XML 35 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Of Financial Instruments [Abstract]

Valuation of Securities Using the Fair Value Hierarchy

The following table summarizes the valuation of UNL’s securities at June 30, 2017 using the fair value hierarchy:

At June 30, 2017		Total			Level I			Level II			Level III
Short-Term Investments		$	9,087,304		$	9,087,304		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(313,469)			(313,469)			—			—

During the six months ended June 30, 2017, there were no transfers between Level I and Level II.

The following table summarizes the valuation of UNL’s securities at December 31, 2016 using the fair value hierarchy:

At December 31, 2016		Total			Level I			Level II			Level III
Short-Term Investments		$	11,292,035		$	11,292,035		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			2,796,004			2,796,004			—			—

Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

		Condensed
Derivatives not Accounted for		Statements of Financial		Fair Value				Fair Value
as Hedging Instruments		Condition Location		At June 30, 2017				At December 31, 2016
Futures - Commodity Contracts		Assets		$	(313,469)			$	2,796,004

Effect of Derivative Instruments on the Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the six months ended

For the six months ended

June 30, 2017

June 30, 2016

Realized

Change in

Realized

Change in

Location of

Gain

Unrealized

Gain

Unrealized

Derivatives not

Gain (Loss) on

(Loss) on

Gain (Loss) on

(Loss) on

Gain (Loss) on

Accounted for

Derivatives

Derivatives

Derivatives

Derivatives

Derivatives

as Hedging

Recognized

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

in Income

Income

Income

Income

Income

Futures – Commodity Contracts

Realized gain (loss) on closed positions

$

656,563

$

(2,576,807)

Change in unrealized gain (loss) on open positions

$

(3,109,473)

$

3,879,007

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-URI http://asc.fasb.org/topic&trid=2155941

+ Details

Name:	us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5618551-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration