FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2016

The following table summarizes the valuation of UNL’s securities at June 30, 2016 using the fair value hierarchy:

At June 30, 2016	Total		Level I		Level II		Level III
Short-Term Investments	$	9,992,320	$	9,992,320	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		1,457,031		1,457,031		—		—

The following table summarizes the valuation of UNL’s securities at December 31, 2015 using the fair value hierarchy:

At December 31, 2015	Total		Level I		Level II		Level III
Short-Term Investments	$	8,495,184	$	8,495,184	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(2,421,976)		(2,421,976)		—		—

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At June 30, 2016			Fair Value At December 31, 2015
Futures - Commodity Contracts		Assets		$	1,457,031		$	(2,421,976)

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the six months ended June 30, 2016				For the six months ended June 30, 2015
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	$	(2,576,807)			$	(4,399,140)

	Change in unrealized gain (loss) on open positions			$	3,879,007			$	3,758,409