What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 87 added, 52 removed, 416 unchanged (25% of the section changed)

1 unchanged sentence

Index to Financial Statements

Statements of Financial Condition at March 31, 2026 (Unaudited) and December 31, 2025

Schedule of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended March 31, 2026

Statements of Financial Condition at June 30, 2026 (Unaudited) and December 31, 2025

Schedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended June 30, 2026

United States 12 Month Oil Fund, LP

Statements of Financial Condition

At March 31 , 2026 (Unaudited) and December 31, 2025

March 31, 2026

At June 30 , 2026 (Unaudited) and December 31, 2025

June 30, 2026

December 31, 2025

4 unchanged sentences

( 1,236,669 )

( 3,032,474 )

Dividends receivable

2 unchanged sentences

Liabilities and Partners’ Capital

Payable due to Broker

General Partner management fees payable (Note 3)

12 unchanged sentences

Market value per share

(a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements.

See accompanying notes to financial statements.

1 unchanged sentence

Schedule of Investments (Unaudited)

At March 31 , 2026

At June 30 , 2026

Value/Unrealized

3 unchanged sentences

United States Contracts

NYMEX WTI Crude Oil Futures CL May 2026 contracts, expiring April 2026

NYMEX WTI Crude Oil Futures CL June 2026 contracts, expiring May 2026

NYMEX WTI Crude Oil Futures CL July 2026 contracts, expiring June 2026

NYMEX WTI Crude Oil Futures CL August 2026 contracts, expiring July 2026

7 unchanged sentences

NYMEX WTI Crude Oil Futures CL April 2027 contracts, expiring March 2027

NYMEX WTI Crude Oil Futures CL May 2027 contracts, expiring April 2027

NYMEX WTI Crude Oil Futures CL June 2027 contracts, expiring May 2027

NYMEX WTI Crude Oil Futures CL July 2027 contracts, expiring June 2027

Total Open Futures Contracts *

( 1,236,669 )

Shares/Principal

6 unchanged sentences

* Collateral amounted to $ 7,015,029 on open commodity futures contracts.

# Reflects the 7-day yield at March 31, 2026.

# Reflects the 7-day yield at June 30, 2026.

See accompanying notes to financial statements.

33 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31 , 2026 and 2025

For the three and six months ended June 30 , 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed commodity futures contracts

( 2,251,440 )

( 2,381,328 )

Change in unrealized gain (loss) on open commodity futures contracts

( 13,165,792 )

( 2,054,602 )

( 1,950,440 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 1,734,400 )

( 3,884,992 )

( 3,424,942 )

General Partner management fees (Note 3)

4 unchanged sentences

Net Income (Loss)

( 1,868,319 )

( 3,983,265 )

( 3,639,200 )

Net Income (Loss) per limited partner share

4 unchanged sentences

Statements of Changes in Partners’ Capital (Unaudited)

For the three months ended March 31 , 2026 and 2025

For the three and six months ended June 30 , 2026 and 2025

Limited Partners*

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Balances at beginning of period

3 unchanged sentences

( 3,498,732 )

( 33,713,662 )

( 7,391,791 )

Net income (loss)

( 1,868,319 )

( 3,983,265 )

( 3,639,200 )

Balances at end of period

3 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31 , 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

For the six months ended June 30 , 2026 and 2025

Six months ended

June 30, 2026

June 30, 2025

Cash Flows from Operating Activities:

Net income (loss)

( 3,639,200 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

4 unchanged sentences

(Increase) decrease in prepaid insurance

Increase (decrease) in payable due to Broker

Increase (decrease) in General Partner management fees payable

3 unchanged sentences

Net cash provided by (used in) operating activities

( 1,731,848 )

Cash Flows from Financing Activities:

5 unchanged sentences

( 11,066,772 )

( 3,548,464 )

Net Increase (Decrease) in Cash and Cash Equivalents

10 unchanged sentences

Notes to Financial Statements (Unaudited)

For the period ended March 31 , 2026

For the period ended June 30 , 2026

NOTE 1 — ORGANIZATION AND BUSINESS

21 unchanged sentences

(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing crude oil, which could be substantial).

As of March 31, 2026, USL held 758 Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any Oil Futures Contracts traded on the ICE Futures.

As of June 30, 2026, USL held 597 Oil Futures Contracts for light, sweet crude oil traded on the NYMEX and did not hold any Oil Futures Contracts traded on the ICE Futures.

USL commenced investment operations on December 6, 2007 and has a fiscal year ending on December 31.

15 unchanged sentences

USL also commenced investment operations on December 6, 2007, by purchasing Oil Futures Contracts traded on the NYMEX based on light, sweet crude oil.

As of March 31, 2026, USL had registered an unlimited number of shares available for issuance.

As of June 30, 2026, USL had registered an unlimited number of shares available for issuance.

On April 28, 2023, the SEC declared effective a registration statement filed by USL that registered an unlimited number of shares.

25 unchanged sentences

USL recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.

No interest expense or penalties have been recognized as of and for the period ended March 31, 2026.

No interest expense or penalties have been recognized as of and for the period ended June 30, 2026.

Creations and Redemptions

13 unchanged sentences

The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period.

There were no shares held by USCF at March 31, 2026.

There were no shares held by USCF at June 30, 2026.

Cash Equivalents

18 unchanged sentences

These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale.

For the three months ended March 31, 2026 and 2025, USL did no t incur registration fees and other offering expenses.

For the six months ended June 30, 2026 and 2025, USL did no t incur registration fees and other offering expenses.

Independent Directors’ and Officers’ Expenses

5 unchanged sentences

Pursuant to the agreement, USL and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015 % on all net assets.

During the three months ended March 31, 2026 and 2025, USL incurred $ 1,711 and $ 1,778 , respectively under this arrangement.

During the six months ended June 30, 2026, and 2025, USL incurred $ 3,756 , and $ 3,313 , respectively under this arrangement.

Investor Tax Reporting Cost

26 unchanged sentences

USL also incurs commissions to brokers for the purchase and sale of Oil Futures Contracts, Other Oil-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

The increase in total commissions accrued to brokers for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to a higher number of crude oil futures contracts being held and traded.

The increase in total commissions accrued to brokers for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due primarily to a higher number of crude oil futures contracts being held and traded.

NYMEX Licensing Agreement

27 unchanged sentences

In such a circumstance, USL could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other Oil Futures Contracts and/or Other Oil Related Investments.

All of the futures contracts held by USL through March 31, 2026, were exchange-traded.

All of the futures contracts held by USL through June 30, 2026, were exchange-traded.

The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties.

11 unchanged sentences

USL is exposed to any risk of loss associated with an investment in such money market funds.

As of March 31, 2026 and December 31, 2025, USL held investments in money market funds in the amounts of $ 41,630,000 and $ 26,630,000 , respectively.

As of June 30, 2026 and December 31, 2025, USL held investments in money market funds in the amounts of $ 33,030,000 and $ 26,630,000 , respectively.

USL also holds cash deposits with its custodian and FCMs.

As of March 31, 2026 and December 31, 2025, USL held cash deposits in the amounts of $ 11,725,404 and $ 13,095,438 respectively, with the custodian and FCMs.

As of June 30, 2026 and December 31, 2025, USL held cash deposits in the amounts of $ 8,747,134 and $ 13,095,438 respectively, with the custodian and FCMs.

Some or all of these amounts may be subject to loss should USL’s custodian and/or FCMs cease operations.

5 unchanged sentences

The financial instruments held by USL are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.

For the three months ended March 31, 2026 and 2025, the monthly average volume of open future contract notional value was $ 41,894,153 and $ 48,694,488 , respectively.

For the six months ended June 30, 2026 and 2025, the monthly average volume of open future contract notional value were $ 43,139,002 and $ 46,837,624 , respectively.

NOTE 6 — FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2026 and 2025 for the shareholders.

The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2026 and 2025 for the shareholders.

This information has been derived from information presented in the financial statements.

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operating Performance:

27 unchanged sentences

The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation of USL’s securities at March 31, 2026 using the fair value hierarchy:

At March 31, 2026

The following table summarizes the valuation of USL’s securities at June 30, 2026 using the fair value hierarchy:

At June 30, 2026

Short-Term Investments

1 unchanged sentence

United States Contracts

( 1,236,669 )

The following table summarizes the valuation of USL’s securities at December 31, 2025 using the fair value hierarchy:

15 unchanged sentences

( 1,236,669 )

( 3,032,474 )

The Effect of Derivative Instruments on the Statements of Operations

For the three months ended

March 31, 2026

March 31, 2025

For the six months ended

June 30, 2026

June 30, 2025

Gain (Loss) on

11 unchanged sentences

Realized gain (loss) on closed commodity futures contracts

( 2,381,328 )

Change in unrealized gain (loss) on open commodity futures contracts

( 1,950,440 )

NOTE 8 — SUBSEQUENT EVENTS

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements