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OFFSETTING ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2013

NOTE 8 – OFFSETTING ASSETS AND LIABILITIES

USBO 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	$	77,060	$	—	$	77,060

At December 31, 2012:
Futures contracts	$	739,330	$	—	$	739,330

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	$	77,060	$	—	$	—	$	77,060

At December 31, 2012:
UBS Securities	$	739,330	$	—	$	—	$	739,330