6 unchanged sentences
PCAOB ID 925 )
−Removed: Spicer Jeffries LLP PCAOB ID 349 )
Statements of Financial Condition at December 31, 2024 and 2023.
12 unchanged sentences
Opinions on the Financial Statements and Internal Control over Financial Reporting
−Removed: We have audited the accompanying statement of financial condition, including the schedule of investments, of United States 12 Month Oil Fund, LP (the “Fund”) as of December 31, 2023, the related statements of operations, changes in partners’ capital, and cash flows for the year then ended, and the related notes (collectively referred to as the “financial statements”).
+Added: We have audited the accompanying statements of financial condition, including the schedules of investments, of United States 12 Month Oil Fund, LP (the “Fund”) as of December 31, 2024 and 2023, and the related statements of operations, changes in partners’ capital, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).
We also have audited the Fund’s internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
−Removed: In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2023 and the results of its operations, changes in partners’ capital, and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
+Added: In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations, changes in partners' capital, and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
Also, in our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.
−Removed: The Fund’s financial statements and internal control over financial reporting for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated February 27, 2023, expressed an unqualified opinion on those financial statements and internal control over financial reporting.
+Added: The Fund’s financial statements and internal control over financial reporting for the year ended December 31, 2022, were audited by other auditors whose report dated February 27, 2023, expressed an unqualified opinion on those financial statements and internal control over financial reporting.
Basis for Opinions
The Fund’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting .
−Removed: Our responsibility is to express an opinion on the Fund’s financial statements and an opinion on the Fund’s internal control over financial reporting based on our audit.
+Added: Our responsibility is to express an opinion on the Fund’s financial statements and an opinion on the Fund’s internal control over financial reporting based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
−Removed: Our audit of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: We conducted our audits in accordance with the standards of the PCAOB.
+Added: Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
+Added: Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
−Removed: Our audit also included performing such other procedures as we considered necessary in the circumstances.
−Removed: We believe that our audit provides a reasonable basis for our opinions.
+Added: Our audits also included performing such other procedures as we considered necessary in the circumstances.
+Added: We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
11 unchanged sentences
/s/ COHEN & COMPANY, LTD.
+Added: COHEN & COMPANY, LTD.
Philadelphia, Pennsylvania
February 28, 2025
−Removed: SPICER JEFFRIES LLP
−Removed: Certified Public Accountants
−Removed: 4601 DTC BOULEVARD · SUITE 700
−Removed: DENVER, COLORADO 80237
−Removed: (303) 753-1959
−Removed: (303) 753-0338
−Removed: www.spicerjeffries.com
−Removed: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
−Removed: To the Partners of
United States 12 Month Oil Fund, LP
−Removed: Opinions on the Financial Statements and Internal Control over Financial Reporting
−Removed: We have audited the accompanying statement of financial condition of United States 12 Month Oil Fund, LP (the “Fund”), including the schedule of investments, as of December 31, 2022, and the related statements of operations, changes in partners’ capital and cash flows for each of the years in the two-year period ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”).
−Removed: We also have audited the Fund’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).
−Removed: In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of United States 12 Month Oil Fund, LP as of December 31, 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
−Removed: Also, in our opinion, the Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022 based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
−Removed: Basis for Opinion
−Removed: The Fund’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting.
−Removed: Our responsibility is to express an opinion on the Fund’s financial statements and an opinion on the Fund’s internal control over financial reporting based on our audits.
−Removed: We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S.
−Removed: federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audits in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
−Removed: Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
−Removed: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.
−Removed: Our audits also included performing such other procedures as we considered necessary in the circumstances.
−Removed: We believe that our audits provide a reasonable basis for our opinions.
−Removed: Definition and Limitations of Internal Control over Financial Reporting
−Removed: A Fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
−Removed: A Fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Fund;
−Removed: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Fund are being made only in accordance with authorizations of management and directors of the Fund;
−Removed: and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Fund’s assets that could have a material effect on the financial statements.
−Removed: Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
−Removed: Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: Critical Audit Matters
−Removed: Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:
−Removed: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
−Removed: We determined that there are no critical audit matters.
−Removed: /s/ Spicer Jeffries LLP
−Removed: Denver, Colorado
−Removed: February 29, 2024
−Removed: United States 12 Month Oil Fund, LP
Statements of Financial Condition
7 unchanged sentences
( 2,062,789 )
−Removed: ( 3,133,690 )
Dividends receivable
2 unchanged sentences
Prepaid insurance
−Removed: ETF transaction fees receivable
Liabilities and Partners’ Capital
−Removed: Payable for shares redeemed
General Partner management fees payable (Note 3)
2 unchanged sentences
Directors’ fees payable
+Added: License fees payable
Total Liabilities
14 unchanged sentences
Gain (Loss) on
−Removed: % of Partners’
Notional Amount
+Added: Partners’ Capital
Open Commodity Futures Contracts - Long
13 unchanged sentences
Total Open Futures Contracts *
−Removed: ( 2,062,789 )
Shares/Principal
−Removed: % of Partners’
+Added: Partners’ Capital
Cash Equivalents
20 unchanged sentences
NYMEX WTI Crude Oil Futures CL July 2024 contracts, expiring June 2024
−Removed: ( 1,217,930 )
NYMEX WTI Crude Oil Futures CL August 2024 contracts, expiring July 2024
12 unchanged sentences
Total United States Money Market Funds
−Removed: # Reflects the 7-day yield at December 31, 2022 .
* Collateral amounted to $ 45,391,063 on open commodity futures contracts.
+Added: # Reflects the 7-day yield at December 31, 2023.
See accompanying notes to financial statements.
10 unchanged sentences
( 22,781,720 )
−Removed: ( 17,234,420 )
Dividend income
14 unchanged sentences
United States 12 Month Oil Fund, LP
−Removed: Statements of Changes in Partners’ Capital
+Added: Statement of Changes in Partners’ Capital
For the years ended December 31, 2024, 2023 and 2022
21 unchanged sentences
( 1,584,034 )
+Added: ( 1,070,901 )
(Increase) decrease in dividends receivable
1 unchanged sentence
(Increase) decrease in prepaid insurance *
−Removed: (Increase) decrease in prepaid registration fees
(Increase) decrease in ETF transaction fees receivable
2 unchanged sentences
( 11,205,326 )
−Removed: ( 10,720,261 )
Increase (decrease) in General Partner management fees payable
26 unchanged sentences
Total Cash, Cash Equivalents and Equity in Trading Accounts
+Added: * Certain prior year amounts have been reclassified for consistency with the current presentation.
See accompanying notes to financial statements.
8 unchanged sentences
Prior to November 25, 2008, USL’s shares traded on the American Stock Exchange (the “AMEX”).
−Removed: USL will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management control to its general partner, United States Commodity Funds LLC (“USCF”).
+Added: USL will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (as amended from time to time, the “LP Agreement”), which grants full management and control to its General Partner, United States Commodity Funds LLC (“USCF”).
The investment objective of USL is for the daily changes in percentage terms of its per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the average of the prices of specified short-term futures contracts on light, sweet crude oil called the “Benchmark Oil Futures Contracts,” plus interest earned on USL’s collateral holdings, less USL’s expenses.
1 unchanged sentence
When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted.
−Removed: USL seeks to achieve its investment objective by investing so that the average daily percentage change in USL’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the price of the Benchmark Oil Futures Contracts over the same period.
+Added: USL seeks to achieve its investment objective by investing so that the average daily percentage change in USL’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the average of the prices of the Benchmark Oil Futures Contracts over the same period.
+Added: As a result, investors should be aware that USL would meet its investment objective even if there are significant deviations between changes in its daily NAV and changes in the daily prices of the Benchmark Oil Futures Contracts, provided that the average daily percentage change in USL’s NAV over 30 successive valuation days is within plus/minus ten percent (10%) of the average daily percentage change in the prices of the Benchmark Oil Futures Contracts over the same period.
USL seeks to achieve its investment objective by investing primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels that are traded on the NYMEX, ICE Futures Europe and ICE Futures U.S.
(together, “ICE Futures”) or other U.S.
−Removed: and foreign exchanges (collectively, “Oil Futures Contracts”) and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures, liquidity requirements, or in view of market conditions, other oil-related investments such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and non-exchange traded (“over-the-counter” or “OTC”) transactions that are based on the price of oil, and other petroleum-based fuels, Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil-Related Investments”).
+Added: and foreign exchanges (collectively, “Oil Futures Contracts”) and to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by USL, USL’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, or in view of market conditions, other oil-related investments such as cash-settled options on Oil Futures Contracts, forward contracts for oil, cleared swap contracts and non-exchange traded (“over-the-counter” or “OTC”) transactions that are based on the price of oil, and other petroleum-based fuels, Oil Futures Contracts and indices based on the foregoing (collectively, “Other Oil-Related Investments”).
Market conditions that USCF currently anticipates could cause USL to invest in Other Oil-Related Investments include, but are not limited to, those allowing USL to obtain greater liquidity or to execute transactions with more favorable pricing.
1 unchanged sentence
Investors should be aware that USL’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price of light, sweet crude oil or any particular futures contract based on light, sweet crude oil, nor is USL’s investment objective for the percentage change in its NAV to reflect the percentage change of the price of any particular futures contract as measured over a time period greater than one day.
−Removed: This is because natural market forces called contango and backwardation may have impacted and the total return on an investment in USL’s shares during the past year relative to a hypothetical direct investment in crude oil and, in the future, it is likely that the relationship between the market price of USL’s shares and changes in the spot prices of light, sweet crude oil will continue to be impacted by contango and backwardation.
+Added: This is because natural market forces called contango and backwardation may impact and have impacted the total return on an investment in USL’s shares during the past year relative to a hypothetical direct investment in crude oil and, in the future, it is likely that the relationship between the market price of USL’s shares and changes in the spot prices of light, sweet crude oil will continue to be impacted by contango and backwardation.
(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).
−Removed: In addition, USCF believes that market arbitrage opportunities will cause daily changes in USL’s share price on the NYSE Arca on a percentage basis to closely track daily changes in USL’s per share NAV on a percentage basis.
+Added: USCF believes that market arbitrage opportunities will cause daily changes in USL’s share price on the NYSE Arca on a percentage basis to closely track daily changes in USL’s per share NAV on a percentage basis.
USCF further believes that the daily changes in the average prices of the Benchmark Oil Futures Contracts have historically tracked the daily changes in prices of light, sweet crude oil.
18 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.
−Removed: As of December 31, 2023, USL had registered an unlimited number of shares and available for issuance.
+Added: USL has an unlimited number of shares registered and available for issuance.
On April 28, 2023, the SEC declared effective a registration statement filed by USL that registered an unlimited number of shares.
10 unchanged sentences
Changes in the unrealized gains or losses between periods are reflected in the statements of operations.
−Removed: USL earns income on funds held at the custodian or futures commission merchants (“FCMs”) at prevailing market rates earned on such investments.
+Added: USL earns income on funds held at the custodian or FCMs at prevailing market rates earned on such investments.
Brokerage Commissions
40 unchanged sentences
Actual results may differ from those estimates and assumptions.
+Added: Recently Issued Accounting Pronouncement
+Added: USL adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).
+Added: USL operates in one segment.
+Added: The segment derives its revenues from investments made in accordance with the defined investment strategy of USL, as prescribed in USL's prospectus.
+Added: The Chief Operating Decision Maker (“CODM”) is the general partner, USCF.
+Added: The CODM monitors the operating results of the Fund as part of making decisions for allocating resources and evaluating performance.
NOTE 3 — FEES PAID BY THE FUND AND RELATED PARTY TRANSACTIONS
10 unchanged sentences
USL shares the fees and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related Public Fund computed on a daily basis.
−Removed: These fees and expenses for the year ending December 31, 2023 totaled of $ 36,584 for USL and, in the aggregate for USL and the Related Public Funds, approximately $ 1,210,000 .
+Added: These fees and expenses for the year ending December 31, 2024 totaled $ 19,277 for USL and, in the aggregate for USL and the Related Public Funds, approximately $ 916,574 .
For the year ended December 31, 2023, these fees and expenses in the aggregate were $ 1,210,000 for USL and the Related Public Funds.
8 unchanged sentences
The fees and expenses associated with USL’s audit expenses and tax accounting and reporting requirements are paid by USL.
−Removed: These costs are estimated to be $ 66,664 for the year ending December 31, 2023.
+Added: These costs were $ 175,285 for the year ending December 31, 2024.
For the years ending December 31, 2023, and 2022 USL’s investor reporting costs totaled $ 66,664 and $ 140,802 respectively.
5 unchanged sentences
USL is party to a marketing agent agreement, dated as of November 13, 2007, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides certain marketing services for USL as outlined in the agreement.
−Removed: The fee of the Marketing Agent through September 30, 2023, which is borne by USCF, was equal to 0.06 % on USL’s assets up to $ 3 billion and 0.04 % on USL’s assets in excess of $ 3 billion.
−Removed: The agreement with the Marketing Agent has been amended and, commencing October 1, 2022, the fee of the Marketing Agent, which is calculated daily and payable monthly by USCF, is equal to 0.025 % of USL’s total net assets.
+Added: The agreement with the Marketing Agent was amended and, commencing October 1, 2022, the fee of the Marketing Agent, which is calculated daily and payable monthly by USCF, is equal to 0.025 % of USL’s total net assets.
In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services exceed 10 % of the gross proceeds of USL’s offering.
8 unchanged sentences
USL entered into a brokerage agreement with RBC Capital Markets LLC (“RBC”) to serve as USL’s FCM effective October 10, 2013.
−Removed: USL has engaged each of Marex North America, LLC, formerly, RCG Division of Marex Spectron (“MNA”), Marex Capital Markets, Inc., formerly E D & F Man Capital Markets Inc.
+Added: USL has engaged each of Marex North America, LLC, RCG Division of Marex Spectron (“MNA”), Marex Capital Markets, Inc., formerly E D & F Man Capital Markets Inc.
(“MCM”), Macquarie Futures USA LLC (“MFUSA”) and ADM Investor Services, Inc.
−Removed: to serve as additional FCMs to USL effective on May 28, 2020, June 5, 2020, December 3, 2020 and August 8, 2023, respectively.
+Added: (“ADMIS”) to serve as additional FCMs to USL effective on May 28, 2020, June 5, 2020, December 3, 2020 and August 8, 2023, respectively.
The agreements with USL’s FCMs require the FCMs to provide services to USL in connection with the purchase and sale of Oil Futures Contracts and Other Oil-Related Investments that may be purchased and sold by or through the applicable FCM for USL’s account.
26 unchanged sentences
The Commodity Exchange Act requires FCMs to segregate all customer transactions and assets from the FCM’s proprietary transactions and assets.
−Removed: To reduce the credit risk that arises in connection with OTC swaps, USL will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc., which provides for the netting of its overall exposure to its counterparty.
+Added: To reduce the credit risk that arises in connection with OTC swaps, USL will generally enter into an agreement with each counterparty based on the Master Agreement published by the
+Added: International Swaps and Derivatives Association, Inc., which provides for the netting of its overall exposure to its counterparty.
The Master Agreement is negotiated as between the parties and would address, among other things, the exchange of margin between the parties.
8 unchanged sentences
Such volatility is attributable in part to the COVID-19 pandemic, related supply chain disruptions, war, including the Russia-Ukraine war, political unrest, attacks or threats of attack by terrorists, conflicts in the Middle East, and continuing disputes among natural gas-producing countries.
−Removed: These and other events could cause continuing or increased volatility in the future, which may affect the value, pricing and liquidity of some investments or other assets, including those held by or invested in by USL and the impact of which could limit USL’s ability to have a substantial portion of its assets invested in the Benchmark Oil Futures Contracts.
−Removed: 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.
+Added: These and other factors could cause continuing or increased volatility in the future, which may affect the value, pricing and liquidity of some investments or other assets, including those held by or invested in by USL and the impact of which could limit USL’s ability to have a substantial portion of its assets invested in the Benchmark Oil Futures Contracts.
+Added: 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, such as OTC swaps.
All of the futures contracts held by USL through December 31, 2024, were exchange-traded.
11 unchanged sentences
USCF invests a portion of USL’s cash in money market funds that seek to maintain a stable per share NAV.
−Removed: USL is exposed to any risk of loss associated with an investment in such money market funds.
+Added: USL is exposed to any risk of loss associated with an investment in such money market funds and Treasuries.
As of December 31, 2024 and December 31, 2023, USL held investments in money market funds in the amounts of $ 19,630,000 and $ 22,130,000 , respectively.
USL also holds cash deposits with its custodian.
−Removed: As of December 31, 2023 and December 31, 2022, USL held cash deposits and investments in Treasuries in the amounts of $ 46,802,943 and $ 69,049,519 respectively, with the custodian and FCMs.
+Added: As of December 31, 2024 and December 31, 2023, USL held cash deposits in the amounts of $ 30,295,668 and $ 46,802,943 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.
32 unchanged sentences
( 6,859,668 )
−Removed: ( 1,873,280 )
−Removed: ( 9,683,207 )
Total Expenses
1 unchanged sentence
( 7,039,191 )
−Removed: ( 2,016,298 )
−Removed: ( 9,845,043 )
Net Income (Loss) per Share
1 unchanged sentence
( 3,542,484 )
+Added: ( 1,873,280 )
+Added: ( 9,683,207 )
Total Expenses
1 unchanged sentence
( 3,688,777 )
+Added: ( 2,016,298 )
+Added: ( 9,845,043 )
Net Income (Loss) per Share
19 unchanged sentences
United States Contracts
−Removed: ( 2,062,789 )
−Removed: ( 2,062,789 )
The following table summarizes the valuation of USL’s securities at December 31, 2023 using the fair value hierarchy:
14 unchanged sentences
( 2,062,789 )
−Removed: ( 3,133,690 )
For the year ended
24 unchanged sentences
( 22,781,720 )
−Removed: ( 17,234,420 )
NOTE 9 — SUBSEQUENT EVENTS
4 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.