FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2014

The following table summarizes the valuation of UNL’s securities at June 30, 2014 using the fair value hierarchy:

At June 30, 2014	Total		Level I		Level II		Level III
Short-Term Investments	$	12,510,288	$	12,510,288	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		829,580		829,580		—		—

During the six months ended June 30, 2014, there were no transfers between Level I and Level II.

The following table summarizes the valuation of UNL’s securities at December 31, 2013 using the fair value hierarchy:

At December 31, 2013	Total		Level I		Level II		Level III
Short-Term Investments	$	22,522,078	$	22,522,078	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		1,090,050		1,090,050		—		—

During the year ended December 31, 2013, there were no transfers between Level I and Level II.

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At June 30, 2014			Fair Value At December 31, 2013
Futures - Commodity Contracts		Assets		$	829,580		$	1,090,050

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the six months ended June 30, 2014				For the six months ended June 30, 2013
Derivatives not Accounted for as Hedging Instruments	Location of Gain or (Loss) on Derivatives Recognized in Income	Realized Gain on Derivatives Recognized in Income		Change in Unrealized Loss on Derivatives Recognized in Income		Realized Gain on Derivatives Recognized in Income		Change in Unrealized Loss on Derivatives Recognized in Income
Futures – Commodity Contracts	Realized gain on closed positions	$	2,468,510			$	2,739,860

	Change in unrealized loss on open positions			$	(260,470)			$	(440,820)