FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2013

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

At September 30, 2013	Total		Level I		Level II		Level III
Short-Term Investments	$	22,322,421	$	22,322,421	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(1,505,810)		(1,505,810)		—		—

During the nine months ended September 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	Condensed
as Hedging	Statements of Financial	Fair Value		Fair Value
Instruments	Condition Location	At September 30, 2013		At December 31, 2012
Futures - Commodity Contracts	Assets	$	(1,505,810)	$	(906,580)

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the nine months ended

September 30, 2013

September 30, 2012

Change in

Realized

Unrealized

Realized

Unrealized

Derivatives not

Location of

Gain or (Loss)

Accounted for

Gain or (Loss) on

on Derivatives

as Hedging

Derivatives Recognized

Recognized in

Instruments

in Income

Income

Futures – Commodity
Contracts

Realized gain (loss) on closed positions

2,543,710

(12,562,600)

Change in unrealized gain (loss) on open positions

(599,230)

11,548,500