As filed with
the Securities and Exchange Commission on June 15, 2020
Registration
No. 333-238283
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
POST-EFFECTIVE
AMENDMENT No. 1
to
FORM S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
UNITED STATES
12 MONTH OIL FUND, LP
(Exact Name of Registrant as Specified in Its Charter)
Delaware
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6770
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26-0431897
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(State or Other
Jurisdiction of
Incorporation or Organization)
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(Primary Standard
Industrial
Classification Code Number)
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(I.R.S. Employer
Identification Number)
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United
States Commodity Funds LLC
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Daphne
G. Frydman
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1850 Mt. Diablo
Boulevard, Suite 640
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1850 Mt. Diablo
Boulevard, Suite 640
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Walnut Creek, California
94596
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Walnut Creek, California
94596
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510.522.9600
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510.522.9600
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(Address, Including
Zip Code, and Telephone Number, Including
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(Name, Address,
Including Zip Code, and Telephone Number,
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Area Code, of Registrant’s
Principal Executive Offices)
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Including Area Code,
of Agent for Service)
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Copies
to:
James M. Cain, Esq.
Eversheds Sutherland (US) LLP
700 Sixth Street, N.W., Suite 700
Washington, DC 20001-3980
(202) 383-0100
Approximate
date of commencement of proposed sale to the public: As soon as practicable after this registration statement becomes effective.
If any
of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933 check the following box. x
If this
Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for
the same offering. o
If this
Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. o
If this
Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. x Registration
No. 333-238283
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting
company” in Rule 12b-2 of the Exchange Act.:
Large accelerated filer o
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Accelerated filer
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x
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Non-accelerated
filer o
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Smaller
reporting company
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o
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Emerging growth
company
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o
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If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided to Section 7(a)(2)(B) of the Securities Act. o
The registrant
hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such
date as the Securities and Commission, acting pursuant to said Section 8(a), may determine.
EXPLANATORY
NOTE
This Post-Effective
Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-238283) of United States 12 Month Oil Fund,
LP (the “Registration Statement”) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended
(the “Securities Act”), solely for the purpose of filing additional exhibits to the Registration Statement. Accordingly,
this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part II of the Registration
Statement on Form S-1 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does
not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective
Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents
of the Registration Statement are hereby incorporated by reference.
PART
II
INFORMATION
NOT REQUIRED IN THE PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution
Set forth
below is an estimate (except as indicated) of the amount of fees and expenses (other than underwriting commissions and discounts)
payable by the registrant in connection with the issuance and distribution of the shares pursuant to the prospectus contained
in this registration statement.
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Amount
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Amount SEC registration fee (actual)
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$
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268,157.18
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*
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NYSE Arca Listing Fee (actual)
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$
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6,375
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FINRA filing fees (actual)
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N/A
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Blue Sky expenses
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N/A
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Auditor’s fees and expenses (estimate)
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$
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45,000
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Legal fees and expenses (estimate)
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$
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4,000
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Printing expenses (estimate)
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$
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17,000
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Total
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$
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340,532.18
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*$194,676.07 of Registration
Statement fees were previously paid and are being applied to the shares registered under this registration statement, which are
unsold shares from a prior registration statement that are being carried forward to this registration statement pursuant to Rule
415(a)(6) under the 1933 Act.
Item
14. Indemnification of Directors and Officers
USL shall,
to the fullest extent permitted by law, but only out of USL assets, indemnify and hold harmless a general partner and each officer,
director, stockholder, partner, employee or agent thereof (including persons who serve at USL’s request as directors, officers
or trustees of another organization in which USL has an interest as a Shareholder, creditor or otherwise) and their respective
Legal Representatives and successors (hereinafter referred to as a “Covered Person”) against all liabilities
and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties,
and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or
other proceedings, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person
may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in
office or thereafter, by reason of an alleged act or omission as a general partner or director or officer thereof, or by reason
of its being or having been such a general partner, director or officer, except with respect to any matter as to which such Covered
Person shall have been finally adjudicated in any such action, suit or other proceeding not to have acted in good faith in the
reasonable believe that such Covered Person’s action was in the best interest of USL, and except that no Covered Person
shall be indemnified against any liability to USL or limited partners to which such Covered Person would otherwise be subject
by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such
Covered Person’s office. Expenses, including counsel fees so incurred by any such Covered Person, may be paid from time
to time by USL in advance of the final disposition of any such action, suit or proceeding on the condition that the amounts so
paid shall be repaid to USL if it is ultimately determined that the indemnification of such expenses is not authorized hereunder.
As to
any matter disposed of by a compromise payment by any such Covered Person, pursuant to a consent decree or otherwise, no such
indemnification either for said payment or for any other expenses shall be provided unless such compromise shall be approved as
in the best interests of USL, after notice that it involved such indemnification by any disinterested person or persons to whom
the questions may be referred by United States Commodity Funds LLC (“USCF”), the general partner, provided that there
has been obtained an opinion in writing of independent legal counsel to the effect that such Covered Person appears to have acted
in good faith in the reasonable belief that his or her action was in the best interests of USL and that such indemnification would
not protect such persons against any liability to USL or its limited partners to which such person would otherwise by subject
by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of office.
Approval by
any disinterested person or persons shall not prevent the recovery from persons as indemnification if such Covered Person is subsequently
adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person’s
action was in the best interests of USL or to have been liable to USL or its limited partners by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office.
The right of
indemnification hereby provided shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled.
An “interested Covered Person” is one against whom the action, suit or other proceeding on the same or similar
grounds is then or has been pending and a “disinterested person” is a person against whom none of such actions,
suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending.
Nothing contained in this provision shall affect any rights to indemnification to which personnel of a general partner, other
than directors and officers, and other persons may be entitled by contract or otherwise under law, nor the power of USL to purchase
and maintain liability insurance on behalf of any such person.
Nothing
in this provision shall be construed to subject any Covered Person to any liability to which he is not already liable under this
Agreement or applicable law.
Each
limited partner agrees that it will not hold any Affiliate or any officer, director, stockholder, partner, employee or agent of
any Affiliate of USCF liable for any actions of USCF or any obligations arising under or in connection with this Agreement or
the transactions contemplated hereby.
Item 15. Recent Sales of
Unregistered Securities
None
Item
16. Exhibits and Financial Statement Schedules
(a)
Exhibits
(1)
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Incorporated by reference to Registrant’s
Registration Statement on Form S-1 (File No. 333-144348), filed on July 5, 2007.
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(2)
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Incorporated by reference to Registrant’s
Annual Report on Form 10-K for the year ended December 31, 2012, filed on March 13, 2013.
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(3)
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Incorporated by reference to Registrant’s
Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, filed on November 16, 2009.
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(4)
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Incorporated by reference to United States
Natural Gas Fund, LP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, filed on June 1, 2007.
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(5)
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Incorporated by reference to Registrant’s
Annual Report on Form 10-K for the year ended December 31, 2007, filed on March 26, 2008.
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(6)
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Incorporated by reference to Registrant’s
Current Report on Form 8-K, filed on March 30, 2020.
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(7)
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Incorporated by reference to the Registrant’s
Current Report on Form 8-K, filed on October 24, 2011.
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(8)
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Incorporated by reference to Registrant’s
Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 11, 2016.
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(9)
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Incorporated by reference to Registrant’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, filed on August 9, 2012.
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(10)
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Incorporated by reference to Post-Effective
Amendment No. 2 to the Registrant’s Registration Statement on Form S-1 (File No. 333-195437), filed on March 31, 2016.
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(11)
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Incorporated by reference to Registrant’s
Current Report on Form 8-K, filed on December 15, 2017.
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(12)
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Incorporated by reference to Registrant’s
Current Report on Form 8-K, filed on October 10, 2013.
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(13)
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Incorporated by reference to Registrant’s
Registration Statement on Form S-1 (File No. 333-238283), filed on May 15, 2020.
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(14)
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Incorporated
by reference to Registrant’s Current Report on Form 8-K, filed on May 29, 2020.
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(15)
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Incorporated by reference
to Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form S-1 (File No. 333-238283), filed
on June 3, 2020.
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(16)
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Incorporated by reference
to Registrant’s Current Report on Form 8-K, filed on June 15, 2020.
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(b) Financial Statement
Schedules
The financial
statement schedules are either not applicable or the required information is included in the financial statements and footnotes
related thereto.
Item
17. Undertakings
(a) The undersigned
registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change
in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective
registration statement.
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.
(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)
If the registrant is subject to Rule 430C (§230.430C of this chapter), each prospectus filed pursuant to Rule 424(b) as part
of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A (§230.430A of this chapter), shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference
into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of
contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such date of first use.
(5)
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424 (§230.424 of this chapter);
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;
(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and
(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b) Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
(c) The undersigned
registrant hereby undertakes:
(1)
To send to the trustee at least on an annual basis a detailed statement of any transactions with the Sponsor or its affiliates,
and of fees, commissions, compensation and other benefits paid, or accrued to the Sponsor or its affiliates for the fiscal year
completed, showing the amount paid or accrued to each recipient and the services performed.
(2)
To provide to the trustee the financial statements required by Form 10-K for the first full fiscal year of operations of the partnership.
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant has duly caused this Post-Effective Amendment No. 1 to the registration statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Walnut Creek, State of California, on
June 15, 2020.
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UNITED STATES 12 MONTH OIL
FUND, LP
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By:
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United States Commodity Funds
LLC as General Partner
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By:
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/s/ John
P. Love
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John P. Love
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President and Chief Executive Officer of
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United States Commodity Funds LLC
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Pursuant to the requirements
of the Securities Act of 1933, this Post-Effective Amendment No. 1 to the registration statement has been signed by the following
persons in the capacities and on the dates indicated. The document may be executed by signatories hereto on any number of counterparts,
all of which shall constitute one and the same instrument.
Signature
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Title
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Date
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/s/
John P. Love
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President,
Chief Executive Officer, and Management Director
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June 15, 2020
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John P. Love
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(Principal Executive
Officer)
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/s/
Stuart P. Crumbaugh
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Chief Financial
Officer
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June 15, 2020
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Stuart P. Crumbaugh
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(Principal Financial
and Accounting Officer)
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*
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Management Director
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June 15, 2020
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Nicholas D. Gerber
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*
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Management Director
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June 15, 2020
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Andrew F Ngim
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*
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Management Director
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June 15, 2020
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Robert L. Nguyen
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*
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Independent Director
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June 15, 2020
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Peter M. Robinson
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*
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Independent Director
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June 15, 2020
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Gordon L. Ellis
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*
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Independent Director
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June 15, 2020
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Malcolm R. Fobes
III
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* Signed
by John P. Love pursuant a power of attorney signed by each individual on May 15, 2020.
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