FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2015

The following table summarizes the valuation of UNL’s securities at September 30, 2015 using the fair value hierarchy:

At September 30, 2015	Total		Level I		Level II		Level III
Short-Term Investments	$	11,509,250	$	11,509,250	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(2,340,556)		(2,340,556)		—		—

During the nine months ended September 30, 2015, there were no transfers between Level I and Level II.

The following table summarizes the valuation of UNL’s securities at December 31, 2014 using the fair value hierarchy:

At December 31, 2014	Total		Level I		Level II		Level III
Short-Term Investments	$	12,510,147	$	12,510,147	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(4,919,890)		(4,919,890)		—		—

During the year ended December 31, 2014, there were no transfers between Level I and Level II.

Fair Value of Derivative Instruments

	Condensed	Fair Value		Fair Value
Derivatives not Accounted for	Statements of Financial	At September 30,		At December 31,
as Hedging Instruments	Condition Location	2015		2014
Futures - Commodity Contracts	Assets	$	(2,340,556)	$	(4,919,890)

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the nine months ended

September 30, 2015

September 30, 2014

Change in

Location of

Unrealized

Realized

Unrealized

Derivatives not

Gain (Loss) on

Realized

Gain (Loss) on

Accounted for

Derivatives

Gain (Loss) on

Derivatives

as Hedging

Recognized

Recognized in

Instruments

in Income

Income

Futures – Commodity Contracts

Realized gain (loss) on closed positions

(5,095,785)

2,485,620

Change in unrealized gain (loss) on open positions

2,579,334

(1,612,110)