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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of UNL's Securities Using the Fair Value Hierarchy

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

At December 31, 2019		Total			Level I			Level II			Level III
Short-Term Investments		$	3,289,117		$	3,289,117		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(435,678)			(435,678)			—			—

During the year ended December 31, 2019, there were no transfers between Level I and Level II.

The following table summarizes the valuation of UNL’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		$	5,577,527		$	5,577,527		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(46,103)			(46,103)			—			—

Schedule of Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

Derivatives not
Accounted for				Fair Value			Fair Value
as Hedging		Statements of Financial		At December 31,			At December 31,
Instruments		Condition Location		2019			2018
Futures - Commodity Contracts		Assets		$	(435,678)		$	(46,103)

Schedule of Effect of Derivative Instruments on the Statements of Operations

The Effect of Derivative Instruments on the Statements of Operations

For the year ended

For the year ended

For the year ended

December 31, 2019

December 31, 2018

December 31, 2017

Change in

Change in

Change in

Derivatives

Location of

Realized

Unrealized

Realized

Unrealized

Realized

Unrealized

not Accounted

Gain (Loss)

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

for as

on Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

Hedging

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

Income

Income

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

(479,014)

$

(11,739)

$

229,715

Change in unrealized gain (loss) on open positions

$

(389,575)

$

522,819

$

(3,364,926)

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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.

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