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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of USL’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		$	59,154,742		$	59,154,742		$	-		$	-
Exchange-Traded Futures Contracts
United States Contracts			1,642,450			1,642,450			-			-

During the year ended December 31, 2013, there were no transfers between Level I and Level II.

The following table summarizes the valuation of USL’s securities at December 31, 2012 using the fair value hierarchy:

At December 31, 2012		Total			Level I			Level II			Level III
Short-Term Investments		$	92,755,785		$	92,755,785		$	-		$	-
Exchange-Traded Futures Contracts
United States Contracts			1,556,910			1,556,910			-			-

During the year ended December 31, 2012, there were no transfers between Level I and Level II.

Fair Value of Derivative Instruments

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Statements of Financial Condition Location		Fair Value at December 31, 2013			Fair Value at December 31, 2012
Futures - Commodity Contracts		Assets		$	1,642,450		$	1,556,910

Effect of Derivative Instruments on the Statements of Operations

The Effect of Derivative Instruments on the Statements of Operations

				For the year ended December 31, 2013						For the year ended December 31, 2012						For the year ended December 31, 2011
Derivatives not Accounted for as Hedging Instruments		Location of Gain or (Loss) on Derivatives Recognized in Income		Realized Gain or (Loss) on Derivatives Recognized in Income			Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income			Realized Gain or (Loss) on Derivatives Recognized in Income			Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income			Realized Gain or (Loss) on Derivatives Recognized in Income			Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income
Futures - Commodity Contracts		Realized gain (loss) on closed positions		$	6,302,760					$	(6,954,520)					$	16,224,040
		Change in unrealized gain (loss) on open positions					$	85,540					$	(2,445,210)					$	(11,864,440)

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- 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

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258



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-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

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-Publisher FASB

-Name Accounting Standards Codification

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- 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 4A

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959



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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=7476318&loc=SL5624163-113959

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