FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

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 September 30, 2020 using the fair value hierarchy:

At September 30, 2020	Total		Level I		Level II		Level III
Short-Term Investments	$	98,490,861	$	98,490,861	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		4,124,734		4,124,734		—		—
Foreign Contracts		1,356,885		1,356,885		—		—

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		—		—

The following table summarizes the valuation of CPER’s securities at September 30, 2020 using the fair value hierarchy:

At September 30, 2020	Total		Level I		Level II		Level III
Short-Term Investments	$	26,217,685	$	26,217,685	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		1,610,888		1,610,888		—		—

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		—		—

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

Fair Value of Derivative Instruments Held by USCI

	Condensed
	Statements of
	Financial	Fair Value at		Fair Value at
	Condition	September 30,		December 31,
Derivatives not Accounted for as Hedging Instruments	Location	2020		2019
Futures - Commodity Contracts	Assets	$	5,481,619	$	2,138,868

Fair Value of Derivative Instruments Held by CPER

	Condensed
	Statements of
	Financial	Fair Value at		Fair Value at
	Condition	September 30,		December 31,
Derivatives not Accounted for as Hedging Instruments	Location	2020		2019
Futures - Commodity Contracts	Assets	$	1,610,888	$	346,250

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

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

		For the nine months ended				For the nine months ended
		September 30, 2020				September 30, 2019
				Change in				Change in
		Realized gain		Unrealized Gain		Realized Gain		Unrealized Gain
		(Loss) on		(Loss) on		(Loss) in		(Loss) on
	Location of Gain (Loss) on	Derivatives		Derivatives		Derivatives		Derivatives
	Derivatives Recognized in	Recognized in		Recognized in		Recognized in		Recognized in
Derivatives not Accounted for as Hedging Instruments	Income	Income		Income		Income		Income
Futures - Commodity Contracts	Realized gain (loss) on closed positions	$	(40,973,466)			$	(27,969,141)
	Change in unrealized gain (loss) on open positions			$	3,342,751			$	9,989,137

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

		For the nine months ended				For the nine months ended
		September 30, 2020				September 30, 2019
				Change in				Change in
		Realized gain		Unrealized Gain		Realized Gain		Unrealized Gain
		(Loss) on		(Loss) on		(Loss) in		(Loss) on
	Location of Gain (Loss) on	Derivatives		Derivatives		Derivatives		Derivatives
	Derivatives Recognized in	Recognized in		Recognized in		Recognized in		Recognized in
Derivatives not Accounted for as Hedging Instruments	Income	Income		Income		Income		Income
Futures - Commodity Contracts	Realized gain (loss) on closed positions	$	1,391,750			$	(1,250,775)
	Change in unrealized gain (loss) on open positions			$	1,264,638			$	703,250