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

The following table summarizes the valuation of US12OF’s securities at June 30, 2012 using the fair value hierarchy:

 

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

Short-Term Investments

   $ 80,140,350      $ 80,140,350      $ —      $ —   

Exchange-Traded Futures Contracts

        

United States Contracts

     (8,462,260 )      (8,462,260 )      —        —   

 

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

 

The following table summarizes the valuation of US12OF’s securities at December 31, 2011 using the fair value hierarchy:

 

  

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

Short-Term Investments

   $  120,576,360      $  120,576,360      $ —      $ —   

Exchange-Traded Futures Contracts

        

United States Contracts

     4,002,120        4,002,120        —        —   

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

Fair Value of Derivative Instruments

 

Derivatives not

Accounted for

as Hedging

Instruments

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

Futures - Commodity Contracts

    Assets   $ (8,462,260 )    $ 4,002,120   
Effect of Derivative Instruments on the Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

 

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

Derivatives not

Accounted for
as Hedging

Instruments

  

Location of

Gain or (Loss)

on Derivatives
Recognized in
Income

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

Futures - Commodity Contracts

   Realized gain (loss) on closed positions   $ (3,856,050 )      $ 21,292,660     
  Change in unrealized loss on open positions     $ (12,464,380 )      $ (14,501,200 )