Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2015

The following table summarizes the valuation of USL’s securities at March 31, 2015 using the fair value hierarchy:

At March 31, 2015	Total		Level I		Level II		Level III
Short-Term Investments	$	50,992,391	$	50,992,391	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(15,855,783)		(15,855,783)		—		—

During the three months ended March 31, 2015, there were no transfers between Level I and Level II.

The following table summarizes the valuation of USL’s securities at December 31, 2014 using the fair value hierarchy:

At December 31, 2014	Total		Level I		Level II		Level III
Short-Term Investments	$	30,998,094	$	30,998,094	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(17,096,060)		(17,096,060)		—		—

During the year ended December 31, 2014, 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 March 31, 2015		At December 31, 2014
Futures - Commodity Contracts	Assets	$	(15,855,783)	$	(17,096,060)

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the three months ended

March 31, 2015

March 31, 2014

Change in

Location of

Realized

Unrealized

Realized

Unrealized

Derivatives not

Gain (Loss)

Accounted for

on Derivatives

as Hedging

Recognized in

Instruments

Income

Futures – Commodity Contracts

Realized gain (loss) on closed contracts

(6,344,216)

525,150

Change in unrealized gain (loss) on open contracts

1,240,277

1,106,210