FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2017

The following table summarizes the valuation of UNL’s securities at December 31, 2017 using the fair value hierarchy:

At December 31, 2017	Total		Level I		Level II		Level III
Short-Term Investments	$	7,683,698	$	7,683,698	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(568,922)		(568,922)		—		—

During the year ended December 31, 2017, there were no transfers between Level I and Level II.

The following table summarizes the valuation of UNL’s securities at December 31, 2016 using the fair value hierarchy:

At December 31, 2016	Total		Level I		Level II		Level III
Short-Term Investments	$	11,292,035	$	11,292,035	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		2,796,004		2,796,004		—		—

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Statements of Financial Condition Location		Fair Value At December 31, 2017			Fair Value At December 31, 2016
Futures - Commodity Contracts		Assets		$	(568,922)		$	2,796,004

The Effect of Derivative Instruments on the Statements of Operations

		For the year ended December 31, 2017				For the year ended December 31, 2016				For the year ended December 31, 2015
Derivatives not Accounted for as Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income		Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income		Realized Gain (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Futures - Commodity Contracts	Realized gain (loss) on closed positions	$	229,715			$	(2,271,270)			$	(6,916,714)

	Change in unrealized gain (loss) on open positions			$	(3,364,926)			$	5,217,980			$	2,497,914