FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of summary of valuation of Usci's, Cper's, Usag's and Usmi's securities using fair value hierarchy

The following table summarizes the valuation of USCI’s securities at December 31, 2019 using the fair value hierarchy:

At December 31, 2019	Total		Level I		Level II		Level III
Short-Term Investments	$	188,989,355	$	188,989,355	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		(2,381,779)		(2,381,779)		—		—
United States Contracts		4,520,647		4,520,647		—		—

During the year ended December 31, 2019, there were no transfers between Level I and Level II.

The following table summarizes the valuation of USCI’s securities at December 31, 2018 using the fair value hierarchy:

At December 31, 2018	Total		Level I		Level II		Level III
Short-Term Investments	$	436,426,995	$	436,426,995	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		(1,866,820)		(1,866,820)		—		—
United States Contracts		(12,621,164)		(12,621,164)		—		—

During the year ended December 31, 2018, there were no transfers between Level I and Level II.

The following table summarizes the valuation of CPER's securities at December 31, 2019 using the fair value hierarchy:

At December 31, 2019	Total		Level I		Level II		Level III
Short-Term Investments	$	7,096,018	$	7,096,018	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		346,250		346,250		—		—

During the year ended December 31, 2019, there were no transfers between Level I and Level II.

The following table summarizes the valuation of CPER's securities at December 31, 2018 using the fair value hierarchy:

At December 31, 2018	Total		Level I		Level II		Level III
Short-Term Investments	$	9,657,426	$	9,657,426	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(903,475)		(903,475)		—		—

Schedule of fair value of derivative instruments held by Usci, Cper, Usag and Usmi

Fair Value of Derivative Instruments Held by USCI

Derivatives not
Accounted for		Fair Value		Fair Value
as Hedging	Statements of Financial	At December 31,		At December 31,
Instruments	Condition Location	2019		2018
Futures - Commodity Contracts	Assets	$	2,138,868	$	(14,487,984)

Fair Value of Derivative Instruments Held by CPER

Derivatives not
Accounted for		Fair Value		Fair Value
as Hedging	Statements of Financial	At December 31,		At December 31,
Instruments	Condition Location	2019		2018
Futures - Commodity Contracts	Assets	$	346,250	$	(903,475)

Schedule of effect of derivative instruments on condensed statements of operations of Usci, Cper, Usag and Usmi

The Effect of Derivative Instruments on the Statements of Operations of USCI

For the year ended

For the year ended

For the year ended

December 31, 2019

December 31, 2018

December 31, 2017

Change in

Change in

Change in

Derivatives

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

not Accounted

Gain (Loss)

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

for as

on Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

Hedging

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

Income

Income

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

(29,144,478)

$

(54,710,680)

$

22,989,718

Change in unrealized gain (loss) on open positions

$

16,626,852

$

(21,360,954)

$

4,817,510

The Effect of Derivative Instruments on the Statements of Operations of CPER

For the year ended

For the year ended

For the year ended

December 31, 2019

December 31, 2018

December 31, 2017

Change in

Change in

Change in

Derivatives

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

not Accounted

Gain (Loss)

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

for as

on Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

Hedging

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

Income

Income

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

(1,134,850)

$

(1,318,188)

$

1,468,825

Change in unrealized gain (loss) on open positions

$

1,249,725

$

(1,785,413)

$

793,363