FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2016

The following table summarizes the valuation of USL’s securities at September 30, 2016 using the fair value hierarchy:

At September 30, 2016	Total		Level I		Level II		Level III
Short-Term Investments	$	104,928,345	$	104,928,345	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		10,033,578		10,033,578		—		—

During the nine months ended September 30, 2016, there were no transfers between Level I and Level II.

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

At December 31, 2015	Total		Level I		Level II		Level III
Short-Term Investments	$	52,963,042	$	52,963,042	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(19,971,629)		(19,971,629)		—		—

Fair Value of Derivative Instruments

	Condensed	Fair Value		Fair Value
Derivatives not Accounted	Statements of Financial	At September		At December
for as Hedging Instruments	Condition Location	30, 2016		31, 2015
Futures - Commodity Contracts	Assets	$	10,033,578	$	(19,971,629)

The Effect of Derivative Instruments on the Condensed Statements of Operations

For the nine months ended

September 30, 2016

September 30, 2015

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

(11,487,686)

(19,494,981)

Change in unrealized gain (loss) on open contracts

30,005,207

4,104,681