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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USBO’s securities at March 31, 2013 using the fair value hierarchy:

At March 31, 2013		Total				Level I				Level II				Level III
Short-Term Investments		$	27,715,581			$	27,715,581			$	—			$	—
Exchange-Traded Futures Contracts
Foreign Contracts			77,060				77,060				—				—

During the three months ended March 31, 2013, there were no transfers between Level I and Level II.

The following table summarizes the valuation of USBO’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		$	40,715,676			$	40,715,676			$	—			$	—
Exchange-Traded Futures Contracts
Foreign Contracts			739,330				739,330				—				—

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

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 March 31, 2013				Fair Value At December 31, 2012
Futures - Commodity Contracts		Assets		$	77,060			$	739,330

Effect of Derivative Instruments on Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

				For the three months ended March 31, 2013								For the three months ended March 31, 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 on closed positions		$	1,440,840							$	6,361,470
		Change in unrealized gain (loss) on open positions						$	(662,270	)						$	1,154,200

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The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

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Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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