If You Invested in United States 12 Month Oil Fund, LP (USL)

United States 12 Month Oil Fund, LP (USL) is organized as a limited partnership and files reports with the U.S. Securities and Exchange Commission. According to its SEC disclosures, it operates under the regulatory framework of the Commodity Exchange Act and is classified in the "Commodity Contracts Brokers & Dealers" sector. The partnership is commonly referred to in its filings as the "Registrant."

The available SEC filings show that United States 12 Month Oil Fund, LP issues regular financial information in the form of monthly account statements. These statements are prepared as a Statement of Income (Loss) and a Statement of Changes in Net Asset Value, as required by Rule 4.22 under the Commodity Exchange Act. This structure reflects its role as a commodity-related fund that reports performance and net asset value changes to its investors and regulators.

In multiple Form 8-K filings, the partnership reports that it furnishes its monthly account statements as Exhibit 99.1. The filings also state that these exhibits are provided under Item 7.01 – Regulation FD Disclosure, and that the information in the 8-K, including Exhibit 99.1, is treated as "furnished" rather than "filed" for purposes of Section 18 of the Securities Exchange Act of 1934. This distinction is specifically noted in the text of the filings and clarifies how the information is intended to be used within the U.S. securities regulatory framework.

The fund’s sector classification as "Commodity Contracts Brokers & Dealers" indicates that it operates in a part of the financial markets associated with commodity-related contracts and investments. Its recurring disclosures of income (loss) and changes in net asset value, as described in the 8-Ks, show that it tracks and reports its financial results on a monthly basis. The filings also reference that the partnership is subject to the Commodity Exchange Act and related rules, which govern how commodity pools and similar entities report to investors.

Each referenced Form 8-K specifies the date on which the monthly account statement was issued and the month-end date covered by that statement. For example, the partnership reports issuing monthly account statements for periods ended August 31, September 30, October 31, and November 30 of a given year, and notes that these statements are presented in the form of a Statement of Income (Loss) and a Statement of Changes in Net Asset Value. This pattern underscores that United States 12 Month Oil Fund, LP follows a recurring monthly reporting cycle for its account statements.

The 8-K filings also include the standard check-box section indicating whether the registrant is an emerging growth company under the Securities Act of 1933 or the Securities Exchange Act of 1934. In the filings provided, United States 12 Month Oil Fund, LP indicates that it is not an emerging growth company, as the box for emerging growth company status is left unchecked.

In addition, the filings clarify that the monthly account statements furnished as Exhibit 99.1 may also be accessed through the registrant’s own channels referenced in the documents. However, within the SEC filings themselves, the primary focus is on the formal furnishing of the financial statements, the regulatory basis for those statements under the Commodity Exchange Act, and the distinction between furnished and filed information under the securities laws.

Business and regulatory context

Based on the SEC disclosures, United States 12 Month Oil Fund, LP operates within a regulated commodity and securities environment, providing periodic financial reporting that details income (or loss) and changes in net asset value. Its classification in the Commodity Contracts Brokers & Dealers sector and its reliance on Rule 4.22 reporting requirements highlight its connection to commodity-related investment activities and the oversight of both the Commodity Exchange Act and the federal securities laws.

Key structural features from SEC filings

• Organized as a limited partnership, identified in filings as the "Registrant."
• Classified in the "Commodity Contracts Brokers & Dealers" sector.
• Subject to Rule 4.22 under the Commodity Exchange Act for monthly account statements.
• Provides a Statement of Income (Loss) and Statement of Changes in Net Asset Value as part of its monthly reporting.
• Uses Form 8-K under Item 7.01 – Regulation FD Disclosure to furnish monthly account statements as Exhibit 99.1.
• Specifies that furnished information in these 8-Ks is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
• Indicates that it is not an emerging growth company in the check-box disclosures.

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