Note 5 - Financial Highlights

The following table presents per unit performance data and other supplemental financial data for the three months ended March 31, 2014 and 2013. This information has been derived from information presented in the financial statements.

	Three months ended			Three months ended
Per Share Operation Performance	March 31, 2014			March 31, 2013
Net asset value at beginning of period	$	11.82		$	11.56
Income from investment operations:
Investment income		-			-
Net realized and unrealized gain on commodity futures contracts		1.57			1.08
Total expenses		(0.05	)		(0.04	)
Net increase in net asset value		1.52			1.04
Net asset value at end of period	$	13.34		$	12.60
Total Return		12.86	%		9.00	%
Ratios to Average Net Assets
Total expense		1.49	%		1.47	%
Net investment loss		(1.45	)%		(1.42	)%

Total returns are calculated based on the change in value during the period. An individual shareholder's total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from the Fund.

The financial highlights per share data are calculated using the average of the daily shares outstanding for the reporting period, which is inclusive of the last day of the period under report. The asset-based per share data in the financial highlights are calculated using the prior day's net assets consistent with the methodology used to calculate asset-based fees and expenses.

On July 29, 2011, the Sponsor filed a Form 8-K with the SEC which stated that effective August 1, 2011, the Sponsor has agreed to voluntarily cap the management fee and expenses of NAGS at 1.5% per annum of the daily net assets of the Fund. The cap may be terminated by the Sponsor at any time with 90 days' notice.

The following table presents information about the sponsor fee and allocation of expenses for the three months ended March 31, 2014 and 2013.

	Three months ended		Three months ended
Expenses	March 31, 2014		March 31, 2013
Management Fee to the Sponsor	$	1,534	$	10,182
Expenses by the Fund	$	7,186	$	14,930
Expenses Paid by the Sponsor	$	33,000	$	19,000
Waived Management Fee	$	2,600	$	-

For the year ended December 31, 2013, there was approximately $590,000 of expenses recorded on the financial statements of the Sponsor which is subject to reimbursement by the Funds in 2014. The Sponsor had not yet determined if it would seek such reimbursement and, as such, due to the uncertainty of this reimbursement, the financial statements of the Trust and the Funds did not reflect an adjustment for this amount. For the quarter ended March 31, 2014, the Sponsor received no reimbursement from the Fund. The total balance as of March 31, 2014 that could be reimbursed by the Funds to the Sponsor is $289,400.