FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2013

The following table summarizes the valuation of USBO’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	$	28,215,603	$	28,215,603	$	—	$	—

Exchange-Traded Futures Contracts Foreign Contracts		(1,639,350)		(1,639,350)		—		—

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 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

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At September 30, 2013			Fair Value At December 31, 2012
Futures - Commodity Contracts		Assets		$	(1,639,350)		$	739,330

The Effect of Derivative Instruments on the Condensed Statements of Operations

			For the nine months ended September 30, 2013				For the nine months ended September 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 gain on closed positions	$	3,812,980			$	4,019,700

	Change in unrealized gain (loss) on open positions			$	(2,378,680)			$	480,220