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OFFSETTING ASSETS AND LIABILITIES
 3 Months Ended
Mar. 31, 2013
Offsetting [Abstract]  
OFFSETTING ASSETS AND LIABILITIES

NOTE 8 – OFFSETTING ASSETS AND LIABILITIES

 

US12NG is required to disclose offsetting assets and liabilities represented in the Condensed Statements of Financial Condition to disclose information to enable users of these financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities. These recognized assets and liabilities as defined in the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11 “Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities” and subsequently clarified in FASB ASU 2013-01 “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The derivative instruments include all futures contracts including exchange-traded futures contracts.

 

Offsetting of Financial Assets and Derivative Assets as of March 31, 2013 and December 31, 2012

 

Assets   Gross
Amounts of
Recognized
Assets		     Gross
Amounts
Offset in the
Statements of
Financial
Condition		     Net Amounts
of Assets
Presented in
the
Statements of
Financial
Condition		  
                   
At March 31, 2013:                        
Futures contracts   $ 4,023,690     $

—

     $ 4,023,690  
                         
At December 31, 2012:                        
Futures contracts   $ 374,190     $

—

     $ 374,190  

 

Financial Assets, Derivative Assets, and Collateral Held by Counterparty as of March 31, 2013 and December 31, 2012

 

          Gross Amounts Not Offset in the
Statements of Financial Condition		        
    Net Amounts
of Assets
Presented in
the
Statements of
Financial
Condition (A)		     Financial
Instruments
Collateral
Received (B)		     Cash
Collateral
Received (C)		     Net Amount
(D)=(A)-(B)-(C)		  
                         
At March 31, 2013:                                
UBS Securities   $ 4,023,690     $

—

     $

—

     $ 4,023,690  
                                 
At December 31, 2012:                                
UBS Securities   $ 374,190     $

—

     $

—

     $ 374,190  

  

Offsetting of Financial Liabilities and Derivative Liabilities as of March 31, 2013 and December 31, 2012

 

Liabilities   Gross
Amounts of
Recognized
Liabilities		     Gross
Amounts
Offset in the
Statements of
Financial
Condition		     Net Amounts of
Liabilities
Presented in the
Statements of
Financial
Condition		  
                   
At March 31, 2013:                        
Futures contracts   $

—

     $

—

     $

—

  
                         
At December 31, 2012:                        
Futures contracts   $ 1,280,770     $

—

     $ 1,280,770  

 

Financial Liabilities, Derivative Liabilities, and Collateral Pledged by Counterparty as of March 31, 2013 and December 31, 2012

 

          Gross Amounts Not Offset in the
Statements of Financial Condition		        
    Net Amounts of
Liabilities
Presented in the
Statements of
Financial
Condition (A)		     Financial
Instruments
Collateral
Pledged (B)		     Cash Collateral
Pledged (C)		     Net Amount
(D)=(A)-(B)-(C)		  
                         
At March 31, 2013:                                
UBS Securities   $

—

     $

—

     $

—

     $

—

  
                                 
At December 31, 2012:                                
UBS Securities   $ 1,280,770     $ 986,053     $ 294,717     $

—