1 unchanged sentence
Index to Financial Statements
−Removed: Statements of Financial Condition at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Schedules of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Notes to Financial Statements (Unaudited) for the period ended March 31, 2025
+Added: Statements of Financial Condition at June 30 , 2025 (Unaudited) and December 31, 2024
+Added: Schedules of Investments at June 30 , 2025 (Unaudited) and December 31, 2024
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30 , 2025 and 2024
+Added: Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30 , 2025 and 2024
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30 , 2025 and 2024
+Added: Notes to Condensed Financial Statements (Unaudited) for the period ended June 30 , 2025
United States 12 Month Oil Fund, LP
Statements of Financial Condition
−Removed: At March 31, 2025 (Unaudited) and December 31, 2024
−Removed: March 31, 2025
+Added: At June 30 , 2025 (Unaudited) and December 31, 2024
+Added: June 30, 2025
December 31, 2024
3 unchanged sentences
Unrealized gain (loss) on open commodity futures contracts
+Added: ( 2,429,195 )
Dividends receivable
20 unchanged sentences
Schedule of Investments (Unaudited)
−Removed: At March 31, 2025
+Added: At June 30 , 2025
Value/Unrealized
3 unchanged sentences
United States Contracts
−Removed: NYMEX WTI Crude Oil Futures CL May 2025 contracts, expiring April 2025
−Removed: NYMEX WTI Crude Oil Futures CL June 2025 contracts, expiring May 2025
−Removed: NYMEX WTI Crude Oil Futures CL July 2025 contracts, expiring June 2025
NYMEX WTI Crude Oil Futures CL August 2025 contracts, expiring July 2025
7 unchanged sentences
NYMEX WTI Crude Oil Futures CL April 2026 contracts, expiring March 2026
+Added: NYMEX WTI Crude Oil Futures CL May 2026 contracts, expiring April 2026
+Added: NYMEX WTI Crude Oil Futures CL June 2026 contracts, expiring May 2026
+Added: NYMEX WTI Crude Oil Futures CL July 2026 contracts, expiring June 2026
Total Open Futures Contracts *
+Added: ( 2,429,195 )
Shares/Principal
2 unchanged sentences
United States Money Market Funds
+Added: Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29 % #
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.23 % #
1 unchanged sentence
* Collateral amounted to $ 8,569,952 on open commodity futures contracts.
−Removed: # Reflects the 7-day yield at March 31, 2025.
+Added: # Reflects the 7 - day yield at June 30, 2025.
See accompanying notes to financial statements.
30 unchanged sentences
Statements of Operations (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
+Added: For the three and six months ended June 30 , 2025 and 2024
Three months ended
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts
+Added: ( 2,251,440 )
+Added: ( 2,381,328 )
Change in unrealized gain (loss) on open commodity futures contracts
+Added: ( 2,054,602 )
+Added: ( 1,633,645 )
+Added: ( 1,950,440 )
Dividend income
2 unchanged sentences
Total Income (Loss)
+Added: ( 3,884,992 )
+Added: ( 3,424,942 )
General Partner management fees (Note 3)
4 unchanged sentences
Net Income (Loss)
+Added: ( 3,983,265 )
+Added: ( 3,639,200 )
Net Income (Loss) per limited partner share
4 unchanged sentences
Statements of Changes in Partners’ Capital (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
+Added: For the three and six months ended June 30 , 2025 and 2024
Limited Partners*
1 unchanged sentence
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Balances at beginning of period
3 unchanged sentences
( 7,391,791 )
+Added: ( 11,219,976 )
Net income (loss)
+Added: ( 3,983,265 )
+Added: ( 3,639,200 )
Balances at end of period
3 unchanged sentences
Statements of Cash Flows (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: For the six months ended June 30 , 2025 and 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Cash Flows from Operating Activities:
Net income (loss)
+Added: ( 3,639,200 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
10 unchanged sentences
Net cash provided by (used in) operating activities
+Added: ( 1,731,848 )
Cash Flows from Financing Activities:
19 unchanged sentences
Notes to Financial Statements (Unaudited)
−Removed: For the period ended March 31, 2025
+Added: For the period ended June 30 , 2025
NOTE 1 — ORGANIZATION AND BUSINESS
19 unchanged sentences
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 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
−Removed: 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: As of March 31, 2025, USL held 698 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.
+Added: As of June 30, 2025, USL held 680 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.
−Removed: As of March 31, 2025, USL had registered an unlimited number of shares available for issuance.
+Added: As of June 30, 2025, 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.
27 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.
−Removed: No interest expense or penalties have been recognized as of and for the period ended March 31, 2025.
+Added: No interest expense or penalties have been recognized as of and for the period ended June 30, 2025.
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.
−Removed: There were no shares held by USCF at March 31, 2025.
+Added: There were no shares held by USCF at June 30, 2025.
Offering Costs
22 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.
−Removed: For the three months ended March 31, 2025 and 2024, USL did no t incur registration fees and other offering expenses.
+Added: For the six months ended June 30, 2025 and 2024, 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.
−Removed: During the three months ended March 31, 2025 and 2024, USL incurred $ 1,778 and $ 2,458 , respectively under this arrangement.
+Added: During the six months ended June 30, 2025 and 2024, USL incurred $ 3,313 and $ 4,827 , 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”).
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Total commissions accrued to brokers
Total commissions as annualized percentage of average total net assets
−Removed: The decrease in total commissions accrued to brokers for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was due primarily to a lower number of crude oil futures contracts being held and traded.
+Added: decrease in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a lower 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, such as OTC swaps.
−Removed: All of the futures contracts held by USL through March 31, 2025, were exchange-traded.
+Added: All of the futures contracts held by USL through June 30, 2025, 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.
−Removed: As of March 31, 2025 and December 31, 2024, USL held investments in money market funds in the amounts of $ 19,630,000 and $ 19,630,000 , respectively.
+Added: As of June 30, 2025 and December 31, 2024, USL held investments in money market funds in the amounts of $ 21,630,000 and $ 19,630,000 , respectively.
USL also holds cash deposits with its custodian and FCMs.
−Removed: As of March 31, 2025 and December 31, 2024, USL held cash deposits in the amounts of $ 28,514,244 and $ 30,295,668 respectively, with the custodian and FCMs.
+Added: As of June 30, 2025 and December 31, 2024, USL held cash deposits in the amounts of $ 23,015,356 and $ 30,295,668 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.
−Removed: For the three months ended March 31, 2025 and 2024, the monthly average volume of open future contract notional value was $ 48,694,488 and $ 64,283,050 , respectively.
+Added: For the six months ended June 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 46,837,624 and $ 62,819,992 , respectively.
NOTE 6 — FINANCIAL HIGHLIGHTS
−Removed: The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2025 and 2024 for the shareholders.
+Added: The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2025 and 2024 for the shareholders.
This information has been derived from information presented in the financial statements.
1 unchanged sentence
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
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.
−Removed: The following table summarizes the valuation of USL’s securities at March 31, 2025 using the fair value hierarchy:
−Removed: At March 31, 2025
+Added: The following table summarizes the valuation of USL’s securities at June 30, 2025 using the fair value hierarchy:
+Added: At June 30, 2025
Short-Term Investments
1 unchanged sentence
United States Contracts
+Added: ( 2,429,195 )
+Added: ( 2,429,195 )
The following table summarizes the valuation of USL’s securities at December 31, 2024 using the fair value hierarchy:
12 unchanged sentences
Unrealized gain(loss) on open commodity futures contracts
−Removed: The Effect of Derivative Instruments on the Statements of Operations
−Removed: For the three months ended
−Removed: For the three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: ( 2,429,195 )
+Added: For the six months ended
+Added: For the six months ended
+Added: June 30, 2024
+Added: June 30, 2024
Gain (Loss) on
2 unchanged sentences
on Derivatives
−Removed: in Derivatives
+Added: on Derivatives
Recognized in
6 unchanged sentences
Realized gain (loss) on closed commodity futures contracts
+Added: ( 2,381,328 )
Change in unrealized gain (loss) on open commodity futures contracts
+Added: ( 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.