XML 54 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
Statements of Operations (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Gain (loss) on trading of commodity futures contracts:      
Realized gain (loss) on closed positions $ 402,190us-gaap_GainLossOnSaleOfInvestments $ 6,302,760us-gaap_GainLossOnSaleOfInvestments $ (6,954,520)us-gaap_GainLossOnSaleOfInvestments
Change in unrealized gain (loss) on open positions (18,738,510)us-gaap_UnrealizedGainLossOnInvestments 85,540us-gaap_UnrealizedGainLossOnInvestments (2,445,210)us-gaap_UnrealizedGainLossOnInvestments
Dividend income 10,129us-gaap_DividendIncomeOperating 18,055us-gaap_DividendIncomeOperating 28,563us-gaap_DividendIncomeOperating
Interest income 5,708us-gaap_InterestIncomeOperating 6,576us-gaap_InterestIncomeOperating 9,817us-gaap_InterestIncomeOperating
ETF transaction fees 3,150us-gaap_OtherIncome 8,050us-gaap_OtherIncome 12,950us-gaap_OtherIncome
Total income (loss) (18,317,333)us-gaap_Revenues 6,420,981us-gaap_Revenues (9,348,400)us-gaap_Revenues
Expenses      
General Partner management fees (Note 3) 316,392us-gaap_AssetManagementCosts 510,978us-gaap_AssetManagementCosts 807,686us-gaap_AssetManagementCosts
Professional fees 142,796us-gaap_ProfessionalFees 207,412us-gaap_ProfessionalFees 130,520us-gaap_ProfessionalFees
Brokerage commissions 4,643us-gaap_FloorBrokerageExchangeAndClearanceFees 9,848us-gaap_FloorBrokerageExchangeAndClearanceFees 21,804us-gaap_FloorBrokerageExchangeAndClearanceFees
Directors' fees and insurance 15,649us-gaap_NoninterestExpenseDirectorsFees 19,340us-gaap_NoninterestExpenseDirectorsFees 25,332us-gaap_NoninterestExpenseDirectorsFees
License fees 7,910us-gaap_LicenseCosts 12,774us-gaap_LicenseCosts 20,192us-gaap_LicenseCosts
Registration fees 1,350usl_RegistrationFeesAndOtherOfferingExpenses 82,385usl_RegistrationFeesAndOtherOfferingExpenses 44,844usl_RegistrationFeesAndOtherOfferingExpenses
Total expenses 488,740us-gaap_OperatingExpenses 842,737us-gaap_OperatingExpenses 1,050,378us-gaap_OperatingExpenses
Net income (loss) $ (18,806,073)us-gaap_NetIncomeLoss $ 5,578,244us-gaap_NetIncomeLoss $ (10,398,778)us-gaap_NetIncomeLoss
Net income (loss) per limited partnership share $ (16.24)us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax $ 3.02us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax $ (3.65)us-gaap_NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
Net income (loss) per weighted average limited partnership share $ (14.92)us-gaap_NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted $ 2.71us-gaap_NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted $ (3.24)us-gaap_NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
Weighted average limited partnership shares outstanding 1,260,685us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding 2,061,096us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding 3,205,464us-gaap_WeightedAverageLimitedPartnershipUnitsOutstanding