United States 12 Month Oil Fund, LP
US ˙ ARCA

SecurityUSL / United States 12 Month Oil Fund, LP
InstitutionMorgan Stanley
Latest Disclosed Ownership4,159 shares
Latest Disclosed Value $ 200,464
Morgan Stanley ownership in USL / United States 12 Month Oil Fund, LP

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 4,159 shares of United States 12 Month Oil Fund, LP (US:USL) valued at $200,464 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 4,159 shares of United States 12 Month Oil Fund, LP. This represents a change in shares of 0.00% during the quarter. The current value of the position is $217,848 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,159 0 0.00 200 44.93 0.0000
2026-05-27 2025-12-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,159 0 0.00 139 -6.76 0.0000
2026-02-13 2025-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,159 0 139 0.0000
2026-05-27 2025-09-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,159 -565 -11.96 148 -10.30 0.0000
2025-11-14 2025-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,159 -565 148 0.0000
2025-08-15 2025-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,724 0 0.00 166 -8.33 0.0000
2025-05-15 2025-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,724 -200 -4.06 180 -3.74 0.0000
2025-05-15 2024-12-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,924 365 8.01 187 14.72 0.0000
2025-02-14 2024-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,924 365 187 0.0000
2025-05-14 2024-09-30 13F/A-2 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,559 -231 -4.82 164 -15.98 0.0000
2025-02-14 2024-09-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,559 -231 164 0.0000
2024-11-14 2024-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,559 -231 164 0.0000
2025-05-14 2024-06-30 13F/A-2 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,790 176 3.81 194 6.01 0.0000
2024-10-17 2024-06-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,790 176 194 0.0000
2024-08-14 2024-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,790 176 194 0.0000
2024-10-17 2024-03-31 13F/A-2 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,614 0 0.00 184 13.66 0.0000
2024-08-16 2024-03-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,614 0 184 0.0000
2024-05-15 2024-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,614 0 184 0.0000
2024-08-16 2023-12-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,614 -135 -2.84 162 -15.26 0.0000
2024-02-13 2023-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,614 -135 162 0.0000
2023-11-15 2023-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,749 -12 -0.25 190 22.58 0.0000
2023-08-14 2023-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 4,761 -4,256 -47.20 155 -49.01 0.0000
2023-05-15 2023-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 9,017 3,841 74.21 304 66.12 0.0000
2023-02-14 2022-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 5,176 -272 -4.99 184 3.39 0.0000
2022-11-14 2022-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 5,448 -416 -7.09 177 -23.71 0.0000
2022-10-27 2022-06-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 5,864 -1,046 -15.14 232 -9.73 0.0000
2022-08-15 2022-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 5,864 -1,046 232 0.0000
2022-10-27 2022-03-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 6,910 -1,630 -19.09 257 7.53 0.0000
2022-05-13 2022-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 6,910 -1,630 257 0.0000
2022-02-14 2021-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 8,540 401 4.93 239 8.64 0.0000
2021-11-15 2021-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 8,139 -7,030 -46.34 220 -43.30 0.0000
2021-08-23 2021-06-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 15,169 6,255 70.17 388 107.49 0.0001
2021-08-16 2021-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 15,169 6,255 388 0.0000
2021-05-17 2021-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 8,914 -2,444 -21.52 187 -4.10 0.0000
2021-02-16 2020-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 11,358 -20,530 -64.38 195 -59.37 0.0000
2020-11-13 2020-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 31,888 -62,168 -66.10 480 -65.37 0.0001
2020-08-14 2020-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 94,056 72,855 343.64 1,386 433.08 0.0003
2020-05-26 2020-03-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 21,201 6,502 44.23 260 -23.08 0.0001
2020-05-15 2020-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 21,201 6,502 260 19.9734
2020-02-14 2019-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 14,699 -12,673 -46.30 338 -38.77 0.0001
2019-11-14 2019-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 27,372 -641 -2.29 552 -9.06 0.0001
2019-08-14 2019-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 28,013 -1,912 -6.39 607 -9.94 0.0002
2019-05-15 2019-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 29,925 -1,400 -4.47 674 19.93 0.0002
2019-02-14 2018-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 31,325 7,687 32.52 562 -12.60 0.0002
2019-04-23 2018-09-30 13F/A-2 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 23,638 -171 -0.72 643 6.63 0.0002
2018-11-20 2018-09-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 23,638 0 643 0.0002
2018-11-14 2018-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 23,638 -171 643
2019-04-23 2018-06-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 23,809 -1,843 -7.18 603 3.79 0.0002
2018-08-14 2018-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 23,809 -1,843 603
2019-04-23 2018-03-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 25,652 -638 -2.43 581 5.64 0.0002
2018-05-14 2018-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 25,652 -638 581
2019-04-23 2017-12-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 26,290 -17,661 -40.18 550 -31.34 0.0002
2018-02-14 2017-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 26,290 -17,661 550
2017-11-14 2017-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 43,951 -2,102 -4.56 801 3.35 0.0002
2017-08-11 2017-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 46,053 -24,945 -35.13 775 -41.06 0.0002
2017-05-22 2017-03-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 70,998 -53,394 -42.92 1,315 -48.19 0.0004
2017-05-12 2017-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 70,998 1,315
2017-02-22 2016-12-31 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 124,392 -17,676 -12.44 2,538 -4.08 0.0008
2017-02-13 2016-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 124,392 2,538
2016-11-10 2016-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 142,068 -4,054 -2.77 2,646 -6.40 0.0009
2016-08-12 2016-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 146,122 48,159 49.16 2,827 77.02 0.0010
2016-05-12 2016-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 97,963 51,246 109.69 1,597 100.63 0.0006
2016-02-09 2015-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 46,717 1,707 3.79 796 -14.04 0.0003
2016-02-08 2015-09-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 45,010 -33,577 -42.73 926 -55.99 0.0003
2015-11-09 2015-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 45,010 926
2015-08-12 2015-06-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 78,587 402 0.51 2,104 12.63 0.0007
2015-05-14 2015-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 78,185 3,381 4.52 1,868 -6.88 0.0007
2015-02-13 2014-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 74,804 66,266 776.13 2,006 461.90 0.0007
2014-12-16 2014-09-30 13F/A-1 UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 8,538 -1,422 -14.28 357 -18.68 0.0001
2014-11-14 2014-09-30 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 8,538 357
2014-05-13 2014-03-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 9,960 -107,812 -91.54 439 -91.31 0.0002
2014-02-13 2013-12-31 13F UNITED STS 12 MONTH OIL FD L UNIT BEN INT 91288V103 117,772 -79,297 -40.24 5,050 -40.64 0.0021
2013-11-13 2013-09-30 13F US 12 MNTH OIL COM 91288V103 197,069 167,105 557.69 8,507 610.10 0.0040
2013-08-08 2013-06-30 13F US 12 MNTH OIL COM 91288V103 29,964 29,964 1,198 0.0006
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.