FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

The following table summarizes the valuation of UNL’s securities at December 31, 2014 using the fair value hierarchy:

At December 31, 2014	Total		Level I		Level II		Level III

Short-Term Investments	$	12,510,147	$	12,510,147	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(4,919,890)		(4,919,890)		—		—

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		—		—

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments	Statements of Financial Condition Location	Fair Value At December 31, 2014		Fair Value At December 31, 2013

Futures - Commodity Contracts	Assets	$	(4,919,890)	$	1,090,050

The Effect of Derivative Instruments on the Statements of Operations

		For the year ended December 31, 2014				For the year ended December 31, 2013				For the year ended December 31, 2012
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	$	2,205,950			$	2,395,300			$	(12,161,650)

	Change in unrealized gain (loss) on open positions				(6,009,940)			$	1,996,630			$	7,676,740