TABLE OF CONTENTS
FINRA:
Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers.
Futures Contracts:
Futures contracts for crude oil, heating oil, gasoline, natural gas, and other petroleum-based fuels that are traded on the New York Mercantile Exchange, ICE Futures or other U.S. and foreign exchanges.
General Partner:
Victoria Bay Asset Management, LLC, a Delaware limited liability company, which is registered as a Commodity Pool Operator, who controls the investments and other decisions of US12OF.
ICE Futures:
The leading electronic regulated futures and options exchange for global energy markets. Its trading platform offers participants access to a wide spectrum of energy futures products including the Brent and West Texas Intermediate (WTI) global crude benchmark contracts, Gas Oil, Electricity, Coal, and ECX carbon financial instruments.
Indirect Participants:
Banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly.
Investor:
Beneficial owner of the units.
Limited Liability Company (LLC):
A type of business ownership combining several features of corporation and partnership structures.
LP Agreement:
The Amended and Restated Agreement of Limited Partnership dated December 4, 2007.
Margin:
The amount of equity required for an investment in futures contracts.
mmBTU:
10,000 million British thermal units.
NASAA:
North American Securities Administration Association, Inc.
NAV:
Net Asset Value of US12OF.
NFA:
National Futures Association.
NSCC:
National Securities Clearing Corporation.
New York Mercantile Exchange:
The primary exchange on which futures contracts are traded in the U.S. US12OF expects to invest primarily in futures contracts, and particularly in futures contracts traded on the New York Mercantile Exchange. US12OF expressly disclaims any association with the Exchange or endorsement of US12OF by the Exchange and acknowledges that NYMEX and New York Mercantile Exchange are registered trademarks of such Exchange.
Other Crude Oil-Related Investments:
Crude Oil-Related Investments other than Futures Contracts such as cash-settled options on Futures Contracts, forward contracts for crude oil, and over-the-counter transactions that are based on the price of crude oil, oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing.
Option:
The right, but not the obligation, to buy or sell a futures contract or forward contract at a specified price on or before a specified date.
Over-the-Counter Derivative:
A financial contract, whose value is designed to track the return on stocks, bonds, currencies, commodities, or some other benchmark, that is traded over-the-counter or off organized exchanges.
Redemption Basket:
A block of 100,000 units used by US12OF to redeem units.
SEC:
Securities and Exchange Commission.
Secondary Market:
The stock exchanges and the over-the-counter market. Securities are first issued as a primary offering to the public. When the securities are traded from that first holder to another, the issues trade in these secondary markets.
Spot Contract:
A cash market transaction in which the buyer and seller agree to the immediate purchase and sale of a commodity, usually with a two-day settlement.