Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2014

The following table summarizes the valuation of USL’s securities at June 30, 2014 using the fair value hierarchy:

At June 30, 2014	Total		Level I		Level II		Level III
Short-Term Investments	$	45,154,849	$	45,154,849	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		5,274,660		5,274,660		—		—

During the six months ended June 30, 2014, there were no transfers between Level I and Level II.

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.

Fair Value of Derivative Instruments

	Condensed
Derivatives not Accounted	Statements of Financial	Fair Value		Fair Value
for as Hedging Instruments	Condition Location	At June 30, 2014		At December 31, 2013
Futures - Commodity Contracts	Assets	$	5,274,660	$	1,642,450

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the six months ended

June 30, 2014

June 30, 2013

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Derivatives not

Gain or (Loss)

Accounted for

on Derivatives

as Hedging

Recognized in

Instruments

Income

Futures – Commodity Contracts

Realized gain on closed positions

2,040,490

2,298,660

Change in unrealized gain (loss) on open positions

3,632,210

(1,111,600)