| Valuation of Usci's, Cper's, Usag's and Usmi's Securities Using Fair Value Hierarchy |
The following table summarizes the valuation of USCI’s securities at December 31, 2013 using the fair value hierarchy: | At December 31, 2013 | | Total | | Level I | | Level II | | Level III | | | Short-Term Investments | | $ | 325,142,075 | | $ | 325,142,075 | | $ | – | | $ | – | | | Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | Foreign Contracts | | | 6,218,462 | | | 6,218,462 | | | – | | | – | | | United States Contracts | | | 4,571,285 | | | 4,571,285 | | | – | | | – | | During the year ended December 31, 2013, there were no transfers between Level I and Level II. The following table summarizes the valuation of USCI’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 | | $ | 435,149,105 | | $ | 435,149,105 | | $ | – | | $ | – | | | Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | Foreign Contracts | | | 2,901,485 | | | 2,901,485 | | | – | | | – | | | United States Contracts | | | (8,122,385) | | | (8,122,385) | | | – | | | – | | During the year ended December 31, 2012, there were no transfers between Level I and Level II. The following table summarizes the valuation of CPER’s securities at December 31, 2013 using the fair value hierarchy: | At December 31, 2013 | | Total | | Level I | | Level II | | Level III | | | Short-Term Investments | | $ | 1,599,705 | | $ | 1,599,705 | | $ | – | | $ | – | | | Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | United States Contracts | | | 130,163 | | | 130,163 | | | – | | | – | | During the year ended December 31, 2013, there were no transfers between Level I and Level II. The following table summarizes the valuation of CPER’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 | | $ | 2,149,689 | | $ | 2,149,689 | | $ | – | | $ | – | | | Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | United States Contracts | | | 6,575 | | | 6,575 | | | – | | | – | | During the year ended December 31, 2012, there were no transfers between Level I and Level II. The following table summarizes the valuation of USAG’s securities at December 31, 2013 using the fair value hierarchy: | At December 31, 2013 | | Total | | Level I | | Level II | | Level III | | | Short-Term Investments | | $ | 1,499,678 | | $ | 1,499,678 | | $ | – | | $ | – | | | Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | Foreign Contracts | | | 2,216 | | | 2,216 | | | – | | | – | | | United States Contracts | | | (46,749) | | | (46,749) | | | – | | | – | | During the year ended December 31, 2013, there were no transfers between Level I and Level II. The following table summarizes the valuation of USAG’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 | | $ | 2,199,688 | | $ | 2,199,688 | | $ | – | | $ | – | | | Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | Foreign Contracts | | | (31,470) | | | (31,470) | | | – | | | – | | | United States Contracts | | | (87,685) | | | (87,685) | | | – | | | – | | During the year ended December 31, 2012, there were no transfers between Level I and Level II. The following table summarizes the valuation of USMI’s securities at December 31, 2013 using the fair value hierarchy: | At December 31, 2013 | | Total | | Level I | | Level II | | Level III | | | Short-Term Investments | | $ | 1,199,914 | | $ | 1,199,914 | | $ | – | | $ | – | | | Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | Foreign Contracts | | | (12,610) | | | (12,610) | | | – | | | – | | | United States Contracts | | | (33,683) | | | (33,683) | | | – | | | – | | During the year ended December 31, 2013, there were no transfers between Level I and Level II. The following table summarizes the valuation of USMI’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 | | $ | 2,349,792 | | $ | 2,349,792 | | $ | – | | $ | – | | | Exchange-Traded Futures Contracts | | | | | | | | | | | | | | | Foreign Contracts | | | 77,393 | | | 77,393 | | | – | | | – | | | United States Contracts | | | (31,335) | | | (31,335) | | | – | | | – | | During the year ended December 31, 2012, there were no transfers between Level I and Level II. |
| Fair Value of Derivative Instruments Held by Usci, Cper, Usag and Usmi |
The Trust and each Trust Series have adopted the provisions of Accounting Standards Codification 815 —Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. Fair Value of Derivative Instruments Held by USCI | | | Statements | | | | | | | | | Derivatives not | | of | | Fair Value | | Fair Value | | | Accounted for | | Financial | | At | | At | | | as Hedging | | Condition | | December 31, | | December 31, | | | Instruments | | Location | | 2013 | | 2012 | | | Futures - Commodity Contracts | | Assets | | $ | 10,789,747 | | $ | (5,220,900) | | Fair Value of Derivative Instruments Held by CPER | | | Statements | | | | | | | | Derivatives not | | of | | Fair Value | | Fair Value | | | Accounted for | | Financial | | At | | At | | | as Hedging | | Condition | | December 31, | | December 31, | | | Instruments | | Location | | 2013 | | 2012 | | | Futures - Commodity Contracts | | Assets | | $ | 130,163 | | $ | 6,575 | | Fair Value of Derivative Instruments Held by USAG | | | Statements | | | | | | | | | Derivatives not | | of | | Fair Value | | Fair Value | | | Accounted for | | Financial | | At | | At | | | as Hedging | | Condition | | December 31, | | December 31, | | | Instruments | | Location | | 2013 | | 2012 | | | Futures - Commodity Contracts | | Assets | | $ | (44,533) | | $ | (119,155) | | Fair Value of Derivative Instruments Held by USMI | | | Statements | | | | | | | | | Derivatives not | | of | | Fair Value | | Fair Value | | | Accounted for | | Financial | | At | | At | | | as Hedging | | Condition | | December 31, | | December 31, | | | Instruments | | Location | | 2013 | | 2012 | | | Futures - Commodity Contracts | | Assets | | $ | (46,293) | | $ | 46,058 | | |
| Effect of Derivative Instruments on Statements of Operations of Usci, Cper, Usag and Usmi |
The Effect of Derivative Instruments on the Statements of Operations of USCI | | | | | For the year ended | | For the year ended | | For the year ended | | | | | | | December 31, 2013 | | December 31, 2012 | | December 31, 2011 | | | | | | | | | | Change in | | | | | Change in | | | | | Change in | | | Derivatives | | Location of | | Realized | | Unrealized | | Realized | | Unrealized | | Realized | | Unrealized | | | not Accounted | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | | for as | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | | Hedging | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | | Instruments | | in Income | | in Income | | in Income | | in Income | | in Income | | in Income | | in Income | | | | | | | | | | | | | | | | | | | | | | | | | | Futures -
CommodityContracts | | Realized gain (loss) on closed positions | | $ | (32,839,247) | | | | | $ | (21,219,768) | | | | | $ | (33,381,967) | | | | | | | | Change in unrealized gain (loss) on open positions | | | | | $ | 16,010,647 | | | | | $ | 17,755,792 | | | | | $ | (30,394,009) | | The Effect of Derivative Instruments on the Statements of Operations of CPER | | | | | For the year ended | | For the year ended | | For the year ended | | | | | | | December 31, 2013 | | December 31, 2012 | | December 31, 2011* | | | | | | | | | | Change in | | | | | Change in | | | | | Change in | | | Derivatives | | Location of | | Realized | | Unrealized | | Realized | | Unrealized | | Realized | | Unrealized | | | not Accounted | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | | for as | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | | Hedging | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | | Instruments | | in Income | | in Income | | in Income | | in Income | | in Income | | in Income | | in Income | | | | | | | | | | | | | | | | | | | | | | | | | | Futures -
Commodity
Contracts | | Realized gain (loss) on closed positions | | $ | (355,825) | | | | | $ | 64,937 | | | | | $ | 12,725 | | | | | | | | Change in unrealized gain (loss) on open positions | | | | | $ | 123,588 | | | | | $ | 68,588 | | | | | $ | (62,013) | | * The commencement of operations of CPER was November 15, 2011. The Effect of Derivative Instruments on the Statements of Operations of USAG | | | | | For the year ended | | For the year ended | | For the year ended | | | | | | | December 31, 2013 | | December 31, 2012* | | December 31, 2011 | | | | | | | | | | Change in | | | | | Change in | | | | | Change in | | | Derivatives | | Location of | | Realized | | Unrealized | | Realized | | Unrealized | | Realized | | Unrealized | | | not Accounted | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | | for as | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | | Hedging | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | | Instruments | | in Income | | in Income | | in Income | | in Income | | in Income | | in Income | | in Income | | | | | | | | | | | | | | | | | | | | | | | | | | Futures -
Commodity
Contracts | | Realized gain (loss) on closed positions | | $ | (327,353) | | | | | $ | 330,608 | | | | | $ | - | | | | | | | | Change in unrealized gain (loss) on open positions | | | | | $ | 74,622 | | | | | $ | (119,155) | | | | | $ | - | | * The commencement of operations of USAG was April 13, 2012. The Effect of Derivative Instruments on the Statements of Operations of USMI | | | | | For the year ended | | For the year ended | | For the year ended | | | | | | | December 31, 2013 | | December 31, 2012* | | December 31, 2011 | | | | | | | | | | Change in | | | | | Change in | | | | | Change in | | | Derivatives | | Location of | | Realized | | Unrealized | | Realized | | Unrealized | | Realized | | Unrealized | | | not Accounted | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | Gain or (Loss) | | | for as | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | on Derivatives | | | Hedging | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | Recognized | | | Instruments | | in Income | | in Income | | in Income | | in Income | | in Income | | in Income | | in Income | | | | | | | | | | | | | | | | | | | | | | | | | | Futures -Commodity
Contracts | | Realized gain (loss) on closed positions | | $ | (291,259) | | | | | $ | 148,423 | | | | | $ | – | | | | | | | | Change in unrealized gain (loss) on open positions | | | | | $ | (92,351) | | | | | $ | 46,058 | | | | | $ | – | | * The commencement of operations of USMI was June 19, 2012. |