FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2013

The following table summarizes the valuation of USBO’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	$	28,215,266	$	28,215,266	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		192,090		192,090		—		—

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		—		—

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		$	192,090		$	739,330

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 loss on closed positions	$	(1,556,990)			$	(3,492,540)

	Change in unrealized gain (loss) on open positions			$	(547,240)			$	347,910