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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 using the fair value hierarchy:

At March 31, 2020		Total			Level I			Level II			Level III
Short-Term Investments		$	2,193,097		$	2,193,097		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(402,186)			(402,186)			—			—

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)			—			—

Schedule of Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

Derivatives not		Condensed
Accounted for		Statements of		Fair Value			Fair Value
as Hedging		Financial		At March 31,			At December 31,
Instruments		Condition Location		2020			2019
Futures - Commodity Contracts		Assets		$	(402,186)		$	(435,678)

Schedule of Effect of Derivative Instruments on the Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the three months ended

For the three months ended

March 31, 2020

March 31, 2019

Change in

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Derivatives not

Gain (Loss)

Gain (Loss)

Gain (Loss) on

Gain (Loss)

Gain (Loss) on

Accounted for

on Derivatives

on Derivatives

Derivatives

on Derivatives

Derivatives

as Hedging

Recognized in

Recognized in

Recognized in

Recognized in

Recognized in

Instruments

Income

Income

Income

Income

Income

Futures - Commodity Contracts

Realized gain (loss) on closed positions

$

(361,302)

$

(8,587)

Change in unrealized gain (loss) on open positions

$

33,492

$

104,608

X

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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