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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2019

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

At March 31, 2019	Total			Level I			Level II		Level III
Short-Term Investments	$	439,767,236		$	439,767,236		$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		9,829,353			9,829,353			—		—
United States Contracts		(6,167,234	)		(6,167,234	)		—		—

During the three months ended March 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 March 31, 2019 using the fair value hierarchy:

At March 31, 2019	Total		Level I		Level II		Level III
Short-Term Investments	$	15,330,079	$	15,330,079	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		532,625		532,625		—		—

During the three months ended March 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	)		—		—

Fair Value of Derivative Instruments Held by USCI

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At March 31, 2019				Fair Value At December 31, 2018
Futures - Commodity Contracts		Assets		$	3,662,119			$	(14,487,984	)

Fair Value of Derivative Instruments Held by CPER

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At March 31, 2019				Fair Value At December 31, 2018
Futures - Commodity Contracts		Assets		$	532,625			$	(903,475	)

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

		For the three months ended March 31, 2019					For the three months ended March 31, 2018
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
Futures - Commodity Contracts	Realized gain (loss) on closed positions	$	(3,351,005	)			$	4,628,257

	Change in unrealized gain (loss) on open positions				$	18,150,103			$	(2,082,239	)

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

		For the three months ended March 31, 2019					For the three months ended March 31, 2018
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
Futures - Commodity Contracts	Realized gain (loss) on closed positions	$	(263,113	)			$	362,412

	Change in unrealized gain (loss) on open positions				$	1,436,100			$	(1,589,363	)