
in writing by each of the other parties to such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.3 <I>Distribution</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.3.1 Upon termination of the Partnership,
the affairs of the Partnership shall be wound up and all of its debts and liabilities discharged or otherwise provided for in the
order of priority as provided by law. The fair market value of the remaining assets of the Partnership shall then be determined
by the General Partner. Thereupon, the assets of the Partnership shall be distributed to the Partners pro rata in accordance with
their Units. Each Partner shall receive its share of the assets in cash or in kind, and the proportion of such share that is received
in cash may vary from Partner to Partner, all as the General Partner in its sole discretion may decide. If such distributions are
insufficient to return to any Partner the full amount of its Capital Contributions, such Partner shall have no recourse against
any other Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">13.3.2 The winding up of the affairs of
the Partnership and the distribution of its assets shall be conducted exclusively by the General Partner or its successor, which
is hereby authorized to do all acts authorized by law for these purposes. Without limiting the generality of the foregoing, the
General Partner, in carrying out such winding up and distribution, shall have full power and authority to sell all or any of the
Partnership&rsquo;s assets or to distribute the same in kind to the Partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 14</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Meetings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">14.1 <I>Meeting of Limited Partners.</I>
Upon the written request of 20% or more in interest of the Limited Partners, the General Partner may, but is not required to, call
a meeting of the Limited Partners. Notice of such meeting shall be given within 30 days after, and the meeting shall be held within
60 days after, receipt of such request. The General Partner may also call a meeting not less than 20 and not more than 60 days
prior to the meeting. Any such notice shall state briefly the purpose of the meeting, which shall be held at a reasonable time
and place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 15</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Power of Attorney</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.1 <I>Appointment.</I> Each Limited Partner
and each Assignee hereby constitutes and appoints each of the General Partner and, if a liquidator shall have been selected, the
liquidator severally (and any successor to either thereof by merger, transfer, assignment, election or otherwise) and each of their
respective authorized officers and attorneys-in-fact with full power of substitution, as its true and lawful agent and attorney-in-fact
with full power and authority in its name, place and stead to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a) execute, swear to, acknowledge, deliver,
file and record in the appropriate public offices (i) all certificates, documents and other instruments (including, without limitation,
this Agreement and the Certificate of Limited Partnership and all amendments or restatements thereof) that the General Partner
or the liquidator deems necessary or appropriate to form, qualify or continue the existence or qualification of the Partnership
as a limited partnership (or a partnership in which the limited partners have limited liability) in the State of Delaware and in
all other jurisdictions in which the Partnership may conduct business or own property, (ii) all certificates, documents and other
instruments that the General Partner or the liquidator deems necessary or appropriate to reflect, in accordance with its terms,
any amendment, change, modification or restatement of this Agreement, (iii) all certificates, documents and other instruments (including,
without limitation, conveyances and a certificate of cancellation) that the General Partner or the liquidator deems necessary or
appropriate to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, (iv) all certificates,
documents and other instruments relating to the admission, withdrawal, removal or substitution of any Partner or the Capital Contribution
of any Partner, (v) all certificates, documents and other instruments relating to the determination of the rights, preferences
and privileges of Units issued, and (vi) all certificates documents and other instruments (including, without limitation, agreements
and a certificate of merger) relating to a merger or consolidation of the Partnership;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) execute, swear to, acknowledge, deliver,
file and record all ballots, consents, approval waivers, certificates and other instruments necessary or appropriate, in the sole
discretion of the General Partner or the liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement
or other action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement or is necessary
or appropriate, in the sole discretion of the General Partner or the liquidator, to effectuate the terms or intent of this Agreement,
provided, that when required by this Agreement that establishes a percentage of the Limited Partners or of the Limited Partners
of any class or series required to take any action, the General Partner or the liquidator may exercise the power of attorney made
in this Article 15 only after the necessary vote, consent or approval of the Limited Partners or of the Limited Partners of such
class or series;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">15.2 <I>Survival.</I> The foregoing power
of attorney is hereby declared to be irrevocable and a power coupled with an interest and it shall survive and not be affected
by the subsequent death, incompetence, disability, incapacity, dissolution, bankruptcy or termination of any Limited Partner or
Assignee and the transfer of all or any portion of such Limited Partner&rsquo;s or Assignee&rsquo;s Partnership interest and shall
extend to such Limited Partners or Assignee&rsquo;s heirs, successors, assigns and personal representatives. Each such Limited
Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or the liquidator acting in good
faith pursuant to such power of attorney; and each such Limited Partner or Assignee hereby waives any and all defenses that may
be available to contest, negate or disaffirm the action of the General Partner or the liquidator taken in good faith under such
power of attorney. Each Limited Partner or Assignee shall execute and deliver to the General Partner or the liquidator, within
15 days after receipt of the General Partner&rsquo;s or the liquidator&rsquo;s request therefor, such further designations, powers
of attorney and other instruments as the General Partner or the liquidator deems necessary to effectuate this Agreement and the
purposes of the Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 16</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Creation of Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.1 <I>General.</I> The Partnership will
create and redeem Units from time to time, but only in one or more Creation Baskets or Redemption Baskets (a block of 50,000 Units
shall be referred to as a &ldquo;Basket&rdquo;). The creation and redemption of Baskets will only be made in exchange for delivery
to the Partnership or the distribution by the Partnership of the amount of United States government securities with maturities
of 2 years or less (<I>&ldquo;Treasuries&rdquo;</I>) and any cash represented by the Baskets being created or redeemed, the amount
of which will be based on the combined NAV of the number of Units included in the Baskets being created or redeemed determined
on the day the order to create or redeem Baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.2 <I>Creation Procedures.</I> On any
Business Day, a Participant, may place an order with the Partnership&rsquo;s marketing agent to create one or more Baskets. Purchase
orders must be placed by 12:00 PM New York time or the close of regular trading on the American Stock Exchange, whichever is earlier;
except in the case of the Initial Limited Partner&rsquo;s initial order to purchase one or more Creation Baskets on the first day
the Baskets are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the day agreed to by the General
Partner and the Initial Limited Partner. The day on which the marketing agent receives a valid purchase order is the purchase order
date. By placing a purchase order, the Participant agrees to deposit Treasuries with the Partnership, or a combination of Treasuries
and cash. Prior to the delivery of Baskets for a purchase order, the Participant must also have wired to the custodian the non-refundable
creation transaction fee described in this Article 16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.3 <I>Determination of Required Deposits.</I>
The total deposit required to create each Basket <I>(&ldquo;Creation Basket Deposit&rdquo;)</I> is an amount of Treasuries and
cash with a value that is in the same proportion to the total assets of the Partnership (net of estimated accrued but unpaid fees,
expenses and other liabilities) on the date the order to purchase is properly received as the number of Units to be created under
the purchase order is in proportion to the total number of Units outstanding on the date the order is received. The General Partner
determines, in its sole discretion or in consultation with the Administrator, the requirements for Treasuries that may be included
in deposits to create Baskets and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business
Day. The amount of cash deposit required is the difference between (i) the aggregate market value of the Treasuries included in
a Creation Basket Deposit as of 4:00 PM on the date the order to purchase properly was made and (ii) the total required deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.4 <I>Delivery of Required Deposits.</I>
A Participant who places a purchase order is responsible for transferring to the Partnership&rsquo;s account with the custodian
the required amount of Treasuries and cash by the end of the third Business Day following the purchase order date. Upon receipt
of the deposit amount, the Administrator will direct DTC to credit the number of Baskets ordered to the Participant&rsquo;s DTC
account on the third Business Day following the purchase order date. The expense and risk of delivery and ownership of Treasuries
until such Treasuries have been received by the custodian on behalf of the Partnership shall be borne solely by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.5 <I>Rejection of Purchase Orders.</I>
The General Partner, or its marketing agent on its behalf, may reject a purchase order or a Creation Basket Deposit if: (1) it
determines that the purchase order or the Creation Basket Deposit is not in proper form; (2) the General Partner believes that
the purchase order or the Creation Basket Deposit would have adverse tax consequences to the Partnership or Limited Partners; (3)
the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to the General Partner, be unlawful;
or (4) circumstances outside the control of the General Partner, marketing agent or custodian make it, for all practical purposes,
not feasible to process creations of Baskets. None of the General Partner, marketing agent or custodian will be liable for the
rejection of any purchase order or Creation Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">16.6 <I>Creation Transaction Fee.</I> To
compensate the Partnership for its expenses in connection with the creation of Baskets, a Participant is required to pay a transaction
fee to the Partnership of $1,000 per order to create Baskets. An order may include multiple Baskets. The transaction fee may be
reduced, increased or otherwise changed by the General Partner. The General Partner shall notify DTC in advance of any change in
the transaction fee and will not implement any increase in the fee for the creation of Baskets until 30 days after the date of
the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 17</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Redemption of Units</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.1 <I>General.</I> The procedures by
which a Participant can redeem one or more Baskets mirror the procedures for the creation of Baskets. On any Business Day, a Participant
may place an order with the marketing agent to redeem one or more Baskets. Redemption orders must be placed by 12:00 PM New York
time or the close of regular trading on the American Stock Exchange, whichever is earlier. A redemption order so received is effective
on the date it is received in satisfactory form by the marketing agent. The day on which the marketing agent receives a valid redemption
order is the redemption order date. By placing a redemption order, a Participant agrees to deliver the Baskets to be redeemed through
DTC&rsquo;s book-entry system to the Partnership not later than 3:00 PM New York time on the third Business Day following the effective
date of the redemption order. Prior to the delivery of the redemption distribution for a redemption order, the Participant must
also have wired to the Partnership&rsquo;s account with the custodian the non-refundable redemption transaction fee described in
this Article 17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.2 <I>Determination of Redemption Distribution.</I>
The redemption distribution from the Partnership consists of a transfer to the redeeming Participant of an amount of Treasuries
and/or cash with a value that is in the same proportion to the total assets of the Partnership (net of estimated accrued but unpaid
fees, expenses and other liabilities) on the date the order to redeem is properly received as the number of Units to be redeemed
under the redemption order is in proportion to the total number of Units outstanding on the date the order to redeem is received.
The General Partner, directly or through its agent, will determine the requirements for Treasuries and the amount of cash, including
the maximum permitted remaining maturity of a Treasury, and the proportions of Treasuries and cash, that may be included in distributions
to redeem Baskets. The marketing agent will publish such requirements as of 4:00 PM New York time on the redemption order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.3 <I>Delivery of Redemption Distribution.</I>
The redemption distribution due from the Partnership is delivered to the Participant by 3:00 PM New York time on the third Business
Day following the redemption order date if, by 3:00 PM New York time on such third Business Day, the Partnership&rsquo;s DTC account
has been credited with the Baskets to be redeemed. If the Partnership&rsquo;s DTC account has not been credited with all of the
Baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole Baskets received. Any remainder
of the redemption distribution is delivered on the next Business Day to the extent of remaining whole Baskets received if the Partnership
(1) receives the fee applicable to the extension of the redemption distribution date which the General Partner may, from time to
time, determine and (2) the remaining Baskets to be redeemed are credited to the Partnership&rsquo;s DTC account by 3:00 PM New
York time on such next Business Day. Any further remaining amount of the redemption order shall be cancelled and the Participant
will indemnify the Partnership for any losses, if any, due to such cancellation, including but not limited to the difference in
the price of investments sold as a result of the redemption order and investments made to reflect that such order has been cancelled.
The custodian is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not
credited to the Partnership&rsquo;s DTC account by 3:00 PM New York time on the third Business Day following the redemption order
date if the Participant has collateralized its obligation to deliver the Baskets through DTC&rsquo;s book entry system on such
terms as the General Partner may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.4 <I>Suspension or Rejection of Redemption
orders.</I> The General Partner may, in its discretion, suspend the right of redemption, or postpone the redemption settlement
date, (1) for any period during which any of the New York Mercantile Exchange, the American Stock Exchange or the New York Stock
Exchange is closed other than customary weekend or holiday closings, or trading on the American Stock Exchange is suspended or
restricted, (2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Treasuries
is not reasonably practicable, or (3) for such other period as the General Partner determines to be necessary for the protection
of the Limited Partners. None of the General Partner, the marketing agent or the custodian will be liable to any person or in any
way for any loss or damages that may result from any such suspension or postponement. The General Partner will reject a redemption
order if the order is not in proper form or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.5 <I>Redemption Transaction Fee.</I>
To compensate the Partnership for its expenses in connection with the redemption of Baskets, a Participant is required to pay a
transaction fee to the Partnership of $1,000 per order to redeem Baskets. An order may include multiple Baskets. The transaction
fee may be reduced, increased or otherwise changed by the General Partner. The General Partner shall notify DTC in advance of any
change in the transaction fee and will not implement any increase in the fee for the redemption of Baskets until 30 days after
the date of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">17.6 <I>Required Redemption.</I> The General
Partner may, at any time, in its sole discretion, require any Limited Partner to withdraw entirely from the Partnership or to withdraw
a portion of its Partner Capital Account, by giving not less than 15 days&rsquo; advance written notice to the Limited Partner
thus designated. In addition, the General Partner without notice may require at any time, or retroactively, withdrawal of all or
any portion of the Capital Account of any Limited Partner: (i) that the General Partner determines is a benefit plan investor (within
the meaning of the Department of Labor Regulation (s) 2510.3-101(f)(2)) in order for the assets of the Partnership not to be treated
as plan assets under ERISA; (ii) that made a misrepresentation to the General Partner in connection with its purchase of Units;
or (iii) whose ownership of Units would result in the violation of any law or regulations applicable to the Partnership or a Partner.
The Limited Partner thus designated shall withdraw from the Partnership or withdraw that portion of its Partner Capital Account
specified in such notice, as the case may be, as of the Close of Business on such date as determined by the General Partner. The
Limited Partner thus designated shall be deemed to have withdrawn from the Partnership or to have made a partial withdrawal from
its Partner Capital Account, as the case may be, without further action on the part of said Limited Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE 18</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Miscellaneous</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.1 <I>Notices.</I> Any notice, offer,
consent or other communication required or permitted to be given or made hereunder shall be in writing and shall be deemed to have
been sufficiently given or made when delivered personally to the party (or an officer of the party) to whom the same is directed,
or (except in the event of a mail strike) 5 Business Days after being mailed by first-class mail, postage prepaid, if to the Partnership
or to a General Partner, or if to a Limited Partner, to the address set forth on Exhibit B hereof. Any Partner may change its address
for the purpose of this Article by giving notice of such change to the Partnership, such change to become effective on the tenth
Business Day after such notice is given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.2 <I>Waiver of Partition.</I> Each Partner
hereby irrevocably waives during the term of the Partnership any right that it may have to maintain any action for partition with
respect to any Partnership property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.3 <I>Governing Law, Successors, Severability.</I>
This Agreement shall be governed by the laws of the State of Delaware, as such laws are applied by Delaware courts to agreements
entered into and to be performed in Delaware by and between residents of Delaware and shall, subject to the restrictions on transferability
set forth herein, bind and inure to the benefit of the heirs, executors, personal representatives successors and assigns of the
parties hereto. If any provision of this Agreement shall be held to be invalid, the remainder of this Agreement shall not be affected
thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.4 <I>Consent to Jurisdiction.</I> The
General Partner and the Limited Partners hereby (i) irrevocably submit to the non-exclusive jurisdiction of any Delaware state
court or federal court sitting in Wilmington, Delaware in any action arising out of or relating to this Agreement, and (ii) consent
to the service of process by mail. Nothing herein shall affect the right of any party to serve legal process in any manner permitted
by law or affect its right to bring any action in any other court. Each party agrees that, in the event that any dispute arising
from or relating to this Agreement becomes subject to any judicial proceeding, such party, to the fullest extent permitted by applicable
law, waives any right it may otherwise have to (a) seek punitive or consequential damages, or (b) request a trial by jury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.5 <I>Entire Agreement.</I> This Agreement
constitutes the entire agreement among the parties; it supercedes any prior agreement or understanding among them, oral or written,
all of which are hereby canceled. This Agreement may not be modified or amended other than pursuant to Article 3 and 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.6 <I>Headings.</I> The headings in this
Agreement are inserted for convenience of reference only and shall not affect interpretation of this Agreement. Wherever from the
context it appears appropriate, each term stated in either the singular or the plural shall include the singular and the plural
and pronouns stated in either the masculine or the neuter gender shall include the masculine, the feminine and the neuter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.7 <I>No Waiver.</I> The failure of any
Partner to seek redress for violation, or to insist on strict performance, of any covenant or condition of this Agreement shall
not prevent a subsequent act which would have constituted a violation from having the effect of an original violation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.8 <I>Legends.</I> If certificates for
any interest or interests are issued evidencing a Limited Partner&rsquo;s interest in the Partnerships, each such certificate shall
bear such legends as may be required by applicable Federal and state laws, or as may be deemed necessary or appropriate by the
General Partner to reflect restrictions upon transfer contemplated herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.9 <I>Counterparts.</I> This Agreement
may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the
same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">18.10 <I>Relationship between the Agreement
and the Act.</I> Regardless of whether any provisions of this Agreement specifically refer to particular Default Rules, (a) if
any provision of this Agreement conflicts with a Default Rule, the provision of this Agreement controls and the Default Rule is
modified or negated accordingly, and (b) if it is necessary to construe a Default Rule as modified or negated in order to effectuate
any provision of this Agreement, the Default Rule is modified or negated accordingly. For purposes of this Article 18.10, <I>&ldquo;Default
Rule&rdquo;</I> shall mean a rule stated in the Act that applies except to the extent it is negated or modified through the provisions
of the Partnership&rsquo;s certificate of limited partnership or this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the parties hereto
have executed this Second Amended and Restated Agreement of Limited Partnership on the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>General Partner</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">United States Commodity Funds LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Howard Mah</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:&nbsp;&nbsp;Howard Mah</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:&nbsp;&nbsp;Management Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.5pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM OF GLOBAL CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Evidencing Units Representing Limited
Partner Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>in United States 12 Month Natural Gas
Fund, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;), TO THE FUND OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This is to certify that Cede &amp; Co.
is the owner and registered holder of this Certificate evidencing the ownership of issued and outstanding Limited Partner Units
<I>(&ldquo;Units&rdquo;)</I>, each of which represents a fractional undivided unit of a beneficial interest in United States 12
Month Natural Gas Fund, LP (the <I>&ldquo;Fund&rdquo;</I>), a Delaware limited partnership. Capitalized terms used not defined
herein have the meaning given to such terms in the Second Amended and Restated Agreement of Limited Partnership, as amended, supplemented
or restated to the date hereof (the &ldquo;<I>Limited Partnership Agreement</I>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any given time, this Certificate shall
represent the limited units of beneficial interest in the Fund purchased by a particular authorized Participant on the date of
this Certificate. The Limited Partnership Agreement of the Fund provides for the deposit of cash with the Fund from time to time
and the issuance by the Fund of additional Creation Baskets representing the undivided units of beneficial interest in the assets
of the Fund. At the request of the registered holder, this Certificate may be exchanged for one or more Certificates issued to
the registered holder in such denominations as the registered holder may request; provided, however, that in the aggregate, the
Certificates issued to the registered holder hereof shall represent all Units outstanding at any given time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each authorized Participant hereby grants
and conveys all of its rights, title and interest in and to the Fund to the extent of the undivided interest represented hereby
to the registered holder of this Certificate subject to and in pursuance of the Limited Partnership Agreement, all the terms, conditions
and covenants of which are incorporated herein as if fully set forth at length.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered holder of this Certificate
is entitled at any time upon tender of this Certificate to the Fund, endorsed in blank or accompanied by all necessary instruments
of assignment and transfer in proper form, at its principal office in the State of California and, upon payment of any tax or other
governmental charges, to receive at the time and in the manner provided in the Limited Partnership Agreement, such holder&rsquo;s
ratable portion of the assets of the Fund for each Redemption Basket tendered and evidenced by this Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holder of this Certificate, by virtue
of the purchase and acceptance hereof, assents to and shall be bound by the terms of the Limited Partnership Agreement, copies
of which are on file and available for inspection at reasonable times during business hours at the principal business office of
the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may deem and treat the person
in whose name this Certificate is registered upon the books of the Fund as the owner hereof for all purposes and the Fund shall
not be affected by any notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Limited Partnership Agreement and this
Certificate are executed and delivered by United States Commodity Funds LLC as General Partner of the Fund, in the exercise of
the powers and authority conferred and vested in it by the Limited Partnership Agreement. The representations, undertakings and
agreements made on the part of the Fund in the Limited Partnership Agreement or this Certificate are made and intended not as personal
representations, undertakings and agreements by the General Partner, other than acting in its capacity as such, but are made and
intended for the purpose of binding only the Fund. Nothing in the Limited Partnership Agreement or this Certificate shall be construed
as imposing any liability on the General Partner, individually or personally, to fulfill any representation, undertaking or agreement
other than as provided in the Limited Partnership Agreement or this Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE HOLDER OF THIS SECURITY ACKNOWLEDGES
FOR THE BENEFIT OF UNITED STATES 12 MONTH NATURAL GAS FUND, LP THAT THIS SECURITY MAY NOT BE SOLD, OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED IF SUCH TRANSFER WOULD VIOLATE THE THEN APPLICABLE FEDERAL OR STATE SECURITIES LAWS OR RULES AND REGULATIONS
OF THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY WITH JURISDICTION
OVER SUCH TRANSFER, TERMINATE THE EXISTENCE OR QUALIFICATION OF UNITED STATES 12 MONTH NATURAL GAS FUND, LP UNDER THE LAWS OF THE
STATE OF DELAWARE, OR CAUSE UNITED STATES 12 MONTH NATURAL GAS FUND, LP TO BE TREATED AS AN ASSOCIATION TAXABLE AS A CORPORATION
OR OTHERWISE TO BE TAXED AS AN ENTITY FOR FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED). UNITED STATES
COMMODITY FUNDS LLC, THE GENERAL PARTNER OF UNITED STATES 12 MONTH NATURAL GAS FUND, LP, MAY IMPOSE ADDITIONAL RESTRICTIONS ON
THE TRANSFER OF THIS SECURITY IF IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO AVOID A SIGNIFICANT
RISK OF UNITED STATES 12 MONTH NATURAL GAS FUND, LP BECOMING TAXABLE AS A CORPORATION OR OTHERWISE BECOMING TAXABLE AS AN ENTITY
FOR FEDERAL INCOME TAX PURPOSES. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE SETTLEMENT OF ANY TRANSACTIONS INVOLVING
THIS SECURITY ENTERED INTO THROUGH THE FACILITIES OF ANY NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED
TO TRADING.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Certificate shall not become valid
or binding for any purpose until properly executed by the General Partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">United States Commodity Funds LLC,</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">as General Partner</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ADDRESSES FOR NOTICE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>United States Commodity Funds LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1999 Harrison Street, Suite 1530</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oakland, California 94612</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">with a copy to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brown Brothers Harriman &amp; Co.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 Water Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, MA 02109</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Manager, Fund Administration Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPLICATION FOR TRANSFER OF UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transferees of Units must execute and deliver
this application to <B>United States 12 Month Natural Gas Fund, LP, c/o United States Commodity Funds LLC, 1999 Harrison Street,
Suite 1530, Oakland, California 94612, </B>to be admitted as limited partners to United States 12 Month Natural Gas Fund, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned (<I>&ldquo;Assignee&rdquo;</I>)
hereby applies for transfer to the name of the Assignee of the Units evidenced hereby and hereby certifies to United States 12
Month Natural Gas Fund, LP (the <I>&ldquo;Partnership&rdquo;</I>) that the Assignee (including to the best of Assignee&rsquo;s
knowledge, any person for whom the Assignee will hold the Units) is an Eligible Holder.*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Assignee (a) requests admission as
a Limited Partner and agrees to comply with and be bound by, and hereby executes, the Amended and Restated Agreement of Limited
Partnership of the Partnership, as amended, supplemented or restated to the date hereof (the <I>&ldquo;Partnership Agreement&rdquo;</I>),
(b) represents and warrants that the Assignee has all right, power and authority and, if an individual, the capacity necessary
to enter into the Partnership Agreement, (c) appoints the General Partner of the Partnership and, if a Liquidator shall be appointed,
the Liquidator of the Partnership as the Assignee&rsquo;s attorney-in-fact to execute, swear to, acknowledge and file any document,
including, without limitation, the Partnership Agreement and any amendment thereto and the Certificate of Limited Partnership of
the Partnership and any amendment thereto, necessary or appropriate for the Assignee&rsquo;s admission as a Substituted Limited
Partner and as a party to the Partnership Agreement, (d) gives the powers of attorney provided for in the Partnership Agreement,
and (e) makes the waivers and gives the consents and approvals contained in the Partnership Agreement. Capitalized terms used but
not defined herein have the meanings given to such terms in the Partnership Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: _______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Social Security or other identifying</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature of Assignee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of Assignee</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase Price including commissions, if any</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name and Address of Assignee</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Type of Entity (check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Individual</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;Trust</FONT></TD>
    <TD><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Other (specify)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If not an Individual (check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the entity is subject to United States
federal income taxation on the income generated by the Partnership;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the entity is not subject to United States
federal income taxation, but it is a pass-through entity and all of its beneficial owners are subject to United States federal
income taxation on the income generated by the Partnership;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the entity is not subject to United States
federal income taxation and it is (a) not a pass-through entity or (b) a pass-through entity, but not all of its beneficial owners
are subject to United States federal income taxation on the income generated by the Partnership. <B>Important Note</B> &mdash;
by checking this box, the Assignee is contradicting its certification that it is an Eligible Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* The Term <I>&ldquo;Eligible Holder&rdquo;</I>
means (a) an individual or entity subject to United States federal income taxation on the income generated by the Partnership;
or (b) an entity not subject to United States federal income taxation on the income generated by the Partnership, so long as all
of the entity&rsquo;s owners are subject to United States federal income taxation on the income generated by the Partnership. Individuals
or entities are subject to taxation, in the context of defining an Eligible Holder, to the extent they are taxable on the items
of income and gain allocated by the Partnership. Schedule I hereto contains a list of various types of investors that are categorized
and identified as either &ldquo;Eligible Holders&rdquo; or &ldquo;Non-Eligible Holders.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nationality (check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;U.S. Citizen, Resident or Domestic Entity**</FONT></TD>
    <TD STYLE="width: 33%"><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> Non-resident Alien**</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;Foreign Corporation**</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** As those terms are defined in the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the U.S. Citizen, Resident or Domestic
Entity box is checked, the following certification must be completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section 1445(e) of the Internal Revenue
Code of 1986, as amended (the <I>&ldquo;Code&rdquo;</I>), the Partnership must withhold tax with respect to certain transfers of
property if a holder of an interest in the Partnership is a foreign person. To inform the Partnership that no withholding is required
with respect to the undersigned interestholder&rsquo;s interest in it, the undersigned hereby certifies the following (or, if applicable,
certifies the following on behalf of the interestholder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Complete Either A or B:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A. Individual Interestholder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. I am not a non-resident alien for purposes of U.S. income
taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. My U.S. taxpayer identification number
(Social Security Number) is ____________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. My home address is __________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. Partnership, Corporation or Other Interestholder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The interestholder is not a foreign
corporation, foreign partnership, foreign trust or foreign estate (as those terms are defined in the Code and Treasury regulations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The interestholder&rsquo;s U.S. employer
identification number is __________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. The interestholder&rsquo;s office address
and place of incorporation (if applicable) is __________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interestholder agrees to notify the
Partnership within sixty (60) days of the date the interestholder becomes a foreign person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The interestholder understands that this
certificate may be disclosed to the Internal Revenue Service by the Partnership and that any false statement contained herein could
be punishable by fine, imprisonment or both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under penalties of perjury, I declare that
I have examined this certification and, to the best of my knowledge and belief, it is true, correct and complete and, if applicable,
I further declare that I have authority to sign this document on behalf of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Interestholder _________________________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature and Date _______________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title (if applicable) ______________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note: If the Assignee is a broker, dealer, bank, trust company,
clearing corporation, other nominee holder or an agent of any of the foregoing, and is holding for the account of any other person,
this application should be completed by an officer thereof or, in the case of a broker or dealer, by a registered representative
who is a member of a registered national securities exchange or a member of FINRA, or, in the case of any other nominee holder,
a person performing a similar function. If the Assignee is a broker, dealer, bank, trust company, clearing corporation, other nominee
owner or an agent of any of the foregoing, the above certification as to any person for whom the Assignee will hold the Units shall
be made to the best of the Assignee&rsquo;s knowledge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>3
<FILENAME>v333985_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DATED AS OF FEBRUARY 19, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO THE MARKETING AGENT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DATED AS OF OCTOBER 30, 2009, AS AMENDED
JULY 30, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AMENDMENT AGREEMENT</B> (the &ldquo;Amendment&rdquo;)
dated as of February 19, 2013 between <B>ALPS DISTRIBUTORS, INC.</B> (&ldquo;ALPS&rdquo;)<B>, UNITED STATES COMMODITY FUNDS LLC
</B>and <B>UNITED STATES 12 MONTH NATURAL GAS FUND, LP </B>(&ldquo;US12NG&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WITNESSETH</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The parties have previously entered into
that certain Marketing Agent Agreement dated as of October 30, 2009, as amended July 30, 2012 (the &ldquo;Agreement&rdquo;).&nbsp;&nbsp;The
parties have agreed to amend the Agreement in accordance with the terms of this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, in consideration of the
mutual agreements herein contained, ALPS, USCF and US12NG hereby acknowledge and agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>1.</B>&nbsp;&nbsp;&nbsp;<B>Amendment
to the Agreement.&nbsp;&nbsp;</B>Upon execution of this Amendment by ALPS, USCF and US12NG, the Agreement shall be hereby amended
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;Section 4.3 of the
Agreement, &ldquo;Marketing Agent Fee&rdquo; shall be amended by adding the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In no event will the Marketing Agent Fee exceed 10% of the gross
proceeds of the Fund&rsquo;s offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">IN WITNESS WHEREOF, the parties have caused
this Amendment to be executed by their respective officers or authorized representatives as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><B>UNITED STATES COMMODITY FUNDS LLC</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; width: 45%">/s/ Howard Mah</TD>
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Howard Mah</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Management Director</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left"><B>UNITED STATES 12 MONTH NATURAL GAS FUND, LP</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left">By: United States Commodity Funds LLC, as General Partner</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Howard Mah</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="width: 43%; text-align: left">Name: Howard Mah</TD>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Management Director</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><B>ALPS DISTRIBUTORS, INC</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Thomas A. Carter</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 45%; text-align: left">Name: Thomas A. Carter</TD>
    <TD STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: President</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left; text-indent: -27pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-14.1
<SEQUENCE>4
<FILENAME>v333985_ex14-1.htm
<DESCRIPTION>EXHIBIT 14.1
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>UNITED
STATES COMMODITY FUNDS LLC</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>CODE
OF BUSINESS </B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 18pt Times New Roman, Times, Serif"><B>CONDUCT
AND ETHICS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adopted March 1, 2006</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amended December 9, 2006,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further Amended: March 4, 2008, October 6, 2008, May 5, 2009,
May 6, 2010, November 22, 2011 and February 21, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 94%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right; border-bottom: Black 1pt solid">Page</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Introduction</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Purpose of the Code</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Conflicts of Interest</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Corporate Opportunities</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Public Disclosure</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Confidentiality</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Fair Dealing</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Protection and Proper Use of Company Assets</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Compliance with Applicable Laws, Rules and Regulations</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Equal Opportunity, Harassment</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Accuracy of Company Records</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Retaining Business Communications</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Political Contributions</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Media Relations</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Promotional Material</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Intellectual Property Information</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Internet and E-Mail Policy</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Reporting Violations and Complaint Handling</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Unitholder Complaint Handling</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Sanctions for Code Violations</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Application/Waivers</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: center"><B>Appendices</B></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,255,204)">
    <TD>Ethics Training Policy</TD>
    <TD STYLE="text-align: right">A-1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Code Acknowledgment</TD>
    <TD STYLE="text-align: right">B-1</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 369pt; text-indent: -297pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 369pt; text-indent: -297pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CODE OF BUSINESS CONDUCT AND ETHICS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Introduction</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ethics are important to United States Commodity
Funds LLC (the &ldquo;Company&rdquo; or &ldquo;USCF&rdquo;) and to each member of our management, our investment professionals,
and our employees. The Company is committed to the highest ethical standards and to conducting business with the highest level
of integrity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All officers, directors and employees of
the Company are responsible for maintaining this level of integrity and for complying with the policies contained in this Code.
If you have a question or concern about what is proper conduct for you or anyone else, please raise these concerns with any member
of management, or follow the procedures outlined this Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Purpose of the Code</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Code is intended to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>help you recognize
                                                                                                               ethical issues
                                                                                                               and take the appropriate
                                                                                                               steps to resolve
                                                                                                               these issues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>deter ethical
                                                                                                               violations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>assist you
                                                                                                               in reporting any
                                                                                                               unethical or illegal
                                                                                                               conduct; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reaffirm and
                                                                                                               promote our commitment
                                                                                                               to a corporate
                                                                                                               culture that values
                                                                                                               honesty and accountability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All employees, as a condition of employment
or continued employment, will acknowledge in writing that they have received a copy of this Code, read it, and understand that
the Code contains our expectations regarding their conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Finally, you should know that this Code
is designed to satisfy the standards contained in the Federal Sentencing Guidelines for Organizations published by the U.S. Department
of Justice. U.S. federal courts are bound to apply the Federal Sentencing Guidelines for Organizations when sentencing companies
convicted of federal offenses arising from the illegal acts of one or more employees. The Federal Sentencing Guidelines for Organizations
provide for substantial leniency in sentencing of a company from otherwise severe mandatory penalties, where the company had in
effect an adequate compliance program at the time of the illegal activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Conflicts of Interest</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You must avoid any conflict, or the appearance
of a conflict, between your personal interests and our interests. A conflict exists when your personal interest in any way interferes
with our interests, or when you take any action or have any interest that may make it difficult for you to perform your job objectively
and effectively. For example, a conflict of interest probably exists if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>you cause us
                                                                                                               to enter into business
                                                                                                               relationships with
                                                                                                               you or a member
                                                                                                               of your family,
                                                                                                               or invest in companies
                                                                                                               affiliated with
                                                                                                               you or a member
                                                                                                               of your family;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>you use for
                                                                                                               your personal gain,
                                                                                                               or the gain of
                                                                                                               a member of your
                                                                                                               family, any nonpublic
                                                                                                               information (i)
                                                                                                               about us, (ii)
                                                                                                               our affiliates,
                                                                                                               (iii) our service
                                                                                                               providers, (iv)
                                                                                                               our other business
                                                                                                               partners, (v) the
                                                                                                               statutory trusts
                                                                                                               for which the Company
                                                                                                               acts as sponsor,
                                                                                                               United States Commodity
                                                                                                               Index Funds Trust
                                                                                                               (the &ldquo;Index
                                                                                                               Funds Trust&rdquo;),
                                                                                                               United States Commodity
                                                                                                               Funds Trust I (&ldquo;Trust
                                                                                                               I&rdquo;) and United
                                                                                                               States Currency
                                                                                                               Funds Trust (&ldquo;Currency
                                                                                                               Funds Trust&rdquo;
                                                                                                               and together with
                                                                                                               &ldquo;Trust I&rdquo;
                                                                                                               and the &ldquo;Index
                                                                                                               Funds Trust&rdquo;,
                                                                                                               the &ldquo;Trusts&rdquo;)
                                                                                                               (vi) each of the
                                                                                                               funds for which
                                                                                                               the Company serves
                                                                                                               as general partner
                                                                                                               or series of the
                                                                                                               Trusts for which
                                                                                                               the Company serves
                                                                                                               as sponsor, (each
                                                                                                               a &ldquo;Fund&rdquo;
                                                                                                               and together the
                                                                                                               &ldquo;Funds&rdquo;);
                                                                                                               or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>you use or
                                                                                                               communicate confidential
                                                                                                               information obtained
                                                                                                               in the course of
                                                                                                               your work for your
                                                                                                               or another&rsquo;s
                                                                                                               personal benefit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Corporate Opportunities</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of us has a duty to advance the legitimate
interests of the Company when the opportunity to do so presents itself. Therefore, you may not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>take for yourself
                                                                                                               personally opportunities,
                                                                                                               including investment
                                                                                                               opportunities,
                                                                                                               discovered through
                                                                                                               the use of your
                                                                                                               position with us,
                                                                                                               or through the
                                                                                                               use of our property
                                                                                                               or information;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>use our property,
                                                                                                               information, or
                                                                                                               position for your
                                                                                                               personal gain or
                                                                                                               the gain of a family
                                                                                                               member; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compete, or
                                                                                                               prepare to compete,
                                                                                                               with us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Public Disclosure</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are committed to a policy of full, fair,
accurate, timely, and understandable disclosure to unitholders of all material information regarding our business. This policy
extends to our filings with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and to all other public communications.
All individuals involved in our SEC reporting process and in preparing and making public communications regarding our business
must take all reasonable steps to comply with this policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Confidentiality</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You must not disclose confidential information
regarding the Company, our service providers, the Trusts, the Funds, or our affiliates, unless disclosure is authorized or required
by law. Confidential information includes all non-public information that might be harmful to, or useful to the competitors of,
the Company, the Trusts, any Fund, our affiliates, our service providers, or our other business partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Fair Dealing</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You must endeavor to deal fairly with companies
or individuals with whom we do business or come into contact, including fellow employees of the Company and our competitors. You
must not take unfair advantage of these or other parties by means of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>manipulation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>concealment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>abuse of privileged
                                                                                                               information;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>misrepresentation
                                                                                                               of material facts;
                                                                                                               or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other unfair-dealing
                                                                                                               practice.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Protection and Proper Use of Company
Assets</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our assets are to be used only for legitimate
business purposes. You should protect our assets and ensure that they are used efficiently.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Incidental personal use of telephones,
fax machines, copy machines, personal computers and similar equipment is generally allowed if there is no significant added cost
to us, it does not interfere with your work duties, and is not related to an illegal activity or to any outside business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Compliance with Applicable Laws,
Rules and Regulations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of us has a duty to comply with all
laws, rules and regulations that apply to our business. Highlighted below are some of the key compliance guidelines that must
be followed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Insider
                                                                                                               trading.</B> It
                                                                                                               is against the
                                                                                                               law to buy or sell
                                                                                                               securities using
                                                                                                               material information
                                                                                                               that is not available
                                                                                                               to the public.
                                                                                                               Individuals who
                                                                                                               give this &ldquo;inside&rdquo;
                                                                                                               information to
                                                                                                               others may be liable
                                                                                                               to the same extent
                                                                                                               as the individuals
                                                                                                               who trade while
                                                                                                               in possession of
                                                                                                               such information.
                                                                                                               You must not trade
                                                                                                               the units of any
                                                                                                               Fund, or the securities
                                                                                                               of our affiliates,
                                                                                                               our service providers,
                                                                                                               or any of our other
                                                                                                               business partners
                                                                                                               while in the possession
                                                                                                               of &ldquo;inside&rdquo;
                                                                                                               information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>&ldquo;Whistleblower&rdquo;
                                                                                                               protections. </B>It
                                                                                                               is against the
                                                                                                               law to discharge,
                                                                                                               demote, suspend,
                                                                                                               threaten, harass,
                                                                                                               or discriminate
                                                                                                               in any manner against
                                                                                                               an employee who
                                                                                                               provides information
                                                                                                               or otherwise assists
                                                                                                               in investigations
                                                                                                               or proceedings
                                                                                                               relating to violations
                                                                                                               of federal securities
                                                                                                               laws or other federal
                                                                                                               laws prohibiting
                                                                                                               fraud against unitholders.
                                                                                                               You must not discriminate
                                                                                                               in any way against
                                                                                                               an employee who
                                                                                                               engages in these
                                                                                                               &ldquo;whistleblower&rdquo;
                                                                                                               activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Document
                                                                                                               Retention.</B>
                                                                                                               You must adhere
                                                                                                               to appropriate
                                                                                                               procedures governing
                                                                                                               the retention and
                                                                                                               destruction of
                                                                                                               records consistent
                                                                                                               with applicable
                                                                                                               laws, regulations
                                                                                                               and our policies.
                                                                                                               You may not destroy,
                                                                                                               alter or falsify
                                                                                                               any document that
                                                                                                               may be relevant
                                                                                                               to a threatened
                                                                                                               or pending lawsuit
                                                                                                               or governmental
                                                                                                               investigation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please talk to any member of management
if you have any questions about how to comply with the above regulations and other laws, rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Equal Opportunity, Harassment</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are committed to providing equal opportunity
in all of our employment practices including selection, hiring, promotion, transfer, and compensation of all qualified applicants
and employees without regard to race, color, sex or gender, religion, age, national origin, handicap, disability, citizenship
status, or any other status protected by law. With this in mind, there are certain behaviors that will not be tolerated. These
include harassment, violence, intimidation, and discrimination of any kind involving race, color, religion, gender, age, national
origin, disability, or marital status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Accuracy of Company Records</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We require honest and accurate recording
and reporting of information in order to make responsible business decisions. This includes such data as quality, safety, and
personnel records, as well as financial records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All financial books, records and accounts
must accurately reflect transactions and events, and conform both to required accounting principles and to our system of internal
controls. No false or artificial entries may be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Retaining Business Communications</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The law requires us to maintain certain
types of corporate records, usually for specified periods of time. Failure to retain those records for those minimum periods could
subject us to penalties and fines, cause the loss of rights, obstruct justice, place us in contempt of court, or seriously disadvantage
us in litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time we establish retention
or destruction policies in order to ensure legal compliance. We expect you to fully comply with any published records retention
or destruction policies, provided that you should note the following exception: If you believe, or we inform you, that our records
are relevant to any litigation or governmental action, or any potential litigation or action, then you must preserve those records
until we determine the records are no longer needed. This exception supersedes any previously or subsequently established destruction
policies for those records. If you believe that this exception may apply, or have any questions regarding the possible applicability
of that exception, please contact our Chief Compliance Officer, Howard Mah (the &ldquo;Chief Compliance Officer&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Political Contributions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No funds of the Company, of the Trusts
or of any Fund may be given directly to political candidates. You may, however, engage in political activity with your own resources
on your own time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Media Relations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We must speak with a unified voice in all
dealings with the press and other media. As a result, the President and CEO is the sole contact for media seeking information
about the Company, the Trusts or any Fund. Any requests from the media must be referred to him. Unless another individual(s) is
so authorized by the President and CEO. In the event the President and CEO and other authorized individual(s) are not available,
clearance must be obtained through the Chief Compliance Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Promotional Material</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">USCF, the Funds and the Trusts produce
limited promotional material, which includes websites and a fact-sheet for each of the Funds. All promotional material developed
by USCF, the Funds, including material posted on a website or printed on a fact-sheet, is reviewed for accuracy and approved prior
to its public release by USCF&rsquo;s counsel<B> </B>to ensure its compliance with the relevant requirements of the SEC, the Financial
Industry Regulatory Authority (&ldquo;FINRA&rdquo;), the National Futures Association ( &ldquo;NFA&rdquo;) and the Commodity Futures
Trading Commission (&ldquo;CFTC&rdquo;), and any other applicable regulatory authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to procedures intended to safeguard
against a Fund fact-sheet being misleading or deceptive, it is a USCF policy that Fund fact-sheets may only be distributed to
the public when accompanied by the current applicable Fund prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As noted above, all content to be included
on a Fund website is reviewed and approved by USCF&rsquo;s counsel prior to publication of such content on such website. A review
of website information is performed each time new information placed on the website would lead to a substantively new version
of the web page. The review and approval of website material is documented by the supervisor in charge of such review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">USCF does not allow the use of personal
websites by its employees or agents for the solicitation of business to any of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">USCF, or its service providers, maintains
the supporting documentation for all statements, claims and performance results referenced in promotional material prepared by
or on behalf of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Intellectual Property Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information generated in our business is
a valuable asset. Protecting this information plays an important role in our growth and ability to compete. Such information includes
business and research plans; objectives and strategies; trade secrets; unpublished financial information; salary and benefits
data; and business partner lists. Employees who have access to our intellectual property information are obligated to safeguard
it from unauthorized access and must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Not disclose
                                                                                                              this information
                                                                                                              to persons outside
                                                                                                              of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Not use this
                                                                                                              information for
                                                                                                              personal benefit
                                                                                                              or the benefit of
                                                                                                              persons outside
                                                                                                              of the Company;
                                                                                                              and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Not share this
                                                                                                              information with
                                                                                                              other employees
                                                                                                              except on a legitimate
                                                                                                              &ldquo;need to know&rdquo;
                                                                                                              basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Internet and E-mail Policy</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may provide an e-mail system and Internet
access to certain of our employees to help them do their work. You may use the e-mail system and the Internet only for legitimate
business purposes in the course of your duties. Incidental and occasional personal use is permitted, but never for personal gain
or any improper use. Further, you are prohibited from discussing or posting information regarding the Company, the Trusts or any
of the Funds in any external electronic forum, including Internet chat rooms or electronic bulletin boards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All employees engaged in the transmission
of futures-related e-mails will be monitored periodically to ensure the accuracy of the information contained in such emails.
Review of such emails is performed by ALPS, as principal to registered representatives on an annual basis. Review may also be
undertaken by the Chief Compliance Officer and Counsel. This type of review is performed in conformity with NFA and FINRA guidance
on e-mail review, in consideration of the fact that USCF generally communicates with institutional or relatively sophisticated
clients, while USCF&rsquo;s marketing agent handles most communication with the general public.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Reporting Violations and Internal
Complaint Handling</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You are responsible for compliance with
the rules, standards and principles described in this Code. In addition, you should be alert to possible violations of the Code
by the Company&rsquo;s employees, officers and directors, and you are expected to report a violation promptly. Normally, reports
should be made to one&rsquo;s immediate supervisor. Under some circumstances, it may be impractical or you may feel uncomfortable
raising a matter with your supervisor. In those instances, you are encouraged to contact our Chief Compliance Officer or General
Counsel who will investigate and report the matter to the Board of Directors, as the circumstance dictates. You will also be expected
to cooperate in an investigation of a violation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Anyone who has a concern about our conduct,
the conduct of an officer of the Company or our accounting, internal accounting controls or auditing matters, may communicate
that concern to the Chief Compliance Officer or to the Audit Committee of the Board of Directors by direct communication with
our Chairman of the Audit Committee or by e-mail or in writing. In addition, anyone who has a concern specifically about the Funds,
may communicate that concern to the Chief Compliance Officer or to the Audit Committee. All reported concerns shall be forwarded
to the Chief Compliance Officer or the Audit Committee, as applicable, in the same way that other concerns are addressed by us.
The status of all outstanding concerns forwarded to the Audit Committee or the Chief Compliance Officer will be reported on a
quarterly basis by our<B> </B>Chairman of the Audit Committee or Chief Compliance Officer, as applicable. The Audit Committee
or Chief Compliance Officer, as applicable, may direct that certain matters be presented to the full Board of Directors and may
also direct special treatment, including the retention of outside advisors or counsel, for any concern reported to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All reports will be investigated and whenever
possible, requests for confidentiality shall be honored. And, while anonymous reports will be accepted, please understand that
anonymity may hinder or impede the investigation of a report. All cases of questionable activity or improper actions will be reviewed
for appropriate action, discipline or corrective actions. Whenever possible, we will keep confidential the identity of employees,
officers or directors who are accused of violations, unless or until it has been determined that a violation has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>There will be no reprisal, retaliation
or adverse action taken against any employee who, in good faith, reports or assists in the investigation of, a violation or suspected
violation, or who makes an inquiry about the appropriateness of an anticipated or actual course of action.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>For reporting concerns about the conduct
of the Company, the Trusts or any Fund, the conduct of an officer of the Company, or about accounting, internal accounting controls
or auditing matters of the Company, the Trusts or any Fund, you may use the following means of communication: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If to the Chief Compliance Officer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>E-MAIL</B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;carolynyu@unitedstatesoilfund.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>ADDRESS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Chief
Compliance Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">1999 Harrison Street, Suite 1530</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Oakland CA 94612</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If to the Chairman of the Audit Committee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>E-MAIL</B>:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;uscf.director@gmail.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>ADDRESS:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;Audit
Committee of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Malcolm R. Fobes III, Chairman of the Audit Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">475 Milan Drive #103<BR>
San Jose CA 95134-2453</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unitholder Complaint Handling</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Complaints from unitholders of a Fund may
raise compliance issues that need to be addressed in an expeditious manner. All complaints received by any associated person of
USCF or any Fund are to be forwarded to the Chief Compliance Officer. Associated persons have been instructed to forward to the
Chief Compliance Officer any oral questions that cannot be readily addressed so that such questions can be treated as complaints
if the Chief Compliance Officer deems necessary. It is the general policy of USCF, the Trusts and the Funds to answer all complaints.
A discussion of any complaints received will be an agenda item at each quarterly meeting of the Board of Directors of USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chief Compliance Officer&rsquo;s duties
with respect to unitholder complaints include: (1) maintaining a log that documents all complaints, (2) investigating complaints
as needed, (3) making a recommendation for resolution of all complaints received, and (4) instituting any necessary changes to
policies and procedures in connection with or in response to complaints. USCF maintains records of all written complaints that
are received by any party in connection with the Trusts and Funds, as well as records relating to the resolution of such complaints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In light of the responsibilities placed
on USCF&rsquo;s marketing agent, it is likely that the marketing agent will also receive complaints from unitholders from time
to time. The marketing agent will address these complaints pursuant to its own procedures, but notice of such complaints will
be forwarded to the Chief Compliance Officer to be documented in the complaint log.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The marketing agent will be responsible
for addressing any complaints that it receives pursuant to the marketing agent&rsquo;s own procedures and will forward notice
of material complaints to the Chief Compliance Officer. The Chief Compliance Officer must follow the complaint handling procedures
described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">UNITHOLDER COMPLAINTS PROCEDURE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">Who:</TD>
    <TD STYLE="width: 82%">Chief Compliance Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>What:</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investigate
        complaints received by associated persons of USCF or any Fund</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review
        information on complaints forwarded by the marketing agent to see if they have been appropriately dealt with or if there
        is anything further that needs to be done to resolve the complaint</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITHOLDER COMPLAINTS PROCEDURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 82%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recommend
        a resolution and any necessary changes to policies or procedures</P>
                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Include
        complaints in materials for the Board of Directors</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain
        a complaint log for outstanding complaints, that includes at a minimum: (1) the identity of the complaining person, (2)
        the date the complaint was received, and (3) a brief description of the nature of the complaint</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17.1pt; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain
        a complaint file, that includes a copy of: (1) each complaint, (2) all correspondence relating to each complaint, and
        (3) information gathered in the course of the investigation of each complaint</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>When:</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly
        for review by the Board of Directors</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investigate
        complaints as received</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>How Evidenced:</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
        complaints</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
        of oral complaints</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
        relating to investigations of complaints</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responses
        and file memos documenting rationale for nature of response</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complaint
        log</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Where Maintained:</TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Complaint/Correspondence
        file</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
        of complaints also to be maintained in the file of materials provided to the Board of Directors</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Retention Period:</TD>
    <TD>Six (6) years, the first two (2) years in an easily accessible place</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Sanctions for Code Violations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All violations of the Code will result
in appropriate corrective action, up to and including dismissal. If the violation involves potentially criminal activity, the
individual or individuals in question will be reported, as warranted, to the appropriate authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Application/Waivers</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of the officers, directors, and employees
are subject to this Code. Any waiver of this Code for an executive officer or director of the Company may only be made by the
Board of Directors or the Audit Committee. Any waiver of the Code for an officer or member of our Boards of Directors must be
promptly disclosed to unitholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>APPENDIX A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ETHICS
TRAINING POLICY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Chief Compliance Officer of USCF is
responsible for overseeing our ethics training program. The Chief Compliance Officer of USCF conducts an annual review of USCF&rsquo;s
ethics training policy and will require ethics training on an as needed basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: double"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>APPENDIX B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United States Commodity Funds LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1999 Harrison Street, Suite 1530</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oakland, CA 94612</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 0 solid; width: 55%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Acknowledgment Regarding </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Code of Business Conduct and Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>This acknowledgment is to be signed
and returned to our Chief Compliance Officer, Howard Mah, and will be retained as part of your permanent personnel file.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">I have received a copy of United States
Commodity Funds LLC&rsquo;s Code of Business Conduct and Ethics, read it, and understand that the Code contains the expectations
of United States Commodity Funds LLC regarding employee conduct. I also understand that the Code is issued for informational purposes
and that it is not intended to create, nor does it represent, a contract of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Employee&rsquo;s Name (Printed)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Employee&rsquo;s Signature</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Date</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The failure to read and/or sign this acknowledgment in no
way relieves you of your responsibility to comply with United States Commodity Funds LLC&rsquo;s Code of Business Conduct and
Ethics.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>5
<FILENAME>v333985_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 31.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification of Principal Executive
Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Nicholas D. Gerber, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this annual report on
Form 10-K of United States 12 Month Natural Gas Fund, LP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(c) Evaluated the effectiveness
of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(d) Disclosed in this
report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s Board of Directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;Date: March 26, 2013</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid">/s/ Nicholas D. Gerber</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Nicholas D. Gerber </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">United States Commodity Funds LLC, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">General Partner of United States 12 Month Natural Gas Fund, LP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>6
<FILENAME>v333985_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 31.2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification of Principal Financial
Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Howard Mah, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. I have reviewed this annual report on
Form 10-K of United States 12 Month Natural Gas Fund, LP;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Based on my knowledge, this report does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The registrant&rsquo;s other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(c) Evaluated the effectiveness
of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(d) Disclosed in this
report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s
most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. The registrant&rsquo;s other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of the registrant&rsquo;s Board of Directors (or persons performing the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">(b) Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;Date: March 26, 2013</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid">/s/ Howard Mah </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Howard Mah </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">United States Commodity Funds LLC, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">General Partner of United States 12 Month Natural Gas Fund, LP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>7
<FILENAME>v333985_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><B><U>Exhibit
32.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification of Principal Executive
Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Annual Report on Form 10-K for the year ended December 31, 2012 (the &ldquo;Report&rdquo;) of United States 12 Month Natural
Gas Fund, LP (the &ldquo;Registrant&rdquo;), as filed with the Securities and Exchange Commission on the date hereof, I, Nicholas
D. Gerber, the President and Chief Executive Officer of United States Commodity Funds LLC, General Partner of the Registrant, hereby
certify, to the best of my knowledge, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;Date: March 26, 2013</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 55%; border-bottom: windowtext 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Nicholas D. Gerber</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Nicholas D. Gerber</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">United States Commodity Funds LLC, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">General Partner of United States 12 Month Natural Gas Fund, LP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>8
<FILENAME>v333985_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>Exhibit 32.2</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certification of Principal Financial
Officer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
the Annual Report on Form 10-K for the year ended December 31, 2012 (the &ldquo;Report&rdquo;) of United States 12 Month Natural
Gas Fund, LP (the &ldquo;Registrant&rdquo;), as filed with the Securities and Exchange Commission on the date hereof, I, Howard
Mah, the Chief Financial Officer of United States Commodity Funds LLC, General Partner of the Registrant, hereby certify, to the
best of my knowledge, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) The information contained in the Report
fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;Date: March 26, 2013</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid">/s/ <FONT STYLE="font-size: 10pt">Howard Mah</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Howard Mah</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">United States Commodity Funds LLC, </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">General Partner of United States 12 Month Natural Gas Fund, LP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>tpg53a.jpg
<DESCRIPTION>GRAPHIC
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<unl:PercentageOfPartnersCapital contextRef="Context_As_Of_31-Dec-2012_InvestmentAxis_CashEquivalentsMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesClassAxis_MoneyMarketFundsMember_InvestmentSecuritiesSeriesAxis_FidelityInstitutionalGovernmentPortfolioClassIMember" unitRef="pure" decimals="4">0.0582</unl:PercentageOfPartnersCapital>
<unl:PercentageOfPartnersCapital contextRef="Context_As_Of_31-Dec-2012_InvestmentAxis_CashEquivalentsMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesClassAxis_MoneyMarketFundsMember_InvestmentSecuritiesSeriesAxis_MorganStanleyInstitutionalLiquidityFundGovernmentPortfolioMember" unitRef="pure" decimals="4">0.1511</unl:PercentageOfPartnersCapital>
<unl:PercentageOfPartnersCapital contextRef="Context_As_Of_31-Dec-2012_InvestmentAxis_CashEquivalentsMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesClassAxis_MoneyMarketFundsMember" unitRef="pure" decimals="4">0.4763</unl:PercentageOfPartnersCapital>
<unl:PercentageOfPartnersCapital contextRef="Context_As_Of_31-Dec-2012_InvestmentAxis_CashEquivalentsMember" unitRef="pure" decimals="4">0.5552</unl:PercentageOfPartnersCapital>
<unl:PercentageOfPartnersCapital contextRef="Context_As_Of_31-Dec-2012_InvestmentAxis_CashEquivalentsMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesClassAxis_MoneyMarketFundsMember_InvestmentSecuritiesSeriesAxis_GoldmanSachsFinancialSquareFundsGovernmentFundClassFsMember" unitRef="pure" decimals="4">0.0349</unl:PercentageOfPartnersCapital>
<unl:PercentageOfPartnersCapital contextRef="Context_As_Of_31-Dec-2012_InvestmentAxis_CashEquivalentsMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesClassAxis_MoneyMarketFundsMember_InvestmentSecuritiesSeriesAxis_WellsFargoAdvantageGovernmentMoneyMarketFundClassIMember" unitRef="pure" decimals="4">0.2321</unl:PercentageOfPartnersCapital>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31-Dec-2011_InvestmentAxis_CashEquivalentsMember_InvestmentSecuritiesClassAxis_USTreasurySecuritiesMember_InvestmentSecuritiesSeriesAxis_USTreasuryBillSecuritiesMember" unitRef="pure" decimals="4">0.0003</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31-Dec-2012_InvestmentAxis_CashEquivalentsMember_InvestmentSecuritiesClassAxis_USTreasurySecuritiesMember_InvestmentSecuritiesSeriesAxis_USTreasuryBillSecuritiesMember" unitRef="pure" decimals="4">0.0010</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgOneMember">January 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgTwoMember">February 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgThreeMember">March 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgFourMember">April 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgFiveMember">May 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgSixMember">June 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgSevenMember">July 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgEightMember">August 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgNineMember">September 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgTenMember">October 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgElevenMember">November 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgTwelveMember">December 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2011_InvestmentAxis_CashEquivalentsMember_InvestmentSecuritiesClassAxis_USTreasurySecuritiesMember_InvestmentSecuritiesSeriesAxis_USTreasuryBillSecuritiesMember">21, June 2012</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgOneMember">January 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgTwoMember">February 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgThreeMember">March 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgFourMember">April 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgFiveMember">May 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgSixMember">June 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgSevenMember">July 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgEightMember">August 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgNineMember">September 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgTenMember">October 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgElevenMember">November 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentTypeAxis_OpenFuturesContractsLongMember_InvestmentGeographicRegionAxis_US_InvestmentSecuritiesSeriesAxis_NymexNaturalGasFuturesNgTwelveMember">December 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:InvestmentOwnedSubjectToOptionExerciseDates contextRef="Context_FYE_31-Dec-2012_InvestmentAxis_CashEquivalentsMember_InvestmentSecuritiesClassAxis_USTreasurySecuritiesMember_InvestmentSecuritiesSeriesAxis_USTreasuryBillSecuritiesMember">17, January 2013</us-gaap:InvestmentOwnedSubjectToOptionExerciseDates>
<us-gaap:GainLossOnSaleOfInvestments contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">-9574510</us-gaap:GainLossOnSaleOfInvestments>

<us-gaap:GainLossOnSaleOfInvestments contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-7653100</us-gaap:GainLossOnSaleOfInvestments>

<us-gaap:GainLossOnSaleOfInvestments contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">-12161650</us-gaap:GainLossOnSaleOfInvestments>

<us-gaap:UnrealizedGainLossOnInvestments contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">-3837730</us-gaap:UnrealizedGainLossOnInvestments>
<us-gaap:UnrealizedGainLossOnInvestments contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-6408260</us-gaap:UnrealizedGainLossOnInvestments>
<us-gaap:UnrealizedGainLossOnInvestments contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">7676740</us-gaap:UnrealizedGainLossOnInvestments>
<us-gaap:DividendIncomeOperating contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">13917</us-gaap:DividendIncomeOperating>
<us-gaap:DividendIncomeOperating contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">4110</us-gaap:DividendIncomeOperating>
<us-gaap:DividendIncomeOperating contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">4189</us-gaap:DividendIncomeOperating>
<us-gaap:InterestIncomeOperating contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">1610</us-gaap:InterestIncomeOperating>
<us-gaap:InterestIncomeOperating contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">2028</us-gaap:InterestIncomeOperating>
<us-gaap:InterestIncomeOperating contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">7257</us-gaap:InterestIncomeOperating>
<us-gaap:OtherIncome contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">8000</us-gaap:OtherIncome>
<us-gaap:OtherIncome contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">5350</us-gaap:OtherIncome>
<us-gaap:OtherIncome contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">10500</us-gaap:OtherIncome>
<unl:TotalIncomeLoss contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">-13388713</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_3ME_31-Mar-2011" unitRef="USD" decimals="0">-418515</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_3ME_30-Jun-2011" unitRef="USD" decimals="0">-1924977</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_3ME_30-Sep-2011" unitRef="USD" decimals="0">-5015695</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_3ME_31-Dec-2011" unitRef="USD" decimals="0">-6690685</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-14049872</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_3ME_31-Mar-2012" unitRef="USD" decimals="0">-6713578</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_3ME_30-Jun-2012" unitRef="USD" decimals="0">2309257</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_3ME_30-Sep-2012" unitRef="USD" decimals="0">3406724</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_3ME_31-Dec-2012" unitRef="USD" decimals="0">-3465367</unl:TotalIncomeLoss>
<unl:TotalIncomeLoss contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">-4462964</unl:TotalIncomeLoss>
<us-gaap:AssetManagementCosts contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">249022</us-gaap:AssetManagementCosts>
<us-gaap:AssetManagementCosts contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">239340</us-gaap:AssetManagementCosts>
<us-gaap:AssetManagementCosts contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">283719</us-gaap:AssetManagementCosts>
<us-gaap:ProfessionalFees contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">205005</us-gaap:ProfessionalFees>
<us-gaap:ProfessionalFees contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">151075</us-gaap:ProfessionalFees>
<us-gaap:ProfessionalFees contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">125273</us-gaap:ProfessionalFees>
<us-gaap:FloorBrokerageExchangeAndClearanceFees contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">12869</us-gaap:FloorBrokerageExchangeAndClearanceFees>
<us-gaap:FloorBrokerageExchangeAndClearanceFees contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">7002</us-gaap:FloorBrokerageExchangeAndClearanceFees>
<us-gaap:FloorBrokerageExchangeAndClearanceFees contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">14360</us-gaap:FloorBrokerageExchangeAndClearanceFees>
<us-gaap:OtherExpenses contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">16070</us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">11374</us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">11379</us-gaap:OtherExpenses>
<us-gaap:OperatingExpenses contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">482966</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_31-Mar-2011" unitRef="USD" decimals="0">112956</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_30-Jun-2011" unitRef="USD" decimals="0">124760</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_30-Sep-2011" unitRef="USD" decimals="0">119657</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_31-Dec-2011" unitRef="USD" decimals="0">51418</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">408791</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_31-Mar-2012" unitRef="USD" decimals="0">74018</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_30-Jun-2012" unitRef="USD" decimals="0">94598</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_30-Sep-2012" unitRef="USD" decimals="0">122485</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_31-Dec-2012" unitRef="USD" decimals="0">143630</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">434731</us-gaap:OperatingExpenses>
<unl:ExpenseWaiver contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">151688</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_3ME_31-Mar-2011" unitRef="USD" decimals="0">37670</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_3ME_30-Jun-2011" unitRef="USD" decimals="0">35903</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_3ME_30-Sep-2011" unitRef="USD" decimals="0">39596</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_3ME_31-Dec-2011" unitRef="USD" decimals="0">0</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">113169</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_3ME_31-Mar-2012" unitRef="USD" decimals="0">16307</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_3ME_30-Jun-2012" unitRef="USD" decimals="0">12614</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_3ME_30-Sep-2012" unitRef="USD" decimals="0">13434</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_3ME_31-Dec-2012" unitRef="USD" decimals="0">26148</unl:ExpenseWaiver>
<unl:ExpenseWaiver contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">68503</unl:ExpenseWaiver>
<unl:NetOperatingExpenses contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">331278</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_3ME_31-Mar-2011" unitRef="USD" decimals="0">75286</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_3ME_30-Jun-2011" unitRef="USD" decimals="0">88857</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_3ME_30-Sep-2011" unitRef="USD" decimals="0">80061</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_3ME_31-Dec-2011" unitRef="USD" decimals="0">51418</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">295622</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_3ME_31-Mar-2012" unitRef="USD" decimals="0">57711</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_3ME_30-Jun-2012" unitRef="USD" decimals="0">81984</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_3ME_30-Sep-2012" unitRef="USD" decimals="0">109051</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_3ME_31-Dec-2012" unitRef="USD" decimals="0">117482</unl:NetOperatingExpenses>
<unl:NetOperatingExpenses contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">366228</unl:NetOperatingExpenses>
<us-gaap:NetIncomeLoss contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">-13719991</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_FYE_31-Dec-2010_PartnerCapitalComponentsAxis_LimitedPartnerMember" unitRef="USD" decimals="0">-13719991</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_FYE_31-Dec-2010_PartnerCapitalComponentsAxis_GeneralPartnerMember" unitRef="USD" decimals="0">0</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_31-Mar-2011" unitRef="USD" decimals="0">-493801</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_30-Jun-2011" unitRef="USD" decimals="0">-2013834</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_30-Sep-2011" unitRef="USD" decimals="0">-5095756</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_31-Dec-2011" unitRef="USD" decimals="0">-6742103</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">-14345494</us-gaap:NetIncomeLoss>
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<us-gaap:NetIncomeLoss contextRef="Context_FYE_31-Dec-2011_PartnerCapitalComponentsAxis_GeneralPartnerMember" unitRef="USD" decimals="0">0</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_31-Mar-2012" unitRef="USD" decimals="0">-6771289</us-gaap:NetIncomeLoss>
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<us-gaap:NetIncomeLossPerOutstandingLimitedPartnershipUnit contextRef="Context_3ME_31-Mar-2011" unitRef="USD_per_Units" decimals="2">-0.75</us-gaap:NetIncomeLossPerOutstandingLimitedPartnershipUnit>
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<us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE 1 - ORGANIZATION AND BUSINESS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The United States 12 Month Natural Gas Fund, LP (&amp;#8220;US12NG&amp;#8221;) was organized as a limited partnership under the laws of the state of Delaware on June 27, 2007.&amp;#160;US12NG is a commodity pool that issues limited partnership units (&amp;#8220;units&amp;#8221;) that may be purchased and sold on the NYSE Arca, Inc. (the &amp;#8220;NYSE Arca&amp;#8221;).&amp;#160;US12NG will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its&amp;#160;Second Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013 (the &amp;#8220;LP Agreement&amp;#8221;).&amp;#160;The investment objective of US12NG is for the daily changes in percentage terms of its units&amp;#8217; per unit net asset value (&amp;#8220;NAV&amp;#8221;) to reflect the daily changes in percentage terms&amp;#160;of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the average of the prices of 12 futures contracts on natural gas traded on the&amp;#160;New York Mercantile Exchange (the &amp;#8220;NYMEX&amp;#8221;),&amp;#160;consisting of the near month contract to expire and the contracts for the following 11 months for a total of 12 consecutive months&amp;#8217; contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that are the next month contract to expire and the contracts for the following 11 consecutive months (the &amp;#8220;Benchmark Futures Contracts&amp;#8221;), less US12NG&amp;#8217;s expenses. It is not the intent of US12NG to be operated in a fashion such that the per unit NAV will equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas. It is not the intent of US12NG to be operated in a fashion such that its per unit NAV will reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day. United States Commodity Funds LLC (&amp;#8220;USCF&amp;#8221;), the general partner of US12NG, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts (as defined below) and Other Natural Gas-Related Investments (as defined below).&amp;#160;US12NG accomplishes its objective through investments in futures contracts for natural gas, crude oil, diesel-heating oil, gasoline and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, &amp;#8220;Futures Contracts&amp;#8221;) and other natural gas-related investments such as cash-settled options on Futures Contracts, forward contracts for natural gas, cleared swap contracts and over-the-counter transactions that are based on the price of natural gas, crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing&amp;#160;(collectively, &amp;#8220;Other Natural Gas-Related Investments&amp;#8221;).&amp;#160;As of December&amp;#160;31, 2012, US12NG held 1,197 Futures Contracts for natural gas traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG commenced investment operations on November&amp;#160;18, 2009 and has a fiscal year ending on December&amp;#160;31. USCF is&amp;#160;responsible for the management of US12NG. USCF is a member of the National Futures Association (the &amp;#8220;NFA&amp;#8221;) and became&amp;#160;a commodity pool operator registered with the Commodity Futures Trading Commission (the &amp;#8220;CFTC&amp;#8221;) effective December&amp;#160;1, 2005.&amp;#160;USCF is also the general partner of&amp;#160;the United States Oil Fund, LP (&amp;#8220;USOF&amp;#8221;), the United States Natural Gas Fund, LP (&amp;#8220;USNG&amp;#8221;), the United States 12 Month Oil Fund, LP (&amp;#8220;US12OF&amp;#8221;), the United States Gasoline Fund, LP (&amp;#8220;UGA&amp;#8221;) and the United States Diesel-Heating Oil Fund, LP (formerly, the United States Heating Oil Fund, LP) (&amp;#8220;USDHO&amp;#8221;), which listed their limited partnership units on the AMEX under the ticker symbols&amp;#160;&amp;#8220;USO&amp;#8221; on April&amp;#160;10, 2006, &amp;#8220;UNG&amp;#8221; on April&amp;#160;18, 2007, &amp;#8220;USL&amp;#8221;&amp;#160;on December&amp;#160;6, 2007, &amp;#8220;UGA&amp;#8221; on February&amp;#160;26, 2008 and &amp;#8220;UHN&amp;#8221; on April&amp;#160;9, 2008, respectively.&amp;#160;As a result of the acquisition of the American Stock Exchange (the &amp;#8220;AMEX&amp;#8221;) by NYSE Euronext, each of USOF&amp;#8217;s, USNG&amp;#8217;s, US12OF&amp;#8217;s, UGA&amp;#8217;s and USDHO&amp;#8217;s units commenced trading on the NYSE Arca on November&amp;#160;25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (&amp;#8220;USSO&amp;#8221;) and the United States Brent Oil Fund, LP (&amp;#8220;USBO&amp;#8221;), which listed their limited partnership units on the NYSE Arca under the ticker symbols &amp;#8220;DNO&amp;#8221; on September&amp;#160;24, 2009 and &amp;#8220;BNO&amp;#8221; on June&amp;#160;2, 2010, respectively.&amp;#160;USCF is also the sponsor of the United States Commodity Index Fund (&amp;#8220;USCI&amp;#8221;), the United States Copper Index Fund (&amp;#8220;CPER&amp;#8221;), the United States Agriculture Index Fund (&amp;#8220;USAG&amp;#8221;) and the United States Metals Index Fund (&amp;#8220;USMI&amp;#8221;), each a series of the United States Commodity Index Funds Trust. USCI, CPER, USAG and USMI listed their units on the NYSE Arca under the ticker symbol &amp;#8220;USCI&amp;#8221; on August&amp;#160;10, 2010, &amp;#8220;CPER&amp;#8221; on November&amp;#160;15, 2011, &amp;#8220;USAG&amp;#8221; on April 13, 2012 and &amp;#8220;USMI&amp;#8221; on June 19, 2012, respectively.&amp;#160;All funds listed previously are referred to collectively herein as the &amp;#8220;Related Public Funds.&amp;#8221; USCF has also filed registration statements to register units of the United States Sugar Fund (&amp;#8220;USSF&amp;#8221;), the United States Natural Gas Double Inverse Fund (&amp;#8220;UNGD&amp;#8221;), the United States Gasoil Fund (&amp;#8220;USGO&amp;#8221;) and the United States Asian Commodities Basket Fund (&amp;#8220;UAC&amp;#8221;), each a series of the United States Commodity Funds Trust I, and the US Golden Currency Fund (&amp;#8220;HARD&amp;#8221;), a series of the United States Currency Funds Trust.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times
 new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Effective February&amp;#160;29, 2012, US12NG&amp;#160;issues units to certain authorized purchasers (&amp;#8220;Authorized Purchasers&amp;#8221;) by offering baskets consisting of 50,000 units (&amp;#8220;Creation Baskets&amp;#8221;) through ALPS Distributors, Inc. as the marketing agent (the &amp;#8220;Marketing Agent&amp;#8221;). Prior to February&amp;#160;29, 2012, US12NG issued units to Authorized Purchasers by offering baskets consisting of 100,000 units through the Marketing Agent.&amp;#160;The purchase price for a Creation Basket is based upon the NAV of a unit calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;From July&amp;#160;1, 2011 through December&amp;#160;31, 2012 (and continuing at least through May&amp;#160;1, 2013), the applicable transaction fee paid by Authorized Purchasers is $350 to US12NG for each order they place to create or redeem one or more baskets (&amp;#8220;Redemption Baskets&amp;#8221;); prior to July&amp;#160;1, 2011, this fee was $1,000. Units may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket.&amp;#160;Units purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per unit NAV of US12NG but rather at market prices quoted on such exchange.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;In November 2009, US12NG initially registered 30,000,000 units on Form S-1 with the U.S. Securities and Exchange Commission (the &amp;#8220;SEC&amp;#8221;).&amp;#160;On November&amp;#160;18, 2009, US12NG listed its units on the NYSE Arca under the ticker symbol &amp;#8220;UNL&amp;#8221;. On that day, US12NG established its initial per unit NAV by setting the price at $50.00 and issued 200,000&amp;#160;units in exchange for $10,001,000.&amp;#160;US12NG also commenced investment operations on November&amp;#160;18, 2009 by purchasing Futures Contracts traded on the NYMEX based on natural gas. As of December&amp;#160;31, 2012, US12NG had registered a total of 30,000,000 units.&lt;/font&gt;&lt;/p&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Revenue Recognition &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date.&amp;#160;All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. US12NG earns interest on its assets denominated in U.S. dollars on deposit with the futures commission merchant at the overnight Federal Funds Rate less 32 basis points. In addition, US12NG earns income on funds held at the custodian or futures commission merchant at prevailing market rates earned on such investments.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Brokerage Commissions &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Income Taxes &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;In accordance with accounting principles generally accepted in the United States of America (&amp;#8220;GAAP&amp;#8221;), US12NG is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position.&amp;#160;US12NG files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states.&amp;#160;US12NG is not subject to income tax return examinations by major taxing authorities for years before 2009. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in US12NG recording a tax liability that reduces net assets. However, US12NG&amp;#8217;s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. US12NG recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December&amp;#160;31, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Creations and Redemptions &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Effective February&amp;#160;29, 2012, Authorized Purchasers may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 units at a price equal to the NAV of the units calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Prior to February&amp;#160;29, 2012, Authorized Purchasers could only purchase Creation Baskets or redeem Redemption Baskets in blocks of 100,000 units.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG receives or pays the proceeds from units sold or redeemed within three business days after the trade date of the purchase or
 redemption.&amp;#160;The amounts due from Authorized Purchasers are reflected in US12NG&amp;#8217;s statements of financial condition as receivable for units sold, and amounts payable to Authorized Purchasers upon redemption are reflected as payable for units redeemed.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Partnership Capital and Allocation of Partnership Income and Losses &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Profit or loss shall be allocated among the partners of US12NG in proportion to the number of units each partner holds as of the close of each month.&amp;#160;USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Calculation of Per Unit Net Asset Value &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG&amp;#8217;s per unit NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of units outstanding. US12NG uses the&amp;#160;closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Net Income (Loss) Per&amp;#160;Unit &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net income (loss) per&amp;#160;unit is the difference between the per unit NAV at the beginning of each period and at the&amp;#160;end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units added and redeemed based on the amount of time the units were outstanding during such period. There were no units held by USCF at December&amp;#160;31, 2012.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Offering Costs &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Offering costs incurred in connection with the registration of additional units after the initial registration of units are borne by US12NG. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period, if warranted.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Cash Equivalents &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Reclassification &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Certain amounts in the accompanying financial statements were reclassified to conform with the current presentation.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Use of Estimates &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font
 size="2" style="font-family:times new roman,times"&gt;The preparation of financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period.&amp;#160;Actual results may differ from those estimates and assumptions.&lt;/font&gt;&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
<unl:FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE&amp;#160;3 - FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;USCF Management Fee &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Under the LP Agreement, USCF is responsible for investing the assets of US12NG in accordance with the objectives and policies of US12NG.&amp;#160;In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to US12NG.&amp;#160;For these services, US12NG is contractually obligated to pay USCF a fee, which is paid monthly, that is equal to 0.75%&amp;#160;per annum of average daily total net assets.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Ongoing Registration Fees and Other Offering Expenses &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG&amp;#160;pays all costs and expenses associated with the ongoing registration of its units subsequent to the initial offering.&amp;#160;These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of units, and all legal, accounting, printing and other expenses associated with&amp;#160;such offer and sale.&amp;#160;For the years ended December&amp;#160;31, 2012, 2011 and 2010, US12NG did not incur any registration fees and other offering expenses.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Directors&amp;#8217; Fees and Expenses &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG is responsible for paying its portion of the directors&amp;#8217; and officers&amp;#8217; liability insurance for US12NG and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of US12NG and the Related Public Funds organized as limited partnerships and, as of July&amp;#160;8, 2011, the Related Public Funds organized as a series of a Delaware statutory trust. US12NG shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each fund, computed on a daily basis.&amp;#160;These fees and expenses for the year ended December&amp;#160;31, 2012 were $540,586 for US12NG and the Related Public Funds. US12NG&amp;#8217;s portion of such fees and expenses for the year ended December 31, 2012 was $5,704.&amp;#160;For the years ended December&amp;#160;31, 2011 and 2010, these fees and expenses were $607,582 and $1,107,140, respectively, for US12NG and the Related Public Funds. US12NG&amp;#8217;s portion of such fees and expenses was $3,808 and $7,571, respectively. Effective as of April 1, 2010, US12NG became responsible for paying its portion of any payments that may become due to the independent directors pursuant to the deferred compensation agreements entered into between the independent directors, USCF, US12NG and the Related Public Funds.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Licensing Fees &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;As discussed in Note 4 below, US12NG entered into a&amp;#160;licensing agreement with the NYMEX on December&amp;#160;4, 2007, as amended on October&amp;#160;20, 2011.&amp;#160;Pursuant to the agreement, up through October&amp;#160;19, 2011, US12NG and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, paid a licensing fee that was equal to 0.04% for the first&amp;#160;$1,000,000,000 of combined net assets of the funds and 0.02% for combined net assets above $1,000,000,000. On and after October&amp;#160;20, 2011, US12NG and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, pay a licensing fee that is equal to 0.015% on all net assets.&amp;#160;During the years ended December&amp;#160;31, 2012, 2011 and 2010, US12NG incurred $5,674, $7,565 and $8,499, respectively, under this arrangement.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Investor Tax Reporting Cost &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The fees and expenses associated with US12NG&amp;#8217;s audit expenses and tax accounting and reporting requirements are paid by US12NG.&amp;#160;These costs were
 approximately $75,000, $55,000 and $155,000, respectively, for the years ended December&amp;#160;31, 2012, 2011 and 2010.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Other Expenses and Fees and Expense Waivers &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;In addition to the fees described above, US12NG&amp;#160;pays all brokerage fees and other expenses in connection with the operation of US12NG, excluding costs and expenses&amp;#160;paid by USCF as outlined in Note 4 below.&amp;#160;USCF has voluntarily agreed to pay certain expenses typically borne by US12NG, to the extent that such expenses exceeded 0.15% (15 basis points) of US12NG&amp;#8217;s NAV, on an annualized basis, through at least June 30, 2013.&amp;#160;USCF has no obligation to continue such payment into subsequent periods. For the year ended December 31, 2012, USCF waived $68,503 of US12NG&amp;#8217;s expenses. This voluntary expense waiver is in addition to those amounts USCF is contractually obligated to pay as described in Note 4.&lt;/font&gt;&lt;/p&gt;</unl:FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:LongTermContractsOrProgramsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE 4 - CONTRACTS AND AGREEMENTS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG is party to a marketing agent agreement, dated as of&amp;#160;October 30, 2009, as amended from time to time, with&amp;#160;the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for US12NG as outlined in the agreement.&amp;#160;The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06% on US12NG&amp;#8217;s assets up to $3 billion; and 0.04% on US12NG&amp;#8217;s assets in excess of $3 billion.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The above fee does not include the following expenses, which are also borne by USCF: the cost of placing advertisements in various periodicals; web construction and development; or the printing and production of various marketing materials.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG is also party to a custodian agreement, dated November&amp;#160;3, 2009, as amended from time to time, with Brown Brothers Harriman&amp;#160;&amp;amp; Co. (&amp;#8220;BBH&amp;amp;Co.&amp;#8221;) and USCF, whereby BBH&amp;amp;Co. holds investments on behalf of US12NG. USCF&amp;#160;pays the fees of the custodian, which are determined by the parties from time to time.&amp;#160;In addition, US12NG is party to an administrative agency agreement, dated as of November&amp;#160;3, 2009, as amended from time to time, with USCF and BBH&amp;amp;Co., whereby BBH&amp;amp;Co. acts as the administrative agent, transfer agent and registrar for US12NG.&amp;#160;USCF&amp;#160;also pays the fees of BBH&amp;amp;Co. for its services under such agreement and such fees are determined by the parties from time to time.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Currently, USCF pays BBH&amp;amp;Co. for its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration services rendered to US12NG and each of the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services.&amp;#160;In addition, USCF pays BBH&amp;amp;Co. an asset-based charge of (a)&amp;#160;0.06% for the first $500&amp;#160;million of US12NG&amp;#8217;s, USOF&amp;#8217;s, USNG&amp;#8217;s, US12OF&amp;#8217;s, UGA&amp;#8217;s, USDHO&amp;#8217;s, USSO&amp;#8217;s, USBO&amp;#8217;s, USCI&amp;#8217;s, CPER&amp;#8217;s, USAG&amp;#8217;s and USMI&amp;#8217;s combined net assets, (b)&amp;#160;0.0465% for US12NG&amp;#8217;s, USOF&amp;#8217;s, USNG&amp;#8217;s, US12OF&amp;#8217;s, UGA&amp;#8217;s, USDHO&amp;#8217;s, USSO&amp;#8217;s, USBO&amp;#8217;s, USCI&amp;#8217;s, CPER&amp;#8217;s, USAG&amp;#8217;s and USMI&amp;#8217;s combined net assets greater than $500 million but less than $1 billion, and (c)&amp;#160;0.035% once US12NG&amp;#8217;s, USOF&amp;#8217;s, USNG&amp;#8217;s, US12OF&amp;#8217;s, UGA&amp;#8217;s, USDHO&amp;#8217;s, USSO&amp;#8217;s, USBO&amp;#8217;s, USCI&amp;#8217;s, CPER&amp;#8217;s, USAG&amp;#8217;s and USMI&amp;#8217;s combined net assets exceed $1 billion.&amp;#160;The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000.&amp;#160;USCF also pays transaction fees ranging from $7 to $15 per transaction.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG has entered into a brokerage agreement with UBS Securities LLC (&amp;#8220;UBS Securities&amp;#8221;).&amp;#160;The agreement requires UBS Securities to provide services to US12NG in connection with the purchase and sale of&amp;#160;Futures Contracts and Other Natural Gas-Related Investments that may be purchased and sold by or through UBS Securities for US12NG&amp;#8217;s account. In accordance with the agreement, UBS Securities charges US12NG commissions of approximately $7 per round-turn trade, including applicable exchange and NFA fees for&amp;#160;Futures Contracts and options on Futures Contracts. Such fees include those incurred when purchasing natural gas Futures Contracts and options on Futures Contracts when US12NG issues units as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when US12NG redeems units as a result of a Redemption Basket. Such fees are also incurred when Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. US12NG also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Natural Gas-Related Investments or short-term obligations of the United States of two years or less (&amp;#8220;Treasuries&amp;#8221;). During the year ended December&amp;#160;31, 2012, total commissions accrued to brokers amounted to $14,360.&amp;#160;Of this amount, approximately $10,995 was a result of rebalancing costs and approximately $3,365 was the result of trades necessitated by creation and redemption activity. By comparison, during the year ended December&amp;#160;31, 2011, total commissions accrued to brokers amounted to $7,002.&amp;#160;Of this amount, approximately $6,306 was a result of rebalancing costs and approximately $696 was the result of trades necessitated by creation and redemption activity. By comparison, during the year ended December 31, 2010, total commissions accrued to brokers amounted to $12,869. Of this amount, approximately $10,724 was a result of rebalancing costs and approximately $2,145 was the result of trades necessitated by creation and redemption activity. The increase in the total commissions accrued to brokers for the year ended December&amp;#160;31, 2012, as compared to the year ended December&amp;#160;31, 2011, was primarily a function of increased brokerage fees due to an increase in creation and redemption activity during the
 year ended December 31, 2012. The decrease in the total commissions accrued to brokers for the year ended December&amp;#160;31, 2011, as compared to the year ended December&amp;#160;31, 2010, was primarily a function of decreased brokerage fees due to a lower number of futures contracts being held and traded due to US12NG&amp;#8217;s reduced size and a decrease in the creation and redemption of units during the year ended December 31, 2011. As an annualized percentage of average daily total net assets, the&amp;#160;figure for the year ended December&amp;#160;31, 2012 represents approximately 0.04% of average daily total net assets. By comparison, the figure for the year ended December&amp;#160;31, 2011 represented approximately 0.02% of average daily total net assets and the figure for the year ended December&amp;#160;31, 2010 represented approximately 0.04% of average daily total net assets. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG and the NYMEX entered into a licensing agreement on December&amp;#160;4, 2007, as amended on October&amp;#160;20, 2011, whereby US12NG was granted a non-exclusive license to use certain of the NYMEX&amp;#8217;s settlement prices and service marks.&amp;#160;Under the&amp;#160;licensing agreement, US12NG and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. US12NG expressly disclaims any association with the NYMEX or endorsement of US12NG by the NYMEX and acknowledges that &amp;#8220;NYMEX&amp;#8221; and &amp;#8220;New York Mercantile Exchange&amp;#8221; are registered trademarks of the NYMEX.&lt;/font&gt;&lt;/p&gt;</us-gaap:LongTermContractsOrProgramsDisclosureTextBlock>
<unl:DisclosureOfFairValueOffBalanceSheetRisksTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE 5 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG&amp;#160;engages in the trading of&amp;#160;futures contracts, options on futures contracts and cleared swap contracts (collectively, &amp;#8220;derivatives&amp;#8221;).&amp;#160;US12NG is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG may enter into futures contracts and options on futures contracts and may engage in cleared swap contracts to gain exposure to changes in the value of an underlying commodity.&amp;#160;A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place.&amp;#160;Some futures contracts may call for physical delivery of the asset, while others are settled in cash.&amp;#160;The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with a futures commission merchant.&amp;#160;Additional deposits may be necessary for any loss on contract value.&amp;#160;The Commodity Exchange Act requires a futures commission merchant to segregate all customer transactions and assets from the futures commission merchant&amp;#8217;s proprietary activities.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin.&amp;#160;The face or contract amounts reflect the extent of the total exposure US12NG has in the particular classes of instruments.&amp;#160;Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;All of the futures contracts held by US12NG were exchange-traded futures contracts through December&amp;#160;31, 2012.&amp;#160;The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions, since, in over-the-counter transactions, a party must rely solely on the credit of its respective individual counterparties.&amp;#160;However, in the future, if US12NG were to enter into non-exchange traded contracts, it would be subject to credit risks associated with counterparty non-performance.&amp;#160;Over-the-counter transactions subject US12NG to the credit risk associated with counterparty non-performance.&amp;#160;The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. US12NG has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded.&amp;#160;In addition, US12NG bears the risk of financial failure by the clearing broker.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG&amp;#8217;s cash and other property, such as Treasuries, deposited with a futures commission merchant are considered commingled with all other customer funds, subject to the futures commission merchant&amp;#8217;s segregation requirements.&amp;#160;In the event of a futures commission merchant&amp;#8217;s insolvency, recovery may be limited to a pro rata share of segregated funds available.&amp;#160;It is possible that the recovered amount could be less than the total of cash and other property deposited.&amp;#160;The insolvency of a futures commission merchant could result in the complete loss of US12NG&amp;#8217;s assets posted with that futures commission merchant; however, the majority of US12NG&amp;#8217;s assets are held in cash and/or cash equivalents with US12NG&amp;#8217;s custodian and would not be impacted by the insolvency of a futures commission merchant.&amp;#160;The failure or insolvency of US12NG&amp;#8217;s custodian, however, could result in a substantial loss of US12NG&amp;#8217;s assets.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;USCF invests a portion of US12NG&amp;#8217;s cash in money market funds that seek to maintain a stable per unit NAV. US12NG is exposed to any risk of loss associated with an investment in such money market funds. As of December&amp;#160;31, 2012 and December&amp;#160;31, 2011, US12NG held investments in money market funds in the amounts of $20,522,574 and $10,518,621, respectively. US12NG also holds cash deposits with its custodian. Pursuant to a written agreement with BBH&amp;amp;Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks located in Toronto, Canada, London, United Kingdom, Grand Cayman, Cayman Islands and Nassau, Bahamas, which are subject to U.S. regulation and regulatory oversight. As of December&amp;#160;31, 2012 and December&amp;#160;31, 2011, US12NG held cash deposits and investments in Treasuries in the amounts of $23,560,690 and $19,331,650, respectively, with the custodian and futures commission merchant. Some or all of these amounts may be subject to loss should US12NG&amp;#8217;s custodian and/or futures commission merchant cease operations.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;For derivatives, risks arise from changes in the market value of the contracts.&amp;#160;Theoretically, US12NG&amp;#160;is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.&amp;#160;As both a buyer and a seller of options, US12NG pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG&amp;#8217;s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures.&amp;#160;In addition, US12NG has a policy&amp;#160;of requiring review of the credit standing of each broker or counterparty with which it conducts business.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The financial instruments held by US12NG are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.&lt;/font&gt;&lt;/p&gt;</unl:DisclosureOfFairValueOffBalanceSheetRisksTextBlock>
<unl:SupplementalFinancialInformationDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE&amp;#160;6 - FINANCIAL HIGHLIGHTS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The following table presents per unit performance data and other supplemental financial data for the years ended December&amp;#160;31, 2012, 2011 and 2010.&amp;#160;This information has been derived from information presented in the financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Year&amp;#160;Ended&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December&amp;#160;31, &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Year&amp;#160;Ended&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December&amp;#160;31,&amp;#160;&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Year&amp;#160;Ended&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December&amp;#160;31,&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt; font-weight: bold; text-decoration: underline;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Per Unit Operating Performance:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 55%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net asset value, beginning of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;21.21&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new
 roman,times"&gt;35.02&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;53.77&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total income (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(3.78&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(13.42&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(18.21&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.20&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.39&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.54&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 0.25in;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net decrease in net asset value&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(3.98&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(13.81&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(18.75&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net asset value, end of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;17.23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;21.21&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt
 double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;35.02&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Return&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(18.76&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(39.43&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(34.87&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Ratios to Average Net Assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total&amp;#160;income (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(11.80&lt;/font&gt;&lt;/td&gt;
&lt;td
 style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(44.03&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(37.65&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Management fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.75&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.75&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.70&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total expenses excluding management fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.40&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.53&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.66&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expenses waived&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.18&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.43&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net expenses excluding management fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt
 double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.22&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.17&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net&amp;#160;income (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(12.77&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(44.95&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(38.58&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total returns are calculated based on the change in value during the period.&amp;#160;An individual unitholder&amp;#8217;s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from US12NG.&lt;/font&gt;&lt;/p&gt;</unl:SupplementalFinancialInformationDisclosureTextBlock>
<us-gaap:QuarterlyFinancialInformationTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE&amp;#160;7 - QUARTERLY FINANCIAL DATA (Unaudited) &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March&amp;#160;31,&amp;#160;June&amp;#160;30,&amp;#160;September&amp;#160;30 and December&amp;#160;31, 2012 and 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;First &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Second &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Third &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fourth &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt; width: 40%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Income (Loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6,713,578&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,309,257&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3,406,724&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2"
 style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(3,465,367&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Expenses&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;74,018&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;94,598&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;122,485&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;143,630&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expense Waivers&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(16,307&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(12,614&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(13,434&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(26,148&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;57,711&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;81,984&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;109,051&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;117,482&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new
 roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Income (Loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6,771,289&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,227,273&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3,297,673&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(3,582,849&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Income (Loss) per Unit&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(4.84&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1.01&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1.30&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(1.45&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;First &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Second &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Third &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fourth &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new
 roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt; width: 40%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(418,515&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(1,924,977&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(5,015,695&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6,690,685&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Expenses&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;112,956&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;124,760&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;119,657&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;51,418&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expense Waivers&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(37,670&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align:
 left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(35,903&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(39,596&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;75,286&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;88,857&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;80,061&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;51,418&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(493,801&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(2,013,834&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(5,095,756&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6,742,103&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Loss per Unit&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.75&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td
 style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(1.70&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(4.63&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6.73&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:QuarterlyFinancialInformationTextBlock>
<us-gaap:FairValueDisclosuresTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE 8&amp;#160;- FAIR VALUE OF FINANCIAL INSTRUMENTS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG values its investments in accordance with Accounting Standards Codification 820 &amp;#8211; Fair Value Measurements and Disclosures (&amp;#8220;ASC 820&amp;#8221;).&amp;#160;ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement.&amp;#160;The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement.&amp;#160;ASC 820 establishes a fair value hierarchy that distinguishes between: (1)&amp;#160;market participant assumptions developed based on market data obtained from sources independent of US12NG (observable inputs) and (2)&amp;#160;US12NG&amp;#8217;s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).&amp;#160;The three levels defined by the ASC 820 hierarchy are as follows:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level I &amp;#8211; Quoted prices (unadjusted) in active markets for&amp;#160;&lt;i&gt;identical&lt;/i&gt;&amp;#160;assets or liabilities that the reporting entity has the ability to access at the measurement date.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level II &amp;#8211; Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.&amp;#160;Level II assets include the following: quoted prices for&amp;#160;&lt;i&gt;similar&lt;/i&gt;&amp;#160;assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level III &amp;#8211; Unobservable pricing input at the measurement date for the asset or liability.&amp;#160;Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy.&amp;#160;The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The following table summarizes the valuation of US12NG&amp;#8217;s securities at December&amp;#160;31, 2012 using the fair value hierarchy:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;At&amp;#160;December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level I&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level&amp;#160;II&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level&amp;#160;III&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -12pt; padding-left: 12pt; width: 40%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Short-Term Investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;23,922,430&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;23,922,430&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Exchange-Traded Futures Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 0.5in;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;United States Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(906,580&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(906,580&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;During the year ended December&amp;#160;31, 2012, there were no transfers between Level I and Level II.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The following table summarizes the valuation of US12NG&amp;#8217;s securities at December&amp;#160;31, 2011 using the fair value hierarchy:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;At&amp;#160;December 31, 2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level I&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level&amp;#160;II&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level&amp;#160;III&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -12pt; padding-left: 12pt; width: 40%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Short-Term Investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;12,278,369&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;12,278,369&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Exchange-Traded Futures Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 0.5in;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;United States Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(8,583,320&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(8,583,320&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;During the year ended December&amp;#160;31, 2011, there were no transfers between Level I and Level II.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Effective January&amp;#160;1, 2009, US12NG adopted the provisions of Accounting Standards Codification 815 &amp;#8211; Derivatives and Hedging (&amp;#8220;ASC 815&amp;#8221;), which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Fair Value of Derivative Instruments &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Derivatives not Accounted &lt;/font&gt;&lt;br  /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;for&amp;#160;as&amp;#160;Hedging&amp;#160;Instruments&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Statements&amp;#160;of&lt;/font&gt;&lt;br  /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Financial&amp;#160;Condition&lt;/font&gt;&lt;br  /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Location&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fair&amp;#160;Value&amp;#160;At&lt;/font&gt;&lt;br  /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December&amp;#160;31,&amp;#160;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fair&amp;#160;Value&amp;#160;At&lt;/font&gt;&lt;br  /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December 31,&amp;#160;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="width: 25%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 24%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 22%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 22%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Futures - &lt;/font&gt;&lt;br  /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Commodity Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(906,580&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(8,583,320&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;The Effect of Derivative Instruments on the Statements of Operations &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 7pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="font-size: 7pt; vertical-align: bottom;"&gt;
&lt;td style="font: 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&lt;br  /&gt;December&amp;#160;31,&amp;#160;2012&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&lt;br  /&gt;December&amp;#160;31,&amp;#160;2011&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;For the year ended &lt;br  /&gt;December 31, 2010&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="font: bold 10pt times new roman, times, serif; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Derivatives not Accounted &lt;br  /&gt;for as Hedging Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Location&amp;#160;of&lt;br  /&gt;Gain&amp;#160;or&lt;br  /&gt;(Loss)&amp;#160;on&lt;br  /&gt;Derivatives&lt;br  /&gt;Recognized&lt;br  /&gt;in&amp;#160;Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Realized&lt;br  /&gt;Gain&amp;#160;or&lt;br  /&gt;(Loss)&amp;#160;on&lt;br  /&gt;Derivatives&lt;br  /&gt;Recognized&lt;br  /&gt;in&amp;#160;Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Change&amp;#160;in&lt;br  /&gt;Unrealized&lt;br  /&gt;Gain&amp;#160;or&lt;br  /&gt;(Loss) on&lt;br  /&gt;Derivatives&lt;br  /&gt;Recognized&lt;br  /&gt;in&amp;#160;Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Realized&lt;br  /&gt;Gain&amp;#160;or&lt;br  /&gt;(Loss)&amp;#160;on&lt;br  /&gt;Derivatives&lt;br  /&gt;Recognized&lt;br  /&gt;in&amp;#160;Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Change&amp;#160;in&lt;br  /&gt;Unrealized&lt;br  /&gt;Gain&amp;#160;or&lt;br  /&gt;(Loss) on&lt;br  /&gt;Derivatives&lt;br  /&gt;Recognized&lt;br  /&gt;in&amp;#160;Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Realized&lt;br  /&gt;Gain&amp;#160;or&lt;br  /&gt;(Loss)&amp;#160;on&lt;br  /&gt;Derivatives&lt;br  /&gt;Recognized&lt;br  /&gt;in&amp;#160;Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Change&amp;#160;in&lt;br  /&gt;Unrealized&lt;br  /&gt;Gain&amp;#160;or&lt;br  /&gt;(Loss) on &lt;br  /&gt;Derivatives&lt;br  /&gt;Recognized&lt;br  /&gt;in&amp;#160;Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="font: 10pt times new roman, times, serif; vertical-align: bottom;"&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;" colspan="2"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;" colspan="2"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;" colspan="2"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;" colspan="2"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;" colspan="2"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;" colspan="2"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; font: 10pt times new roman, times, serif; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 11%; font: bold 10pt times new roman, times, serif; vertical-align: top;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&lt;b&gt;Futures - &lt;br  /&gt;Commodity Contracts&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10%; font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;Realized&lt;br  /&gt;loss on&lt;br  /&gt;closed&lt;br  /&gt;positions&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font: 10pt times new roman, times, serif; vertical-align: top;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; font: 10pt times new roman, times, serif; vertical-align: top;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;(12,161,650&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font: 10pt times new roman, times, serif; vertical-align: top;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font: 10pt times new roman, times, serif;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font: 10pt times new roman, times, serif; vertical-align: top;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; font: 10pt times new roman, times, serif; vertical-align: top;"&gt;&lt;font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="background-color: #ccffcc; font: 10pt times new roman, times, serif; vertical-align: bottom;"&gt;
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&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
</us-gaap:FairValueDisclosuresTextBlock>
<unl:DescriptionOfNewAccountingPronouncementsTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE 9&amp;#160;-&amp;#160;RECENT ACCOUNTING PRONOUNCEMENTS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;In December 2011, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) No.&amp;#160;2011-11, &amp;#8220;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.&amp;#8221; The amendments in ASU No.&amp;#160;2011-11 require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU No.&amp;#160;2011-11 is effective for annual reporting periods beginning on or after January&amp;#160;1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. USCF is currently evaluating the impact ASU No.&amp;#160;2011-11 will have on US12NG&amp;#8217;s financial statements.&lt;/font&gt;&lt;/p&gt;</unl:DescriptionOfNewAccountingPronouncementsTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;NOTE 10 - SUBSEQUENT EVENTS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG has performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.&lt;/font&gt;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Revenue Recognition &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date.&amp;#160;All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. US12NG earns interest on its assets denominated in U.S. dollars on deposit with the futures commission merchant at the overnight Federal Funds Rate less 32 basis points. In addition, US12NG earns income on funds held at the custodian or futures commission merchant at prevailing market rates earned on such investments.&lt;/font&gt;&lt;/p&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:CommissionsPolicy contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Brokerage Commissions &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommissionsPolicy>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Income Taxes &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;In accordance with accounting principles generally accepted in the United States of America (&amp;#8220;GAAP&amp;#8221;), US12NG is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position.&amp;#160;US12NG files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states.&amp;#160;US12NG is not subject to income tax return examinations by major taxing authorities for years before 2009. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in US12NG recording a tax liability that reduces net assets. However, US12NG&amp;#8217;s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. US12NG recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December&amp;#160;31, 2012.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Creations and Redemptions &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Effective February&amp;#160;29, 2012, Authorized Purchasers may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 units at a price equal to the NAV of the units calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Prior to February&amp;#160;29, 2012, Authorized Purchasers could only purchase Creation Baskets or redeem Redemption Baskets in blocks of 100,000 units.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG receives or pays the proceeds from units sold or redeemed within three business days after the trade date of the purchase or redemption.&amp;#160;The amounts due from Authorized Purchasers are reflected in US12NG&amp;#8217;s statements of financial condition as receivable for units sold, and amounts payable to Authorized Purchasers upon redemption are reflected as payable for units redeemed.&lt;/font&gt;&lt;/p&gt;</us-gaap:SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock>
<us-gaap:IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Partnership Capital and Allocation of Partnership Income and Losses &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Profit or loss shall be allocated among the partners of US12NG in proportion to the number of units each partner holds as of the close of each month.&amp;#160;USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription>
<unl:NetAssetValuePolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Calculation of Per Unit Net Asset Value &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;US12NG&amp;#8217;s per unit NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of units outstanding. US12NG uses the&amp;#160;closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange.&lt;/font&gt;&lt;/p&gt;</unl:NetAssetValuePolicyTextBlock>
<unl:EarningsPerUnitPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Net Income (Loss) Per&amp;#160;Unit &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net income (loss) per&amp;#160;unit is the difference between the per unit NAV at the beginning of each period and at the&amp;#160;end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units added and redeemed based on the amount of time the units were outstanding during such period. There were no units held by USCF at December&amp;#160;31, 2012.&lt;/font&gt;&lt;/p&gt;</unl:EarningsPerUnitPolicyTextBlock>
<unl:OtherOperatingIncomeExpensePolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Offering Costs &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Offering costs incurred in connection with the registration of additional units after the initial registration of units are borne by US12NG. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period, if warranted.&lt;/font&gt;&lt;/p&gt;</unl:OtherOperatingIncomeExpensePolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Cash Equivalents &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less.&lt;/font&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Reclassification &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Certain amounts in the accompanying financial statements were reclassified to conform with the current presentation.&lt;/font&gt;&lt;/p&gt;</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
<us-gaap:UseOfEstimates contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Use of Estimates &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The preparation of financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period.&amp;#160;Actual results may differ from those estimates and assumptions.&lt;/font&gt;&lt;/p&gt;</us-gaap:UseOfEstimates>
<unl:PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The following table presents per unit performance data and other supplemental financial data for the years ended December&amp;#160;31, 2012, 2011 and 2010.&amp;#160;This information has been derived from information presented in the financial statements.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Year&amp;#160;Ended&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December&amp;#160;31, &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Year&amp;#160;Ended&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December&amp;#160;31,&amp;#160;&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Year&amp;#160;Ended&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December&amp;#160;31,&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt; font-weight: bold; text-decoration: underline;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Per Unit Operating Performance:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 55%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net asset value, beginning of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;21.21&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;35.02&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td
 style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;53.77&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total income (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(3.78&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(13.42&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(18.21&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.20&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.39&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.54&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 0.25in;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net decrease in net asset value&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(3.98&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(13.81&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(18.75&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net asset value, end of year&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;17.23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;21.21&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;35.02&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new
 roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Return&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(18.76&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(39.43&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(34.87&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Ratios to Average Net Assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total&amp;#160;income (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(11.80&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new
 roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(44.03&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(37.65&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Management fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.75&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.75&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.70&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total expenses excluding management fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.40&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.53&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.66&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expenses waived&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.18&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.43&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net expenses excluding management fees&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.22&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new
 roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.17&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;0.23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net&amp;#160;income (loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(12.77&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(44.95&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(38.58&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</unl:PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock>
<us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March&amp;#160;31,&amp;#160;June&amp;#160;30,&amp;#160;September&amp;#160;30 and December&amp;#160;31, 2012 and 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;First &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Second &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Third &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fourth &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt; width: 40%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Income (Loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6,713,578&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,309,257&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3,406,724&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td
 style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(3,465,367&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Expenses&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;74,018&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;94,598&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;122,485&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;143,630&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expense Waivers&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(16,307&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(12,614&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(13,434&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(26,148&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;57,711&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;81,984&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;109,051&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;117,482&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Income (Loss)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2"
 style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6,771,289&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2,227,273&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;3,297,673&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(3,582,849&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Income (Loss) per Unit&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(4.84&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1.01&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;1.30&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(1.45&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;First &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Second &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Third &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fourth &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Quarter&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt
 solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt; width: 40%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(418,515&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(1,924,977&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(5,015,695&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6,690,685&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total Expenses&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;112,956&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;124,760&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;119,657&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;51,418&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Expense Waivers&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(37,670&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td
 style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(35,903&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(39,596&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Expenses&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;75,286&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;88,857&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;80,061&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;51,418&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(493,801&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(2,013,834&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(5,095,756&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6,742,103&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Net Loss per Unit&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(0.75&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new
 roman,times"&gt;(1.70&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(4.63&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(6.73&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfQuarterlyFinancialInformationTableTextBlock>
<us-gaap:FairValueMeasurementInputsDisclosureTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The following table summarizes the valuation of US12NG&amp;#8217;s securities at December&amp;#160;31, 2012 using the fair value hierarchy:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;At&amp;#160;December 31, 2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level I&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level&amp;#160;II&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level&amp;#160;III&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -12pt; padding-left: 12pt; width: 40%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Short-Term Investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;23,922,430&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;23,922,430&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Exchange-Traded Futures Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 0.5in;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;United States Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(906,580&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(906,580&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;During the year ended December&amp;#160;31, 2012, there were no transfers between Level I and Level II.&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;The following table summarizes the valuation of US12NG&amp;#8217;s securities at December&amp;#160;31, 2011 using the fair value hierarchy:&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;At&amp;#160;December 31, 2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level I&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level&amp;#160;II&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Level&amp;#160;III&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-indent: -12pt; padding-left: 12pt; width: 40%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Short-Term Investments&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;12,278,369&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;12,278,369&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 12%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Exchange-Traded Futures Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 0.5in;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;United States Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(8,583,320&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(8,583,320&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:FairValueMeasurementInputsDisclosureTextBlock>
<us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;Fair Value of Derivative Instruments &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Derivatives not Accounted &lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;for&amp;#160;as&amp;#160;Hedging&amp;#160;Instruments&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Statements&amp;#160;of&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Financial&amp;#160;Condition&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Location&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fair&amp;#160;Value&amp;#160;At&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December&amp;#160;31,&amp;#160;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Fair&amp;#160;Value&amp;#160;At&lt;/font&gt;&lt;br /&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;December 31,&amp;#160;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="width: 25%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 24%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 22%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 22%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt; font-weight: bold;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Futures - Commodity Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;Assets&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(906,580&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;(8,583,320&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock>
<us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock contextRef="Context_FYE_31-Dec-2012">&lt;p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&lt;b&gt;The Effect of Derivative Instruments on the Statements of Operations &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"&gt;&lt;font size="2" style="font-family:times new roman,times"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 100%; border-collapse: collapse; font: 7pt times new roman, times, serif;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="font-size: 7pt; vertical-align: bottom;"&gt;
&lt;td style="font-size: 7pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&lt;br /&gt;December&amp;#160;31,&amp;#160;2012&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;For&amp;#160;the&amp;#160;year&amp;#160;ended&lt;br /&gt;December&amp;#160;31,&amp;#160;2011&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;For the year ended &lt;br /&gt;December 31, 2010&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="font-size: 7pt; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Derivatives not Accounted &lt;br /&gt;for as Hedging Instruments&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Location&amp;#160;of&lt;br /&gt;Gain&amp;#160;or&lt;br /&gt;(Loss)&amp;#160;on&lt;br /&gt;Derivatives&lt;br /&gt;Recognized&lt;br /&gt;in&amp;#160;Income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Realized&lt;br /&gt;Gain&amp;#160;or&lt;br /&gt;(Loss)&amp;#160;on&lt;br /&gt;Derivatives&lt;br /&gt;Recognized&lt;br /&gt;in&amp;#160;Income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Change&amp;#160;in&lt;br /&gt;Unrealized&lt;br /&gt;Gain&amp;#160;or&lt;br /&gt;(Loss) on&lt;br /&gt;Derivatives&lt;br /&gt;Recognized&lt;br /&gt;in&amp;#160;Income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Realized&lt;br /&gt;Gain&amp;#160;or&lt;br /&gt;(Loss)&amp;#160;on&lt;br /&gt;Derivatives&lt;br /&gt;Recognized&lt;br /&gt;in&amp;#160;Income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Change&amp;#160;in&lt;br /&gt;Unrealized&lt;br /&gt;Gain&amp;#160;or&lt;br /&gt;(Loss) on&lt;br /&gt;Derivatives&lt;br /&gt;Recognized&lt;br /&gt;in&amp;#160;Income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Realized&lt;br /&gt;Gain&amp;#160;or&lt;br /&gt;(Loss)&amp;#160;on&lt;br /&gt;Derivatives&lt;br /&gt;Recognized&lt;br /&gt;in&amp;#160;Income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times
 new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Change&amp;#160;in&lt;br /&gt;Unrealized&lt;br /&gt;Gain&amp;#160;or&lt;br /&gt;(Loss) on &lt;br /&gt;Derivatives&lt;br /&gt;Recognized&lt;br /&gt;in&amp;#160;Income&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="font-size: 7pt; vertical-align: bottom;"&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;" colspan="2"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;" colspan="2"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;" colspan="2"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;" colspan="2"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;" colspan="2"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;" colspan="2"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; font-size: 7pt; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 10%; font-size: 7pt; vertical-align: top; font-weight: bold;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Futures - Commodity Contracts&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 12%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Realized&lt;br /&gt;loss on&lt;br /&gt;closed&lt;br /&gt;positions&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;(12,161,650&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;(7,653,100&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;(9,574,510&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width:
 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 10%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 1%; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; font-size: 7pt; vertical-align: bottom;"&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ccffcc; font-size: 7pt; vertical-align: bottom;"&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;Change&amp;#160;in&lt;br /&gt;unrealized&lt;br /&gt;gain (loss) on&lt;br /&gt;open&amp;#160;positions&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;7,676,740&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;(6,408,260&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;;
 font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;(3,837,730&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; font-size: 7pt;"&gt;&lt;font style="font-size: 7pt;; font-family:times new roman,times" size="2"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock>
<unl:NumberOfUnitsPerBasket contextRef="Context_As_Of_29-Feb-2012_PeriodAxis_PriorToFebruaryTwentyNineTwoThousandTwelveMember_InvestmentSecuritiesClassAxis_RedemptionBasketsMember" unitRef="USD_per_Units" decimals="0">100000</unl:NumberOfUnitsPerBasket>
<unl:NumberOfUnitsPerBasket contextRef="Context_As_Of_29-Feb-2012_InvestmentSecuritiesClassAxis_RedemptionBasketsMember" unitRef="USD_per_Units" decimals="0">50000</unl:NumberOfUnitsPerBasket>
<unl:NumberOfUnitsPerBasket contextRef="Context_As_Of_29-Feb-2012_PeriodAxis_PriorToFebruaryTwentyNineTwoThousandTwelveMember_InvestmentSecuritiesClassAxis_CreationBasketsMember" unitRef="USD_per_Units" decimals="0">100000</unl:NumberOfUnitsPerBasket>
<unl:NumberOfUnitsPerBasket contextRef="Context_As_Of_29-Feb-2012_InvestmentSecuritiesClassAxis_CreationBasketsMember" unitRef="USD_per_Units" decimals="0">50000</unl:NumberOfUnitsPerBasket>
<unl:FeePaidPerOrder contextRef="Context_As_Of_30-Sep-2011" unitRef="USD_per_Units" decimals="0">1000</unl:FeePaidPerOrder>
<unl:FeePaidPerOrder contextRef="Context_As_Of_31-Dec-2012" unitRef="USD_per_Units" decimals="0">350</unl:FeePaidPerOrder>
<unl:FeePaidPerOrder contextRef="Context_As_Of_31-Dec-2012_InvestmentTypeAxis_PartnershipUnitMember" unitRef="USD_per_Units" decimals="0">1000</unl:FeePaidPerOrder>
<unl:NumberOfUnitsRegisteredInPeriod contextRef="Context_Custom_30-Nov-2009" unitRef="pure" decimals="0">30000000</unl:NumberOfUnitsRegisteredInPeriod>
<unl:UnitsIssuedDuringPeriodUnitsNewIssues contextRef="Context_Custom_18-Nov-2009" unitRef="shares" decimals="INF">200000</unl:UnitsIssuedDuringPeriodUnitsNewIssues>
<unl:UnitsIssuedDuringPeriodValueNewIssues contextRef="Context_Custom_18-Nov-2009" unitRef="USD" decimals="0">10001000</unl:UnitsIssuedDuringPeriodValueNewIssues>
<us-gaap:OperationsCommencedDate1 contextRef="Context_Custom_18-Nov-2009">2009-11-18</us-gaap:OperationsCommencedDate1>
<unl:NumberOfRegisteredUnits contextRef="Context_As_Of_31-Dec-2012" unitRef="pure" decimals="0">30000000</unl:NumberOfRegisteredUnits>


<unl:CashEquivalentsMaturityPeriod contextRef="Context_FYE_31-Dec-2012_RangeAxis_MaximumMember">P6M</unl:CashEquivalentsMaturityPeriod>
<us-gaap:ManagementFeeDescription contextRef="Context_FYE_31-Dec-2012">US12NG is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.75% per annum of average daily total net assets.</us-gaap:ManagementFeeDescription>
<unl:PercentageOfAverageDailyNetAssets contextRef="Context_As_Of_31-Dec-2012" unitRef="pure" decimals="4">0.0075</unl:PercentageOfAverageDailyNetAssets>



<us-gaap:NoninterestExpenseDirectorsFees contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">1107140</us-gaap:NoninterestExpenseDirectorsFees>
<us-gaap:NoninterestExpenseDirectorsFees contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">607582</us-gaap:NoninterestExpenseDirectorsFees>
<us-gaap:NoninterestExpenseDirectorsFees contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">5704</us-gaap:NoninterestExpenseDirectorsFees>

<us-gaap:NoninterestExpenseDirectorsFees contextRef="Context_FYE_31-Dec-2012_PeriodAxis_Us12NgMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPublicFundsMember" unitRef="USD" decimals="0">540586</us-gaap:NoninterestExpenseDirectorsFees>
<unl:BaseFeePercentage contextRef="Context_FYE_31-Dec-2012_TypeOfArrangementAxis_LicensingAgreementsMember_InvestmentIdentifierSchemeAxis_GroupOneMember" unitRef="pure" decimals="4">0.0004</unl:BaseFeePercentage>
<unl:BaseFeePercentage contextRef="Context_FYE_31-Dec-2012_InvestmentIdentifierSchemeAxis_GroupSevenMember" unitRef="pure" decimals="6">0.000465</unl:BaseFeePercentage>
<unl:BaseFeePercentage contextRef="Context_FYE_31-Dec-2012_TypeOfArrangementAxis_LicensingAgreementsMember_InvestmentIdentifierSchemeAxis_GroupThreeMember" unitRef="pure" decimals="5">0.00015</unl:BaseFeePercentage>
<unl:BaseFeePercentage contextRef="Context_FYE_31-Dec-2012_InvestmentIdentifierSchemeAxis_GroupEightMember" unitRef="pure" decimals="5">0.00035</unl:BaseFeePercentage>
<unl:BaseFeePercentage contextRef="Context_FYE_31-Dec-2012_TypeOfArrangementAxis_LicensingAgreementsMember_InvestmentIdentifierSchemeAxis_GroupTwoMember" unitRef="pure" decimals="4">0.0002</unl:BaseFeePercentage>
<unl:BaseFeePercentage contextRef="Context_FYE_31-Dec-2012_TypeOfArrangementAxis_MarketingAgreementMember_InvestmentIdentifierSchemeAxis_GroupFiveMember" unitRef="pure" decimals="4">0.0004</unl:BaseFeePercentage>
<unl:BaseFeePercentage contextRef="Context_FYE_31-Dec-2012_TypeOfArrangementAxis_MarketingAgreementMember_InvestmentIdentifierSchemeAxis_GroupFourMember" unitRef="pure" decimals="4">0.0006</unl:BaseFeePercentage>
<unl:BaseFeePercentage contextRef="Context_FYE_31-Dec-2012_InvestmentIdentifierSchemeAxis_GroupSixMember" unitRef="pure" decimals="4">0.0006</unl:BaseFeePercentage>
<unl:BasisAmountForFeePercentage contextRef="Context_As_Of_31-Dec-2012_TypeOfArrangementAxis_LicensingAgreementsMember_InvestmentIdentifierSchemeAxis_GroupOneMember_RangeAxis_MaximumMember" unitRef="USD" decimals="0">1000000000</unl:BasisAmountForFeePercentage>
<unl:BasisAmountForFeePercentage contextRef="Context_As_Of_31-Dec-2012_InvestmentIdentifierSchemeAxis_GroupSevenMember_RangeAxis_MinimumMember" unitRef="USD" decimals="-6">500000000</unl:BasisAmountForFeePercentage>
<unl:BasisAmountForFeePercentage contextRef="Context_As_Of_31-Dec-2012_InvestmentIdentifierSchemeAxis_GroupEightMember_RangeAxis_MinimumMember" unitRef="USD" decimals="-9">1000000000</unl:BasisAmountForFeePercentage>
<unl:BasisAmountForFeePercentage contextRef="Context_As_Of_31-Dec-2012_TypeOfArrangementAxis_MarketingAgreementMember_InvestmentIdentifierSchemeAxis_GroupFiveMember_RangeAxis_MinimumMember" unitRef="USD" decimals="-9">3000000000</unl:BasisAmountForFeePercentage>
<unl:BasisAmountForFeePercentage contextRef="Context_As_Of_31-Dec-2012_TypeOfArrangementAxis_MarketingAgreementMember_InvestmentIdentifierSchemeAxis_GroupFourMember_RangeAxis_MaximumMember" unitRef="USD" decimals="-9">3000000000</unl:BasisAmountForFeePercentage>
<unl:BasisAmountForFeePercentage contextRef="Context_As_Of_31-Dec-2012_TypeOfArrangementAxis_LicensingAgreementsMember_InvestmentIdentifierSchemeAxis_GroupTwoMember_RangeAxis_MinimumMember" unitRef="USD" decimals="0">1000000000</unl:BasisAmountForFeePercentage>
<unl:BasisAmountForFeePercentage contextRef="Context_As_Of_31-Dec-2012_InvestmentIdentifierSchemeAxis_GroupSevenMember_RangeAxis_MaximumMember" unitRef="USD" decimals="-9">1000000000</unl:BasisAmountForFeePercentage>
<unl:BasisAmountForFeePercentage contextRef="Context_As_Of_31-Dec-2012_InvestmentIdentifierSchemeAxis_GroupSixMember_RangeAxis_MaximumMember" unitRef="USD" decimals="-6">500000000</unl:BasisAmountForFeePercentage>
<unl:BaseAmountForFeePercentage contextRef="Context_FYE_31-Dec-2012_TypeOfArrangementAxis_LicensingAgreementsMember_InvestmentIdentifierSchemeAxis_GroupThreeMember">On all net assets</unl:BaseAmountForFeePercentage>
<us-gaap:LicenseCosts contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">8499</us-gaap:LicenseCosts>
<us-gaap:LicenseCosts contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">7565</us-gaap:LicenseCosts>
<us-gaap:LicenseCosts contextRef="Context_FYE_31-Dec-2012" unitRef="USD" decimals="0">5674</us-gaap:LicenseCosts>
<us-gaap:OtherGeneralExpense contextRef="Context_FYE_31-Dec-2010_PeriodAxis_FuturePeriodMember" unitRef="USD" decimals="0">155000</us-gaap:OtherGeneralExpense>
<us-gaap:OtherGeneralExpense contextRef="Context_FYE_31-Dec-2011_PeriodAxis_FuturePeriodMember" unitRef="USD" decimals="0">55000</us-gaap:OtherGeneralExpense>
<us-gaap:OtherGeneralExpense contextRef="Context_FYE_31-Dec-2012_PeriodAxis_FuturePeriodMember" unitRef="USD" decimals="0">75000</us-gaap:OtherGeneralExpense>
<unl:PercentageOfChangeInCostsAndExpenses contextRef="Context_FYE_31-Dec-2012_PeriodAxis_FuturePeriodMember_RangeAxis_MaximumMember" unitRef="pure" decimals="4">0.0015</unl:PercentageOfChangeInCostsAndExpenses>
<unl:PortionOfNonInterestExpenseDirectorsFees contextRef="Context_FYE_31-Dec-2010" unitRef="USD" decimals="0">7517</unl:PortionOfNonInterestExpenseDirectorsFees>
<unl:PortionOfNonInterestExpenseDirectorsFees contextRef="Context_FYE_31-Dec-2011" unitRef="USD" decimals="0">3808</unl:PortionOfNonInterestExpenseDirectorsFees>
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<element name="FidelityInstitutionalGovernmentPortfolioClassIMember" id="unl_FidelityInstitutionalGovernmentPortfolioClassIMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="NetOperatingExpenses" id="unl_NetOperatingExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="IncreaseDecreaseInProfessionalFeesPayable" id="unl_IncreaseDecreaseInProfessionalFeesPayable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseDecreaseManagementFeesPayable" id="unl_IncreaseDecreaseManagementFeesPayable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PaymentsToPartnershipRedemption" id="unl_PaymentsToPartnershipRedemption" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FeesPaidByFundAndRelatedPartyTransactionsAbstract" id="unl_FeesPaidByFundAndRelatedPartyTransactionsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock" id="unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract" id="unl_FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="FinancialHighlightsAbstract" id="unl_FinancialHighlightsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SupplementalFinancialInformationDisclosureTextBlock" id="unl_SupplementalFinancialInformationDisclosureTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock" id="unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureOrganizationAndBusinessAdditionalInformationAbstract" id="unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable" id="unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="OpenClearedSwapAndFuturesContractsMember" id="unl_OpenClearedSwapAndFuturesContractsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="PriorToFebruaryTwentyNineTwoThousandTwelveMember" id="unl_PriorToFebruaryTwentyNineTwoThousandTwelveMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PartnershipUnitMember" id="unl_PartnershipUnitMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CreationBasketsMember" id="unl_CreationBasketsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems" id="unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfUnitsPerBasket" id="unl_NumberOfUnitsPerBasket" type="us-types:perUnitItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="NumberOfUnitsRegisteredInPeriod" id="unl_NumberOfUnitsRegisteredInPeriod" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="UnitsIssuedDuringPeriodValueNewIssues" id="unl_UnitsIssuedDuringPeriodValueNewIssues" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract" id="unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SignificantAccountingPoliciesTable" id="unl_SignificantAccountingPoliciesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="RedemptionBasketsMember" id="unl_RedemptionBasketsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SignificantAccountingPoliciesLineItems" id="unl_SignificantAccountingPoliciesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MarketYieldsBasisPoint" id="unl_MarketYieldsBasisPoint" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement" id="unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CashEquivalentsMaturityPeriod" id="unl_CashEquivalentsMaturityPeriod" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract" id="unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FuturePeriodMember" id="unl_FuturePeriodMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="Us12NgMember" id="unl_Us12NgMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="RegistrationFeesAndOtherOfferingExpenses" id="unl_RegistrationFeesAndOtherOfferingExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="BasisAmountForFeePercentage" id="unl_BasisAmountForFeePercentage" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="BaseAmountForFeePercentage" id="unl_BaseAmountForFeePercentage" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfChangeInCostsAndExpenses" id="unl_PercentageOfChangeInCostsAndExpenses" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="GroupFiveMember" id="unl_GroupFiveMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="GroupSixMember" id="unl_GroupSixMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="GroupEightMember" id="unl_GroupEightMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TransactionFeesPaid" id="unl_TransactionFeesPaid" type="us-types:perUnitItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CommissionsPaid" id="unl_CommissionsPaid" type="us-types:perUnitItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RebalancingCost" id="unl_RebalancingCost" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CreationAndRedemptionActivityCosts" id="unl_CreationAndRedemptionActivityCosts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AverageDailyTotalNetAssetPercentage" id="unl_AverageDailyTotalNetAssetPercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract" id="unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable" id="unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems" id="unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract" id="unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TotalIncomeLossPerUnit" id="unl_TotalIncomeLossPerUnit" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TotalExpensesPerUnit" id="unl_TotalExpensesPerUnit" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseDecreaseInNetAssetValuePerUnit" id="unl_IncreaseDecreaseInNetAssetValuePerUnit" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RateOfReturnOnAverageAsset" id="unl_RateOfReturnOnAverageAsset" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AverageNetAssetsAbstract" id="unl_AverageNetAssetsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfTotalRevenue" id="unl_PercentageOfTotalRevenue" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ManagementIncentiveFeePercentage" id="unl_ManagementIncentiveFeePercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ExpensesExcludingManagementFeePercentage" id="unl_ExpensesExcludingManagementFeePercentage" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageWaiverExpense" id="unl_PercentageWaiverExpense" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ExpenseExcludingManagementFeePercentageNet" id="unl_ExpenseExcludingManagementFeePercentageNet" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfConsolidatedNetIncome" id="unl_PercentageOfConsolidatedNetIncome" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract" id="unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureFairValueOfDerivativeInstrumentsAbstract" id="unl_DisclosureFairValueOfDerivativeInstrumentsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DisclosureEffectOfDerivativeInstrumentsOnCondensedStatementsOfOperationsAbstract" id="unl_DisclosureEffectOfDerivativeInstrumentsOnCondensedStatementsOfOperationsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ClosedPositionsMember" id="unl_ClosedPositionsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OpenPositionMember" id="unl_OpenPositionMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>16
<FILENAME>unl-20121231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="unl-20121231.xsd#StatementsOfFinancialCondition" roleURI="http://www.unitedstates12monthnaturalgasfund.com/role/StatementsOfFinancialCondition"/>
<calculationLink xlink:type="extended" xlink:role="http://www.unitedstates12monthnaturalgasfund.com/role/StatementsOfFinancialCondition">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" order="10" use="optional" weight="1"/>
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<DOCUMENT>
<TYPE>EX-101.DEF
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<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel"/>
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DocumentDocumentandEntityInformationAbstract" xlink:label="loc_unl_DocumentDocumentandEntityInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DocumentDocumentandEntityInformationAbstract" xml:lang="en-US">Document Documentand Entity Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DocumentDocumentandEntityInformationAbstract" xml:lang="en-US">Document - Document and Entity Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DocumentDocumentandEntityInformationAbstract" xml:lang="en-US">Document - Document and Entity Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DocumentDocumentandEntityInformationAbstract" xml:lang="en-US">Document - Document and Entity Information [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntitiesTable" xlink:label="loc_dei_EntitiesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntitiesTable" xml:lang="en-US">Entities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntitiesTable" xml:lang="en-US">Entities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntitiesTable" xml:lang="en-US">Entities [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitiesTable" xlink:to="lab_dei_EntitiesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_LegalEntityAxis" xml:lang="en-US">Legal Entity [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_LegalEntityAxis" xml:lang="en-US">Legal Entity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_LegalEntityAxis" xml:lang="en-US">Legal Entity [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityDomain" xml:lang="en-US">Entity [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityDomain" xml:lang="en-US">Entity [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityDomain" xml:lang="en-US">Entity [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentInformationLineItems" xlink:label="loc_dei_DocumentInformationLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentInformationLineItems" xml:lang="en-US">Document Information [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_DocumentInformationLineItems" xml:lang="en-US">Document Information [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentInformationLineItems" xml:lang="en-US">Document Information [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationLineItems" xlink:to="lab_dei_DocumentInformationLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentType" xml:lang="en-US">Document Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-Known Seasoned Issuer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_dei_EntityVoluntaryFilers"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityVoluntaryFilers" xml:lang="en-US">Entity Voluntary Filers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityVoluntaryFilers" xml:lang="en-US">Entity Voluntary Filers</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_dei_EntityCurrentReportingStatus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCurrentReportingStatus" xml:lang="en-US">Entity Current Reporting Status</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock Shares Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_dei_EntityPublicFloat"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_dei_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_dei_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPublicFloat" xlink:to="lab_dei_EntityPublicFloat"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AssetsAbstract" xml:lang="en-US">Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents At Carrying Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents (Notes 2 and 5)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents (Note 5)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, beginning of year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, end of year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xlink:label="loc_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xml:lang="en-US">Financial Instruments Owned At Fair Value [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xml:lang="en-US">Equity in UBS Securities LLC trading accounts:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xml:lang="en-US">Equity in UBS Securities LLC trading accounts:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract" xlink:to="lab_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Cash" xlink:label="loc_us-gaap_Cash"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_Cash" xml:lang="en-US">Cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Cash" xlink:to="lab_us-gaap_Cash"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_UnrealizedGainLossOnOpenCommodityFuturesContracts" xlink:label="loc_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts" xml:lang="en-US">Unrealized Gain Loss On Open Commodity Futures Contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts" xml:lang="en-US">Unrealized loss on open commodity futures contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts" xml:lang="en-US">Unrealized loss on open commodity futures contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts" xml:lang="en-US">Unrealized gain (loss) on open commodity futures contracts.</label>
<label xlink:type="resource" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Unrealized loss on open commodity futures contracts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts" xlink:to="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DueFromOfficersOrStockholders" xlink:label="loc_us-gaap_DueFromOfficersOrStockholders"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DueFromOfficersOrStockholders" xml:lang="en-US">Due From Officers Or Stockholders</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DueFromOfficersOrStockholders" xml:lang="en-US">Receivable from General Partner (Note 3)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DueFromOfficersOrStockholders" xml:lang="en-US">Receivable for General Partner (Note 3)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueFromOfficersOrStockholders" xlink:to="lab_us-gaap_DueFromOfficersOrStockholders"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsReceivable" xlink:label="loc_us-gaap_DividendsReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DividendsReceivable" xml:lang="en-US">Dividends Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DividendsReceivable" xml:lang="en-US">Dividend receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DividendsReceivable" xml:lang="en-US">Dividend receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsReceivable" xlink:to="lab_us-gaap_DividendsReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestReceivable" xlink:label="loc_us-gaap_InterestReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestReceivable" xml:lang="en-US">Interest Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InterestReceivable" xml:lang="en-US">Interest receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InterestReceivable" xml:lang="en-US">Interest receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestReceivable" xlink:to="lab_us-gaap_InterestReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssets" xlink:label="loc_us-gaap_OtherAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherAssets" xml:lang="en-US">Other Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherAssets" xml:lang="en-US">Other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherAssets" xml:lang="en-US">Other assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssets" xlink:to="lab_us-gaap_OtherAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapitalNotesAbstract" xlink:label="loc_us-gaap_PartnersCapitalNotesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnersCapitalNotesAbstract" xml:lang="en-US">Partners Capital Notes [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PartnersCapitalNotesAbstract" xml:lang="en-US">Liabilities and Partners' Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnersCapitalNotesAbstract" xml:lang="en-US">Liabilities and Partners' Capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalNotesAbstract" xlink:to="lab_us-gaap_PartnersCapitalNotesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_TradingLiabilities" xlink:label="loc_us-gaap_TradingLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TradingLiabilities" xml:lang="en-US">Trading Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TradingLiabilities" xml:lang="en-US">Investment payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_TradingLiabilities" xml:lang="en-US">Investment payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TradingLiabilities" xlink:to="lab_us-gaap_TradingLiabilities"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_ProfessionalFeesPayableCurrentAndNoncurrent" xlink:label="loc_unl_ProfessionalFeesPayableCurrentAndNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_ProfessionalFeesPayableCurrentAndNoncurrent" xml:lang="en-US">Professional Fees Payable Current and Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_ProfessionalFeesPayableCurrentAndNoncurrent" xml:lang="en-US">Professional fees payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_ProfessionalFeesPayableCurrentAndNoncurrent" xml:lang="en-US">Professional fees payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_ProfessionalFeesPayableCurrentAndNoncurrent" xml:lang="en-US">Professional fees payable Current and Noncurrent</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_ProfessionalFeesPayableCurrentAndNoncurrent" xlink:to="lab_unl_ProfessionalFeesPayableCurrentAndNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xlink:label="loc_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xml:lang="en-US">Due To Officers Or Stockholders Current and Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xml:lang="en-US">General Partner management fees payable (Note 3)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xml:lang="en-US">General Partner management fees payable (Note 3)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent" xlink:to="lab_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations" xlink:label="loc_us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations" xml:lang="en-US">Commissions Payable To Broker Dealers and Clearing Organizations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations" xml:lang="en-US">Brokerage commissions payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations" xml:lang="en-US">Brokerage commissions payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations" xlink:to="lab_us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilities" xlink:label="loc_us-gaap_OtherLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherLiabilities" xml:lang="en-US">Other Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherLiabilities" xml:lang="en-US">Other liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherLiabilities" xml:lang="en-US">Other liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilities" xlink:to="lab_us-gaap_OtherLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Liabilities" xlink:to="lab_us-gaap_Liabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and Contingencies</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and Contingencies (Notes 3, 4 and 5)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and Contingencies (Notes 3, 4, and 5)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapitalAbstract" xlink:label="loc_us-gaap_PartnersCapitalAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnersCapitalAbstract" xml:lang="en-US">Partners Capital [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PartnersCapitalAbstract" xml:lang="en-US">Partners' Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnersCapitalAbstract" xml:lang="en-US">Partners' Capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAbstract" xlink:to="lab_us-gaap_PartnersCapitalAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GeneralPartnersCapitalAccount" xlink:label="loc_us-gaap_GeneralPartnersCapitalAccount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeneralPartnersCapitalAccount" xml:lang="en-US">General Partners Capital Account</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_GeneralPartnersCapitalAccount" xml:lang="en-US">General Partner</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_GeneralPartnersCapitalAccount" xml:lang="en-US">General Partner</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralPartnersCapitalAccount" xlink:to="lab_us-gaap_GeneralPartnersCapitalAccount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LimitedPartnersCapitalAccount" xlink:label="loc_us-gaap_LimitedPartnersCapitalAccount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccount" xml:lang="en-US">Limited Partners Capital Account</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccount" xml:lang="en-US">Limited Partners</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccount" xml:lang="en-US">Limited Partners</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LimitedPartnersCapitalAccount" xlink:to="lab_us-gaap_LimitedPartnersCapitalAccount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapital" xlink:label="loc_us-gaap_PartnersCapital"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnersCapital" xml:lang="en-US">Partners Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnersCapital" xml:lang="en-US">Total Partners' Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_PartnersCapital" xml:lang="en-US">Total Partners' Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_us-gaap_PartnersCapital" xml:lang="en-US">Balances</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_us-gaap_PartnersCapital" xml:lang="en-US">Balances</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapital" xlink:to="lab_us-gaap_PartnersCapital"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Stockholders Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and partners' capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and partners' capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding" xlink:label="loc_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding" xml:lang="en-US">Limited Partners Capital Account Units Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding" xml:lang="en-US">Limited Partners' units outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding" xml:lang="en-US">Limited Partners' units outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding" xlink:to="lab_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NetAssetValuePerUnit" xlink:label="loc_unl_NetAssetValuePerUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NetAssetValuePerUnit" xml:lang="en-US">Net Asset Value Per Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_NetAssetValuePerUnit" xml:lang="en-US">Net asset value per unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NetAssetValuePerUnit" xml:lang="en-US">Net asset value per unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_unl_NetAssetValuePerUnit" xml:lang="en-US">Net asset value, beginning of year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_unl_NetAssetValuePerUnit" xml:lang="en-US">Net asset value, end of year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_NetAssetValuePerUnit" xml:lang="en-US">Net asset value per unit.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NetAssetValuePerUnit" xlink:to="lab_unl_NetAssetValuePerUnit"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_MarketValuePerUnit" xlink:label="loc_unl_MarketValuePerUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_MarketValuePerUnit" xml:lang="en-US">Market Value Per Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_MarketValuePerUnit" xml:lang="en-US">Market value per unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_MarketValuePerUnit" xml:lang="en-US">Market value per unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_MarketValuePerUnit" xml:lang="en-US">Market value per unit.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_MarketValuePerUnit" xlink:to="lab_unl_MarketValuePerUnit"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_StatementCondensedScheduleOfInvestmentsAbstract" xlink:label="loc_unl_StatementCondensedScheduleOfInvestmentsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_StatementCondensedScheduleOfInvestmentsAbstract" xml:lang="en-US">Statement Condensed Schedule Of Investments [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_StatementCondensedScheduleOfInvestmentsAbstract" xml:lang="en-US">Statement Condensed Schedule Of Investments [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_StatementCondensedScheduleOfInvestmentsAbstract" xlink:to="lab_unl_StatementCondensedScheduleOfInvestmentsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentTypeAxis" xlink:label="loc_us-gaap_InvestmentTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentTypeAxis" xml:lang="en-US">Investment Type [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InvestmentTypeAxis" xml:lang="en-US">Investment Type</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentTypeAxis" xml:lang="en-US">Investment Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeAxis" xlink:to="lab_us-gaap_InvestmentTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentTypeCategorizationMember" xlink:label="loc_us-gaap_InvestmentTypeCategorizationMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xml:lang="en-US">Investment Type Categorization [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xml:lang="en-US">Investment Type Categorization [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xml:lang="en-US">Investment Type Categorization [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:to="lab_us-gaap_InvestmentTypeCategorizationMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_OpenFuturesContractsLongMember" xlink:label="loc_unl_OpenFuturesContractsLongMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_OpenFuturesContractsLongMember" xml:lang="en-US">Open Futures Contracts Long [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_OpenFuturesContractsLongMember" xml:lang="en-US">Open Futures Contracts, Long</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_OpenFuturesContractsLongMember" xml:lang="en-US">Open Futures Contracts, Long [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_OpenFuturesContractsLongMember" xlink:to="lab_unl_OpenFuturesContractsLongMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentAxis" xlink:label="loc_invest_InvestmentAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentAxis" xml:lang="en-US">Investment [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_invest_InvestmentAxis" xml:lang="en-US">Investment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentAxis" xml:lang="en-US">Investment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentAxis" xlink:to="lab_invest_InvestmentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentDomain" xlink:label="loc_invest_InvestmentDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentDomain" xml:lang="en-US">Investment [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_invest_InvestmentDomain" xml:lang="en-US">Investment [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentDomain" xml:lang="en-US">Investment [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentDomain" xlink:to="lab_invest_InvestmentDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashEquivalentsMember" xlink:label="loc_us-gaap_CashEquivalentsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashEquivalentsMember" xml:lang="en-US">Cash Equivalents [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashEquivalentsMember" xml:lang="en-US">Cash Equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashEquivalentsMember" xlink:to="lab_us-gaap_CashEquivalentsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentGeographicRegionAxis" xlink:label="loc_invest_InvestmentGeographicRegionAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentGeographicRegionAxis" xml:lang="en-US">Investment Geographic Region [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_invest_InvestmentGeographicRegionAxis" xml:lang="en-US">Investment Geographic Region</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentGeographicRegionAxis" xml:lang="en-US">Investment Geographic Region</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentGeographicRegionAxis" xlink:to="lab_invest_InvestmentGeographicRegionAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentGeographicRegionDomain" xlink:label="loc_invest_InvestmentGeographicRegionDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentGeographicRegionDomain" xml:lang="en-US">Investment Geographic Region [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_invest_InvestmentGeographicRegionDomain" xml:lang="en-US">Investment Geographic Region [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentGeographicRegionDomain" xml:lang="en-US">Investment Geographic Region [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentGeographicRegionDomain" xlink:to="lab_invest_InvestmentGeographicRegionDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2012/country-2012-01-31.xsd#country_US" xlink:label="loc_country_US"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_country_US" xml:lang="en-US">United States [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_country_US" xml:lang="en-US">United States</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_country_US" xml:lang="en-US">United State</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_US" xlink:to="lab_country_US"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentSecuritiesClassAxis" xlink:label="loc_invest_InvestmentSecuritiesClassAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentSecuritiesClassAxis" xml:lang="en-US">Investment Securities Class [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_invest_InvestmentSecuritiesClassAxis" xml:lang="en-US">Investment Securities Class</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentSecuritiesClassAxis" xml:lang="en-US">Investment Securities Class</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentSecuritiesClassAxis" xlink:to="lab_invest_InvestmentSecuritiesClassAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentSecuritiesClassDomain" xlink:label="loc_invest_InvestmentSecuritiesClassDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentSecuritiesClassDomain" xml:lang="en-US">Investment Securities Class [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_invest_InvestmentSecuritiesClassDomain" xml:lang="en-US">Investment Securities Class [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentSecuritiesClassDomain" xml:lang="en-US">Investment Securities Class [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentSecuritiesClassDomain" xlink:to="lab_invest_InvestmentSecuritiesClassDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_USTreasurySecuritiesMember" xlink:label="loc_us-gaap_USTreasurySecuritiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xml:lang="en-US">Us Treasury Securities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xml:lang="en-US">US Treasury Securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasurySecuritiesMember" xlink:to="lab_us-gaap_USTreasurySecuritiesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MoneyMarketFundsMember" xlink:label="loc_us-gaap_MoneyMarketFundsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MoneyMarketFundsMember" xml:lang="en-US">Money Market Funds [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_MoneyMarketFundsMember" xml:lang="en-US">Money Market Funds</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MoneyMarketFundsMember" xlink:to="lab_us-gaap_MoneyMarketFundsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentSecuritiesSeriesAxis" xlink:label="loc_invest_InvestmentSecuritiesSeriesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentSecuritiesSeriesAxis" xml:lang="en-US">Investment Securities Series [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentSecuritiesSeriesAxis" xml:lang="en-US">Investment Securities Series [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentSecuritiesSeriesAxis" xlink:to="lab_invest_InvestmentSecuritiesSeriesAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentSecuritiesSeriesDomain" xlink:label="loc_invest_InvestmentSecuritiesSeriesDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentSecuritiesSeriesDomain" xml:lang="en-US">Investment Securities Series [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentSecuritiesSeriesDomain" xml:lang="en-US">Investment Securities Series [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentSecuritiesSeriesDomain" xlink:to="lab_invest_InvestmentSecuritiesSeriesDomain"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgOneMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgOneMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgOneMember" xml:lang="en-US">Nymex Natural Gas Futures Ng One [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgOneMember" xml:lang="en-US">NYMEX Natural Gas Futures NG February 2013 and February 2012 contracts, expiring January 2013 and January 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgOneMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgOneMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgTwoMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgTwoMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgTwoMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Two [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgTwoMember" xml:lang="en-US">NYMEX Natural Gas Futures NG March 2013 and March 2012 contracts, expiring February 2013 and February 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgTwoMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgTwoMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgThreeMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgThreeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgThreeMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Three [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgThreeMember" xml:lang="en-US">NYMEX Natural Gas Futures NG April 2013 and April 2012 contracts, expiring March 2013 and March 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgThreeMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgThreeMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgFourMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgFourMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgFourMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Four [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgFourMember" xml:lang="en-US">NYMEX Natural Gas Futures NG May 2013 and May 2012 contracts, expiring April 2013 and April 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgFourMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgFourMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgFiveMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgFiveMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgFiveMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Five [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgFiveMember" xml:lang="en-US">NYMEX Natural Gas Futures NG June 2013 and June 2012 contracts, expiring May 2013 and May 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgFiveMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgFiveMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgSixMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgSixMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgSixMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Six [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgSixMember" xml:lang="en-US">NYMEX Natural Gas Futures NG July 2013 and July 2012 contracts, expiring June 2013 and June 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgSixMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgSixMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgSevenMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgSevenMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgSevenMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Seven [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgSevenMember" xml:lang="en-US">NYMEX Natural Gas Futures NG August 2013 and August 2012 contracts, expiring July 2013 and July 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgSevenMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgSevenMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgEightMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgEightMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgEightMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Eight [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgEightMember" xml:lang="en-US">NYMEX Natural Gas Futures NG September 2013 and September 2012 contracts, expiring August 2013 and August 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgEightMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgEightMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgNineMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgNineMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgNineMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Nine [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgNineMember" xml:lang="en-US">NYMEX Natural Gas Futures NG October 2013 and October 2012 contracts, expiring September 2013 and September 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgNineMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgNineMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgTenMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgTenMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgTenMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Ten [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgTenMember" xml:lang="en-US">NYMEX Natural Gas Futures NG November 2013 and November 2012 contracts, expiring October 2013 and October 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgTenMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgTenMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgElevenMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgElevenMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgElevenMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Eleven [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgElevenMember" xml:lang="en-US">NYMEX Natural Gas Futures NG December 2013 and December 2012 contracts, expiring November 2013 and November 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgElevenMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgElevenMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NymexNaturalGasFuturesNgTwelveMember" xlink:label="loc_unl_NymexNaturalGasFuturesNgTwelveMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NymexNaturalGasFuturesNgTwelveMember" xml:lang="en-US">Nymex Natural Gas Futures Ng Twelve [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NymexNaturalGasFuturesNgTwelveMember" xml:lang="en-US">NYMEX Natural Gas Futures NG January 2014 and January 2013 contracts, expiring December 2013 and December 2012</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NymexNaturalGasFuturesNgTwelveMember" xlink:to="lab_unl_NymexNaturalGasFuturesNgTwelveMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_USTreasuryBillSecuritiesMember" xlink:label="loc_us-gaap_USTreasuryBillSecuritiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_USTreasuryBillSecuritiesMember" xml:lang="en-US">Us Treasury Bill Securities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_USTreasuryBillSecuritiesMember" xml:lang="en-US">U.S. Treasury Bill</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasuryBillSecuritiesMember" xlink:to="lab_us-gaap_USTreasuryBillSecuritiesMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_FidelityInstitutionalGovernmentPortfolioClassIMember" xlink:label="loc_unl_FidelityInstitutionalGovernmentPortfolioClassIMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_FidelityInstitutionalGovernmentPortfolioClassIMember" xml:lang="en-US">Fidelity Institutional Government Portfolio Class I [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_FidelityInstitutionalGovernmentPortfolioClassIMember" xml:lang="en-US">Fidelity Institutional Government Portfolio - Class I</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_FidelityInstitutionalGovernmentPortfolioClassIMember" xlink:to="lab_unl_FidelityInstitutionalGovernmentPortfolioClassIMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassFsMember" xlink:label="loc_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassFsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassFsMember" xml:lang="en-US">Goldman Sachs Financial Square Funds Government Fund Class Fs [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassFsMember" xml:lang="en-US">Goldman Sachs Financial Square Funds - Government Fund - Class FS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassFsMember" xlink:to="lab_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassFsMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassSlMember" xlink:label="loc_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassSlMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassSlMember" xml:lang="en-US">Goldman Sachs Financial Square Funds Government Fund Class Sl [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassSlMember" xml:lang="en-US">Goldman Sachs Financial Square Funds - Government Fund - Class SL</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassSlMember" xlink:to="lab_unl_GoldmanSachsFinancialSquareFundsGovernmentFundClassSlMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_MorganStanleyInstitutionalLiquidityFundGovernmentPortfolioMember" xlink:label="loc_unl_MorganStanleyInstitutionalLiquidityFundGovernmentPortfolioMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_MorganStanleyInstitutionalLiquidityFundGovernmentPortfolioMember" xml:lang="en-US">Morgan Stanley Institutional Liquidity Fund Government Portfolio [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_MorganStanleyInstitutionalLiquidityFundGovernmentPortfolioMember" xml:lang="en-US">Morgan Stanley Institutional Liquidity Fund - Government Portfolio</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_MorganStanleyInstitutionalLiquidityFundGovernmentPortfolioMember" xlink:to="lab_unl_MorganStanleyInstitutionalLiquidityFundGovernmentPortfolioMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_WellsFargoAdvantageGovernmentMoneyMarketFundClassIMember" xlink:label="loc_unl_WellsFargoAdvantageGovernmentMoneyMarketFundClassIMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_WellsFargoAdvantageGovernmentMoneyMarketFundClassIMember" xml:lang="en-US">Wells Fargo Advantage Government Money Market Fund Class I [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_WellsFargoAdvantageGovernmentMoneyMarketFundClassIMember" xml:lang="en-US">Wells Fargo Advantage Government Money Market Fund - Class I</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_WellsFargoAdvantageGovernmentMoneyMarketFundClassIMember" xlink:to="lab_unl_WellsFargoAdvantageGovernmentMoneyMarketFundClassIMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentOwnedBalanceContracts" xlink:label="loc_us-gaap_InvestmentOwnedBalanceContracts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentOwnedBalanceContracts" xml:lang="en-US">Investment Owned, Balance, Contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentOwnedBalanceContracts" xml:lang="en-US">Number of Contracts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentOwnedBalanceContracts" xlink:to="lab_us-gaap_InvestmentOwnedBalanceContracts"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts" xlink:label="loc_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts" xml:lang="en-US">Unrealized Gain Loss On Open Commodity Futures and Cleared Swap Contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts" xml:lang="en-US">Unrealized Gain (Loss) on Open Commodity Contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts" xml:lang="en-US">Unrealized gain (loss) on open commodity futures and cleared swap contracts.</label>
<label xlink:type="resource" xlink:label="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Unrealized Gain (Loss) on Open Commodity Contracts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts" xlink:to="lab_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentOwnedBalancePrincipalAmount" xlink:label="loc_us-gaap_InvestmentOwnedBalancePrincipalAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentOwnedBalancePrincipalAmount" xml:lang="en-US">Investment Owned, Balance, Principal Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentOwnedBalancePrincipalAmount" xml:lang="en-US">Principal Amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentOwnedBalancePrincipalAmount" xlink:to="lab_us-gaap_InvestmentOwnedBalancePrincipalAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue" xlink:label="loc_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue" xml:lang="en-US">Investment Owned, Underlying Face Amount, At Market Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue" xml:lang="en-US">Market Values</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue" xlink:to="lab_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PercentageOfPartnersCapital" xlink:label="loc_unl_PercentageOfPartnersCapital"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PercentageOfPartnersCapital" xml:lang="en-US">Percentage Of Partners Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PercentageOfPartnersCapital" xml:lang="en-US">% of Partners' Capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PercentageOfPartnersCapital" xml:lang="en-US">Percentage of Partners Capital</label>
<label xlink:type="resource" xlink:label="lab_unl_PercentageOfPartnersCapital" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">% of Partners' Capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PercentageOfPartnersCapital" xlink:to="lab_unl_PercentageOfPartnersCapital"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Interest rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentOwnedSubjectToOptionExerciseDates" xlink:label="loc_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates" xml:lang="en-US">Investment Owned, Subject To Option, Exercise Dates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates" xml:lang="en-US">Expiration date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates" xlink:to="lab_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="loc_us-gaap_RevenuesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenuesAbstract" xml:lang="en-US">Revenues [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RevenuesAbstract" xml:lang="en-US">Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RevenuesAbstract" xml:lang="en-US">Income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenuesAbstract" xlink:to="lab_us-gaap_RevenuesAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GainLossOnCommodityFuturesAbstract" xlink:label="loc_unl_GainLossOnCommodityFuturesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GainLossOnCommodityFuturesAbstract" xml:lang="en-US">Gain Loss On Commodity Futures [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GainLossOnCommodityFuturesAbstract" xml:lang="en-US">Gain (loss) on trading of commodity futures contracts:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_GainLossOnCommodityFuturesAbstract" xml:lang="en-US">Gain (Loss) On Commodity Futures [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GainLossOnCommodityFuturesAbstract" xml:lang="en-US">Gain (Loss) On Commodity Futures [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GainLossOnCommodityFuturesAbstract" xlink:to="lab_unl_GainLossOnCommodityFuturesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GainLossOnSaleOfInvestments" xlink:label="loc_us-gaap_GainLossOnSaleOfInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GainLossOnSaleOfInvestments" xml:lang="en-US">Gain Loss On Sale Of Investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_GainLossOnSaleOfInvestments" xml:lang="en-US">Realized Gain or (Loss) on Derivatives Recognized in Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_GainLossOnSaleOfInvestments" xml:lang="en-US">Realized loss on closed positions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfInvestments" xlink:to="lab_us-gaap_GainLossOnSaleOfInvestments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UnrealizedGainLossOnInvestments" xlink:label="loc_us-gaap_UnrealizedGainLossOnInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnrealizedGainLossOnInvestments" xml:lang="en-US">Unrealized Gain Loss On Investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_UnrealizedGainLossOnInvestments" xml:lang="en-US">Change in unrealized gain (loss) on open positions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_UnrealizedGainLossOnInvestments" xml:lang="en-US">Change in unrealized gain (loss) on open positions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrealizedGainLossOnInvestments" xlink:to="lab_us-gaap_UnrealizedGainLossOnInvestments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendIncomeOperating" xlink:label="loc_us-gaap_DividendIncomeOperating"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DividendIncomeOperating" xml:lang="en-US">Dividend Income Operating</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DividendIncomeOperating" xml:lang="en-US">Dividend income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DividendIncomeOperating" xml:lang="en-US">Dividend income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendIncomeOperating" xlink:to="lab_us-gaap_DividendIncomeOperating"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_us-gaap_InterestIncomeOperating"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_InterestIncomeOperating" xml:lang="en-US">Interest Income Operating</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_InterestIncomeOperating" xml:lang="en-US">Interest income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_InterestIncomeOperating" xml:lang="en-US">Interest income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestIncomeOperating" xlink:to="lab_us-gaap_InterestIncomeOperating"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherIncome" xml:lang="en-US">Other Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherIncome" xml:lang="en-US">Other income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherIncome" xml:lang="en-US">Other income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncome" xlink:to="lab_us-gaap_OtherIncome"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_TotalIncomeLoss" xlink:label="loc_unl_TotalIncomeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_TotalIncomeLoss" xml:lang="en-US">Total Income Loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_TotalIncomeLoss" xml:lang="en-US">Total Income (Loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_unl_TotalIncomeLoss" xml:lang="en-US">Total loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_TotalIncomeLoss" xml:lang="en-US">Total Income (Loss)</label>
<label xlink:type="resource" xlink:label="lab_unl_TotalIncomeLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Total Income (Loss)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_TotalIncomeLoss" xlink:to="lab_unl_TotalIncomeLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="loc_us-gaap_OperatingExpensesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingExpensesAbstract" xml:lang="en-US">Operating Expenses [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperatingExpensesAbstract" xml:lang="en-US">Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingExpensesAbstract" xml:lang="en-US">Expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpensesAbstract" xlink:to="lab_us-gaap_OperatingExpensesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetManagementCosts" xlink:label="loc_us-gaap_AssetManagementCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AssetManagementCosts" xml:lang="en-US">Asset Management Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AssetManagementCosts" xml:lang="en-US">General Partner management fees (Note 3)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AssetManagementCosts" xml:lang="en-US">General Partner management fees (Note 3)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetManagementCosts" xlink:to="lab_us-gaap_AssetManagementCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProfessionalFees" xml:lang="en-US">Professional Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProfessionalFees" xml:lang="en-US">Professional fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProfessionalFees" xml:lang="en-US">Professional fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfessionalFees" xlink:to="lab_us-gaap_ProfessionalFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:label="loc_us-gaap_FloorBrokerageExchangeAndClearanceFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xml:lang="en-US">Floor Brokerage Exchange and Clearance Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xml:lang="en-US">Brokerage commissions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees" xml:lang="en-US">Brokerage commissions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FloorBrokerageExchangeAndClearanceFees" xlink:to="lab_us-gaap_FloorBrokerageExchangeAndClearanceFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherExpenses" xlink:label="loc_us-gaap_OtherExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherExpenses" xml:lang="en-US">Other Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherExpenses" xml:lang="en-US">Other expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherExpenses" xml:lang="en-US">Other expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherExpenses" xlink:to="lab_us-gaap_OtherExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_us-gaap_OperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperatingExpenses" xml:lang="en-US">Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperatingExpenses" xml:lang="en-US">Total Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_OperatingExpenses" xml:lang="en-US">Total expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="lab_us-gaap_OperatingExpenses"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_ExpenseWaiver" xlink:label="loc_unl_ExpenseWaiver"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_ExpenseWaiver" xml:lang="en-US">Expense Waiver</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_ExpenseWaiver" xml:lang="en-US">Expenses waived</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_ExpenseWaiver" xml:lang="en-US">Expense Waivers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_ExpenseWaiver" xml:lang="en-US">Expense Waiver</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_unl_ExpenseWaiver" xml:lang="en-US">Expense waiver (Note 3)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_unl_ExpenseWaiver" xml:lang="en-US">Expense waiver</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_ExpenseWaiver" xlink:to="lab_unl_ExpenseWaiver"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NetOperatingExpenses" xlink:label="loc_unl_NetOperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NetOperatingExpenses" xml:lang="en-US">Net Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NetOperatingExpenses" xml:lang="en-US">Net Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_unl_NetOperatingExpenses" xml:lang="en-US">Net expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_NetOperatingExpenses" xml:lang="en-US">Total expenses net of waiver.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NetOperatingExpenses" xlink:to="lab_unl_NetOperatingExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Income (Loss) Attributable To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetIncomeLoss" xml:lang="en-US">Net loss</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="lab_us-gaap_NetIncomeLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit" xlink:label="loc_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit" xml:lang="en-US">Net Income (Loss), Per Outstanding Limited Partnership Unit, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit" xml:lang="en-US">Net loss per limited partnership unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit" xml:lang="en-US">Net Income (Loss) per Unit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit" xlink:to="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted" xlink:label="loc_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted" xml:lang="en-US">Net Income (Loss), Per Outstanding Limited Partnership Unit, Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted" xml:lang="en-US">Net loss per weighted average limited partnership unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted" xml:lang="en-US">Net loss per weighted average limited partnership unit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted" xlink:to="lab_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xlink:label="loc_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xml:lang="en-US">Weighted Average Limited Partnership Units Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xml:lang="en-US">Weighted average limited partnership units outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xml:lang="en-US">Weighted average limited partnership units outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding" xlink:to="lab_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfPartnersCapitalAbstract" xlink:label="loc_us-gaap_StatementOfPartnersCapitalAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfPartnersCapitalAbstract" xml:lang="en-US">Statement Of Partners Capital [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StatementOfPartnersCapitalAbstract" xml:lang="en-US">Statement of Partners' Capital [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfPartnersCapitalAbstract" xml:lang="en-US">Statement of Partners' Capital [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfPartnersCapitalAbstract" xlink:to="lab_us-gaap_StatementOfPartnersCapitalAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnerCapitalComponentsAxis" xlink:label="loc_us-gaap_PartnerCapitalComponentsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnerCapitalComponentsAxis" xml:lang="en-US">Partner Capital Components [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PartnerCapitalComponentsAxis" xml:lang="en-US">Partner Capital Components [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnerCapitalComponentsAxis" xml:lang="en-US">Partner Capital Components [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnerCapitalComponentsAxis" xlink:to="lab_us-gaap_PartnerCapitalComponentsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GeneralPartnerMember" xlink:label="loc_us-gaap_GeneralPartnerMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_GeneralPartnerMember" xml:lang="en-US">General Partner [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_GeneralPartnerMember" xml:lang="en-US">General Partner</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralPartnerMember" xlink:to="lab_us-gaap_GeneralPartnerMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LimitedPartnerMember" xlink:label="loc_us-gaap_LimitedPartnerMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LimitedPartnerMember" xml:lang="en-US">Limited Partner [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LimitedPartnerMember" xml:lang="en-US">Limited Partners</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LimitedPartnerMember" xlink:to="lab_us-gaap_LimitedPartnerMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnerCapitalComponentsDomain" xlink:label="loc_us-gaap_PartnerCapitalComponentsDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnerCapitalComponentsDomain" xml:lang="en-US">Partner Capital Components [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PartnerCapitalComponentsDomain" xml:lang="en-US">Partner Capital Components [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnerCapitalComponentsDomain" xml:lang="en-US">Partner Capital Components [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnerCapitalComponentsDomain" xlink:to="lab_us-gaap_PartnerCapitalComponentsDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapitalAccountContributions" xlink:label="loc_us-gaap_PartnersCapitalAccountContributions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnersCapitalAccountContributions" xml:lang="en-US">Partners Capital Account Contributions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PartnersCapitalAccountContributions" xml:lang="en-US">Addition of 1,850,000, 300,000 and 800,000 partnership units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnersCapitalAccountContributions" xml:lang="en-US">Addition of 1,450,000 partnership units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountContributions" xlink:to="lab_us-gaap_PartnersCapitalAccountContributions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapitalAccountRedemptions" xlink:label="loc_us-gaap_PartnersCapitalAccountRedemptions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnersCapitalAccountRedemptions" xml:lang="en-US">Partners Capital Account Redemptions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnersCapitalAccountRedemptions" xml:lang="en-US">Redemption of 100,000 partnership units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_PartnersCapitalAccountRedemptions" xml:lang="en-US">Redemption of 350,000, 300,000 and 500,000 partnership units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountRedemptions" xlink:to="lab_us-gaap_PartnersCapitalAccountRedemptions"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NetAssetValuePerUnitAbstract" xlink:label="loc_unl_NetAssetValuePerUnitAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NetAssetValuePerUnitAbstract" xml:lang="en-US">Net Asset Value Per Unit [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_NetAssetValuePerUnitAbstract" xml:lang="en-US">Net Asset Value Per Unit:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NetAssetValuePerUnitAbstract" xml:lang="en-US">Net Asset Value, per unit [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_NetAssetValuePerUnitAbstract" xml:lang="en-US">Net Asset Value, per unit [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NetAssetValuePerUnitAbstract" xlink:to="lab_unl_NetAssetValuePerUnitAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapitalAccountUnitsContributed" xlink:label="loc_us-gaap_PartnersCapitalAccountUnitsContributed"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsContributed" xml:lang="en-US">Partners Capital Account Units Contributed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsContributed" xml:lang="en-US">Addition of partnership units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsContributed" xml:lang="en-US">Addition of partnership units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountUnitsContributed" xlink:to="lab_us-gaap_PartnersCapitalAccountUnitsContributed"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PartnersCapitalAccountUnitsRedeemed" xlink:label="loc_us-gaap_PartnersCapitalAccountUnitsRedeemed"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsRedeemed" xml:lang="en-US">Partners Capital Account Units Redeemed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsRedeemed" xml:lang="en-US">Redemption of partnership units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PartnersCapitalAccountUnitsRedeemed" xml:lang="en-US">Redemption of partnership units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PartnersCapitalAccountUnitsRedeemed" xlink:to="lab_us-gaap_PartnersCapitalAccountUnitsRedeemed"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By Used In Operating Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Cash Flows from Operating Activities:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Cash Flows from Operating Activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net loss to net cash used in operating activities:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net loss to net cash used in operating activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xlink:label="loc_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xml:lang="en-US">Increase Decrease In Financial Instruments Used In Operating Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xml:lang="en-US">Decrease in commodity futures trading account - cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xml:lang="en-US">(Increase) decrease in commodity futures trading account - cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities" xlink:to="lab_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts" xlink:label="loc_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts" xml:lang="en-US">Unrealized Gain Loss On Derivatives and Commodity Contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts" xml:lang="en-US">Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts" xml:lang="en-US">Unrealized gain on futures contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts" xml:lang="en-US">Unrealized (gain) loss on futures contracts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts" xlink:to="lab_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders" xlink:label="loc_us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders" xml:lang="en-US">Increase Decrease Due From Officers and Stockholders</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders" xml:lang="en-US">Decrease in receivable from General Partner</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders" xml:lang="en-US">(Increase) decrease in receivable from General Partner</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders" xlink:to="lab_us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInDividendsReceivable" xlink:label="loc_us-gaap_IncreaseDecreaseInDividendsReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInDividendsReceivable" xml:lang="en-US">Increase Decrease In Dividends Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDividendsReceivable" xml:lang="en-US">(Increase) decrease in dividend receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInDividendsReceivable" xml:lang="en-US">(Increase) decrease in dividend receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDividendsReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInDividendsReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xml:lang="en-US">Increase Decrease In Accrued Interest Receivable Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xml:lang="en-US">Decrease in interest receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xml:lang="en-US">(Increase) decrease in interest receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xml:lang="en-US">Increase Decrease In Other Operating Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xml:lang="en-US">Increase in other assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xml:lang="en-US">(Increase) decrease in other assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInTradingLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInTradingLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInTradingLiabilities" xml:lang="en-US">Increase Decrease In Trading Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInTradingLiabilities" xml:lang="en-US">Increase (decrease) in investment payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInTradingLiabilities" xml:lang="en-US">Increase (decrease) in investment payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInTradingLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInTradingLiabilities"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_IncreaseDecreaseInProfessionalFeesPayable" xlink:label="loc_unl_IncreaseDecreaseInProfessionalFeesPayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_IncreaseDecreaseInProfessionalFeesPayable" xml:lang="en-US">Increase Decrease In Professional Fees Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_IncreaseDecreaseInProfessionalFeesPayable" xml:lang="en-US">Increase (decrease) in professional fees payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_IncreaseDecreaseInProfessionalFeesPayable" xml:lang="en-US">Decrease in professional fees payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_IncreaseDecreaseInProfessionalFeesPayable" xml:lang="en-US">Increase (Decrease) In Professional Fees Payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_IncreaseDecreaseInProfessionalFeesPayable" xlink:to="lab_unl_IncreaseDecreaseInProfessionalFeesPayable"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_IncreaseDecreaseManagementFeesPayable" xlink:label="loc_unl_IncreaseDecreaseManagementFeesPayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_IncreaseDecreaseManagementFeesPayable" xml:lang="en-US">Increase Decrease Management Fees Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_IncreaseDecreaseManagementFeesPayable" xml:lang="en-US">Increase (decrease) in General Partner management fees payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_IncreaseDecreaseManagementFeesPayable" xml:lang="en-US">Increase (decrease) in General Partner management fees payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_IncreaseDecreaseManagementFeesPayable" xml:lang="en-US">Increase (Decrease) Management Fees Payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_IncreaseDecreaseManagementFeesPayable" xlink:to="lab_unl_IncreaseDecreaseManagementFeesPayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xlink:label="loc_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xml:lang="en-US">Increase Decrease In Payables To Broker Dealers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xml:lang="en-US">Increase (decrease) in brokerage commissions payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xml:lang="en-US">Decrease in brokerage commissions payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers" xlink:to="lab_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xml:lang="en-US">Increase Decrease In Other Operating Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xml:lang="en-US">Increase (decrease) in other liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xml:lang="en-US">Increase (decrease) in other liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net Cash Provided By Used In Operating Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash used in operating activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Net cash used in operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Net Cash Provided By Used In Financing Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Cash Flows from Financing Activities:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xml:lang="en-US">Cash Flows from Financing Activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromPartnershipContribution" xlink:label="loc_us-gaap_ProceedsFromPartnershipContribution"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ProceedsFromPartnershipContribution" xml:lang="en-US">Proceeds From Partnership Contribution</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ProceedsFromPartnershipContribution" xml:lang="en-US">Addition of partnership units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ProceedsFromPartnershipContribution" xml:lang="en-US">Addition of partnership units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPartnershipContribution" xlink:to="lab_us-gaap_ProceedsFromPartnershipContribution"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PaymentsToPartnershipRedemption" xlink:label="loc_unl_PaymentsToPartnershipRedemption"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PaymentsToPartnershipRedemption" xml:lang="en-US">Payments To Partnership Redemption</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PaymentsToPartnershipRedemption" xml:lang="en-US">Redemption of partnership units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PaymentsToPartnershipRedemption" xml:lang="en-US">Payments To Partnership Redemption</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_unl_PaymentsToPartnershipRedemption" xml:lang="en-US">Redemption of partnership units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PaymentsToPartnershipRedemption" xlink:to="lab_unl_PaymentsToPartnershipRedemption"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net Cash Provided By Used In Financing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xml:lang="en-US">Net cash provided by financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents Period Increase Decrease</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net Increase in Cash and Cash Equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net Increase (Decrease) in Cash and Cash Equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xml:lang="en-US">Organization and Business [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xml:lang="en-US">Organization and Business [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">Organization Consolidation and Presentation Of Financial Statements Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">Organization and Business</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">Organization and Business</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Summary Of Significant Accounting Policies [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Summary of Significant Accounting Policies [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Summary of Significant Accounting Policies</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Summary of Significant Accounting Policies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_us-gaap_SignificantAccountingPoliciesTextBlock"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_FeesPaidByFundAndRelatedPartyTransactionsAbstract" xlink:label="loc_unl_FeesPaidByFundAndRelatedPartyTransactionsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_FeesPaidByFundAndRelatedPartyTransactionsAbstract" xml:lang="en-US">Fees Paid By Fund and Related Party Transactions [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_FeesPaidByFundAndRelatedPartyTransactionsAbstract" xml:lang="en-US">Fees Paid By Fund And Related Party Transactions [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_FeesPaidByFundAndRelatedPartyTransactionsAbstract" xlink:to="lab_unl_FeesPaidByFundAndRelatedPartyTransactionsAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">Fees Paid and Related Party Transactions Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">Fees Paid by the Fund and Related Party Transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">Fees Paid by the Fund and Related Party Transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">Fees Paid and Related Party Transactions Disclosure [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock" xlink:to="lab_unl_FeesPaidAndRelatedPartyTransactionsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ContractorsAbstract" xlink:label="loc_us-gaap_ContractorsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ContractorsAbstract" xml:lang="en-US">Contracts and Agreements [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ContractorsAbstract" xml:lang="en-US">Contracts and Agreements [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractorsAbstract" xlink:to="lab_us-gaap_ContractorsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xlink:label="loc_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xml:lang="en-US">Long Term Contracts Or Programs Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xml:lang="en-US">Contracts and Agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xml:lang="en-US">Contracts and Agreements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock" xlink:to="lab_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract" xlink:label="loc_unl_FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract" xml:lang="en-US">Financial Instruments Off Balance Sheet Risks and Contingencies [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract" xml:lang="en-US">Financial Instruments Off Balance Sheet Risks And Contingencies [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract" xlink:to="lab_unl_FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock" xlink:label="loc_unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock" xml:lang="en-US">Disclosure Of Fair Value Off Balance Sheet Risks [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock" xml:lang="en-US">Financial Instruments, Off-Balance Sheet Risks and Contingencies</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock" xml:lang="en-US">Financial Instruments, Off-Balance Sheet Risks and Contingencies</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock" xml:lang="en-US">Disclosure of Fair Value, Off-balance Sheet Risks [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock" xlink:to="lab_unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_FinancialHighlightsAbstract" xlink:label="loc_unl_FinancialHighlightsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_FinancialHighlightsAbstract" xml:lang="en-US">Financial Highlights [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_FinancialHighlightsAbstract" xml:lang="en-US">Financial Highlights [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_FinancialHighlightsAbstract" xlink:to="lab_unl_FinancialHighlightsAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_SupplementalFinancialInformationDisclosureTextBlock" xlink:label="loc_unl_SupplementalFinancialInformationDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_SupplementalFinancialInformationDisclosureTextBlock" xml:lang="en-US">Supplemental Financial Information Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_SupplementalFinancialInformationDisclosureTextBlock" xml:lang="en-US">Financial Highlights</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_SupplementalFinancialInformationDisclosureTextBlock" xml:lang="en-US">Financial Highlights</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_SupplementalFinancialInformationDisclosureTextBlock" xml:lang="en-US">Supplemental Financial Information Disclosure</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_SupplementalFinancialInformationDisclosureTextBlock" xlink:to="lab_unl_SupplementalFinancialInformationDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_QuarterlyFinancialDataAbstract" xlink:label="loc_us-gaap_QuarterlyFinancialDataAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_QuarterlyFinancialDataAbstract" xml:lang="en-US">Quarterly Financial Data [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_QuarterlyFinancialDataAbstract" xml:lang="en-US">Quarterly Financial Data [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialDataAbstract" xlink:to="lab_us-gaap_QuarterlyFinancialDataAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="loc_us-gaap_QuarterlyFinancialInformationTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US">Quarterly Financial Information [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_QuarterlyFinancialInformationTextBlock" xml:lang="en-US">Quarterly Financial Information</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationTextBlock" xlink:to="lab_us-gaap_QuarterlyFinancialInformationTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xml:lang="en-US">Fair Value Of Financial Instruments [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xml:lang="en-US">Fair Value of Financial Instruments [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="loc_us-gaap_FairValueDisclosuresTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair Value Disclosures [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair Value of Financial Instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair Value of Financial Instruments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueDisclosuresTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:label="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xml:lang="en-US">Recent Accounting Pronouncements [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xml:lang="en-US">Recent Accounting Pronouncements [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:to="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DescriptionOfNewAccountingPronouncementsTextBlock" xlink:label="loc_unl_DescriptionOfNewAccountingPronouncementsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DescriptionOfNewAccountingPronouncementsTextBlock" xml:lang="en-US">Description Of New Accounting Pronouncements [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DescriptionOfNewAccountingPronouncementsTextBlock" xml:lang="en-US">Recent Accounting Pronouncements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DescriptionOfNewAccountingPronouncementsTextBlock" xml:lang="en-US">Recent Accounting Pronouncements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DescriptionOfNewAccountingPronouncementsTextBlock" xml:lang="en-US">Description Of New Accounting Pronouncements [Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DescriptionOfNewAccountingPronouncementsTextBlock" xlink:to="lab_unl_DescriptionOfNewAccountingPronouncementsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventsAbstract" xml:lang="en-US">Subsequent Events [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SubsequentEventsAbstract" xml:lang="en-US">Subsequent Events [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsAbstract" xlink:to="lab_us-gaap_SubsequentEventsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US">Subsequent Events [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US">Subsequent Events</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US">Subsequent Events</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventsTextBlock" xlink:to="lab_us-gaap_SubsequentEventsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="loc_us-gaap_RevenueRecognitionPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition Policy [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="lab_us-gaap_RevenueRecognitionPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommissionsPolicy" xlink:label="loc_us-gaap_CommissionsPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommissionsPolicy" xml:lang="en-US">Commissions Policy</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommissionsPolicy" xml:lang="en-US">Brokerage Commissions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CommissionsPolicy" xml:lang="en-US">Brokerage Commissions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommissionsPolicy" xlink:to="lab_us-gaap_CommissionsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Tax Policy [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock" xlink:label="loc_us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock" xml:lang="en-US">Shares Subject To Mandatory Redemption Changes In Redemption Value Policy [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock" xml:lang="en-US">Creations and Redemptions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock" xml:lang="en-US">Creations and Redemptions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock" xlink:to="lab_us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription" xlink:label="loc_us-gaap_IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription" xml:lang="en-US">Incentive Distribution Policy Managing Member Or General Partner Description</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription" xml:lang="en-US">Partnership Capital and Allocation of Partnership Income and Losses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription" xml:lang="en-US">Partnership Capital and Allocation of Partnership Income and Losses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription" xlink:to="lab_us-gaap_IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NetAssetValuePolicyTextBlock" xlink:label="loc_unl_NetAssetValuePolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NetAssetValuePolicyTextBlock" xml:lang="en-US">Net Asset Value Policy [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_NetAssetValuePolicyTextBlock" xml:lang="en-US">Calculation of Per Unit Net Asset Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NetAssetValuePolicyTextBlock" xml:lang="en-US">Calculation of Per Unit Net Asset Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_NetAssetValuePolicyTextBlock" xml:lang="en-US">Net Asset Value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NetAssetValuePolicyTextBlock" xlink:to="lab_unl_NetAssetValuePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_EarningsPerUnitPolicyTextBlock" xlink:label="loc_unl_EarningsPerUnitPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_EarningsPerUnitPolicyTextBlock" xml:lang="en-US">Earnings Per Unit Policy [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_EarningsPerUnitPolicyTextBlock" xml:lang="en-US">Net Income (Loss) Per Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_EarningsPerUnitPolicyTextBlock" xml:lang="en-US">Net Income (Loss) Per Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_EarningsPerUnitPolicyTextBlock" xml:lang="en-US">Earnings Per Unit, Policy</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_EarningsPerUnitPolicyTextBlock" xlink:to="lab_unl_EarningsPerUnitPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_OtherOperatingIncomeExpensePolicyTextBlock" xlink:label="loc_unl_OtherOperatingIncomeExpensePolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_OtherOperatingIncomeExpensePolicyTextBlock" xml:lang="en-US">Other Operating Income Expense Policy [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_OtherOperatingIncomeExpensePolicyTextBlock" xml:lang="en-US">Offering Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_OtherOperatingIncomeExpensePolicyTextBlock" xml:lang="en-US">Offering Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_OtherOperatingIncomeExpensePolicyTextBlock" xml:lang="en-US">Other Operating Income (Expense), Policy</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_OtherOperatingIncomeExpensePolicyTextBlock" xlink:to="lab_unl_OtherOperatingIncomeExpensePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and Cash Equivalents Policy [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash Equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash Equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="loc_us-gaap_PriorPeriodReclassificationAdjustmentDescription"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xml:lang="en-US">Prior Period Reclassification Adjustment Description</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xml:lang="en-US">Reclassification</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xml:lang="en-US">Reclassification</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:to="lab_us-gaap_PriorPeriodReclassificationAdjustmentDescription"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaap_UseOfEstimates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_UseOfEstimates" xml:lang="en-US">Use Of Estimates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_UseOfEstimates" xml:lang="en-US">Use of Estimates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_UseOfEstimates" xml:lang="en-US">Use of Estimates</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates" xlink:to="lab_us-gaap_UseOfEstimates"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock" xlink:label="loc_unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock" xml:lang="en-US">Per Unit Performance Data and Other Supplemental Financial Data Table [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock" xml:lang="en-US">Per Unit Performance Data and Other Supplemental Financial Data</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock" xml:lang="en-US">Per Unit Performance Data and Other Supplemental Financial Data</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock" xml:lang="en-US">Per Unit Performance Data and Other Supplemental Financial Data [Table Text Block]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock" xlink:to="lab_unl_PerUnitPerformanceDataAndOtherSupplementalFinancialDataTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:label="loc_us-gaap_QuarterlyFinancialInformationDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US">Quarterly Financial Information Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xml:lang="en-US">Quarterly Financial Information Disclosure [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:to="lab_us-gaap_QuarterlyFinancialInformationDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xml:lang="en-US">Schedule Of Quarterly Financial Information [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xml:lang="en-US">Schedule of Quarterly Financial Information</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementInputsDisclosureTextBlock" xlink:label="loc_us-gaap_FairValueMeasurementInputsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock" xml:lang="en-US">Fair Value Measurement Inputs Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock" xml:lang="en-US">Valuation of Securities Using the Fair Value Hierarchy</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock" xml:lang="en-US">Valuation of Securities Using the Fair Value Hierarchy</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementInputsDisclosureTextBlock" xlink:to="lab_us-gaap_FairValueMeasurementInputsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xml:lang="en-US">Schedule Of Derivative Instruments In Statement Of Financial Position Fair Value [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xml:lang="en-US">Fair Value of Derivative Instruments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xml:lang="en-US">Fair Value of Derivative Instruments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xml:lang="en-US">Schedule Of Derivative Instruments Gain Loss In Statement Of Financial Performance [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xml:lang="en-US">Effect of Derivative Instruments on the Condensed Statements of Operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xml:lang="en-US">Effect of Derivative Instruments on the Condensed Statements of Operations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract" xlink:label="loc_unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract" xml:lang="en-US">Disclosure Organization and Business Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Organization and Business - Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Organization and Business - Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Organization and Business - Additional Information [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract" xlink:to="lab_unl_DisclosureOrganizationAndBusinessAdditionalInformationAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable" xlink:label="loc_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable" xml:lang="en-US">Organization Consolidation and Presentation Of Financial Statements Disclosure [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable" xlink:to="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTable"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_OpenClearedSwapAndFuturesContractsMember" xlink:label="loc_unl_OpenClearedSwapAndFuturesContractsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_OpenClearedSwapAndFuturesContractsMember" xml:lang="en-US">Open Cleared Swap and Futures Contracts [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_OpenClearedSwapAndFuturesContractsMember" xml:lang="en-US">Open Cleared Swap and Futures Contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_OpenClearedSwapAndFuturesContractsMember" xml:lang="en-US">Open Cleared Swap and Futures Contracts [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_OpenClearedSwapAndFuturesContractsMember" xlink:to="lab_unl_OpenClearedSwapAndFuturesContractsMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PeriodAxis" xlink:label="loc_unl_PeriodAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PeriodAxis" xml:lang="en-US">Period [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PeriodAxis" xml:lang="en-US">Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PeriodAxis" xml:lang="en-US">Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PeriodAxis" xml:lang="en-US">Period [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PeriodAxis" xlink:to="lab_unl_PeriodAxis"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PeriodDomain" xlink:label="loc_unl_PeriodDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PeriodDomain" xml:lang="en-US">Period [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PeriodDomain" xml:lang="en-US">Period [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PeriodDomain" xml:lang="en-US">Period [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PeriodDomain" xml:lang="en-US">Period [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PeriodDomain" xlink:to="lab_unl_PeriodDomain"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PriorToFebruaryTwentyNineTwoThousandTwelveMember" xlink:label="loc_unl_PriorToFebruaryTwentyNineTwoThousandTwelveMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PriorToFebruaryTwentyNineTwoThousandTwelveMember" xml:lang="en-US">Prior To February Twenty Nine Two Thousand Twelve [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PriorToFebruaryTwentyNineTwoThousandTwelveMember" xml:lang="en-US">Prior to February 29, 2012</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PriorToFebruaryTwentyNineTwoThousandTwelveMember" xml:lang="en-US">Prior to February Twenty Nine Two Thousand Twelve [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PriorToFebruaryTwentyNineTwoThousandTwelveMember" xlink:to="lab_unl_PriorToFebruaryTwentyNineTwoThousandTwelveMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PartnershipUnitMember" xlink:label="loc_unl_PartnershipUnitMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PartnershipUnitMember" xml:lang="en-US">Partnership Unit [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PartnershipUnitMember" xlink:to="lab_unl_PartnershipUnitMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_CreationBasketsMember" xlink:label="loc_unl_CreationBasketsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_CreationBasketsMember" xml:lang="en-US">Creation Baskets [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_CreationBasketsMember" xml:lang="en-US">Creation Baskets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_CreationBasketsMember" xml:lang="en-US">Creation Baskets [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_CreationBasketsMember" xlink:to="lab_unl_CreationBasketsMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems" xlink:label="loc_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems" xml:lang="en-US">Organization Consolidation and Presentation Of Financial Statements Disclosure [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems" xlink:to="lab_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NumberOfUnitsPerBasket" xlink:label="loc_unl_NumberOfUnitsPerBasket"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NumberOfUnitsPerBasket" xml:lang="en-US">Number Of Units Per Basket</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_NumberOfUnitsPerBasket" xml:lang="en-US">Number of units per basket</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NumberOfUnitsPerBasket" xml:lang="en-US">Number of units per basket</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_NumberOfUnitsPerBasket" xml:lang="en-US">Number of Units per Basket</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NumberOfUnitsPerBasket" xlink:to="lab_unl_NumberOfUnitsPerBasket"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_FeePaidPerOrder" xlink:label="loc_unl_FeePaidPerOrder"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_FeePaidPerOrder" xml:lang="en-US">Fee Paid Per Order</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_FeePaidPerOrder" xml:lang="en-US">Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_FeePaidPerOrder" xml:lang="en-US">Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_FeePaidPerOrder" xml:lang="en-US">Fee Paid Per Order</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_FeePaidPerOrder" xlink:to="lab_unl_FeePaidPerOrder"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NumberOfUnitsRegisteredInPeriod" xlink:label="loc_unl_NumberOfUnitsRegisteredInPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NumberOfUnitsRegisteredInPeriod" xml:lang="en-US">Number Of Units Registered In Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_NumberOfUnitsRegisteredInPeriod" xml:lang="en-US">Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NumberOfUnitsRegisteredInPeriod" xml:lang="en-US">Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_NumberOfUnitsRegisteredInPeriod" xml:lang="en-US">Number of Units Registered in Period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NumberOfUnitsRegisteredInPeriod" xlink:to="lab_unl_NumberOfUnitsRegisteredInPeriod"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_UnitsIssuedDuringPeriodUnitsNewIssues" xlink:label="loc_unl_UnitsIssuedDuringPeriodUnitsNewIssues"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_UnitsIssuedDuringPeriodUnitsNewIssues" xml:lang="en-US">Units Issued During Period Units New Issues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_UnitsIssuedDuringPeriodUnitsNewIssues" xml:lang="en-US">Number of units issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_UnitsIssuedDuringPeriodUnitsNewIssues" xml:lang="en-US">Number of units issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_UnitsIssuedDuringPeriodUnitsNewIssues" xml:lang="en-US">Units Issued During Period, Units, New Issues</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_UnitsIssuedDuringPeriodUnitsNewIssues" xlink:to="lab_unl_UnitsIssuedDuringPeriodUnitsNewIssues"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_UnitsIssuedDuringPeriodValueNewIssues" xlink:label="loc_unl_UnitsIssuedDuringPeriodValueNewIssues"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_UnitsIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Units Issued During Period Value New Issues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_UnitsIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Value of unit issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_UnitsIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Value of unit issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_UnitsIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Units Issued During Period, Value, New Issues</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_UnitsIssuedDuringPeriodValueNewIssues" xlink:to="lab_unl_UnitsIssuedDuringPeriodValueNewIssues"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperationsCommencedDate1" xlink:label="loc_us-gaap_OperationsCommencedDate1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OperationsCommencedDate1" xml:lang="en-US">Operations Commenced Date 1</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OperationsCommencedDate1" xml:lang="en-US">Commenced investment operations date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OperationsCommencedDate1" xml:lang="en-US">Commenced investment operations date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperationsCommencedDate1" xlink:to="lab_us-gaap_OperationsCommencedDate1"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_NumberOfRegisteredUnits" xlink:label="loc_unl_NumberOfRegisteredUnits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_NumberOfRegisteredUnits" xml:lang="en-US">Number Of Registered Units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_NumberOfRegisteredUnits" xml:lang="en-US">Number of registered units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_NumberOfRegisteredUnits" xml:lang="en-US">Number of registered units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_NumberOfRegisteredUnits" xml:lang="en-US">Number of Registered Units</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_NumberOfRegisteredUnits" xlink:to="lab_unl_NumberOfRegisteredUnits"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract" xlink:label="loc_unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract" xml:lang="en-US">Disclosure Summary Of Significant Accounting Policies Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Summary of Significant Accounting Policies - Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Summary of Significant Accounting Policies - Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Summary of Significant Accounting Policies - Additional Information [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract" xlink:to="lab_unl_DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformationAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_SignificantAccountingPoliciesTable" xlink:label="loc_unl_SignificantAccountingPoliciesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_SignificantAccountingPoliciesTable" xml:lang="en-US">Significant Accounting Policies [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_SignificantAccountingPoliciesTable" xml:lang="en-US">Significant Accounting Policies [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_SignificantAccountingPoliciesTable" xml:lang="en-US">Significant Accounting Policies [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_SignificantAccountingPoliciesTable" xml:lang="en-US">Significant Accounting Policies [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_SignificantAccountingPoliciesTable" xlink:to="lab_unl_SignificantAccountingPoliciesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RangeAxis" xml:lang="en-US">Range</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RangeAxis" xml:lang="en-US">Range</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RangeAxis" xlink:to="lab_us-gaap_RangeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RangeMember" xlink:to="lab_us-gaap_RangeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MaximumMember" xml:lang="en-US">Maximum [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_MaximumMember" xml:lang="en-US">Maximum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MaximumMember" xlink:to="lab_us-gaap_MaximumMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_RedemptionBasketsMember" xlink:label="loc_unl_RedemptionBasketsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_RedemptionBasketsMember" xml:lang="en-US">Redemption Baskets [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_RedemptionBasketsMember" xml:lang="en-US">Redemption Baskets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_RedemptionBasketsMember" xml:lang="en-US">Redemption Baskets [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_RedemptionBasketsMember" xlink:to="lab_unl_RedemptionBasketsMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_SignificantAccountingPoliciesLineItems" xlink:label="loc_unl_SignificantAccountingPoliciesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_SignificantAccountingPoliciesLineItems" xml:lang="en-US">Significant Accounting Policies [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_SignificantAccountingPoliciesLineItems" xml:lang="en-US">Significant Accounting Policies [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_SignificantAccountingPoliciesLineItems" xml:lang="en-US">Significant Accounting Policies [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_SignificantAccountingPoliciesLineItems" xml:lang="en-US">Significant Accounting Policies [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_SignificantAccountingPoliciesLineItems" xlink:to="lab_unl_SignificantAccountingPoliciesLineItems"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_MarketYieldsBasisPoint" xlink:label="loc_unl_MarketYieldsBasisPoint"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_MarketYieldsBasisPoint" xml:lang="en-US">Market Yields Basis Point</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_MarketYieldsBasisPoint" xml:lang="en-US">Basis points subtracted from overnight Federal Funds Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_MarketYieldsBasisPoint" xml:lang="en-US">Basis points subtracted from overnight Federal Funds Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_MarketYieldsBasisPoint" xml:lang="en-US">Market yields, basis point</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_MarketYieldsBasisPoint" xlink:to="lab_unl_MarketYieldsBasisPoint"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement" xlink:label="loc_unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement" xml:lang="en-US">Percentage Of Income Tax Examination Minimum Likelihood Of Tax Benefits Being Realized Upon Settlement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement" xml:lang="en-US">Minimum likelihood of tax benefits being recognized upon ultimate settlement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement" xml:lang="en-US">Minimum likelihood of tax benefits being recognized upon ultimate settlement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement" xml:lang="en-US">Percentage Of Income Tax Examination Minimum Likelihood of Tax Benefits Being Realized Upon Settlement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement" xlink:to="lab_unl_PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_CashEquivalentsMaturityPeriod" xlink:label="loc_unl_CashEquivalentsMaturityPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_CashEquivalentsMaturityPeriod" xml:lang="en-US">Cash Equivalents Maturity Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_CashEquivalentsMaturityPeriod" xml:lang="en-US">Cash equivalents maturity period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_CashEquivalentsMaturityPeriod" xml:lang="en-US">Cash equivalents maturity period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_CashEquivalentsMaturityPeriod" xml:lang="en-US">Cash Equivalents, Maturity Period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_CashEquivalentsMaturityPeriod" xlink:to="lab_unl_CashEquivalentsMaturityPeriod"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract" xlink:label="loc_unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract" xml:lang="en-US">Disclosure Fees Paid By Fund and Related Party Transactions Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Fees Paid by Fund and Related Party Transactions - Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Fees Paid by Fund and Related Party Transactions - Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Fees Paid by Fund and Related Party Transactions - Additional Information [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract" xlink:to="lab_unl_DisclosureFeesPaidByFundAndRelatedPartyTransactionsAdditionalInformationAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xml:lang="en-US">Schedule Of Related Party Transactions By Related Party [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_FuturePeriodMember" xlink:label="loc_unl_FuturePeriodMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_FuturePeriodMember" xml:lang="en-US">Future Period [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_FuturePeriodMember" xml:lang="en-US">Future Period - for the year ending December 31, 2012</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_FuturePeriodMember" xml:lang="en-US">Future Period [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_FuturePeriodMember" xlink:to="lab_unl_FuturePeriodMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_Us12NgMember" xlink:label="loc_unl_Us12NgMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_Us12NgMember" xml:lang="en-US">Us12ng [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_Us12NgMember" xlink:to="lab_unl_Us12NgMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaap_TypeOfArrangementAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TypeOfArrangementAxis" xml:lang="en-US">Type Of Arrangement [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TypeOfArrangementAxis" xml:lang="en-US">Type of Arrangement and Non-arrangement Transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_TypeOfArrangementAxis" xml:lang="en-US">Type of Arrangement and Non-arrangement Transactions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TypeOfArrangementAxis" xlink:to="lab_us-gaap_TypeOfArrangementAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaap_ArrangementsAndNonarrangementTransactionsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xml:lang="en-US">Arrangements and Non-Arrangement Transactions [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xml:lang="en-US">Arrangements and Non-arrangement Transactions [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xml:lang="en-US">Arrangements and Non-arrangement Transactions [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:to="lab_us-gaap_ArrangementsAndNonarrangementTransactionsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LicensingAgreementsMember" xlink:label="loc_us-gaap_LicensingAgreementsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LicensingAgreementsMember" xml:lang="en-US">Licensing Agreements [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LicensingAgreementsMember" xml:lang="en-US">Licensing Agreements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LicensingAgreementsMember" xlink:to="lab_us-gaap_LicensingAgreementsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentIdentifierSchemeAxis" xlink:label="loc_invest_InvestmentIdentifierSchemeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentIdentifierSchemeAxis" xml:lang="en-US">Investment Identifier Scheme [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_invest_InvestmentIdentifierSchemeAxis" xml:lang="en-US">Investment Identifier Scheme</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentIdentifierSchemeAxis" xml:lang="en-US">Investment Identifier Scheme</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentIdentifierSchemeAxis" xlink:to="lab_invest_InvestmentIdentifierSchemeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd#invest_InvestmentIdentifierSchemeDomain" xlink:label="loc_invest_InvestmentIdentifierSchemeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_invest_InvestmentIdentifierSchemeDomain" xml:lang="en-US">Investment Identifier Scheme [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_invest_InvestmentIdentifierSchemeDomain" xml:lang="en-US">Investment Identifier Scheme [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_invest_InvestmentIdentifierSchemeDomain" xml:lang="en-US">Investment Identifier Scheme [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_invest_InvestmentIdentifierSchemeDomain" xlink:to="lab_invest_InvestmentIdentifierSchemeDomain"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GroupOneMember" xlink:label="loc_unl_GroupOneMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GroupOneMember" xml:lang="en-US">Group One [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GroupOneMember" xml:lang="en-US">First $1,000,000,000 of combined net assets of the funds</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GroupOneMember" xml:lang="en-US">Group One [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GroupOneMember" xlink:to="lab_unl_GroupOneMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GroupTwoMember" xlink:label="loc_unl_GroupTwoMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GroupTwoMember" xml:lang="en-US">Group Two [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GroupTwoMember" xml:lang="en-US">Combined net assets above $1,000,000,000</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GroupTwoMember" xml:lang="en-US">Group Two [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GroupTwoMember" xlink:to="lab_unl_GroupTwoMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GroupThreeMember" xlink:label="loc_unl_GroupThreeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GroupThreeMember" xml:lang="en-US">Group Three [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GroupThreeMember" xml:lang="en-US">On and after October 20, 2011</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GroupThreeMember" xml:lang="en-US">Group Three [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GroupThreeMember" xlink:to="lab_unl_GroupThreeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_MinimumMember" xml:lang="en-US">Minimum [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_MinimumMember" xml:lang="en-US">Minimum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinimumMember" xlink:to="lab_us-gaap_MinimumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xml:lang="en-US">Related Party [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xml:lang="en-US">Related Party [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_RelatedPartyDomain" xml:lang="en-US">Related Party [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_RelatedPartyDomain" xml:lang="en-US">Related Party [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyDomain" xlink:to="lab_us-gaap_RelatedPartyDomain"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_RelatedPublicFundsMember" xlink:label="loc_unl_RelatedPublicFundsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_RelatedPublicFundsMember" xml:lang="en-US">Related Public Funds [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_RelatedPublicFundsMember" xlink:to="lab_unl_RelatedPublicFundsMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_FeesPaidAndRelatedPartyTransactionsLineItems" xlink:label="loc_unl_FeesPaidAndRelatedPartyTransactionsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_FeesPaidAndRelatedPartyTransactionsLineItems" xml:lang="en-US">Fees Paid and Related Party Transactions [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_FeesPaidAndRelatedPartyTransactionsLineItems" xml:lang="en-US">Fees Paid and Related Party Transactions [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_FeesPaidAndRelatedPartyTransactionsLineItems" xml:lang="en-US">Fees Paid and Related Party Transactions [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_FeesPaidAndRelatedPartyTransactionsLineItems" xml:lang="en-US">Fees Paid and Related Party Transactions [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_FeesPaidAndRelatedPartyTransactionsLineItems" xlink:to="lab_unl_FeesPaidAndRelatedPartyTransactionsLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ManagementFeeDescription" xlink:label="loc_us-gaap_ManagementFeeDescription"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ManagementFeeDescription" xml:lang="en-US">Management Fee Description</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ManagementFeeDescription" xml:lang="en-US">USCF Management Fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ManagementFeeDescription" xml:lang="en-US">USCF Management Fee</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ManagementFeeDescription" xlink:to="lab_us-gaap_ManagementFeeDescription"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PercentageOfAverageDailyNetAssets" xlink:label="loc_unl_PercentageOfAverageDailyNetAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PercentageOfAverageDailyNetAssets" xml:lang="en-US">Percentage Of Average Daily Net Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PercentageOfAverageDailyNetAssets" xml:lang="en-US">Percentage of average daily net assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PercentageOfAverageDailyNetAssets" xml:lang="en-US">Percentage of average daily net assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PercentageOfAverageDailyNetAssets" xml:lang="en-US">Percentage of Average Daily Net Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PercentageOfAverageDailyNetAssets" xlink:to="lab_unl_PercentageOfAverageDailyNetAssets"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_RegistrationFeesAndOtherOfferingExpenses" xlink:label="loc_unl_RegistrationFeesAndOtherOfferingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_RegistrationFeesAndOtherOfferingExpenses" xml:lang="en-US">Registration Fees and Other Offering Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_RegistrationFeesAndOtherOfferingExpenses" xml:lang="en-US">Ongoing Registration Fees and Other Offering Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_RegistrationFeesAndOtherOfferingExpenses" xml:lang="en-US">Ongoing Registration Fees and Other Offering Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_RegistrationFeesAndOtherOfferingExpenses" xml:lang="en-US">Registration Fees and Other Offering Expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_RegistrationFeesAndOtherOfferingExpenses" xlink:to="lab_unl_RegistrationFeesAndOtherOfferingExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NoninterestExpenseDirectorsFees" xlink:label="loc_us-gaap_NoninterestExpenseDirectorsFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NoninterestExpenseDirectorsFees" xml:lang="en-US">Noninterest Expense Directors Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NoninterestExpenseDirectorsFees" xml:lang="en-US">Estimated directors' fees and expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NoninterestExpenseDirectorsFees" xml:lang="en-US">Estimated directors' fees and expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestExpenseDirectorsFees" xlink:to="lab_us-gaap_NoninterestExpenseDirectorsFees"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_BaseFeePercentage" xlink:label="loc_unl_BaseFeePercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_BaseFeePercentage" xml:lang="en-US">Base Fee Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_BaseFeePercentage" xml:lang="en-US">Fee percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_BaseFeePercentage" xml:lang="en-US">Fee percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_BaseFeePercentage" xml:lang="en-US">Base Fee Percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_BaseFeePercentage" xlink:to="lab_unl_BaseFeePercentage"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_BasisAmountForFeePercentage" xlink:label="loc_unl_BasisAmountForFeePercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_BasisAmountForFeePercentage" xml:lang="en-US">Basis Amount For Fee Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_BasisAmountForFeePercentage" xml:lang="en-US">Base amount for determining fee percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_BasisAmountForFeePercentage" xml:lang="en-US">Combined assets basis for determining fee percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_BasisAmountForFeePercentage" xml:lang="en-US">Basis Amount for Fee Percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_BasisAmountForFeePercentage" xlink:to="lab_unl_BasisAmountForFeePercentage"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_BaseAmountForFeePercentage" xlink:label="loc_unl_BaseAmountForFeePercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_BaseAmountForFeePercentage" xml:lang="en-US">Base Amount For Fee Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_BaseAmountForFeePercentage" xml:lang="en-US">Assets basis for determining fee percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_BaseAmountForFeePercentage" xml:lang="en-US">Assets basis for determining fee percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_BaseAmountForFeePercentage" xml:lang="en-US">Base Amount For Fee Percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_BaseAmountForFeePercentage" xlink:to="lab_unl_BaseAmountForFeePercentage"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LicenseCosts" xlink:label="loc_us-gaap_LicenseCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LicenseCosts" xml:lang="en-US">License Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LicenseCosts" xml:lang="en-US">Licensing fee incurred</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LicenseCosts" xml:lang="en-US">Licensing fee incurred</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LicenseCosts" xlink:to="lab_us-gaap_LicenseCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherGeneralExpense" xlink:label="loc_us-gaap_OtherGeneralExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_OtherGeneralExpense" xml:lang="en-US">Other General Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_OtherGeneralExpense" xml:lang="en-US">Estimated investor tax reporting cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_OtherGeneralExpense" xml:lang="en-US">Estimated investor tax reporting cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherGeneralExpense" xlink:to="lab_us-gaap_OtherGeneralExpense"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PercentageOfChangeInCostsAndExpenses" xlink:label="loc_unl_PercentageOfChangeInCostsAndExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PercentageOfChangeInCostsAndExpenses" xml:lang="en-US">Percentage Of Change In Costs and Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PercentageOfChangeInCostsAndExpenses" xml:lang="en-US">Costs and expenses annual limit for reimbursement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PercentageOfChangeInCostsAndExpenses" xml:lang="en-US">Costs and expenses annual limit for reimbursement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PercentageOfChangeInCostsAndExpenses" xml:lang="en-US">Percentage of Change in Costs and Expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PercentageOfChangeInCostsAndExpenses" xlink:to="lab_unl_PercentageOfChangeInCostsAndExpenses"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PortionOfNonInterestExpenseDirectorsFees" xlink:label="loc_unl_PortionOfNonInterestExpenseDirectorsFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PortionOfNonInterestExpenseDirectorsFees" xml:lang="en-US">Portion Of Non Interest Expense Directors Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PortionOfNonInterestExpenseDirectorsFees" xml:lang="en-US">Portion Of Non Interest Expense Directors Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PortionOfNonInterestExpenseDirectorsFees" xml:lang="en-US">Noninterest expense related to directors' portion of fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PortionOfNonInterestExpenseDirectorsFees" xlink:to="lab_unl_PortionOfNonInterestExpenseDirectorsFees"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosureContractsAndAgreementsAdditionalInformationAbstract" xlink:label="loc_unl_DisclosureContractsAndAgreementsAdditionalInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosureContractsAndAgreementsAdditionalInformationAbstract" xml:lang="en-US">Disclosure Contracts and Agreements Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DisclosureContractsAndAgreementsAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Contracts and Agreements - Additional information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DisclosureContractsAndAgreementsAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Contracts and Agreements - Additional information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DisclosureContractsAndAgreementsAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Contracts and Agreements - Additional information [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DisclosureContractsAndAgreementsAdditionalInformationAbstract" xlink:to="lab_unl_DisclosureContractsAndAgreementsAdditionalInformationAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeTable" xlink:label="loc_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeTable" xml:lang="en-US">Long Duration Contracts Assumptions By Product and Guarantee [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeTable" xml:lang="en-US">Long-Duration Contracts, Assumptions, by Product and Guarantee [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeTable" xml:lang="en-US">Long-Duration Contracts, Assumptions, by Product and Guarantee [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeTable" xlink:to="lab_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeTable"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_MarketingAgreementMember" xlink:label="loc_unl_MarketingAgreementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_MarketingAgreementMember" xml:lang="en-US">Marketing Agreement [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_MarketingAgreementMember" xml:lang="en-US">Marketing Agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_MarketingAgreementMember" xml:lang="en-US">Marketing Agreement [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_MarketingAgreementMember" xlink:to="lab_unl_MarketingAgreementMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GroupFourMember" xlink:label="loc_unl_GroupFourMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GroupFourMember" xml:lang="en-US">Group Four [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GroupFourMember" xml:lang="en-US">US12NG's assets up to $3 billion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GroupFourMember" xml:lang="en-US">Group Four [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GroupFourMember" xlink:to="lab_unl_GroupFourMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GroupFiveMember" xlink:label="loc_unl_GroupFiveMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GroupFiveMember" xml:lang="en-US">Group Five [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GroupFiveMember" xml:lang="en-US">US12NG's assets in excess of $3 billion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GroupFiveMember" xml:lang="en-US">Group Five [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GroupFiveMember" xlink:to="lab_unl_GroupFiveMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GroupSixMember" xlink:label="loc_unl_GroupSixMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GroupSixMember" xml:lang="en-US">Group Six [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GroupSixMember" xml:lang="en-US">First $500 million of US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GroupSixMember" xml:lang="en-US">Group Six [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GroupSixMember" xlink:to="lab_unl_GroupSixMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GroupSevenMember" xlink:label="loc_unl_GroupSevenMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GroupSevenMember" xml:lang="en-US">Group Seven [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GroupSevenMember" xml:lang="en-US">US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GroupSevenMember" xml:lang="en-US">Group Seven [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GroupSevenMember" xlink:to="lab_unl_GroupSevenMember"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_GroupEightMember" xlink:label="loc_unl_GroupEightMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_GroupEightMember" xml:lang="en-US">Group Eight [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_GroupEightMember" xml:lang="en-US">US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets exceed $1 billion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_GroupEightMember" xml:lang="en-US">Group Eight [Member]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_GroupEightMember" xlink:to="lab_unl_GroupEightMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems" xlink:label="loc_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems" xml:lang="en-US">Long Duration Contracts Assumptions By Product and Guarantee [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems" xml:lang="en-US">Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems" xml:lang="en-US">Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems" xlink:to="lab_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CustodyFees" xlink:label="loc_us-gaap_CustodyFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CustodyFees" xml:lang="en-US">Custody Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CustodyFees" xml:lang="en-US">Annual Fee for custody, fund accounting and fund administration services</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_CustodyFees" xml:lang="en-US">Annual Fee for custody, fund accounting and fund administration services</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CustodyFees" xlink:to="lab_us-gaap_CustodyFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NoninterestExpenseTransferAgentAndCustodianFees" xlink:label="loc_us-gaap_NoninterestExpenseTransferAgentAndCustodianFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_NoninterestExpenseTransferAgentAndCustodianFees" xml:lang="en-US">Noninterest Expense Transfer Agent and Custodian Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_NoninterestExpenseTransferAgentAndCustodianFees" xml:lang="en-US">Annual Fee for transfer agency services</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_NoninterestExpenseTransferAgentAndCustodianFees" xml:lang="en-US">Annual Fee for transfer agency services</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoninterestExpenseTransferAgentAndCustodianFees" xlink:to="lab_us-gaap_NoninterestExpenseTransferAgentAndCustodianFees"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_TransactionFeesPaid" xlink:label="loc_unl_TransactionFeesPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_TransactionFeesPaid" xml:lang="en-US">Transaction Fees Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_TransactionFeesPaid" xml:lang="en-US">Transaction fees per transaction</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_TransactionFeesPaid" xml:lang="en-US">Transaction fees per transaction</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_TransactionFeesPaid" xml:lang="en-US">Transaction Fees Paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_TransactionFeesPaid" xlink:to="lab_unl_TransactionFeesPaid"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_CommissionsPaid" xlink:label="loc_unl_CommissionsPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_CommissionsPaid" xml:lang="en-US">Commissions Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_CommissionsPaid" xml:lang="en-US">Commissions per round-turn trade, including applicable exchange and NFA fees for Natural Gas-Related Futures Contracts and options on Futures Contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_CommissionsPaid" xml:lang="en-US">Commissions per round-turn trade, including applicable exchange and NFA fees for Natural Gas-Related Futures Contracts and options on Futures Contracts</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_CommissionsPaid" xml:lang="en-US">Commissions Paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_CommissionsPaid" xlink:to="lab_unl_CommissionsPaid"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_RebalancingCost" xlink:label="loc_unl_RebalancingCost"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_RebalancingCost" xml:lang="en-US">Rebalancing Cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_RebalancingCost" xml:lang="en-US">Rebalancing Cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_RebalancingCost" xml:lang="en-US">The amount attributable to commission accrued as a result of rebalancing costs during the reporting period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_RebalancingCost" xlink:to="lab_unl_RebalancingCost"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_CreationAndRedemptionActivityCosts" xlink:label="loc_unl_CreationAndRedemptionActivityCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_CreationAndRedemptionActivityCosts" xml:lang="en-US">Creation and Redemption Activity Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_CreationAndRedemptionActivityCosts" xml:lang="en-US">Creation And Redemption Activity Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_CreationAndRedemptionActivityCosts" xml:lang="en-US">The anount of commission accrued as a result of trades necessitated by creation and redemption activity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_CreationAndRedemptionActivityCosts" xlink:to="lab_unl_CreationAndRedemptionActivityCosts"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_AverageDailyTotalNetAssetPercentage" xlink:label="loc_unl_AverageDailyTotalNetAssetPercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_AverageDailyTotalNetAssetPercentage" xml:lang="en-US">Average Daily Total Net Asset Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_AverageDailyTotalNetAssetPercentage" xml:lang="en-US">Average Daily Total Net Asset Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_AverageDailyTotalNetAssetPercentage" xml:lang="en-US">Percentage of average daily total net assets during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_AverageDailyTotalNetAssetPercentage" xlink:to="lab_unl_AverageDailyTotalNetAssetPercentage"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract" xlink:label="loc_unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract" xml:lang="en-US">Disclosure Financial Instruments Off Balance Sheet Risks and Contingencies Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Financial Instruments, Off-Balance Sheet Risks and Contingencies - Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Financial Instruments, Off-Balance Sheet Risks and Contingencies - Additional Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract" xml:lang="en-US">Disclosure - Financial Instruments, Off-Balance Sheet Risks and Contingencies - Additional Information [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract" xlink:to="lab_unl_DisclosureFinancialInstrumentsOffBalanceSheetRisksAndContingenciesAdditionalInformationAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable" xlink:label="loc_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable" xml:lang="en-US">Carrying Amounts and Fair Values Of Financial Instruments Or Liabilities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable" xml:lang="en-US">Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable" xml:lang="en-US">Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable" xml:lang="en-US">Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable" xlink:to="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesTable"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems" xlink:label="loc_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems" xml:lang="en-US">Carrying Amounts and Fair Values Of Financial Instruments Or Liabilities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems" xml:lang="en-US">Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems" xml:lang="en-US">Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems" xml:lang="en-US">Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems" xlink:to="lab_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DepositsMoneyMarketDeposits" xlink:label="loc_us-gaap_DepositsMoneyMarketDeposits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DepositsMoneyMarketDeposits" xml:lang="en-US">Deposits Money Market Deposits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DepositsMoneyMarketDeposits" xml:lang="en-US">Cash investments in money market funds</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DepositsMoneyMarketDeposits" xml:lang="en-US">Cash investments in money market funds</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepositsMoneyMarketDeposits" xlink:to="lab_us-gaap_DepositsMoneyMarketDeposits"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Deposits" xlink:label="loc_us-gaap_Deposits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_Deposits" xml:lang="en-US">Deposits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_Deposits" xml:lang="en-US">Deposits in domestic and foreign financial institutions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_Deposits" xml:lang="en-US">Deposits in domestic and foreign financial institutions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Deposits" xlink:to="lab_us-gaap_Deposits"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract" xlink:label="loc_unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract" xml:lang="en-US">Disclosure Per Unit Performance Data and Other Supplemental Financial Data [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract" xml:lang="en-US">Disclosure - Per Unit Performance Data and Other Supplemental Financial Data [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract" xml:lang="en-US">Disclosure - Per Unit Performance Data and Other Supplemental Financial Data [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract" xml:lang="en-US">Disclosure - Per Unit Performance Data and Other Supplemental Financial Data [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract" xlink:to="lab_unl_DisclosurePerUnitPerformanceDataAndOtherSupplementalFinancialDataAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionTable" xlink:label="loc_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionTable" xml:lang="en-US">Average Sales Price and Production Costs Per Unit Of Production [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionTable" xml:lang="en-US">Average Sales Price and Production Costs Per Unit of Production [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionTable" xml:lang="en-US">Average Sales Price and Production Costs Per Unit of Production [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionTable" xlink:to="lab_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionLineItems" xlink:label="loc_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionLineItems" xml:lang="en-US">Average Sales Price and Production Costs Per Unit Of Production [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionLineItems" xml:lang="en-US">Average Sales Price and Production Costs Per Unit of Production [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionLineItems" xml:lang="en-US">Average Sales Price and Production Costs Per Unit of Production [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionLineItems" xlink:to="lab_us-gaap_AverageSalesPriceAndProductionCostsPerUnitOfProductionLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPartnersCapitalRollForward" xlink:label="loc_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward" xml:lang="en-US">Increase Decrease In Partners Capital [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward" xml:lang="en-US">Per Unit Operating Performance:</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward" xml:lang="en-US">Per Unit Operating Performance:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_TotalIncomeLossPerUnit" xlink:label="loc_unl_TotalIncomeLossPerUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_TotalIncomeLossPerUnit" xml:lang="en-US">Total Income Loss Per Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_TotalIncomeLossPerUnit" xml:lang="en-US">Total income (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_TotalIncomeLossPerUnit" xml:lang="en-US">Total income (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_TotalIncomeLossPerUnit" xml:lang="en-US">Total Income (Loss), Per Unit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_TotalIncomeLossPerUnit" xlink:to="lab_unl_TotalIncomeLossPerUnit"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_TotalExpensesPerUnit" xlink:label="loc_unl_TotalExpensesPerUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_TotalExpensesPerUnit" xml:lang="en-US">Total Expenses Per Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_TotalExpensesPerUnit" xml:lang="en-US">Total expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_TotalExpensesPerUnit" xml:lang="en-US">Net expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_TotalExpensesPerUnit" xml:lang="en-US">Total Expenses, Per Unit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_TotalExpensesPerUnit" xlink:to="lab_unl_TotalExpensesPerUnit"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_IncreaseDecreaseInNetAssetValuePerUnit" xlink:label="loc_unl_IncreaseDecreaseInNetAssetValuePerUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_IncreaseDecreaseInNetAssetValuePerUnit" xml:lang="en-US">Increase Decrease In Net Asset Value Per Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_IncreaseDecreaseInNetAssetValuePerUnit" xml:lang="en-US">Net decrease in net asset value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_unl_IncreaseDecreaseInNetAssetValuePerUnit" xml:lang="en-US">Net decrease in net asset value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_IncreaseDecreaseInNetAssetValuePerUnit" xml:lang="en-US">Increase (Decrease) In Net Asset Value Per Unit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_IncreaseDecreaseInNetAssetValuePerUnit" xlink:to="lab_unl_IncreaseDecreaseInNetAssetValuePerUnit"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_RateOfReturnOnAverageAsset" xlink:label="loc_unl_RateOfReturnOnAverageAsset"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_RateOfReturnOnAverageAsset" xml:lang="en-US">Rate Of Return On Average Asset</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_RateOfReturnOnAverageAsset" xml:lang="en-US">Total Return</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_RateOfReturnOnAverageAsset" xml:lang="en-US">Total Return</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_RateOfReturnOnAverageAsset" xml:lang="en-US">Rate Of Return On Average Asset</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_RateOfReturnOnAverageAsset" xlink:to="lab_unl_RateOfReturnOnAverageAsset"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_AverageNetAssetsAbstract" xlink:label="loc_unl_AverageNetAssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_AverageNetAssetsAbstract" xml:lang="en-US">Average Net Assets [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_AverageNetAssetsAbstract" xml:lang="en-US">Ratios to Average Net Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_AverageNetAssetsAbstract" xml:lang="en-US">Ratios to Average Net Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_AverageNetAssetsAbstract" xml:lang="en-US">Average Net Assets [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_AverageNetAssetsAbstract" xlink:to="lab_unl_AverageNetAssetsAbstract"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PercentageOfTotalRevenue" xlink:label="loc_unl_PercentageOfTotalRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PercentageOfTotalRevenue" xml:lang="en-US">Percentage Of Total Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PercentageOfTotalRevenue" xml:lang="en-US">Total income (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PercentageOfTotalRevenue" xml:lang="en-US">Total income (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PercentageOfTotalRevenue" xml:lang="en-US">Percentage of Total Revenue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PercentageOfTotalRevenue" xlink:to="lab_unl_PercentageOfTotalRevenue"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_ManagementIncentiveFeePercentage" xlink:label="loc_unl_ManagementIncentiveFeePercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_ManagementIncentiveFeePercentage" xml:lang="en-US">Management Incentive Fee Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_ManagementIncentiveFeePercentage" xml:lang="en-US">Management fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_ManagementIncentiveFeePercentage" xml:lang="en-US">Management fees*</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_ManagementIncentiveFeePercentage" xml:lang="en-US">Management Incentive Fee Percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_ManagementIncentiveFeePercentage" xlink:to="lab_unl_ManagementIncentiveFeePercentage"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_ExpensesExcludingManagementFeePercentage" xlink:label="loc_unl_ExpensesExcludingManagementFeePercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_ExpensesExcludingManagementFeePercentage" xml:lang="en-US">Expenses Excluding Management Fee Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_ExpensesExcludingManagementFeePercentage" xml:lang="en-US">Total expenses excluding management fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_ExpensesExcludingManagementFeePercentage" xml:lang="en-US">Total expenses excluding management fees*</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_ExpensesExcludingManagementFeePercentage" xml:lang="en-US">Expenses, Excluding Management Fee Percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_ExpensesExcludingManagementFeePercentage" xlink:to="lab_unl_ExpensesExcludingManagementFeePercentage"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PercentageWaiverExpense" xlink:label="loc_unl_PercentageWaiverExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PercentageWaiverExpense" xml:lang="en-US">Percentage Waiver Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PercentageWaiverExpense" xml:lang="en-US">Expenses waived</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PercentageWaiverExpense" xml:lang="en-US">Expenses waived*</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PercentageWaiverExpense" xml:lang="en-US">Percentage Waiver Expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PercentageWaiverExpense" xlink:to="lab_unl_PercentageWaiverExpense"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_ExpenseExcludingManagementFeePercentageNet" xlink:label="loc_unl_ExpenseExcludingManagementFeePercentageNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_ExpenseExcludingManagementFeePercentageNet" xml:lang="en-US">Expense Excluding Management Fee Percentage Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_ExpenseExcludingManagementFeePercentageNet" xml:lang="en-US">Net expenses excluding management fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_ExpenseExcludingManagementFeePercentageNet" xml:lang="en-US">Net expenses excluding management fees*</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_ExpenseExcludingManagementFeePercentageNet" xml:lang="en-US">Expense Excluding Management Fee Percentage Net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_ExpenseExcludingManagementFeePercentageNet" xlink:to="lab_unl_ExpenseExcludingManagementFeePercentageNet"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_PercentageOfConsolidatedNetIncome" xlink:label="loc_unl_PercentageOfConsolidatedNetIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_PercentageOfConsolidatedNetIncome" xml:lang="en-US">Percentage Of Consolidated Net Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_PercentageOfConsolidatedNetIncome" xml:lang="en-US">Net income (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_PercentageOfConsolidatedNetIncome" xml:lang="en-US">Net income (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_PercentageOfConsolidatedNetIncome" xml:lang="en-US">Percentage of Consolidated Net Income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_PercentageOfConsolidatedNetIncome" xlink:to="lab_unl_PercentageOfConsolidatedNetIncome"/>
<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract" xlink:label="loc_unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract" xml:lang="en-US">Disclosure Valuation Of Securities Using Fair Value Hierarchy [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract" xml:lang="en-US">Disclosure - Valuation of Securities Using Fair Value Hierarchy [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract" xml:lang="en-US">Disclosure - Valuation of Securities Using Fair Value Hierarchy [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract" xml:lang="en-US">Disclosure - Valuation of Securities Using Fair Value Hierarchy [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract" xlink:to="lab_unl_DisclosureValuationOfSecuritiesUsingFairValueHierarchyAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xlink:label="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xml:lang="en-US">Schedule Of Trading Securities and Other Trading Assets [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xml:lang="en-US">Schedule of Trading Securities and Other Trading Assets [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xml:lang="en-US">Schedule of Trading Securities and Other Trading Assets [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable" xlink:to="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xml:lang="en-US">Fair Value By Fair Value Hierarchy Level [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xml:lang="en-US">Fair Value, Hierarchy</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xml:lang="en-US">Fair Value, Hierarchy</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value Measurements Fair Value Hierarchy [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_us-gaap_FairValueInputsLevel1Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Fair Value Inputs Level 1 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Fair Value, Inputs, Level 1</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_us-gaap_FairValueInputsLevel1Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FinancialInstrumentAxis" xlink:label="loc_us-gaap_FinancialInstrumentAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xml:lang="en-US">Financial Instrument [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xml:lang="en-US">Financial Instrument</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xml:lang="en-US">Financial Instrument</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentAxis" xlink:to="lab_us-gaap_FinancialInstrumentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xml:lang="en-US">Transfers and Servicing Of Financial Instruments Types Of Financial Instruments [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xml:lang="en-US">Types of Financial Instruments [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xml:lang="en-US">Types of Financial Instruments [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShortTermInvestmentsMember" xlink:label="loc_us-gaap_ShortTermInvestmentsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ShortTermInvestmentsMember" xml:lang="en-US">Short Term Investments [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ShortTermInvestmentsMember" xml:lang="en-US">Short-Term Investments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermInvestmentsMember" xlink:to="lab_us-gaap_ShortTermInvestmentsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ForeignExchangeFutureMember" xlink:label="loc_us-gaap_ForeignExchangeFutureMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ForeignExchangeFutureMember" xml:lang="en-US">Foreign Exchange Future [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ForeignExchangeFutureMember" xml:lang="en-US">Exchange-Traded Futures Contracts</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ForeignExchangeFutureMember" xlink:to="lab_us-gaap_ForeignExchangeFutureMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xlink:label="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xml:lang="en-US">Schedule Of Trading Securities and Other Trading Assets [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xml:lang="en-US">Schedule of Trading Securities and Other Trading Assets [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xml:lang="en-US">Schedule of Trading Securities and Other Trading Assets [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems" xlink:to="lab_us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentsFairValueDisclosure" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure"/>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_unl_DisclosureFairValueOfDerivativeInstrumentsAbstract" xml:lang="en-US">Disclosure Fair Value Of Derivative Instruments [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:label="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable"/>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xml:lang="en-US">Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xml:lang="en-US">Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_CommodityContractMember" xml:lang="en-US">Commodity Contract [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_CommodityContractMember" xml:lang="en-US">Commodity Contracts</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DerivativeByNatureAxis" xml:lang="en-US">Derivative By Nature [Axis]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DerivativeNameDomain" xml:lang="en-US">Derivative Name [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DerivativeNameDomain" xml:lang="en-US">Derivative, Name [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_DerivativeNameDomain" xml:lang="en-US">Derivative, Name [Domain]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_FutureMember" xml:lang="en-US">Future [Member]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xml:lang="en-US">Balance Sheet Location [Domain]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsTotalMember" xlink:label="loc_us-gaap_AssetsTotalMember"/>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_us-gaap_DerivativesFairValueLineItems" xml:lang="en-US">Derivatives Fair Value [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_us-gaap_DerivativesFairValueLineItems" xml:lang="en-US">Derivatives, Fair Value [Line Items]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue"/>
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<loc xlink:type="locator" xlink:href="unl-20121231.xsd#unl_DisclosureEffectOfDerivativeInstrumentsOnCondensedStatementsOfOperationsAbstract" xlink:label="loc_unl_DisclosureEffectOfDerivativeInstrumentsOnCondensedStatementsOfOperationsAbstract"/>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BasisAmountForFeePercentage', window );">Combined assets basis for determining fee percentage</a></td>
        <td class="nump">1,000,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,000,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Licensing Agreements | Combined net assets above $1,000,000,000</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FeesPaidAndRelatedPartyTransactionsLineItems', window );"><strong>Fees Paid and Related Party Transactions [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BaseFeePercentage', window );">Fee percentage</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0.02%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Licensing Agreements | Combined net assets above $1,000,000,000 | Minimum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FeesPaidAndRelatedPartyTransactionsLineItems', window );"><strong>Fees Paid and Related Party Transactions [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BasisAmountForFeePercentage', window );">Combined assets basis for determining fee percentage</a></td>
        <td class="nump">1,000,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,000,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Licensing Agreements | On and after October 20, 2011</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FeesPaidAndRelatedPartyTransactionsLineItems', window );"><strong>Fees Paid and Related Party Transactions [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BaseFeePercentage', window );">Fee percentage</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0.015%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BaseAmountForFeePercentage', window );">Assets basis for determining fee percentage</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">On all net assets<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Future Period - for the year ending December 31, 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FeesPaidAndRelatedPartyTransactionsLineItems', window );"><strong>Fees Paid and Related Party Transactions [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralExpense', window );">Estimated investor tax reporting cost</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">75,000<span></span></td>
        <td class="nump">55,000<span></span></td>
        <td class="nump">155,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Future Period - for the year ending December 31, 2012 | Maximum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FeesPaidAndRelatedPartyTransactionsLineItems', window );"><strong>Fees Paid and Related Party Transactions [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfChangeInCostsAndExpenses', window );">Costs and expenses annual limit for reimbursement</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0.15%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Us12ng [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FeesPaidAndRelatedPartyTransactionsLineItems', window );"><strong>Fees Paid and Related Party Transactions [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PortionOfNonInterestExpenseDirectorsFees', window );">Portion Of Non Interest Expense Directors Fees</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">68,503<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Us12ng [Member] | Related Public Funds [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FeesPaidAndRelatedPartyTransactionsLineItems', window );"><strong>Fees Paid and Related Party Transactions [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoninterestExpenseDirectorsFees', window );">Estimated directors' fees and expenses</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 540,586<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_BaseAmountForFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Base Amount For Fee Percentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_BaseAmountForFeePercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_BaseFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Base Fee Percentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_BaseFeePercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_BasisAmountForFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Basis Amount for Fee Percentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Expense Waiver</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td>credit</td>
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                    <td><strong> Name:</strong></td>
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                    <td>duration</td>
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                <p>Percentage of Average Daily Net Assets</p>
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                <p>No definition available.</p>
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                <p>Percentage of Change in Costs and Expenses</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Noninterest expense related to directors' portion of fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_PortionOfNonInterestExpenseDirectorsFees</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Costs incurred and are directly related to generating license revenue. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LicenseCosts</nobr></td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Description of the nature of payments to managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP), including the fee rate, basis of calculation, relevant accounting period, whether the fee is paid to an entity other than the managing member or general partner, or whether the fee is waived.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph a, b, c, d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><nobr>us-gaap_ManagementFeeDescription</nobr></td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Noninterest expense related to directors' fees which are fees paid by an Entity to its directors. Directors' fees may be paid in addition to salary and other benefits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of general expenses not normally included in Other Operating Costs and Expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 6<br><br> -Article 5<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>ORGANIZATION AND BUSINESS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE 1 - ORGANIZATION AND BUSINESS </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The United States 12 Month Natural Gas Fund, LP (&#8220;US12NG&#8221;) was organized as a limited partnership under the laws of the state of Delaware on June 27, 2007.&#160;US12NG is a commodity pool that issues limited partnership units (&#8220;units&#8221;) that may be purchased and sold on the NYSE Arca, Inc. (the &#8220;NYSE Arca&#8221;).&#160;US12NG will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its&#160;Second Amended and Restated Agreement of Limited Partnership dated as of March 1, 2013 (the &#8220;LP Agreement&#8221;).&#160;The investment objective of US12NG is for the daily changes in percentage terms of its units&#8217; per unit net asset value (&#8220;NAV&#8221;) to reflect the daily changes in percentage terms&#160;of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily changes in the average of the prices of 12 futures contracts on natural gas traded on the&#160;New York Mercantile Exchange (the &#8220;NYMEX&#8221;),&#160;consisting of the near month contract to expire and the contracts for the following 11 months for a total of 12 consecutive months&#8217; contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that are the next month contract to expire and the contracts for the following 11 consecutive months (the &#8220;Benchmark Futures Contracts&#8221;), less US12NG&#8217;s expenses. It is not the intent of US12NG to be operated in a fashion such that the per unit NAV will equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas. It is not the intent of US12NG to be operated in a fashion such that its per unit NAV will reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day. United States Commodity Funds LLC (&#8220;USCF&#8221;), the general partner of US12NG, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts (as defined below) and Other Natural Gas-Related Investments (as defined below).&#160;US12NG accomplishes its objective through investments in futures contracts for natural gas, crude oil, diesel-heating oil, gasoline and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges (collectively, &#8220;Futures Contracts&#8221;) and other natural gas-related investments such as cash-settled options on Futures Contracts, forward contracts for natural gas, cleared swap contracts and over-the-counter transactions that are based on the price of natural gas, crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing&#160;(collectively, &#8220;Other Natural Gas-Related Investments&#8221;).&#160;As of December&#160;31, 2012, US12NG held 1,197 Futures Contracts for natural gas traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG commenced investment operations on November&#160;18, 2009 and has a fiscal year ending on December&#160;31. USCF is&#160;responsible for the management of US12NG. USCF is a member of the National Futures Association (the &#8220;NFA&#8221;) and became&#160;a commodity pool operator registered with the Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) effective December&#160;1, 2005.&#160;USCF is also the general partner of&#160;the United States Oil Fund, LP (&#8220;USOF&#8221;), the United States Natural Gas Fund, LP (&#8220;USNG&#8221;), the United States 12 Month Oil Fund, LP (&#8220;US12OF&#8221;), the United States Gasoline Fund, LP (&#8220;UGA&#8221;) and the United States Diesel-Heating Oil Fund, LP (formerly, the United States Heating Oil Fund, LP) (&#8220;USDHO&#8221;), which listed their limited partnership units on the AMEX under the ticker symbols&#160;&#8220;USO&#8221; on April&#160;10, 2006, &#8220;UNG&#8221; on April&#160;18, 2007, &#8220;USL&#8221;&#160;on December&#160;6, 2007, &#8220;UGA&#8221; on February&#160;26, 2008 and &#8220;UHN&#8221; on April&#160;9, 2008, respectively.&#160;As a result of the acquisition of the American Stock Exchange (the &#8220;AMEX&#8221;) by NYSE Euronext, each of USOF&#8217;s, USNG&#8217;s, US12OF&#8217;s, UGA&#8217;s and USDHO&#8217;s units commenced trading on the NYSE Arca on November&#160;25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (&#8220;USSO&#8221;) and the United States Brent Oil Fund, LP (&#8220;USBO&#8221;), which listed their limited partnership units on the NYSE Arca under the ticker symbols &#8220;DNO&#8221; on September&#160;24, 2009 and &#8220;BNO&#8221; on June&#160;2, 2010, respectively.&#160;USCF is also the sponsor of the United States Commodity Index Fund (&#8220;USCI&#8221;), the United States Copper Index Fund (&#8220;CPER&#8221;), the United States Agriculture Index Fund (&#8220;USAG&#8221;) and the United States Metals Index Fund (&#8220;USMI&#8221;), each a series of the United States Commodity Index Funds Trust. USCI, CPER, USAG and USMI listed their units on the NYSE Arca under the ticker symbol &#8220;USCI&#8221; on August&#160;10, 2010, &#8220;CPER&#8221; on November&#160;15, 2011, &#8220;USAG&#8221; on April 13, 2012 and &#8220;USMI&#8221; on June 19, 2012, respectively.&#160;All funds listed previously are referred to collectively herein as the &#8220;Related Public Funds.&#8221; USCF has also filed registration statements to register units of the United States Sugar Fund (&#8220;USSF&#8221;), the United States Natural Gas Double Inverse Fund (&#8220;UNGD&#8221;), the United States Gasoil Fund (&#8220;USGO&#8221;) and the United States Asian Commodities Basket Fund (&#8220;UAC&#8221;), each a series of the United States Commodity Funds Trust I, and the US Golden Currency Fund (&#8220;HARD&#8221;), a series of the United States Currency Funds Trust.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Effective February&#160;29, 2012, US12NG&#160;issues units to certain authorized purchasers (&#8220;Authorized Purchasers&#8221;) by offering baskets consisting of 50,000 units (&#8220;Creation Baskets&#8221;) through ALPS Distributors, Inc. as the marketing agent (the &#8220;Marketing Agent&#8221;). Prior to February&#160;29, 2012, US12NG issued units to Authorized Purchasers by offering baskets consisting of 100,000 units through the Marketing Agent.&#160;The purchase price for a Creation Basket is based upon the NAV of a unit calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">From July&#160;1, 2011 through December&#160;31, 2012 (and continuing at least through May&#160;1, 2013), the applicable transaction fee paid by Authorized Purchasers is $350 to US12NG for each order they place to create or redeem one or more baskets (&#8220;Redemption Baskets&#8221;); prior to July&#160;1, 2011, this fee was $1,000. Units may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket.&#160;Units purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per unit NAV of US12NG but rather at market prices quoted on such exchange.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">In November 2009, US12NG initially registered 30,000,000 units on Form S-1 with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;).&#160;On November&#160;18, 2009, US12NG listed its units on the NYSE Arca under the ticker symbol &#8220;UNL&#8221;. On that day, US12NG established its initial per unit NAV by setting the price at $50.00 and issued 200,000&#160;units in exchange for $10,001,000.&#160;US12NG also commenced investment operations on November&#160;18, 2009 by purchasing Futures Contracts traded on the NYMEX based on natural gas. As of December&#160;31, 2012, US12NG had registered a total of 30,000,000 units.</font></p><span></span></td>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EQGAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>QUARTERLY FINANCIAL DATA (Quarterly Financial Information Presents The Results Of Operations) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="8">3 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2012</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Sep. 30, 2011</div>
        </th>
        <th class="th">
          <div>Jun. 30, 2011</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_TotalIncomeLoss', window );">Total Income (Loss)</a></td>
        <td class="num">$ (3,465,367)<span></span></td>
        <td class="nump">$ 3,406,724<span></span></td>
        <td class="nump">$ 2,309,257<span></span></td>
        <td class="num">$ (6,713,578)<span></span></td>
        <td class="num">$ (6,690,685)<span></span></td>
        <td class="num">$ (5,015,695)<span></span></td>
        <td class="num">$ (1,924,977)<span></span></td>
        <td class="num">$ (418,515)<span></span></td>
        <td class="num">$ (4,462,964)<span></span></td>
        <td class="num">$ (14,049,872)<span></span></td>
        <td class="num">$ (13,388,713)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total Expenses</a></td>
        <td class="nump">143,630<span></span></td>
        <td class="nump">122,485<span></span></td>
        <td class="nump">94,598<span></span></td>
        <td class="nump">74,018<span></span></td>
        <td class="nump">51,418<span></span></td>
        <td class="nump">119,657<span></span></td>
        <td class="nump">124,760<span></span></td>
        <td class="nump">112,956<span></span></td>
        <td class="nump">434,731<span></span></td>
        <td class="nump">408,791<span></span></td>
        <td class="nump">482,966<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_ExpenseWaiver', window );">Expense waiver</a></td>
        <td class="num">(26,148)<span></span></td>
        <td class="num">(13,434)<span></span></td>
        <td class="num">(12,614)<span></span></td>
        <td class="num">(16,307)<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="num">(39,596)<span></span></td>
        <td class="num">(35,903)<span></span></td>
        <td class="num">(37,670)<span></span></td>
        <td class="num">(68,503)<span></span></td>
        <td class="num">(113,169)<span></span></td>
        <td class="num">(151,688)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetOperatingExpenses', window );">Net Expenses</a></td>
        <td class="nump">117,482<span></span></td>
        <td class="nump">109,051<span></span></td>
        <td class="nump">81,984<span></span></td>
        <td class="nump">57,711<span></span></td>
        <td class="nump">51,418<span></span></td>
        <td class="nump">80,061<span></span></td>
        <td class="nump">88,857<span></span></td>
        <td class="nump">75,286<span></span></td>
        <td class="nump">366,228<span></span></td>
        <td class="nump">295,622<span></span></td>
        <td class="nump">331,278<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Loss</a></td>
        <td class="num">$ (3,582,849)<span></span></td>
        <td class="nump">$ 3,297,673<span></span></td>
        <td class="nump">$ 2,227,273<span></span></td>
        <td class="num">$ (6,771,289)<span></span></td>
        <td class="num">$ (6,742,103)<span></span></td>
        <td class="num">$ (5,095,756)<span></span></td>
        <td class="num">$ (2,013,834)<span></span></td>
        <td class="num">$ (493,801)<span></span></td>
        <td class="num">$ (4,829,192)<span></span></td>
        <td class="num">$ (14,345,494)<span></span></td>
        <td class="num">$ (13,719,991)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit', window );">Net Income (Loss) per Unit</a></td>
        <td class="num">(1.45)<span></span></td>
        <td class="nump">1.3<span></span></td>
        <td class="nump">1.01<span></span></td>
        <td class="num">(4.84)<span></span></td>
        <td class="num">(6.73)<span></span></td>
        <td class="num">(4.63)<span></span></td>
        <td class="num">(1.70)<span></span></td>
        <td class="num">(0.75)<span></span></td>
        <td class="num">(3.98)<span></span></td>
        <td class="num">(13.81)<span></span></td>
        <td class="num">(18.75)<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_ExpenseWaiver">
        <tr>
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expense Waiver</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_ExpenseWaiver</nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NetOperatingExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total expenses net of waiver.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NetOperatingExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_TotalIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total Income (Loss)</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_TotalIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income (loss) allocated to each outstanding limited partnership unit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 4<br><br> -Section F<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>us-types:perUnitItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ER1AE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>FINANCIAL HIGHLIGHTS (Per Unit Performance Data and Other Supplemental Financial Data) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
        <th class="th">
          <div>Nov. 18, 2009</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPartnersCapitalRollForward', window );"><strong>Per Unit Operating Performance:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePerUnit', window );">Net asset value, beginning of year</a></td>
        <td class="nump">$ 21.21<span></span></td>
        <td class="nump">$ 35.02<span></span></td>
        <td class="nump">$ 53.77<span></span></td>
        <td class="nump">$ 50.00<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_TotalIncomeLossPerUnit', window );">Total income (loss)</a></td>
        <td class="num">$ (3.78)<span></span></td>
        <td class="num">$ (13.42)<span></span></td>
        <td class="num">$ (18.21)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_TotalExpensesPerUnit', window );">Net expenses</a></td>
        <td class="num">$ (0.20)<span></span></td>
        <td class="num">$ (0.39)<span></span></td>
        <td class="num">$ (0.54)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_IncreaseDecreaseInNetAssetValuePerUnit', window );">Net decrease in net asset value</a></td>
        <td class="num">$ (3.98)<span></span></td>
        <td class="num">$ (13.81)<span></span></td>
        <td class="num">$ (18.75)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePerUnit', window );">Net asset value, end of year</a></td>
        <td class="nump">$ 17.23<span></span></td>
        <td class="nump">$ 21.21<span></span></td>
        <td class="nump">$ 35.02<span></span></td>
        <td class="nump">$ 50.00<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_RateOfReturnOnAverageAsset', window );">Total Return</a></td>
        <td class="num">(18.76%)<span></span></td>
        <td class="num">(39.43%)<span></span></td>
        <td class="num">(34.87%)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_AverageNetAssetsAbstract', window );"><strong>Ratios to Average Net Assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfTotalRevenue', window );">Total income (loss)</a></td>
        <td class="num">(11.80%)<span></span></td>
        <td class="num">(44.03%)<span></span></td>
        <td class="num">(37.65%)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_ManagementIncentiveFeePercentage', window );">Management fees</a></td>
        <td class="nump">0.75%<span></span></td>
        <td class="nump">0.75%<span></span></td>
        <td class="nump">0.70%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_ExpensesExcludingManagementFeePercentage', window );">Total expenses excluding management fees</a></td>
        <td class="nump">0.40%<span></span></td>
        <td class="nump">0.53%<span></span></td>
        <td class="nump">0.66%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageWaiverExpense', window );">Expenses waived</a></td>
        <td class="num">(0.18%)<span></span></td>
        <td class="num">(0.36%)<span></span></td>
        <td class="num">(0.43%)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_ExpenseExcludingManagementFeePercentageNet', window );">Net expenses excluding management fees</a></td>
        <td class="nump">0.22%<span></span></td>
        <td class="nump">0.17%<span></span></td>
        <td class="nump">0.23%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfConsolidatedNetIncome', window );">Net income (loss)</a></td>
        <td class="num">(12.77%)<span></span></td>
        <td class="num">(44.95%)<span></span></td>
        <td class="num">(38.58%)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_AverageNetAssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_AverageNetAssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_ExpenseExcludingManagementFeePercentageNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expense Excluding Management Fee Percentage Net</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_ExpenseExcludingManagementFeePercentageNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_ExpensesExcludingManagementFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expenses, Excluding Management Fee Percentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_ExpensesExcludingManagementFeePercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_IncreaseDecreaseInNetAssetValuePerUnit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Increase (Decrease) In Net Asset Value Per Unit</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_IncreaseDecreaseInNetAssetValuePerUnit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_ManagementIncentiveFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Management Incentive Fee Percentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_ManagementIncentiveFeePercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NetAssetValuePerUnit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net asset value per unit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NetAssetValuePerUnit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_PercentageOfConsolidatedNetIncome">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of Consolidated Net Income</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_PercentageOfConsolidatedNetIncome</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_PercentageOfTotalRevenue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of Total Revenue</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_PercentageOfTotalRevenue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_PercentageWaiverExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage Waiver Expense</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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                <p>Rate Of Return On Average Asset</p>
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                <p>No definition available.</p>
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                <p>Total Income (Loss), Per Unit</p>
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        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS (Valuation of Securities Using Fair Value Hierarchy) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
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          <div class="a">Fair Value, Inputs, Level 1 | Short-Term Investments</div>
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          <div class="a">Fair Value, Inputs, Level 1 | Exchange-Traded Futures Contracts | United States</div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents investment securities as of the balance sheet date which may include marketable securities, derivative financial instruments, and investments accounted for under the equity method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Trading Securities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6526789<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7534914&amp;loc=d3e22054-111558<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Subparagraph a, f, g<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Available-for-Sale Securities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505594<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 12<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16383099&amp;loc=d3e24584-111560<br><br><br><br></p>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commodity Contracts | Futures | Assets</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativesFairValueLineItems', window );"><strong>Derivatives, Fair Value [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue', window );">Derivatives not Accounted for as Hedging Instruments</a></td>
        <td class="num">$ (906,580)<span></span></td>
        <td class="num">$ (8,583,320)<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value as of the balance sheet date of derivative instrument not designated as hedging instrument and classified as an asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4B<br><br> -Subparagraph (c)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624163-113959<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativesFairValueLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativesFairValueLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EKEAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Cash Flows (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash Flows from Operating Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (4,829,192)<span></span></td>
        <td class="num">$ (14,345,494)<span></span></td>
        <td class="num">$ (13,719,991)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities', window );">(Increase) decrease in commodity futures trading account - cash and cash equivalents</a></td>
        <td class="nump">5,715,124<span></span></td>
        <td class="num">(3,164,487)<span></span></td>
        <td class="num">(3,026,276)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts', window );">Unrealized (gain) loss on futures contracts</a></td>
        <td class="num">(7,676,740)<span></span></td>
        <td class="nump">6,408,260<span></span></td>
        <td class="nump">3,837,730<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders', window );">(Increase) decrease in receivable from General Partner</a></td>
        <td class="nump">44,666<span></span></td>
        <td class="nump">38,520<span></span></td>
        <td class="num">(15,011)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDividendsReceivable', window );">(Increase) decrease in dividend receivable</a></td>
        <td class="num">(228)<span></span></td>
        <td class="nump">868<span></span></td>
        <td class="num">(334)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet', window );">(Increase) decrease in interest receivable</a></td>
        <td class="nump">8<span></span></td>
        <td class="num">(8)<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">(Increase) decrease in other assets</a></td>
        <td class="num">(118)<span></span></td>
        <td class="nump">355<span></span></td>
        <td class="num">(558)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInTradingLiabilities', window );">Increase (decrease) in investment payable</a></td>
        <td class="num">(8)<span></span></td>
        <td class="nump">8<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_IncreaseDecreaseInProfessionalFeesPayable', window );">Increase (decrease) in professional fees payable</a></td>
        <td class="num">(25,802)<span></span></td>
        <td class="num">(53,930)<span></span></td>
        <td class="nump">64,205<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_IncreaseDecreaseManagementFeesPayable', window );">Increase (decrease) in General Partner management fees payable</a></td>
        <td class="nump">13,964<span></span></td>
        <td class="num">(9,196)<span></span></td>
        <td class="nump">8,874<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPayablesToBrokerDealers', window );">Increase (decrease) in brokerage commissions payable</a></td>
        <td class="num">(252)<span></span></td>
        <td class="num">(425)<span></span></td>
        <td class="nump">1,485<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities', window );">Increase (decrease) in other liabilities</a></td>
        <td class="nump">1,358<span></span></td>
        <td class="num">(1,681)<span></span></td>
        <td class="nump">1,904<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(6,757,220)<span></span></td>
        <td class="num">(11,127,210)<span></span></td>
        <td class="num">(12,847,972)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash Flows from Financing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromPartnershipContribution', window );">Addition of partnership units</a></td>
        <td class="nump">33,083,248<span></span></td>
        <td class="nump">10,130,630<span></span></td>
        <td class="nump">30,789,052<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PaymentsToPartnershipRedemption', window );">Redemption of partnership units</a></td>
        <td class="num">(6,377,911)<span></span></td>
        <td class="num">(9,597,603)<span></span></td>
        <td class="num">(19,684,196)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by financing activities</a></td>
        <td class="nump">26,705,337<span></span></td>
        <td class="nump">533,027<span></span></td>
        <td class="nump">11,104,856<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net Increase (Decrease) in Cash and Cash Equivalents</a></td>
        <td class="nump">19,948,117<span></span></td>
        <td class="num">(10,594,183)<span></span></td>
        <td class="num">(1,743,116)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents, beginning of year</a></td>
        <td class="nump">19,719,092<span></span></td>
        <td class="nump">30,313,275<span></span></td>
        <td class="nump">32,056,391<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and Cash Equivalents, end of year</a></td>
        <td class="nump">$ 39,667,209<span></span></td>
        <td class="nump">$ 19,719,092<span></span></td>
        <td class="nump">$ 30,313,275<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_IncreaseDecreaseInProfessionalFeesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Increase (Decrease) In Professional Fees Payable</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_IncreaseDecreaseInProfessionalFeesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_IncreaseDecreaseManagementFeesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Increase (Decrease) Management Fees Payable</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_IncreaseDecreaseManagementFeesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_PaymentsToPartnershipRedemption">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Payments To Partnership Redemption</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_PaymentsToPartnershipRedemption</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in receivables to be collected from the reporting entity's executives and owners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseDueFromOfficersAndStockholders</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount due from borrowers for interest payments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in cash disbursements due from investments, representing the shareholders' portion of profits.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInDividendsReceivable</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate value of financial instruments used in operating activities, including trading securities, risk management instruments, and other short-term trading instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingAssets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of obligations incurred arising from transactions with broker-dealers, such as amounts due on margin and unsettled cash transactions; includes payables to brokers, dealers and clearing organizations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPayablesToBrokerDealers</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInTradingLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate amount of trading liabilities from the reporting entity's trading activities. This include liabilities resulting from sales of assets that the reporting entity does not own and revaluation losses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInTradingLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromPartnershipContribution">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the capital received in cash from a partner in a partnership during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromPartnershipContribution</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of open derivatives, commodity, or energy contracts, held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
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      </table>
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  </body>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E6MAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS (Effect of Derivative Instruments on Condensed Statements of Operations) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfInvestments', window );">Realized Gain or (Loss) on Derivatives Recognized in Income</a></td>
        <td class="num">$ (12,161,650)<span></span></td>
        <td class="num">$ (7,653,100)<span></span></td>
        <td class="num">$ (9,574,510)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts', window );">Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income</a></td>
        <td class="nump">7,676,740<span></span></td>
        <td class="num">(6,408,260)<span></span></td>
        <td class="num">(3,837,730)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commodity Contracts | Futures | Realized gain (loss) on closed positions</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfInvestments', window );">Realized Gain or (Loss) on Derivatives Recognized in Income</a></td>
        <td class="num">(12,161,650)<span></span></td>
        <td class="num">(7,653,100)<span></span></td>
        <td class="num">(9,574,510)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commodity Contracts | Futures | Change in unrealized gain on open positions</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsGainLossLineItems', window );"><strong>Derivative Instruments, Gain (Loss) [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts', window );">Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income</a></td>
        <td class="nump">$ 7,676,740<span></span></td>
        <td class="num">$ (6,408,260)<span></span></td>
        <td class="num">$ (3,837,730)<span></span></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsGainLossLineItems">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeInstrumentsGainLossLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of open derivatives, commodity, or energy contracts, held at each balance sheet date, that was included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UnrealizedGainLossOnDerivativesAndCommodityContracts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E1EAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Statements of Financial Condition (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents (Notes 2 and 5)</a></td>
        <td class="nump">$ 39,667,209<span></span></td>
        <td class="nump">$ 19,719,092<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract', window );"><strong>Equity in UBS Securities LLC trading accounts:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Cash', window );">Cash and cash equivalents</a></td>
        <td class="nump">4,416,055<span></span></td>
        <td class="nump">10,131,179<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts', window );">Unrealized loss on open commodity futures contracts</a></td>
        <td class="num">(906,580)<span></span></td>
        <td class="num">(8,583,320)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromOfficersOrStockholders', window );">Receivable from General Partner (Note 3)</a></td>
        <td class="nump">68,503<span></span></td>
        <td class="nump">113,169<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsReceivable', window );">Dividend receivable</a></td>
        <td class="nump">423<span></span></td>
        <td class="nump">195<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestReceivable', window );">Interest receivable</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">8<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
        <td class="nump">321<span></span></td>
        <td class="nump">203<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">43,245,931<span></span></td>
        <td class="nump">21,380,526<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalNotesAbstract', window );"><strong>Liabilities and Partners' Capital</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradingLiabilities', window );">Investment payable</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">8<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_ProfessionalFeesPayableCurrentAndNoncurrent', window );">Professional fees payable</a></td>
        <td class="nump">125,273<span></span></td>
        <td class="nump">151,075<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent', window );">General Partner management fees payable (Note 3)</a></td>
        <td class="nump">28,625<span></span></td>
        <td class="nump">14,661<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations', window );">Brokerage commissions payable</a></td>
        <td class="nump">4,008<span></span></td>
        <td class="nump">4,260<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilities', window );">Other liabilities</a></td>
        <td class="nump">2,334<span></span></td>
        <td class="nump">976<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">160,240<span></span></td>
        <td class="nump">170,980<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and Contingencies (Notes 3, 4 and 5)</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAbstract', window );"><strong>Partners' Capital</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralPartnersCapitalAccount', window );">General Partner</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LimitedPartnersCapitalAccount', window );">Limited Partners</a></td>
        <td class="nump">43,085,691<span></span></td>
        <td class="nump">21,209,546<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapital', window );">Total Partners' Capital</a></td>
        <td class="nump">43,085,691<span></span></td>
        <td class="nump">21,209,546<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and partners' capital</a></td>
        <td class="nump">$ 43,245,931<span></span></td>
        <td class="nump">$ 21,380,526<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding', window );">Limited Partners' units outstanding</a></td>
        <td class="nump">2,500,000<span></span></td>
        <td class="nump">1,000,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePerUnit', window );">Net asset value per unit</a></td>
        <td class="nump">$ 17.23<span></span></td>
        <td class="nump">$ 21.21<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_MarketValuePerUnit', window );">Market value per unit</a></td>
        <td class="nump">$ 17.24<span></span></td>
        <td class="nump">$ 21.12<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_MarketValuePerUnit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Market value per unit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_MarketValuePerUnit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NetAssetValuePerUnit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net asset value per unit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NetAssetValuePerUnit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_ProfessionalFeesPayableCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Professional fees payable Current and Noncurrent</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_ProfessionalFeesPayableCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_UnrealizedGainLossOnOpenCommodityFuturesContracts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Unrealized gain (loss) on open commodity futures contracts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_UnrealizedGainLossOnOpenCommodityFuturesContracts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Cash">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Cash</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due to other broker-dealers or clearing organizations for executing or clearing trades or orders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Paragraph 80<br><br><br><br> -Subparagraph Exhibit 4-8, 4<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -Chapter 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommissionsPayableToBrokerDealersAndClearingOrganizations</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of dividends declared but not received.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromOfficersOrStockholders">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, amounts due from owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name FASB Interpretation (FIN)<br><br><br><br> -Number 46R<br><br><br><br> -Paragraph 16, 17<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 3<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39599-107864<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueFromOfficersOrStockholders</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amounts due to recorded owners or owners with a beneficial interest of more than 10 percent of the voting interests or officers of the company.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph 4<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.6-04.12(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e603758-122996<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DueToOfficersOrStockholdersCurrentAndNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FinancialInstrumentsOwnedAtFairValueAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralPartnersCapitalAccount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of the general partner's ownership interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Practice Bulletin (PB)<br><br><br><br> -Number 14<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (SAB TOPIC 4.F)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section F<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 87-21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GeneralPartnersCapitalAccount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LimitedPartnersCapitalAccount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of the limited partners' ownership interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 87-21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Practice Bulletin (PB)<br><br><br><br> -Number 14<br><br><br><br> -Paragraph 2, 10, 15<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (SAB TOPIC 4.F)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section F<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 272<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70434-108055<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LimitedPartnersCapitalAccount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of limited partner units outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 87-21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Practice Bulletin (PB)<br><br><br><br> -Number 14<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (SAB TOPIC 4.F)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section F<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 272<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70434-108055<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LimitedPartnersCapitalAccountUnitsOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnersCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of ownership interest of different classes of partners in limited partnership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 87-21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Practice Bulletin (PB)<br><br><br><br> -Number 14<br><br><br><br> -Paragraph 15<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 272<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 272<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70434-108055<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PartnersCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnersCapitalAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PartnersCapitalAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PartnersCapitalNotesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TradingLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of liabilities as of the balance sheet date that pertain to principal and customer trading transactions, or which may be incurred with the objective of generating a profit from short-term fluctuations in price as part of an entity's market-making, hedging and proprietary trading. Examples include short positions in securities, derivatives and commodities, obligations under repurchase agreements, and securities borrowed arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_TradingLiabilities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E5CBG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Statements of Changes in Partners' Capital (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>General Partner</div>
        </th>
        <th class="th">
          <div>Limited Partners</div>
        </th>
        <th class="th">
          <div>Total</div>
        </th>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapital', window );">Balances at Dec. 31, 2009</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 37,637,148<span></span></td>
        <td class="nump">$ 37,637,148<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePerUnit', window );">Net asset value, beginning of year at Dec. 31, 2009</a></td>
        <td class="nump">$ 53.77<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 53.77<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountContributions', window );">Addition of 1,850,000, 300,000 and 800,000 partnership units</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">30,789,052<span></span></td>
        <td class="nump">30,789,052<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountRedemptions', window );">Redemption of 350,000, 300,000 and 500,000 partnership units</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(19,684,196)<span></span></td>
        <td class="num">(19,684,196)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(13,719,991)<span></span></td>
        <td class="num">(13,719,991)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapital', window );">Balances at Dec. 31, 2010</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">35,022,013<span></span></td>
        <td class="nump">35,022,013<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePerUnit', window );">Net asset value, end of year at Dec. 31, 2010</a></td>
        <td class="nump">$ 35.02<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 35.02<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountContributions', window );">Addition of 1,850,000, 300,000 and 800,000 partnership units</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">10,130,630<span></span></td>
        <td class="nump">10,130,630<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountRedemptions', window );">Redemption of 350,000, 300,000 and 500,000 partnership units</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(9,597,603)<span></span></td>
        <td class="num">(9,597,603)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(14,345,494)<span></span></td>
        <td class="num">(14,345,494)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapital', window );">Balances at Dec. 31, 2011</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">21,209,546<span></span></td>
        <td class="nump">21,209,546<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePerUnit', window );">Net asset value, end of year at Dec. 31, 2011</a></td>
        <td class="nump">$ 21.21<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 21.21<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountContributions', window );">Addition of 1,850,000, 300,000 and 800,000 partnership units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">33,083,248<span></span></td>
        <td class="nump">33,083,248<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountRedemptions', window );">Redemption of 350,000, 300,000 and 500,000 partnership units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(6,377,911)<span></span></td>
        <td class="num">(6,377,911)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(4,829,192)<span></span></td>
        <td class="num">(4,829,192)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapital', window );">Balances at Dec. 31, 2012</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 43,085,691<span></span></td>
        <td class="nump">$ 43,085,691<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePerUnit', window );">Net asset value, end of year at Dec. 31, 2012</a></td>
        <td class="nump">$ 17.23<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 17.23<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NetAssetValuePerUnit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net asset value per unit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NetAssetValuePerUnit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnersCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of ownership interest of different classes of partners in limited partnership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Practice Bulletin (PB)<br><br> -Number 14<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70434-108055<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Total contributions made by each class of partners (i.e., general, limited and preferred partners).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Practice Bulletin (PB)<br><br> -Number 14<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Total change in each class of partners' capital accounts during the year due to redemptions and adjustments to redemption value. All partners include general, limited and preferred partners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Practice Bulletin (PB)<br><br> -Number 14<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EKH">
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          <div style="width: 200px;"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Of Financial Instruments [Abstract]</strong></a></td>
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        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The following table summarizes the valuation of US12NG&#8217;s securities at December&#160;31, 2012 using the fair value hierarchy:</font></p>
<p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
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<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">At&#160;December 31, 2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Total</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level I</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level&#160;II</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level&#160;III</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-indent: -12pt; padding-left: 12pt; width: 40%;"><font size="2" style="font-family:times new roman,times">Short-Term Investments</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">23,922,430</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">23,922,430</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Exchange-Traded Futures Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(906,580</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(906,580</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">During the year ended December&#160;31, 2012, there were no transfers between Level I and Level II.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The following table summarizes the valuation of US12NG&#8217;s securities at December&#160;31, 2011 using the fair value hierarchy:</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">At&#160;December 31, 2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Total</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level I</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level&#160;II</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level&#160;III</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-indent: -12pt; padding-left: 12pt; width: 40%;"><font size="2" style="font-family:times new roman,times">Short-Term Investments</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">12,278,369</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">12,278,369</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Exchange-Traded Futures Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 0.5in;"><font size="2" style="font-family:times new roman,times">United States Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(8,583,320</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(8,583,320</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
</table><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock', window );">Fair Value of Derivative Instruments</a></td>
        <td class="text"><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Fair Value of Derivative Instruments </b></font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Derivatives not Accounted </font><br /><font size="2" style="font-family:times new roman,times">for&#160;as&#160;Hedging&#160;Instruments</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Statements&#160;of</font><br /><font size="2" style="font-family:times new roman,times">Financial&#160;Condition</font><br /><font size="2" style="font-family:times new roman,times">Location</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Fair&#160;Value&#160;At</font><br /><font size="2" style="font-family:times new roman,times">December&#160;31,&#160;2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Fair&#160;Value&#160;At</font><br /><font size="2" style="font-family:times new roman,times">December 31,&#160;2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="width: 25%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 24%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right; width: 22%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right; width: 22%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">Futures - Commodity Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center;"><font size="2" style="font-family:times new roman,times">Assets</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(906,580</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(8,583,320</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
</table><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock', window );">Effect of Derivative Instruments on the Condensed Statements of Operations</a></td>
        <td class="text"><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>The Effect of Derivative Instruments on the Statements of Operations </b></font></p>
<p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 7pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="font-size: 7pt; vertical-align: bottom;">
<td style="font-size: 7pt;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">For&#160;the&#160;year&#160;ended<br />December&#160;31,&#160;2012</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">For&#160;the&#160;year&#160;ended<br />December&#160;31,&#160;2011</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">For the year ended <br />December 31, 2010</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
</tr>
<tr style="font-size: 7pt; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">Derivatives not Accounted <br />for as Hedging Instruments</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">Location&#160;of<br />Gain&#160;or<br />(Loss)&#160;on<br />Derivatives<br />Recognized<br />in&#160;Income</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">Realized<br />Gain&#160;or<br />(Loss)&#160;on<br />Derivatives<br />Recognized<br />in&#160;Income</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">Change&#160;in<br />Unrealized<br />Gain&#160;or<br />(Loss) on<br />Derivatives<br />Recognized<br />in&#160;Income</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">Realized<br />Gain&#160;or<br />(Loss)&#160;on<br />Derivatives<br />Recognized<br />in&#160;Income</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">Change&#160;in<br />Unrealized<br />Gain&#160;or<br />(Loss) on<br />Derivatives<br />Recognized<br />in&#160;Income</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">Realized<br />Gain&#160;or<br />(Loss)&#160;on<br />Derivatives<br />Recognized<br />in&#160;Income</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times
 new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 7pt; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">Change&#160;in<br />Unrealized<br />Gain&#160;or<br />(Loss) on <br />Derivatives<br />Recognized<br />in&#160;Income</font></td>
<td style="padding-bottom: 1pt; font-size: 7pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
</tr>
<tr style="font-size: 7pt; vertical-align: bottom;">
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;" colspan="2"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;" colspan="2"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;" colspan="2"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;" colspan="2"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;" colspan="2"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;" colspan="2"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; font-size: 7pt; vertical-align: bottom;">
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<td style="width: 1%; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="text-align: right; width: 10%; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="text-align: left; width: 1%; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; width: 10%; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="width: 1%; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="text-align: left; width: 1%; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; width: 10%; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; width: 1%; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
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<tr style="background-color: #ccffcc; font-size: 7pt; vertical-align: bottom;">
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">$</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">7,676,740</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">$</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">(6,408,260</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">)</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;;
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<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">$</font></td>
<td style="text-align: right; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">(3,837,730</font></td>
<td style="text-align: left; font-size: 7pt;"><font style="font-size: 7pt;; font-family:times new roman,times" size="2">)</font></td>
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                <p>The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example,  (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.</p>
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                <p>Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E1BAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Changes in Partners' Capital (Parenthetical)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
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        <th class="th">
          <div>Dec. 31, 2010</div>
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                <p>Units contributed by each class of partners during the year. Units represent shares of ownership of the general, limited, and preferred partners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Practice Bulletin (PB)<br><br> -Number 14<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -Subparagraph (SAB TOPIC 4.F)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of units redeemed during the year of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 16<br><br> -Subparagraph a, b<br><br> -Article 6<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 5<br><br> -Subparagraph (SAB TOPIC 4.F)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Practice Bulletin (PB)<br><br> -Number 14<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EDXAK">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Schedule of Investments (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Market Values</a></td>
        <td class="nump">$ 23,922,430<span></span></td>
        <td class="nump">$ 12,278,369<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">55.52%<span></span></td>
        <td class="nump">57.89%<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents | US Treasury Securities | U.S. Treasury Bill</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal Amount</a></td>
        <td class="nump">3,400,000<span></span></td>
        <td class="nump">1,760,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Market Values</a></td>
        <td class="nump">3,399,856<span></span></td>
        <td class="nump">1,759,748<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">7.89%<span></span></td>
        <td class="nump">8.30%<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents | United State | Money Market Funds</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Market Values</a></td>
        <td class="nump">20,522,574<span></span></td>
        <td class="nump">10,518,621<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">47.63%<span></span></td>
        <td class="nump">49.59%<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents | United State | Money Market Funds | Fidelity Institutional Government Portfolio - Class I</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal Amount</a></td>
        <td class="nump">2,509,115<span></span></td>
        <td class="nump">2,508,863<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Market Values</a></td>
        <td class="nump">2,509,115<span></span></td>
        <td class="nump">2,508,863<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">5.82%<span></span></td>
        <td class="nump">11.83%<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents | United State | Money Market Funds | Goldman Sachs Financial Square Funds - Government Fund - Class FS</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal Amount</a></td>
        <td class="nump">1,502,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Market Values</a></td>
        <td class="nump">1,502,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">3.49%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents | United State | Money Market Funds | Goldman Sachs Financial Square Funds - Government Fund - Class SL</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,501,985<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Market Values</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,501,985<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7.08%<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents | United State | Money Market Funds | Morgan Stanley Institutional Liquidity Fund - Government Portfolio</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal Amount</a></td>
        <td class="nump">6,510,691<span></span></td>
        <td class="nump">6,507,773<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Market Values</a></td>
        <td class="nump">6,510,691<span></span></td>
        <td class="nump">6,507,773<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">15.11%<span></span></td>
        <td class="nump">30.68%<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents | United State | Money Market Funds | Wells Fargo Advantage Government Money Market Fund - Class I</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalancePrincipalAmount', window );">Principal Amount</a></td>
        <td class="nump">10,000,468<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue', window );">Market Values</a></td>
        <td class="nump">10,000,468<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">23.21%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">1,197<span></span></td>
        <td class="nump">642<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(906,580)<span></span></td>
        <td class="num">(8,583,320)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(2.10%)<span></span></td>
        <td class="num">(40.47%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG February 2013 and February 2012 contracts, expiring January 2013 and January 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">99<span></span></td>
        <td class="nump">53<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(205,290)<span></span></td>
        <td class="num">(1,134,840)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(0.48%)<span></span></td>
        <td class="num">(5.35%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG March 2013 and March 2012 contracts, expiring February 2013 and February 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">54<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(178,200)<span></span></td>
        <td class="num">(992,530)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(0.41%)<span></span></td>
        <td class="num">(4.68%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG April 2013 and April 2012 contracts, expiring March 2013 and March 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">54<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(20,820)<span></span></td>
        <td class="num">(902,990)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(0.05%)<span></span></td>
        <td class="num">(4.26%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG May 2013 and May 2012 contracts, expiring April 2013 and April 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">99<span></span></td>
        <td class="nump">54<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="nump">111,460<span></span></td>
        <td class="num">(882,660)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">0.26%<span></span></td>
        <td class="num">(4.26%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG June 2013 and June 2012 contracts, expiring May 2013 and May 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">53<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(55,630)<span></span></td>
        <td class="num">(835,310)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(0.13%)<span></span></td>
        <td class="num">(3.94%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG July 2013 and July 2012 contracts, expiring June 2013 and June 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">53<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="nump">191,530<span></span></td>
        <td class="num">(890,120)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">0.45%<span></span></td>
        <td class="num">(4.20%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG August 2013 and August 2012 contracts, expiring July 2013 and July 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">54<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(61,640)<span></span></td>
        <td class="num">(839,470)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(0.14%)<span></span></td>
        <td class="num">(3.96%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG September 2013 and September 2012 contracts, expiring August 2013 and August 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">54<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="nump">46,640<span></span></td>
        <td class="num">(693,560)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">0.11%<span></span></td>
        <td class="num">(3.27%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG October 2013 and October 2012 contracts, expiring September 2013 and September 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">54<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(90,560)<span></span></td>
        <td class="num">(662,680)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(0.21%)<span></span></td>
        <td class="num">(3.12%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG November 2013 and November 2012 contracts, expiring October 2013 and October 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">53<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(334,130)<span></span></td>
        <td class="num">(426,230)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(0.78%)<span></span></td>
        <td class="num">(2.01%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG December 2013 and December 2012 contracts, expiring November 2013 and November 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">99<span></span></td>
        <td class="nump">53<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="num">(334,500)<span></span></td>
        <td class="num">(250,390)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="num">(0.78%)<span></span></td>
        <td class="num">(1.18%)<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG January 2014 and January 2013 contracts, expiring December 2013 and December 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedBalanceContracts', window );">Number of Contracts</a></td>
        <td class="nump">100<span></span></td>
        <td class="nump">53<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts', window );">Unrealized Gain (Loss) on Open Commodity Contracts</a></td>
        <td class="nump">$ 24,560<span></span></td>
        <td class="num">$ (72,540)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_PercentageOfPartnersCapital', window );">% of Partners' Capital</a></td>
        <td class="nump">0.06%<span></span></td>
        <td class="num">(0.34%)<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_PercentageOfPartnersCapital">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of Partners Capital</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_PercentageOfPartnersCapital</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
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                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Unrealized gain (loss) on open commodity futures and cleared swap contracts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_UnrealizedGainLossOnOpenCommodityFuturesAndClearedSwapContracts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
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      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedBalanceContracts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Balance held at close of period in number of contracts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.12-14.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611322-123010<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-12.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611133-123010<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 12C<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SX 210.12-12C.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611225-123010<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 12<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 14<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentOwnedBalanceContracts</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:decimalItemType</td>
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                    <td>na</td>
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                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For investments which are quantified by principal amount, the principle balance held at close of period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.12-14.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611322-123010<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-12.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611133-123010<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 12C<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SX 210.12-12C.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611225-123010<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 12<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 14<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentOwnedBalancePrincipalAmount</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the fair value of the face or notional amount of a contract right or obligation that meets the definition of an asset or liability reported in the financial statements of the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 3<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Underlying<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6527499<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 10<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6431724&amp;loc=d3e32938-113948<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 20<br><br> -Section 10<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6438156&amp;loc=d3e57880-113973<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentOwnedUnderlyingFaceAmountAtMarketValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>RECENT ACCOUNTING PRONOUNCEMENTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Dec. 31, 2012</div>
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        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE 9&#160;-&#160;RECENT ACCOUNTING PRONOUNCEMENTS </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">In December 2011, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No.&#160;2011-11, &#8220;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities.&#8221; The amendments in ASU No.&#160;2011-11 require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU No.&#160;2011-11 is effective for annual reporting periods beginning on or after January&#160;1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. USCF is currently evaluating the impact ASU No.&#160;2011-11 will have on US12NG&#8217;s financial statements.</font></p><span></span></td>
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                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityPublicFloat">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityPublicFloat</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Trading symbol of an instrument as listed on an exchange.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_TradingSymbol</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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</DOCUMENT>
<DOCUMENT>
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<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE 10 - SUBSEQUENT EVENTS </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG has performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.</font></p><span></span></td>
      </tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SubsequentEventsAbstract</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SubsequentEventsTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E5EBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Schedule of Investments (Parenthetical)<br></strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Cash Equivalents [Member] | Us Treasury Securities [Member] | Us Treasury Bill Securities [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
        <td class="nump">0.10%<span></span></td>
        <td class="nump">0.03%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">17, January 2013<span></span></td>
        <td class="text">21, June 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG February 2013 and February 2012 contracts, expiring January 2013 and January 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">January 2013<span></span></td>
        <td class="text">January 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG March 2013 and March 2012 contracts, expiring February 2013 and February 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">February 2013<span></span></td>
        <td class="text">February 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG April 2013 and April 2012 contracts, expiring March 2013 and March 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">March 2013<span></span></td>
        <td class="text">March 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG May 2013 and May 2012 contracts, expiring April 2013 and April 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">April 2013<span></span></td>
        <td class="text">April 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG June 2013 and June 2012 contracts, expiring May 2013 and May 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">May 2013<span></span></td>
        <td class="text">May 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG July 2013 and July 2012 contracts, expiring June 2013 and June 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">June 2013<span></span></td>
        <td class="text">June 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG August 2013 and August 2012 contracts, expiring July 2013 and July 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">July 2013<span></span></td>
        <td class="text">July 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG September 2013 and September 2012 contracts, expiring August 2013 and August 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">August 2013<span></span></td>
        <td class="text">August 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG October 2013 and October 2012 contracts, expiring September 2013 and September 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">September 2013<span></span></td>
        <td class="text">September 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG November 2013 and November 2012 contracts, expiring October 2013 and October 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">October 2013<span></span></td>
        <td class="text">October 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG December 2013 and December 2012 contracts, expiring November 2013 and November 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">November 2013<span></span></td>
        <td class="text">November 2012<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Open Futures Contracts, Long | United State | NYMEX Natural Gas Futures NG January 2014 and January 2013 contracts, expiring December 2013 and December 2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentOwnedSubjectToOptionExerciseDates', window );">Expiration date</a></td>
        <td class="text">December 2013<span></span></td>
        <td class="text">December 2012<span></span></td>
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                <p>Interest rate stated in the contractual debt agreement.</p>
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                <p>The list of dates or date range within which the options may be exercised of the investment subject to option.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONTRACTS AND AGREEMENTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractorsAbstract', window );"><strong>Contracts and Agreements [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermContractsOrProgramsDisclosureTextBlock', window );">Contracts and Agreements</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE 4 - CONTRACTS AND AGREEMENTS </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG is party to a marketing agent agreement, dated as of&#160;October 30, 2009, as amended from time to time, with&#160;the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for US12NG as outlined in the agreement.&#160;The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06% on US12NG&#8217;s assets up to $3 billion; and 0.04% on US12NG&#8217;s assets in excess of $3 billion.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The above fee does not include the following expenses, which are also borne by USCF: the cost of placing advertisements in various periodicals; web construction and development; or the printing and production of various marketing materials.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG is also party to a custodian agreement, dated November&#160;3, 2009, as amended from time to time, with Brown Brothers Harriman&#160;&amp; Co. (&#8220;BBH&amp;Co.&#8221;) and USCF, whereby BBH&amp;Co. holds investments on behalf of US12NG. USCF&#160;pays the fees of the custodian, which are determined by the parties from time to time.&#160;In addition, US12NG is party to an administrative agency agreement, dated as of November&#160;3, 2009, as amended from time to time, with USCF and BBH&amp;Co., whereby BBH&amp;Co. acts as the administrative agent, transfer agent and registrar for US12NG.&#160;USCF&#160;also pays the fees of BBH&amp;Co. for its services under such agreement and such fees are determined by the parties from time to time.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Currently, USCF pays BBH&amp;Co. for its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration services rendered to US12NG and each of the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services.&#160;In addition, USCF pays BBH&amp;Co. an asset-based charge of (a)&#160;0.06% for the first $500&#160;million of US12NG&#8217;s, USOF&#8217;s, USNG&#8217;s, US12OF&#8217;s, UGA&#8217;s, USDHO&#8217;s, USSO&#8217;s, USBO&#8217;s, USCI&#8217;s, CPER&#8217;s, USAG&#8217;s and USMI&#8217;s combined net assets, (b)&#160;0.0465% for US12NG&#8217;s, USOF&#8217;s, USNG&#8217;s, US12OF&#8217;s, UGA&#8217;s, USDHO&#8217;s, USSO&#8217;s, USBO&#8217;s, USCI&#8217;s, CPER&#8217;s, USAG&#8217;s and USMI&#8217;s combined net assets greater than $500 million but less than $1 billion, and (c)&#160;0.035% once US12NG&#8217;s, USOF&#8217;s, USNG&#8217;s, US12OF&#8217;s, UGA&#8217;s, USDHO&#8217;s, USSO&#8217;s, USBO&#8217;s, USCI&#8217;s, CPER&#8217;s, USAG&#8217;s and USMI&#8217;s combined net assets exceed $1 billion.&#160;The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000.&#160;USCF also pays transaction fees ranging from $7 to $15 per transaction.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG has entered into a brokerage agreement with UBS Securities LLC (&#8220;UBS Securities&#8221;).&#160;The agreement requires UBS Securities to provide services to US12NG in connection with the purchase and sale of&#160;Futures Contracts and Other Natural Gas-Related Investments that may be purchased and sold by or through UBS Securities for US12NG&#8217;s account. In accordance with the agreement, UBS Securities charges US12NG commissions of approximately $7 per round-turn trade, including applicable exchange and NFA fees for&#160;Futures Contracts and options on Futures Contracts. Such fees include those incurred when purchasing natural gas Futures Contracts and options on Futures Contracts when US12NG issues units as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when US12NG redeems units as a result of a Redemption Basket. Such fees are also incurred when Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. US12NG also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Natural Gas-Related Investments or short-term obligations of the United States of two years or less (&#8220;Treasuries&#8221;). During the year ended December&#160;31, 2012, total commissions accrued to brokers amounted to $14,360.&#160;Of this amount, approximately $10,995 was a result of rebalancing costs and approximately $3,365 was the result of trades necessitated by creation and redemption activity. By comparison, during the year ended December&#160;31, 2011, total commissions accrued to brokers amounted to $7,002.&#160;Of this amount, approximately $6,306 was a result of rebalancing costs and approximately $696 was the result of trades necessitated by creation and redemption activity. By comparison, during the year ended December 31, 2010, total commissions accrued to brokers amounted to $12,869. Of this amount, approximately $10,724 was a result of rebalancing costs and approximately $2,145 was the result of trades necessitated by creation and redemption activity. The increase in the total commissions accrued to brokers for the year ended December&#160;31, 2012, as compared to the year ended December&#160;31, 2011, was primarily a function of increased brokerage fees due to an increase in creation and redemption activity during the
 year ended December 31, 2012. The decrease in the total commissions accrued to brokers for the year ended December&#160;31, 2011, as compared to the year ended December&#160;31, 2010, was primarily a function of decreased brokerage fees due to a lower number of futures contracts being held and traded due to US12NG&#8217;s reduced size and a decrease in the creation and redemption of units during the year ended December 31, 2011. As an annualized percentage of average daily total net assets, the&#160;figure for the year ended December&#160;31, 2012 represents approximately 0.04% of average daily total net assets. By comparison, the figure for the year ended December&#160;31, 2011 represented approximately 0.02% of average daily total net assets and the figure for the year ended December&#160;31, 2010 represented approximately 0.04% of average daily total net assets. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG and the NYMEX entered into a licensing agreement on December&#160;4, 2007, as amended on October&#160;20, 2011, whereby US12NG was granted a non-exclusive license to use certain of the NYMEX&#8217;s settlement prices and service marks.&#160;Under the&#160;licensing agreement, US12NG and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, pay the NYMEX an asset-based fee for the license, the terms of which are described in Note 3. US12NG expressly disclaims any association with the NYMEX or endorsement of US12NG by the NYMEX and acknowledges that &#8220;NYMEX&#8221; and &#8220;New York Mercantile Exchange&#8221; are registered trademarks of the NYMEX.</font></p><span></span></td>
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                <p>The entire disclosure for long-term contracts or programs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>USCF Management Fee </b></font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Under the LP Agreement, USCF is responsible for investing the assets of US12NG in accordance with the objectives and policies of US12NG.&#160;In addition, USCF has arranged for one or more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to US12NG.&#160;For these services, US12NG is contractually obligated to pay USCF a fee, which is paid monthly, that is equal to 0.75%&#160;per annum of average daily total net assets.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Ongoing Registration Fees and Other Offering Expenses </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG&#160;pays all costs and expenses associated with the ongoing registration of its units subsequent to the initial offering.&#160;These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of units, and all legal, accounting, printing and other expenses associated with&#160;such offer and sale.&#160;For the years ended December&#160;31, 2012, 2011 and 2010, US12NG did not incur any registration fees and other offering expenses.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Directors&#8217; Fees and Expenses </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG is responsible for paying its portion of the directors&#8217; and officers&#8217; liability insurance for US12NG and the Related Public Funds and the fees and expenses of the independent directors who also serve as audit committee members of US12NG and the Related Public Funds organized as limited partnerships and, as of July&#160;8, 2011, the Related Public Funds organized as a series of a Delaware statutory trust. US12NG shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each fund, computed on a daily basis.&#160;These fees and expenses for the year ended December&#160;31, 2012 were $540,586 for US12NG and the Related Public Funds. US12NG&#8217;s portion of such fees and expenses for the year ended December 31, 2012 was $5,704.&#160;For the years ended December&#160;31, 2011 and 2010, these fees and expenses were $607,582 and $1,107,140, respectively, for US12NG and the Related Public Funds. US12NG&#8217;s portion of such fees and expenses was $3,808 and $7,571, respectively. Effective as of April 1, 2010, US12NG became responsible for paying its portion of any payments that may become due to the independent directors pursuant to the deferred compensation agreements entered into between the independent directors, USCF, US12NG and the Related Public Funds.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Licensing Fees </b></font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">As discussed in Note 4 below, US12NG entered into a&#160;licensing agreement with the NYMEX on December&#160;4, 2007, as amended on October&#160;20, 2011.&#160;Pursuant to the agreement, up through October&#160;19, 2011, US12NG and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, paid a licensing fee that was equal to 0.04% for the first&#160;$1,000,000,000 of combined net assets of the funds and 0.02% for combined net assets above $1,000,000,000. On and after October&#160;20, 2011, US12NG and the Related Public Funds, other than USBO, USCI, CPER, USAG and USMI, pay a licensing fee that is equal to 0.015% on all net assets.&#160;During the years ended December&#160;31, 2012, 2011 and 2010, US12NG incurred $5,674, $7,565 and $8,499, respectively, under this arrangement.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Investor Tax Reporting Cost </b></font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The fees and expenses associated with US12NG&#8217;s audit expenses and tax accounting and reporting requirements are paid by US12NG.&#160;These costs were
 approximately $75,000, $55,000 and $155,000, respectively, for the years ended December&#160;31, 2012, 2011 and 2010.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Other Expenses and Fees and Expense Waivers </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">In addition to the fees described above, US12NG&#160;pays all brokerage fees and other expenses in connection with the operation of US12NG, excluding costs and expenses&#160;paid by USCF as outlined in Note 4 below.&#160;USCF has voluntarily agreed to pay certain expenses typically borne by US12NG, to the extent that such expenses exceeded 0.15% (15 basis points) of US12NG&#8217;s NAV, on an annualized basis, through at least June 30, 2013.&#160;USCF has no obligation to continue such payment into subsequent periods. For the year ended December 31, 2012, USCF waived $68,503 of US12NG&#8217;s expenses. This voluntary expense waiver is in addition to those amounts USCF is contractually obligated to pay as described in Note 4.</font></p><span></span></td>
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        <td class="nump">1,197<span></span></td>
        <td class="nump">642<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NumberOfUnitsPerBasket', window );">Number of units per basket</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">50,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">100,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FeePaidPerOrder', window );">Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">350<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NumberOfUnitsRegisteredInPeriod', window );">Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission</a></td>
        <td class="nump">30,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePerUnit', window );">Net asset value per unit</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 50.00<span></span></td>
        <td class="nump">$ 17.23<span></span></td>
        <td class="nump">$ 21.21<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 35.02<span></span></td>
        <td class="nump">$ 53.77<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnitsIssuedDuringPeriodUnitsNewIssues', window );">Number of units issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">200,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_UnitsIssuedDuringPeriodValueNewIssues', window );">Value of unit issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 10,001,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperationsCommencedDate1', window );">Commenced investment operations date</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Nov. 18,
         2009<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NumberOfRegisteredUnits', window );">Number of registered units</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">30,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_FeePaidPerOrder">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fee Paid Per Order</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_FeePaidPerOrder</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>us-types:perUnitItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NetAssetValuePerUnit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net asset value per unit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NetAssetValuePerUnit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NumberOfRegisteredUnits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of Registered Units</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NumberOfRegisteredUnits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NumberOfUnitsPerBasket">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of Units per Basket</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NumberOfUnitsPerBasket</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>us-types:perUnitItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NumberOfUnitsRegisteredInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of Units Registered in Period</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NumberOfUnitsRegisteredInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:integerItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_UnitsIssuedDuringPeriodUnitsNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Units Issued During Period, Units, New Issues</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_UnitsIssuedDuringPeriodUnitsNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_UnitsIssuedDuringPeriodValueNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Units Issued During Period, Value, New Issues</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_UnitsIssuedDuringPeriodValueNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentOwnedBalanceContracts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Balance held at close of period in number of contracts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 6<br><br> -Subparagraph (SX 210.12-14.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611322-123010<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.12-12.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611133-123010<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 12C<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 946<br><br> -SubTopic 320<br><br> -Section S99<br><br> -Paragraph 4<br><br> -Subparagraph (SX 210.12-12C.Column B)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6955306&amp;loc=d3e611225-123010<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 12<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 14<br><br> -Paragraph Column B<br><br> -Article 12<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentOwnedBalanceContracts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:decimalItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EDLAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Summary Of Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Revenue Recognition </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date.&#160;All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. US12NG earns interest on its assets denominated in U.S. dollars on deposit with the futures commission merchant at the overnight Federal Funds Rate less 32 basis points. In addition, US12NG earns income on funds held at the custodian or futures commission merchant at prevailing market rates earned on such investments.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommissionsPolicy', window );">Brokerage Commissions</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Brokerage Commissions </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Income Taxes </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">In accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), US12NG is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position.&#160;US12NG files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states.&#160;US12NG is not subject to income tax return examinations by major taxing authorities for years before 2009. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in US12NG recording a tax liability that reduces net assets. However, US12NG&#8217;s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. US12NG recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December&#160;31, 2012.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock', window );">Creations and Redemptions</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Creations and Redemptions </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Effective February&#160;29, 2012, Authorized Purchasers may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 units at a price equal to the NAV of the units calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Prior to February&#160;29, 2012, Authorized Purchasers could only purchase Creation Baskets or redeem Redemption Baskets in blocks of 100,000 units.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG receives or pays the proceeds from units sold or redeemed within three business days after the trade date of the purchase or redemption.&#160;The amounts due from Authorized Purchasers are reflected in US12NG&#8217;s statements of financial condition as receivable for units sold, and amounts payable to Authorized Purchasers upon redemption are reflected as payable for units redeemed.</font></p><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncentiveDistributionPolicyManagingMemberOrGeneralPartnerDescription', window );">Partnership Capital and Allocation of Partnership Income and Losses</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Partnership Capital and Allocation of Partnership Income and Losses </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Profit or loss shall be allocated among the partners of US12NG in proportion to the number of units each partner holds as of the close of each month.&#160;USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement.</font></p><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetAssetValuePolicyTextBlock', window );">Calculation of Per Unit Net Asset Value</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Calculation of Per Unit Net Asset Value </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG&#8217;s per unit NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of units outstanding. US12NG uses the&#160;closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange.</font></p><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_EarningsPerUnitPolicyTextBlock', window );">Net Income (Loss) Per Unit</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Net Income (Loss) Per&#160;Unit </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Net income (loss) per&#160;unit is the difference between the per unit NAV at the beginning of each period and at the&#160;end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units added and redeemed based on the amount of time the units were outstanding during such period. There were no units held by USCF at December&#160;31, 2012.</font></p><span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_OtherOperatingIncomeExpensePolicyTextBlock', window );">Offering Costs</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Offering Costs </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Offering costs incurred in connection with the registration of additional units after the initial registration of units are borne by US12NG. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period, if warranted.</font></p><span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash Equivalents</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Cash Equivalents </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less.</font></p><span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PriorPeriodReclassificationAdjustmentDescription', window );">Reclassification</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Reclassification </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Certain amounts in the accompanying financial statements were reclassified to conform with the current presentation.</font></p><span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Use of Estimates </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The preparation of financial statements in conformity with GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period.&#160;Actual results may differ from those estimates and assumptions.</font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Earnings Per Unit, Policy</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Net Asset Value</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>Other Operating Income (Expense), Policy</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Financial Reporting Release (FRR)<br><br> -Number 203<br><br> -Paragraph 02-03<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 8, 9, 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Technical Practice Aid (TPA)<br><br> -Number 2110<br><br> -Paragraph 6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 305<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122427<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for fees earned by the broker dealer, acting as an agent in the buying and selling of securities and administrative efforts on behalf of customers and may include the timing of commission revenue recognition and presentation in the financial statements. Commissions earned are usually related to the broker dealer's customers' trading volume and the dollar amounts of the trades.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 940<br><br> -SubTopic 20<br><br> -Section 25<br><br> -URI http://asc.fasb.org/section&amp;trid=2176260<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-BRD<br><br> -Paragraph 52, 53<br><br> -IssueDate 2006-05-01<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for an incentive policy and the associated accounting for a plan in a limited liability corporation or limited partnership that includes the payment of cash or stock or units to the managing member or general partner.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 2, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 4, 9-15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 17<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 48<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e32247-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 4<br><br> -Paragraph 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 6-34, 43, 47, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e32280-109318<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 954<br><br> -SubTopic 740<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 30<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144749<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144681<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxPolicyTextBlock</nobr></td>
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        <tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PriorPeriodReclassificationAdjustmentDescription</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.B.Q1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8, 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18823-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section B<br><br> -Paragraph Question 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenueRecognitionPolicyTextBlock</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for recognition of changes in redemption value of mandatorily redeemable shares. Provides the period over which changes in redemption value are accreted, usually from the issuance date (or from the date that it becomes probable that the security will become redeemable, if later) to the earliest redemption date of the security.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number D-98<br><br> -Paragraph 16, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock</nobr></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 11, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6143-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6132-108592<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6061-108592<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>QUARTERLY FINANCIAL DATA<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialDataAbstract', window );"><strong>Quarterly Financial Data [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_QuarterlyFinancialInformationTextBlock', window );">Quarterly Financial Information</a></td>
        <td class="text"><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE&#160;7 - QUARTERLY FINANCIAL DATA (Unaudited) </b></font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March&#160;31,&#160;June&#160;30,&#160;September&#160;30 and December&#160;31, 2012 and 2011.</font></p>
<p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">First </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Second </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Third </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Fourth </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(6,713,578</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">2,309,257</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">3,406,724</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2"
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<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(3,465,367</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total Expenses</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">74,018</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">94,598</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">122,485</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">143,630</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Expense Waivers</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(16,307</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(12,614</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(13,434</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(26,148</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Expenses</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">57,711</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">81,984</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">109,051</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">117,482</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new
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<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Income (Loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(6,771,289</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">2,227,273</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">3,297,673</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(3,582,849</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Income (Loss) per Unit</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(4.84</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">1.01</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">1.30</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(1.45</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">First </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Second </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new
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<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt; width: 40%;"><font size="2" style="font-family:times new roman,times">Total Loss</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(418,515</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(1,924,977</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(5,015,695</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(6,690,685</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total Expenses</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">112,956</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">124,760</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">119,657</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">51,418</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Expense Waivers</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(37,670</font></td>
<td style="text-align:
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<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(35,903</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(39,596</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Expenses</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">75,286</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">88,857</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">80,061</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">51,418</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Loss</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(493,801</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(2,013,834</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(5,095,756</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(6,742,103</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Loss per Unit</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.75</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td
 style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(1.70</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(4.63</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(6.73</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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                <p>The entire disclosure for the quarterly financial data in the annual financial statements.  The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.</p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FinancialInstrumentsOffBalanceSheetRisksAndContingenciesAbstract', window );"><strong>Financial Instruments Off Balance Sheet Risks and Contingencies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_DisclosureOfFairValueOffBalanceSheetRisksTextBlock', window );">Financial Instruments, Off-Balance Sheet Risks and Contingencies</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE 5 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG&#160;engages in the trading of&#160;futures contracts, options on futures contracts and cleared swap contracts (collectively, &#8220;derivatives&#8221;).&#160;US12NG is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG may enter into futures contracts and options on futures contracts and may engage in cleared swap contracts to gain exposure to changes in the value of an underlying commodity.&#160;A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place.&#160;Some futures contracts may call for physical delivery of the asset, while others are settled in cash.&#160;The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with a futures commission merchant.&#160;Additional deposits may be necessary for any loss on contract value.&#160;The Commodity Exchange Act requires a futures commission merchant to segregate all customer transactions and assets from the futures commission merchant&#8217;s proprietary activities.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin.&#160;The face or contract amounts reflect the extent of the total exposure US12NG has in the particular classes of instruments.&#160;Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">All of the futures contracts held by US12NG were exchange-traded futures contracts through December&#160;31, 2012.&#160;The risks associated with exchange-traded contracts are generally perceived to be less than those associated with over-the-counter transactions, since, in over-the-counter transactions, a party must rely solely on the credit of its respective individual counterparties.&#160;However, in the future, if US12NG were to enter into non-exchange traded contracts, it would be subject to credit risks associated with counterparty non-performance.&#160;Over-the-counter transactions subject US12NG to the credit risk associated with counterparty non-performance.&#160;The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. US12NG has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded.&#160;In addition, US12NG bears the risk of financial failure by the clearing broker.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG&#8217;s cash and other property, such as Treasuries, deposited with a futures commission merchant are considered commingled with all other customer funds, subject to the futures commission merchant&#8217;s segregation requirements.&#160;In the event of a futures commission merchant&#8217;s insolvency, recovery may be limited to a pro rata share of segregated funds available.&#160;It is possible that the recovered amount could be less than the total of cash and other property deposited.&#160;The insolvency of a futures commission merchant could result in the complete loss of US12NG&#8217;s assets posted with that futures commission merchant; however, the majority of US12NG&#8217;s assets are held in cash and/or cash equivalents with US12NG&#8217;s custodian and would not be impacted by the insolvency of a futures commission merchant.&#160;The failure or insolvency of US12NG&#8217;s custodian, however, could result in a substantial loss of US12NG&#8217;s assets.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">USCF invests a portion of US12NG&#8217;s cash in money market funds that seek to maintain a stable per unit NAV. US12NG is exposed to any risk of loss associated with an investment in such money market funds. As of December&#160;31, 2012 and December&#160;31, 2011, US12NG held investments in money market funds in the amounts of $20,522,574 and $10,518,621, respectively. US12NG also holds cash deposits with its custodian. Pursuant to a written agreement with BBH&amp;Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks located in Toronto, Canada, London, United Kingdom, Grand Cayman, Cayman Islands and Nassau, Bahamas, which are subject to U.S. regulation and regulatory oversight. As of December&#160;31, 2012 and December&#160;31, 2011, US12NG held cash deposits and investments in Treasuries in the amounts of $23,560,690 and $19,331,650, respectively, with the custodian and futures commission merchant. Some or all of these amounts may be subject to loss should US12NG&#8217;s custodian and/or futures commission merchant cease operations.</font></p>
<p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">For derivatives, risks arise from changes in the market value of the contracts.&#160;Theoretically, US12NG&#160;is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.&#160;As both a buyer and a seller of options, US12NG pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG&#8217;s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures.&#160;In addition, US12NG has a policy&#160;of requiring review of the credit standing of each broker or counterparty with which it conducts business.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The financial instruments held by US12NG are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.</font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of Fair Value, Off-balance Sheet Risks [Text Block]</p>
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<DOCUMENT>
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<SEQUENCE>48
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>FINANCIAL HIGHLIGHTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_SupplementalFinancialInformationDisclosureTextBlock', window );">Financial Highlights</a></td>
        <td class="text"><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE&#160;6 - FINANCIAL HIGHLIGHTS </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The following table presents per unit performance data and other supplemental financial data for the years ended December&#160;31, 2012, 2011 and 2010.&#160;This information has been derived from information presented in the financial statements.</font></p>
<p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Year&#160;Ended</font><br /><font size="2" style="font-family:times new roman,times">December&#160;31, </font><br /><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Year&#160;Ended</font><br /><font size="2" style="font-family:times new roman,times">December&#160;31,&#160;</font><br /><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Year&#160;Ended</font><br /><font size="2" style="font-family:times new roman,times">December&#160;31,</font><br /><font size="2" style="font-family:times new roman,times">2010</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt; font-weight: bold; text-decoration: underline;"><font size="2" style="font-family:times new roman,times">Per Unit Operating Performance:</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 55%;"><font size="2" style="font-family:times new roman,times">Net asset value, beginning of year</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">21.21</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new
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<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">53.77</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total income (loss)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(3.78</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(13.42</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(18.21</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net expenses</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.20</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.39</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.54</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 0.25in;"><font size="2" style="font-family:times new roman,times">Net decrease in net asset value</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(3.98</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(13.81</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(18.75</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<tr style="background-color: #ccffcc; vertical-align: bottom;">
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<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">17.23</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">21.21</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt
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<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">35.02</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">Total Return</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(18.76</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(39.43</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(34.87</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">Ratios to Average Net Assets</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total&#160;income (loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(11.80</font></td>
<td
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<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(44.03</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(37.65</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Management fees</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.75</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.75</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.70</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total expenses excluding management fees</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.40</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.53</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.66</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Expenses waived</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.18</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.36</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.43</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net expenses excluding management fees</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt
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<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.22</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.17</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.23</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net&#160;income (loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(12.77</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(44.95</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(38.58</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Total returns are calculated based on the change in value during the period.&#160;An individual unitholder&#8217;s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from US12NG.</font></p><span></span></td>
      </tr>
    </table>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>FAIR VALUE OF FINANCIAL INSTRUMENTS<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Of Financial Instruments [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair Value of Financial Instruments</a></td>
        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE 8&#160;- FAIR VALUE OF FINANCIAL INSTRUMENTS </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG values its investments in accordance with Accounting Standards Codification 820 &#8211; Fair Value Measurements and Disclosures (&#8220;ASC 820&#8221;).&#160;ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement.&#160;The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement.&#160;ASC 820 establishes a fair value hierarchy that distinguishes between: (1)&#160;market participant assumptions developed based on market data obtained from sources independent of US12NG (observable inputs) and (2)&#160;US12NG&#8217;s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).&#160;The three levels defined by the ASC 820 hierarchy are as follows:</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Level I &#8211; Quoted prices (unadjusted) in active markets for&#160;<i>identical</i>&#160;assets or liabilities that the reporting entity has the ability to access at the measurement date.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Level II &#8211; Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly.&#160;Level II assets include the following: quoted prices for&#160;<i>similar</i>&#160;assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Level III &#8211; Unobservable pricing input at the measurement date for the asset or liability.&#160;Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy.&#160;The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The following table summarizes the valuation of US12NG&#8217;s securities at December&#160;31, 2012 using the fair value hierarchy:</font></p>
<p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">At&#160;December 31, 2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Total</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level I</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level&#160;II</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level&#160;III</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-indent: -12pt; padding-left: 12pt; width: 40%;"><font size="2" style="font-family:times new roman,times">Short-Term Investments</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">23,922,430</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">23,922,430</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Exchange-Traded Futures Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 0.5in;"><font size="2" style="font-family:times new roman,times">United States Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(906,580</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(906,580</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">During the year ended December&#160;31, 2012, there were no transfers between Level I and Level II.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The following table summarizes the valuation of US12NG&#8217;s securities at December&#160;31, 2011 using the fair value hierarchy:</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">At&#160;December 31, 2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Total</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level I</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level&#160;II</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font size="2" style="font-family:times new roman,times">Level&#160;III</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td colspan="2"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-indent: -12pt; padding-left: 12pt; width: 40%;"><font size="2" style="font-family:times new roman,times">Short-Term Investments</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">12,278,369</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">12,278,369</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Exchange-Traded Futures Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 0.5in;"><font size="2" style="font-family:times new roman,times">United States Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(8,583,320</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(8,583,320</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">During the year ended December&#160;31, 2011, there were no transfers between Level I and Level II.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Effective January&#160;1, 2009, US12NG adopted the provisions of Accounting Standards Codification 815 &#8211; Derivatives and Hedging (&#8220;ASC 815&#8221;), which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives.</font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>&#160;</b></font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Fair Value of Derivative Instruments </b></font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Derivatives not Accounted </font><br  /><font size="2" style="font-family:times new roman,times">for&#160;as&#160;Hedging&#160;Instruments</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Statements&#160;of</font><br  /><font size="2" style="font-family:times new roman,times">Financial&#160;Condition</font><br  /><font size="2" style="font-family:times new roman,times">Location</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Fair&#160;Value&#160;At</font><br  /><font size="2" style="font-family:times new roman,times">December&#160;31,&#160;2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Fair&#160;Value&#160;At</font><br  /><font size="2" style="font-family:times new roman,times">December 31,&#160;2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="width: 25%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 24%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right; width: 22%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right; width: 22%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">Futures - </font><br  /><font size="2" style="font-family:times new roman,times">Commodity Contracts</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center;"><font size="2" style="font-family:times new roman,times">Assets</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(906,580</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(8,583,320</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
</table>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>&#160;</b></font></p>
<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>The Effect of Derivative Instruments on the Statements of Operations </b></font></p>
<p style="text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 100%; border-collapse: collapse; font: 7pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="font-size: 7pt; vertical-align: bottom;">
<td style="font: 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="padding-bottom: 1pt; font: 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="6" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>For&#160;the&#160;year&#160;ended<br  />December&#160;31,&#160;2012</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="6" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>For&#160;the&#160;year&#160;ended<br  />December&#160;31,&#160;2011</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="6" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>For the year ended <br  />December 31, 2010</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
</tr>
<tr style="font: bold 10pt times new roman, times, serif; vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Derivatives not Accounted <br  />for as Hedging Instruments</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Location&#160;of<br  />Gain&#160;or<br  />(Loss)&#160;on<br  />Derivatives<br  />Recognized<br  />in&#160;Income</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Realized<br  />Gain&#160;or<br  />(Loss)&#160;on<br  />Derivatives<br  />Recognized<br  />in&#160;Income</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Change&#160;in<br  />Unrealized<br  />Gain&#160;or<br  />(Loss) on<br  />Derivatives<br  />Recognized<br  />in&#160;Income</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Realized<br  />Gain&#160;or<br  />(Loss)&#160;on<br  />Derivatives<br  />Recognized<br  />in&#160;Income</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Change&#160;in<br  />Unrealized<br  />Gain&#160;or<br  />(Loss) on<br  />Derivatives<br  />Recognized<br  />in&#160;Income</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Realized<br  />Gain&#160;or<br  />(Loss)&#160;on<br  />Derivatives<br  />Recognized<br  />in&#160;Income</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font: bold 10pt times new roman, times, serif;" colspan="2" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Change&#160;in<br  />Unrealized<br  />Gain&#160;or<br  />(Loss) on <br  />Derivatives<br  />Recognized<br  />in&#160;Income</b></font></td>
<td style="padding-bottom: 1pt; font: bold 10pt times new roman, times, serif;" nowrap="nowrap"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
</tr>
<tr style="font: 10pt times new roman, times, serif; vertical-align: bottom;">
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;" colspan="2"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;" colspan="2"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;" colspan="2"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;" colspan="2"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;" colspan="2"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;" colspan="2"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>&#160;</b></font></td>
</tr>
<tr style="background-color: #ccffcc; font: 10pt times new roman, times, serif; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt; width: 11%; font: bold 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2"><b>Futures - <br  />Commodity Contracts</b></font></td>
<td style="width: 1%; font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; width: 10%; font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">Realized<br  />loss on<br  />closed<br  />positions</font></td>
<td style="width: 1%; font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; width: 1%; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">$</font></td>
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<td style="text-align: right; font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="text-align: left; font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
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<tr style="background-color: #ccffcc; font: 10pt times new roman, times, serif; vertical-align: bottom;">
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<td style="text-align: right; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">$</font></td>
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<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: right; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">$</font></td>
<td style="text-align: right; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">(6,408,260</font></td>
<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">)</font></td>
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<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
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<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="font: 10pt times new roman, times, serif;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">&#160;</font></td>
<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">$</font></td>
<td style="text-align: right; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">(3,837,730</font></td>
<td style="text-align: left; font: 10pt times new roman, times, serif; vertical-align: top;"><font style="font: 10pt times new roman, times, serif;; font-family:times new roman,times" size="2">)</font></td>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>&#160;</b></font></p>
<span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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                    <td><strong> Name:</strong></td>
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                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueDisclosuresTextBlock">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13504-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15C, 15D<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44A, 44B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -Subparagraph a-d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 3, 10, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 159<br><br> -Paragraph 17-22, 27, 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>QUARTERLY FINANCIAL DATA (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March&#160;31,&#160;June&#160;30,&#160;September&#160;30 and December&#160;31, 2012 and 2011.</font></p>
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<td nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">First </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Second </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Third </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Fourth </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="padding-bottom: 1pt;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2012</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt; width: 40%;"><font size="2" style="font-family:times new roman,times">Total Income (Loss)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(6,713,578</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">2,309,257</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">3,406,724</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td
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<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total Expenses</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">74,018</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">94,598</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">122,485</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">143,630</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Expense Waivers</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(16,307</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(12,614</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(13,434</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(26,148</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Expenses</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">57,711</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">81,984</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">109,051</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">117,482</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Income (Loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2"
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<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(6,771,289</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">2,227,273</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">3,297,673</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(3,582,849</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Income (Loss) per Unit</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(4.84</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">1.01</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">1.30</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(1.45</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<table style="width: 95%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">First </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Second </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Third </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">Fourth </font><br /><font size="2" style="font-family:times new roman,times">Quarter</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt
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<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">2011</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt; width: 40%;"><font size="2" style="font-family:times new roman,times">Total Loss</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(418,515</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(1,924,977</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(5,015,695</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">(6,690,685</font></td>
<td style="text-align: left; padding-bottom: 1pt; width: 1%;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total Expenses</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">112,956</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">124,760</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">119,657</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">51,418</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Expense Waivers</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(37,670</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td
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<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">(39,596</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">&#8212;</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Expenses</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">75,286</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">88,857</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">80,061</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font size="2" style="font-family:times new roman,times">51,418</font></td>
<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Loss</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(493,801</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(2,013,834</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(5,095,756</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(6,742,103</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net Loss per Unit</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.75</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new
 roman,times">(1.70</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(4.63</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(6.73</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
</tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 270<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)-(j)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20225539&amp;loc=d3e1280-108306<br><br><br><br></p>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E5RBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONTRACTS AND AGREEMENTS - Additional information (Detail) (USD $)<br></strong></div>
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      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <th class="th">
          <div>Dec. 31, 2010</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FloorBrokerageExchangeAndClearanceFees', window );">Brokerage commissions</a></td>
        <td class="nump">14,360<span></span></td>
        <td class="nump">7,002<span></span></td>
        <td class="nump">12,869<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_RebalancingCost', window );">Rebalancing Cost</a></td>
        <td class="nump">10,995<span></span></td>
        <td class="nump">6,306<span></span></td>
        <td class="nump">10,724<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_CreationAndRedemptionActivityCosts', window );">Creation And Redemption Activity Costs</a></td>
        <td class="nump">3,365<span></span></td>
        <td class="nump">696<span></span></td>
        <td class="nump">2,145<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_AverageDailyTotalNetAssetPercentage', window );">Average Daily Total Net Asset Percentage</a></td>
        <td class="nump">0.04%<span></span></td>
        <td class="nump">0.02%<span></span></td>
        <td class="nump">0.04%<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Maximum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_TransactionFeesPaid', window );">Transaction fees per transaction</a></td>
        <td class="nump">15<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_CommissionsPaid', window );">Commissions per round-turn trade, including applicable exchange and NFA fees for Natural Gas-Related Futures Contracts and options on Futures Contracts</a></td>
        <td class="nump">15<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Minimum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CustodyFees', window );">Annual Fee for custody, fund accounting and fund administration services</a></td>
        <td class="nump">75,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_TransactionFeesPaid', window );">Transaction fees per transaction</a></td>
        <td class="nump">7<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_CommissionsPaid', window );">Commissions per round-turn trade, including applicable exchange and NFA fees for Natural Gas-Related Futures Contracts and options on Futures Contracts</a></td>
        <td class="nump">7<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">First $500 million of US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BaseFeePercentage', window );">Fee percentage</a></td>
        <td class="nump">0.06%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">First $500 million of US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets | Maximum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BasisAmountForFeePercentage', window );">Base amount for determining fee percentage</a></td>
        <td class="nump">500,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BaseFeePercentage', window );">Fee percentage</a></td>
        <td class="nump">0.0465%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion | Maximum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BasisAmountForFeePercentage', window );">Base amount for determining fee percentage</a></td>
        <td class="nump">1,000,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets greater than $500 million but less than $1 billion | Minimum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BasisAmountForFeePercentage', window );">Base amount for determining fee percentage</a></td>
        <td class="nump">500,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets exceed $1 billion</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BaseFeePercentage', window );">Fee percentage</a></td>
        <td class="nump">0.035%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">US12NG's, USOF's, USNG's, US12OF's, UGA's, USDHO's, USSO's, USBO's, USCI's, CPER's, USAG's and USMI's combined net assets exceed $1 billion | Minimum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BasisAmountForFeePercentage', window );">Base amount for determining fee percentage</a></td>
        <td class="nump">1,000,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Marketing Agreement | US12NG's assets up to $3 billion</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BaseFeePercentage', window );">Fee percentage</a></td>
        <td class="nump">0.06%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Marketing Agreement | US12NG's assets up to $3 billion | Maximum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BasisAmountForFeePercentage', window );">Base amount for determining fee percentage</a></td>
        <td class="nump">3,000,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Marketing Agreement | US12NG's assets in excess of $3 billion</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BaseFeePercentage', window );">Fee percentage</a></td>
        <td class="nump">0.04%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Marketing Agreement | US12NG's assets in excess of $3 billion | Minimum</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems', window );"><strong>Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_BasisAmountForFeePercentage', window );">Base amount for determining fee percentage</a></td>
        <td class="nump">$ 3,000,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_AverageDailyTotalNetAssetPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of average daily total net assets during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_AverageDailyTotalNetAssetPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_BaseFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Base Fee Percentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_BaseFeePercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_BasisAmountForFeePercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Basis Amount for Fee Percentage</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_BasisAmountForFeePercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_CommissionsPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Commissions Paid</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_CommissionsPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>us-types:perUnitItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_CreationAndRedemptionActivityCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The anount of commission accrued as a result of trades necessitated by creation and redemption activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_CreationAndRedemptionActivityCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_RebalancingCost">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount attributable to commission accrued as a result of rebalancing costs during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_RebalancingCost</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_TransactionFeesPaid">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Transaction Fees Paid</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_TransactionFeesPaid</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>us-types:perUnitItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CustodyFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Those fees charged for services related to holding, advising, and managing customer investment assets. These account fees usually charged annually or semi-annually, on a per security basis, for the costs of services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CustodyFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FloorBrokerageExchangeAndClearanceFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense during the period for floor brokerage fees paid to other broker-dealers to execute trades on their behalf, stock exchange fees, order flow fees, and clearance fees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-BRD<br><br> -Paragraph 61<br><br> -IssueDate 2006-05-01<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-BRD<br><br> -Paragraph 60<br><br> -IssueDate 2006-05-01<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FloorBrokerageExchangeAndClearanceFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongDurationContractsAssumptionsByProductAndGuaranteeLineItems</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoninterestExpenseTransferAgentAndCustodianFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fees paid to an agent employed by a corporation or mutual fund to maintain shareholder records, including purchases, sales, and account balances. Also includes custodian fees incurred during an accounting period from an agent, bank, trust company, or other organization that holds and safeguards an individual's, mutual fund's, or investment company's assets for them. These fees will be billed back to the client and are a component of noninterest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NoninterestExpenseTransferAgentAndCustodianFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>52
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWFAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Operations (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_GainLossOnCommodityFuturesAbstract', window );"><strong>Gain (loss) on trading of commodity futures contracts:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfInvestments', window );">Realized loss on closed positions</a></td>
        <td class="num">$ (12,161,650)<span></span></td>
        <td class="num">$ (7,653,100)<span></span></td>
        <td class="num">$ (9,574,510)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnInvestments', window );">Change in unrealized gain (loss) on open positions</a></td>
        <td class="nump">7,676,740<span></span></td>
        <td class="num">(6,408,260)<span></span></td>
        <td class="num">(3,837,730)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendIncomeOperating', window );">Dividend income</a></td>
        <td class="nump">4,189<span></span></td>
        <td class="nump">4,110<span></span></td>
        <td class="nump">13,917<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Interest income</a></td>
        <td class="nump">7,257<span></span></td>
        <td class="nump">2,028<span></span></td>
        <td class="nump">1,610<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other income</a></td>
        <td class="nump">10,500<span></span></td>
        <td class="nump">5,350<span></span></td>
        <td class="nump">8,000<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_TotalIncomeLoss', window );">Total loss</a></td>
        <td class="num">(4,462,964)<span></span></td>
        <td class="num">(14,049,872)<span></span></td>
        <td class="num">(13,388,713)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetManagementCosts', window );">General Partner management fees (Note 3)</a></td>
        <td class="nump">283,719<span></span></td>
        <td class="nump">239,340<span></span></td>
        <td class="nump">249,022<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalFees', window );">Professional fees</a></td>
        <td class="nump">125,273<span></span></td>
        <td class="nump">151,075<span></span></td>
        <td class="nump">205,005<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FloorBrokerageExchangeAndClearanceFees', window );">Brokerage commissions</a></td>
        <td class="nump">14,360<span></span></td>
        <td class="nump">7,002<span></span></td>
        <td class="nump">12,869<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherExpenses', window );">Other expenses</a></td>
        <td class="nump">11,379<span></span></td>
        <td class="nump">11,374<span></span></td>
        <td class="nump">16,070<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
        <td class="nump">434,731<span></span></td>
        <td class="nump">408,791<span></span></td>
        <td class="nump">482,966<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_ExpenseWaiver', window );">Expense waiver (Note 3)</a></td>
        <td class="num">(68,503)<span></span></td>
        <td class="num">(113,169)<span></span></td>
        <td class="num">(151,688)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_NetOperatingExpenses', window );">Net expenses</a></td>
        <td class="nump">366,228<span></span></td>
        <td class="nump">295,622<span></span></td>
        <td class="nump">331,278<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
        <td class="num">$ (4,829,192)<span></span></td>
        <td class="num">$ (14,345,494)<span></span></td>
        <td class="num">$ (13,719,991)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnit', window );">Net loss per limited partnership unit</a></td>
        <td class="num">(3.98)<span></span></td>
        <td class="num">(13.81)<span></span></td>
        <td class="num">(18.75)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitDiluted', window );">Net loss per weighted average limited partnership unit</a></td>
        <td class="num">(2.26)<span></span></td>
        <td class="num">(13.80)<span></span></td>
        <td class="num">(15.42)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding', window );">Weighted average limited partnership units outstanding</a></td>
        <td class="nump">2,132,514<span></span></td>
        <td class="nump">1,039,452<span></span></td>
        <td class="nump">889,863<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_ExpenseWaiver">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Expense Waiver</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_ExpenseWaiver</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_GainLossOnCommodityFuturesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_GainLossOnCommodityFuturesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_NetOperatingExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total expenses net of waiver.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_NetOperatingExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_unl_TotalIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total Income (Loss)</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>unl_TotalIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>unl_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetManagementCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate costs related to asset management during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.2(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetManagementCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendIncomeOperating">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Earned dividend income on equity securities that are part of the trading and investment portfolios owned by the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 2<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Paragraph 9, 51, 56<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -Chapter 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendIncomeOperating</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FloorBrokerageExchangeAndClearanceFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of expense during the period for floor brokerage fees paid to other broker-dealers to execute trades on their behalf, stock exchange fees, order flow fees, and clearance fees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Paragraph 61<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -Chapter 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Audit and Accounting Guide (AAG)<br><br><br><br> -Number AAG-BRD<br><br><br><br> -Paragraph 60<br><br><br><br> -IssueDate 2006-05-01<br><br><br><br> -Chapter 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FloorBrokerageExchangeAndClearanceFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfInvestments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 28<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainLossOnSaleOfInvestments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeOperating">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest generated from day to day operating activities of the business.  This element represents a revenue generating activity and is therefore gross (before any related cost of revenue items).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestIncomeOperating</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 10, 15<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 87-21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 28, 29, 30<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br><br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A7<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -Subparagraph a<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income (loss) allocated to each outstanding limited partnership unit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section F<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net Income or Loss allocated to each limited partner unit outstanding during the reporting period and each unit that would have been outstanding assuming the issuance of limited partner units for all dilutive potential units outstanding during the reporting period. Limited partners have limited liability and do not manage the partnership.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section F<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>us-types:perUnitItemType</td>
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                    <td><strong> Period Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpenses</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents a sum total of expenses not separately reflected on the income statement for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4,6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherExpenses</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.6-07.2(a),(b),(c),(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606610-122999<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 225<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (k)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488370&amp;loc=d3e13550-115849<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfessionalFees</nobr></td>
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                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of investments, not including unrealized gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, held at each balance sheet date and included in earnings for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 28<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br></p>
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                <p>Weighted average number of limited partnership units outstanding determined by relating the portion of time within a reporting period that general partnership units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187171-122770<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section F<br><br><br><br><br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
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          <div style="width: 200px;"><strong>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Summary Of Significant Accounting Policies [Abstract]</strong></a></td>
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        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Revenue Recognition </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date.&#160;All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. US12NG earns interest on its assets denominated in U.S. dollars on deposit with the futures commission merchant at the overnight Federal Funds Rate less 32 basis points. In addition, US12NG earns income on funds held at the custodian or futures commission merchant at prevailing market rates earned on such investments.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Brokerage Commissions </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Income Taxes </b></font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG is not subject to federal income taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">In accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;), US12NG is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position.&#160;US12NG files an income tax return in the U.S. federal jurisdiction, and may file income tax returns in various U.S. states.&#160;US12NG is not subject to income tax return examinations by major taxing authorities for years before 2009. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in US12NG recording a tax liability that reduces net assets. However, US12NG&#8217;s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. US12NG recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December&#160;31, 2012.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Creations and Redemptions </b></font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Effective February&#160;29, 2012, Authorized Purchasers may purchase Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 units at a price equal to the NAV of the units calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Prior to February&#160;29, 2012, Authorized Purchasers could only purchase Creation Baskets or redeem Redemption Baskets in blocks of 100,000 units.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG receives or pays the proceeds from units sold or redeemed within three business days after the trade date of the purchase or
 redemption.&#160;The amounts due from Authorized Purchasers are reflected in US12NG&#8217;s statements of financial condition as receivable for units sold, and amounts payable to Authorized Purchasers upon redemption are reflected as payable for units redeemed.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Partnership Capital and Allocation of Partnership Income and Losses </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Profit or loss shall be allocated among the partners of US12NG in proportion to the number of units each partner holds as of the close of each month.&#160;USCF may revise, alter or otherwise modify this method of allocation as described in the LP Agreement.</font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Calculation of Per Unit Net Asset Value </b></font></p>
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<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">US12NG&#8217;s per unit NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of units outstanding. US12NG uses the&#160;closing price for the contracts on the relevant exchange on that day to determine the value of contracts held on such exchange.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Net Income (Loss) Per&#160;Unit </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Net income (loss) per&#160;unit is the difference between the per unit NAV at the beginning of each period and at the&#160;end of each period. The weighted average number of units outstanding was computed for purposes of disclosing net income (loss) per weighted average unit. The weighted average units are equal to the number of units outstanding at the end of the period, adjusted proportionately for units added and redeemed based on the amount of time the units were outstanding during such period. There were no units held by USCF at December&#160;31, 2012.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Offering Costs </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Offering costs incurred in connection with the registration of additional units after the initial registration of units are borne by US12NG. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period, if warranted.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Cash Equivalents </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less.</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b></b>&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Reclassification </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">Certain amounts in the accompanying financial statements were reclassified to conform with the current presentation.</font></p>
<p style="text-align: justify; text-indent: 0.5in; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Use of Estimates </b></font></p>
<p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p>
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                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EABAC">
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        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES - Additional Information (Detail) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_CarryingAmountsAndFairValuesOfFinancialInstrumentsOrLiabilitiesLineItems', window );"><strong>Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepositsMoneyMarketDeposits', window );">Cash investments in money market funds</a></td>
        <td class="nump">$ 20,522,574<span></span></td>
        <td class="nump">$ 10,518,621<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Deposits', window );">Deposits in domestic and foreign financial institutions</a></td>
        <td class="nump">$ 23,560,690<span></span></td>
        <td class="nump">$ 19,331,650<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate of all deposit liabilities held by the entity, including foreign and domestic, interest and noninterest bearing; may include demand deposits, saving deposits, Negotiable Order of Withdrawal (NOW) and time deposits among others.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 12<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-DEP<br><br> -Paragraph 37, 38, 39<br><br> -IssueDate 2006-05-01<br><br> -Chapter 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deposits in accounts that offer many of the same services as checking accounts although transactions may be somewhat more limited, share some of the characteristics of a money market fund and are insured by the Federal government, also known as money market accounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 14<br><br> -Subparagraph a(i)<br><br> -Chapter V<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
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          <div style="width: 200px;"><strong>FINANCIAL HIGHLIGHTS (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_unl_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The following table presents per unit performance data and other supplemental financial data for the years ended December&#160;31, 2012, 2011 and 2010.&#160;This information has been derived from information presented in the financial statements.</font></p>
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<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">21.21</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: right; width: 12%;"><font size="2" style="font-family:times new roman,times">35.02</font></td>
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<td style="width: 1%;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left; width: 1%;"><font size="2" style="font-family:times new roman,times">$</font></td>
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<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(13.42</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">(18.21</font></td>
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<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
<td style="padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 1pt;"><font size="2" style="font-family:times new roman,times">)</font></td>
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<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
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<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">21.21</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">35.02</font></td>
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<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(39.43</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
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<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
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<td style="text-align: left; text-indent: -12pt; padding-left: 12pt; font-weight: bold;"><font size="2" style="font-family:times new roman,times">Ratios to Average Net Assets</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: right;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total&#160;income (loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(11.80</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new
 roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(44.03</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(37.65</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Management fees</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.75</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.75</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.70</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Total expenses excluding management fees</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.40</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.53</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.66</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Expenses waived</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.18</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.36</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(0.43</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net expenses excluding management fees</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.22</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new
 roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.17</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">0.23</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">%</font></td>
</tr>
<tr style="background-color: #ccffcc; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt;"><font size="2" style="font-family:times new roman,times">Net&#160;income (loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(12.77</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(44.95</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
<td style="padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font size="2" style="font-family:times new roman,times">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font size="2" style="font-family:times new roman,times">(38.58</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;"><font size="2" style="font-family:times new roman,times">)%</font></td>
</tr>
</table><span></span></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Per Unit Performance Data and Other Supplemental Financial Data [Table Text Block]</p>
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