FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2013

The following table summarizes the valuation of US12NG’s securities at June 30, 2013 using the fair value hierarchy:

At June 30, 2013	Total		Level I		Level II		Level III
Short-Term Investments	$	22,322,145	$	22,322,145	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(1,347,400)		(1,347,400)		—		—

During the six months ended June 30, 2013, there were no transfers between Level I and Level II.

The following table summarizes the valuation of US12NG’s securities at December 31, 2012 using the fair value hierarchy:

At December 31, 2012	Total		Level I		Level II		Level III
Short-Term Investments	$	23,922,430	$	23,922,430	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(906,580)		(906,580)		—		—

During the year ended December 31, 2012, there were no transfers between Level I and Level II.

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location			Fair Value At June 30, 2013			Fair Value At December 31, 2012
Futures - Commodity Contracts		Assets			$	(1,347,400)		$	(906,580)

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the six months ended June 30, 2013				For the six months ended June 30, 2012
Derivatives not Accounted for as Hedging Instruments	Location of Gain or (Loss) on Derivatives Recognized in Income	Realized Gain or (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income		Realized Gain or (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
Futures – Commodity Contracts	Realized gain (loss) on closed positions	$	2,739,860			$	(10,812,920)

	Change in unrealized gain (loss) on open positions			$	(440,820)			$	6,397,620