FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of UNL's Securities Using the Fair Value Hierarchy

The following table summarizes the valuation of UNL’s securities at March 31, 2021 using the fair value hierarchy:

At March 31, 2021	Total		Level I		Level II		Level III
Short-Term Investments	$	7,000,000	$	7,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts	$	(26,921)	$	(26,921)	$	—	$	—

The following table summarizes the valuation of UNL’s securities at December 31, 2020 using the fair value hierarchy:

At December 31, 2020	Total		Level I		Level II		Level III
Short-Term Investments	$	1,000,000	$	1,000,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(21,964)		(21,964)		—		—

Schedule of Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

	Condensed
	Statements of
	Financial	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Condition Location	March 31, 2021		December 31, 2020
Futures - Commodity Contracts	Assets	$	(26,921)	$	(21,964)

Schedule of Effect of Derivative Instruments on the Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the three months ended				For the three months ended
		March 31, 2021				March 31, 2020
				Change in Unrealized				Change in Unrealized
Derivatives not	Location of Gain	Realized gain (Loss)		Gain (Loss) on		Realized Gain (Loss)		Gain (Loss) on
Accounted for as	(Loss) on Derivatives	on Derivatives		Derivatives		in Derivatives		Derivatives
Hedging Instruments	Recognized in Income	Recognized in Income		Recognized in Income		Recognized in Income		Recognized in Income
Futures - Commodity Contracts	Realized gain (loss) on closed positions	$	120,097			$	(361,302)
	Change in unrealized gain (loss) on open positions			$	(4,957)			$	33,492