<SEC-DOCUMENT>0001171200-16-000191.txt : 20160428
<SEC-HEADER>0001171200-16-000191.hdr.sgml : 20160428
<ACCEPTANCE-DATETIME>20160428161932
ACCESSION NUMBER:		0001171200-16-000191
CONFORMED SUBMISSION TYPE:	POS AM
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20160428
DATE AS OF CHANGE:		20160428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States 12 Month Oil Fund, LP
		CENTRAL INDEX KEY:			0001405528
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				260431897
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS AM
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-195437
		FILM NUMBER:		161600358

	BUSINESS ADDRESS:	
		STREET 1:		1999 HARRISON STREET
		STREET 2:		SUITE 1530
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1999 HARRISON STREET
		STREET 2:		SUITE 1530
		CITY:			OAKLAND
		STATE:			CA
		ZIP:			94612
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS AM
<SEQUENCE>1
<FILENAME>i00262_usl-posam.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on April 28, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 2pt double"><B>Registration
No. 333- 195437</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-size: 11pt"><B>Washington, D.C. 20549</B></FONT></P>

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    <td style="width: 40%; font: 10pt Times New Roman, Times, Serif">&nbsp;</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>POST-EFFECTIVE AMENDMENT NO. 3 </B><BR>
<B>to </B><BR>
<B>FORM S-1</B><BR>
<B>REGISTRATION STATEMENT</B><BR>
<FONT STYLE="font-size: 10pt"><B><I>UNDER</I></B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B><I>THE SECURITIES ACT OF 1933</I></B></FONT></P>

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    <td style="width: 40%">&nbsp;</td>
    <td style="width: 20%; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 40%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 16pt"><B>UNITED
STATES 12 MONTH OIL FUND, LP </B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>(Exact Name of Registrant as Specified in Its Charter)</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<tr style="vertical-align: top">
    <td style="width: 34%; text-align: center"><font style="font-size: 10pt"><b>Delaware</b></font></td>
    <td style="width: 33%; text-align: center"><font style="font-size: 10pt"><b>6770</b></font></td>
    <td style="width: 33%; text-align: center"><font style="font-size: 10pt"><b>26-0431897</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt"><b>(State or Other Jurisdiction of Incorporation or Organization)</b></font></td>
    <td style="text-align: center"><font style="font-size: 10pt"><b>(Primary Standard Industrial Classification Code Number)</b></font></td>
    <td style="text-align: center"><font style="font-size: 10pt"><b>(I.R.S. Employer Identification Number)</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Seriff; margin: 0; text-align: center"><B>&nbsp;</B></P>

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    <td style="width: 50%; text-align: center"><font style="font-size: 10pt"><b>United States 12 Month Oil Fund, LP</b></font><br>
<font style="font-size: 10pt"><b>1999 Harrison Street, Suite 1530</b></font><br>
<font style="font-size: 10pt"><b>Oakland, California 94612</b></font><br>
<font style="font-size: 10pt"><b>510.522.9600</b></font></td>
    <td style="width: 50%; text-align: center"><font style="font-size: 10pt"><b>Carolyn M. Yu</b></font><br>
<font style="font-size: 10pt"><b>1999 Harrison Street, Suite 1530</b></font><br>
<font style="font-size: 10pt"><b>Oakland, California 94612</b></font><br>
<font style="font-size: 10pt"><b>510.522.9600</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt"><b>(Address, Including Zip Code, and Telephone Number, Including</b></font><br>
<font style="font-size: 10pt"><b>Area Code, of Registrant&rsquo;s Principal Executive Offices)</b></font></td>
    <td style="text-align: center"><font style="font-size: 10pt"><b>(Name, Address, Including Zip Code, and Telephone Number,</b></font><br>
<font style="font-size: 10pt"><b>Including Area Code, of Agent for Service)</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<tr style="vertical-align: top">
    <td style="width: 40%">&nbsp;</td>
    <td style="width: 20%; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 40%">&nbsp;</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><I>Copies to:</I><BR>
James M. Cain, Esq.<BR>
Sutherland Asbill &amp; Brennan LLP<BR>
700 Sixth Street, N.W., Suite 700<BR>
Washington, DC 20001-3980<BR>
202.383.0100</B></P>

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<tr style="vertical-align: top">
    <td style="width: 40%">&nbsp;</td>
    <td style="width: 20%; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="width: 40%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Seriff; margin: 0; text-align: center; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Approximate date of commencement of
proposed sale to the public:</B> As soon as practicable after this registration statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the only securities being registered
on this form are being offered pursuant to dividend or interest reinvestment plans, check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="letter-spacing: -0.15pt">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, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box. <FONT STYLE="font-family: Wingdings">x</FONT> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><FONT STYLE="letter-spacing: -0.05pt">If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) 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. <FONT STYLE="font-family: Wingdings">o</FONT> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If this Form is a registration statement
pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes
of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act. (Check one):</P>

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<tr style="vertical-align: bottom">
    <td style="width: 18%"><font style="font-size: 10pt">Large accelerated filer</font></td>
    <td style="width: 55%"><font style="font-family: Wingdings; font-size: 10pt">o</font></td>
    <td style="width: 24%"><font style="font-size: 10pt">Accelerated filer</font></td>
    <td style="width: 3%"><font style="font-family: Wingdings; font-size: 10pt">x</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-size: 10pt">Non-accelerated filer</font></td>
    <td><font style="font-family: Wingdings; font-size: 10pt">o</font><font style="font-size: 10pt"> (Do not check if a smaller reporting company)</font></td>
    <td><font style="font-size: 10pt">Smaller reporting company</font></td>
    <td><font style="font-family: Wingdings; font-size: 10pt">o</font></td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">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 Exchange Commission, acting pursuant to said Section 8(a), may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in; border-bottom: Black 2pt double">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Seriff; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Seriff; margin: 0"></P>

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<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<tr style="vertical-align: top">
    <td style="width: 69%">&nbsp;</td>
    <td style="width: 31%"><b>Filed Pursuant to Rule 424(b)(3)</b></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td><b>Registration No. 333-195437</b></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt"><B>PROSPECTUS </B></P>

<P STYLE="font: 16pt Times New Roman, Times, Seriff; margin: 0 0 7pt; text-align: center"><B>United States 12 Month Oil Fund, LP<SUP>&reg;</SUP>*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: center"><B>96,800,000 Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in"><B>*Principal U.S. Listing Exchange:
NYSE Arca, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in">The United States 12 Month Oil Fund,
LP (&ldquo;USL&rdquo;) is an exchange traded fund organized as a limited partnership that issues shares that trade on the NYSE
Arca stock exchange (&ldquo;NYSE Arca&rdquo;). USL&rsquo;s investment objective is to track a benchmark of short-term oil futures
contracts. USL pays its general partner, United States Commodity Funds LLC (&ldquo;USCF&rdquo;), a limited liability company, a
management fee and incurs operating costs. Both USCF and USL are located at 1999 Harrison Street, Suite 1530, Oakland, CA 94612.
The telephone number for both USCF and USL is 510.522.9600. In order for a hypothetical investment in shares to break even over
the next 12 months, assuming a selling price of $16.35 (the net asset value as of March 31, 2016), the investment would have to
generate 0.71% return or $0.116, rounded to $0.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in">USL is an exchange traded fund. This
means that most investors who decide to buy or sell shares of USL shares place their trade orders through their brokers and may
incur customary brokerage commissions and charges. Shares trade on the NYSE Arca under the ticker symbol &ldquo;USL&rdquo; and
are bought and sold throughout the trading day at bid and ask prices like other publicly traded securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in">Shares trade on the NYSE Arca after they
are initially purchased by &ldquo;Authorized Participants,&rdquo; institutional firms that purchase shares in blocks of 50,000
shares called &ldquo;baskets&rdquo; through USL&rsquo;s marketing agent, ALPS Distributors, Inc. (the &ldquo;Marketing Agent&rdquo;).
The price of a basket is equal to the net asset value (&ldquo;NAV&rdquo;) of 50,000 shares on the day that the order to purchase
the basket is accepted by the Marketing Agent. The NAV per share is calculated by taking the current market value of USL&rsquo;s
total assets (after close of NYSE Arca) subtracting any liabilities and dividing that total by the total number of outstanding
shares. The offering of USL&rsquo;s shares is a &ldquo;best efforts&rdquo; offering, which means that neither the Marketing Agent
nor any Authorized Participant is required to purchase a specific number or dollar amount of shares. USCF pays the Marketing Agent
a marketing fee consisting of a fixed annual amount plus an incentive fee based on the amount of shares sold. Authorized Participants
will not receive from USL, USCF or any of their affiliates any fee or other compensation in connection with the sale of shares.
Aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services in connection with
this offering of shares will not exceed ten percent (10%) of the gross proceeds of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in">Investors who buy or sell shares during
the day from their broker may do so at a premium or discount relative to the market value of the underlying oil futures contracts
in which USL invests due to supply and demand forces at work in the secondary trading market for shares that are closely related
to, but not identical to, the same forces influencing the prices of crude oil and the oil futures contracts that serve as USL&rsquo;s
investment benchmark. Investing in USL involves risks similar to those involved with an investment directly in the oil market,
the correlation risk described above, and other significant risks. See &ldquo;<B>Risk Factors Involved with an Investment in USL</B>&rdquo;
beginning on page 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in">The offering of USL&rsquo;s shares is
registered with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) in accordance with the Securities Act of 1933 (the &ldquo;1933
Act&rdquo;). The offering is intended to be a continuous offering and is not expected to terminate until all of the registered
shares have been sold or three years from the date of the original offering, whichever is earlier, unless extended as permitted
under the rules under the 1933 Act, although the offering may be temporarily suspended if and when no suitable investments for
USL are available or practicable. USL is not a mutual fund registered under the Investment Company Act of 1940 (&ldquo;1940 Act&rdquo;)
and is not subject to regulation under such Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in"><B>NEITHER THE SEC NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OFFERED IN THIS PROSPECTUS, OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL
OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in">USL is a commodity pool and USCF is a
commodity pool operator subject to regulation by the Commodity Futures Trading Commission and the National Futures Association
under the Commodities Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-indent: 0.25in"><B>THE COMMODITY FUTURES TRADING COMMISSION
HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS
DISCLOSURE DOCUMENT. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 7pt; text-align: center"><B>The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2016.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>COMMODITY FUTURES TRADING COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>RISK DISCLOSURE STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>YOU SHOULD CAREFULLY CONSIDER WHETHER
YOUR FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THAT COMMODITY INTEREST
TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL
AND CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW
YOUR PARTICIPATION IN THE POOL. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>FURTHER, COMMODITY POOLS MAY BE SUBJECT
TO SUBSTANTIAL CHARGES FOR MANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSE POOLS THAT ARE SUBJECT TO
THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENT CONTAINS
A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL AT PAGE 29 AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY TO
BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 30. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>THIS BRIEF STATEMENT CANNOT DISCLOSE
ALL THE RISKS AND OTHER FACTORS NECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE, BEFORE YOU DECIDE TO
PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLY STUDY THIS DISCLOSURE DOCUMENT, INCLUDING THE DESCRIPTION OF THE PRINCIPAL
RISK FACTORS OF THIS INVESTMENT, AT PAGE 4. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>YOU SHOULD ALSO BE AWARE THAT THIS
COMMODITY POOL MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE UNITED STATES, INCLUDING
MARKETS FORMALLY LINKED TO A UNITED STATES MARKET, MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTION
TO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE
RULES OF REGULATORY AUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE POOL MAY BE EFFECTED.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>SWAPS TRANSACTIONS, LIKE OTHER FINANCIAL
TRANSACTIONS, INVOLVE A VARIETY OF SIGNIFICANT RISKS. THE SPECIFIC RISKS PRESENTED BY A PARTICULAR SWAP TRANSACTION NECESSARILY
DEPEND UPON THE TERMS OF THE TRANSACTION AND YOUR CIRCUMSTANCES. IN GENERAL, HOWEVER, ALL SWAPS TRANSACTIONS INVOLVE SOME COMBINATION
OF MARKET RISK, CREDIT RISK, COUNTERPARTY CREDIT RISK, FUNDING RISK, LIQUIDITY RISK, AND OPERATIONAL RISK. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>HIGHLY CUSTOMIZED SWAPS TRANSACTIONS
IN PARTICULAR MAY INCREASE LIQUIDITY RISK, WHICH MAY RESULT IN A SUSPENSION OF REDEMPTIONS. HIGHLY LEVERAGED TRANSACTIONS MAY EXPERIENCE
SUBSTANTIAL GAINS OR LOSSES IN VALUE AS A RESULT OF RELATIVELY SMALL CHANGES IN THE VALUE OR LEVEL OF AN UNDERLYING OR RELATED
MARKET FACTOR. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>IN EVALUATING THE RISKS AND CONTRACTUAL
OBLIGATIONS ASSOCIATED WITH A PARTICULAR SWAP TRANSACTION, IT IS IMPORTANT TO CONSIDER THAT A SWAP TRANSACTION MAY BE MODIFIED
OR TERMINATED ONLY BY MUTUAL CONSENT OF THE ORIGINAL PARTIES AND SUBJECT TO AGREEMENT ON INDIVIDUALLY NEGOTIATED TERMS. THEREFORE,
IT MAY NOT BE POSSIBLE FOR THE COMMODITY POOL OPERATOR TO MODIFY, TERMINATE, OR OFFSET THE POOL&rsquo;S OBLIGATIONS OR THE POOL&rsquo;S
EXPOSURE TO THE RISKS ASSOCIATED WITH A TRANSACTION PRIOR TO ITS SCHEDULED TERMINATION DATE. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: top; width: 93%">&nbsp;</td>
    <td style="vertical-align: top; width: 2%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid; text-align: center"><b>Page</b></td></tr>
<tr>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top"><b>Disclosure Document:</b></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_001">Prospectus Summary</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">1</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_002">USL&rsquo;s Investment Objective and Strategy</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">1</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_003">Principal Investment Risks of an Investment in USL</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">2</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_004">USL&rsquo;s Fees and Expenses</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">3</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_005">Risk Factors Involved with an Investment in USL</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">4</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_006">Investment Risk</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">4</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_007">Correlation Risk</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">5</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_008">Tax Risk</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">7</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_009">OTC Contract Risk</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">9</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_010">Other Risks</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">9</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_011">Additional Information about USL, its Investment Objective and Investments</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">14</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_012">Impact of Contango and Backwardation on Total Returns</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">16</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_013">What are Trading Policies of USL?</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">22</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_014">Prior Performance of USL</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">23</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_015">Composite Performance Data for USL</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">24</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_016">USL&rsquo;s Operations</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">25</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_017">USCF and its Management and Traders</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">25</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_018">USL&rsquo;s Service Providers</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">28</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_019">USL&rsquo;s Fees and Expenses</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">30</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_020">Breakeven Analysis</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">31</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_021">Conflicts of Interest</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">32</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_022">Ownership or Beneficial Interests in USL</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">33</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_023">USCF&rsquo;s Responsibilities and Remedies</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">33</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_024">Liability and Indemnification</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">33</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_025">Meetings</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">34</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_026">Termination Events</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">34</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_027">Provisions of Law</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">34</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_028">Books and Records</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">35</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_029">Statements, Filings and Reports</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">35</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_030">Fiscal Year</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">36</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_031">Governing Law; Consent to Delaware Jurisdiction</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">36</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_032">Legal Matters</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">36</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_033">U.S. Federal Income Tax Considerations</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">37</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_034">Backup Withholding</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">44</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_035">Other Tax Considerations</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">45</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_036">Investment by ERISA Accounts</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">45</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_037">Form of Shares</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">47</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_038">Transfer of Shares</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">48</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_039">What is the Plan of Distribution?</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">49</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_040">Calculating Per Share NAV</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">50</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_041">Creation and Redemption of Shares</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">51</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_042">Use of Proceeds</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">55</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_043">Information You Should Know</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">55</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_044">Summary of Promotional and Sales Material</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">56</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_045">Intellectual Property</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">57</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_046">Where You Can Find More Information</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">57</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_047">Statement Regarding Forward-Looking Statements</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">57</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_048">Incorporation by Reference of Certain Information</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">58</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_049">Privacy Policy</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">58</td></tr>
<tr>
    <td style="vertical-align: top"><A HREF="#a_050">Appendix A</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">A-1</td></tr>
<tr>
    <td style="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><A HREF="#a_051">Glossary of Defined Terms</A></td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">A-1</td></tr>
</table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B></B></P>

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<div style="border: solid black 1pt; padding: 6pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><A NAME="a_001"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>This is only a summary of the prospectus
and, while it contains material information about USL and its shares, it does not contain or summarize all of the information about
USL and the shares contained in this prospectus that is material and/or which may be important to you. You should read this entire
prospectus, including &ldquo;Risk Factors Involved with an Investment in USL&rdquo; beginning on page 4, before making an investment
decision about the shares. For a glossary of defined terms, see Appendix A. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>USL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">United States 12 Month Oil Fund, LP
(&ldquo;USL&rdquo;), a Delaware limited partnership, is a commodity pool that continuously issues common shares of beneficial interest
that may be purchased and sold on the NYSE Arca stock exchange (&ldquo;NYSE Arca&rdquo;). USL is managed and controlled by United
States Commodity Funds LLC (&ldquo;USCF&rdquo;), a Delaware limited liability company. USCF is registered as a commodity pool operator
(&ldquo;CPO&rdquo;) with the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) and is a member of the National Futures
Association (&ldquo;NFA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_002"></A>USL&rsquo;s Investment Objective and Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The
investment objective of USL is for the daily changes in percentage terms of its per share net asset value (&ldquo;NAV&rdquo;) 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
&ldquo;Benchmark Oil Futures Contracts,&rdquo; less USL&rsquo;s expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; padding-top: 6pt; padding-right: 6pt; padding-left: 6pt"><B>What Are the &ldquo;Benchmark Oil Futures Contracts&rdquo;?</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 6pt; padding-bottom: 6pt; padding-left: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">The Benchmark Oil Futures Contracts
are the futures contracts on light, sweet crude oil as traded on the New York Mercantile Exchange (the &ldquo;NYMEX&rdquo;) that
is the near month contract to expire, and the contracts for the following 11 months, for a total of 12 consecutive months&rsquo;
contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures
contract that is the next month contract to expire and the contracts for the following 11 consecutive months. When calculating
the daily movement of the average price of the 12 contracts, each contract month is equally weighted.</p></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 Exchange or other U.S. and foreign
exchanges (collectively, &ldquo;Oil Futures Contracts&rdquo;) and to a lesser extent, in order to comply with regulatory 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 (&ldquo;over-the-counter&rdquo; or &ldquo;OTC&rdquo;) transactions that
are based on the price of oil, other petroleum-based fuels, Oil Futures Contracts and indices based on the foregoing (collectively,
&ldquo;Other Oil-Related Investments&rdquo;). Market conditions that USCF currently anticipates could cause USL to invest in Other
Oil-Related Investments include those allowing USL to obtain greater liquidity or to execute transactions with more favorable pricing.
(For convenience and unless otherwise specified, Oil Futures Contracts and Other Oil-Related Investments collectively are referred
to as &ldquo;Oil Interests&rdquo; in this prospectus.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, USCF believes that market
arbitrage opportunities will cause daily changes in USL&rsquo;s share price on the NYSE Arca on a percentage basis to closely track
daily changes in USL&rsquo;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 closely tracked the daily changes in prices of light, sweet crude oil.
USCF believes that the net effect of these relationships will be that the daily changes in the price of USL&rsquo;s shares on the
NYSE Arca on a percentage basis will closely track the daily changes in the spot price of a barrel of light, sweet crude oil on
a percentage basis, less USL&rsquo;s expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Specifically, USL seeks to achieve its
investment objective by investing so that the average daily percentage change in USL&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P></DIV>

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<DIV STYLE="border: black 1pt solid; padding: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Investors should be aware that USL&rsquo;s
investment objective is <I>not</I> 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, <I>nor</I> is USL&rsquo;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 <I>greater than one day</I>. This is because natural market forces called contango and backwardation have impacted
the total return on an investment in USL&rsquo;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&rsquo;s shares and changes in the spot
prices of light, sweet crude oil will continue to be so 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.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_003"></A>Principal Investment Risks of an Investment in USL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An investment in USL involves a degree
of risk. Some of the risks you may face are summarized below. A more extensive discussion of these risks appears beginning on page
4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Investment Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Investors may choose to use USL as a
means of investing indirectly in crude oil. There are significant risks and hazards inherent in the crude oil industry that may
cause the price of crude oil to widely fluctuate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Correlation Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">To the extent that investors use USL
as a means of indirectly investing in crude oil, there is the risk that the daily changes in the price of USL&rsquo;s shares on
the NYSE Arca on a percentage basis will not closely track the daily changes in the spot price of light, sweet crude oil on a percentage
basis. This could happen if the price of shares traded on the NYSE Arca does not correlate closely with the value of USL&rsquo;s
NAV; the changes in USL&rsquo;s NAV do not correlate closely with the changes in the average price of the Benchmark Oil Futures
Contracts, or the changes in the average price of the Benchmark Oil Futures Contracts do not closely correlate with the changes
in the cash or spot price of crude oil. This is a risk because if these correlations do not exist, then investors may not be able
to use USL as a cost-effective way to indirectly invest in crude oil or as a hedge against the risk of loss in crude oil-related
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF believes that holding futures contracts
whose expiration dates are spread out over a 12 month period of time will cause the total return of such a portfolio to vary compared
to a portfolio that holds only a single month&rsquo;s contract (such as the near month contract). In particular, USCF believes
that the total return of a portfolio holding contracts with a range of expiration months will be impacted differently by the price
relationship between different contract months of the same commodity future compared to the total return of a portfolio consisting
of the near month contract. For example, in cases in which the near month contract&rsquo;s price is higher than the price of contracts
that expire later in time (a situation known as &ldquo;backwardation&rdquo; in the futures markets), then absent the impact of
the overall movement in crude oil prices the value of the near month contract would tend to rise as it approaches expiration. Conversely,
in cases in which the near month contract&rsquo;s price is lower than the price of contracts that expire later in time (a situation
known as &ldquo;contango&rdquo; in the futures markets), then absent the impact of the overall movement in crude oil prices the
value of the near month contract would tend to decline as it approaches expiration. The total return of a portfolio that owned
the near month contract and &ldquo;rolled&rdquo; forward each month by selling the near month contract as it approached expiration
and purchasing the next month contract to expire would be positively impacted by a backwardation market, and negatively impacted
by a contango market. Depending on the exact price relationship of the different month&rsquo;s prices, portfolio expenses, and
the overall movement of crude oil prices, the impact of backwardation and contango could have a major impact on the total return
of such a portfolio over time. USCF believes that based on historical evidence a portfolio that held futures contracts with a range
of expiration dates spread out over a 12 month period of time would typically be impacted less by the positive effect of backwardation
and the negative effect of contango compared to a portfolio that held contracts of a single near month. As a result, absent the
impact of any other factors, a portfolio of 12 different monthly contracts would tend to have a lower total return than a near
month only portfolio in a backwardation market and a higher total return in a contango market. However there can be no assurance
that such historical relationships would provide the same or similar results in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Tax Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL is organized and operated as a limited
partnership in accordance with the provisions of its limited partnership agreement and applicable state law, and therefore, has
a more complex tax treatment than conventional mutual funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B></B></P></DIV>

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<DIV STYLE="border: black 1pt solid; padding: 6pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Over-the-Counter (&ldquo;OTC&rdquo;) Contract Risk </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL may also invest in Other Oil-Related
Investments, many of which are negotiated or &ldquo;OTC&rdquo; contracts that are not as liquid as Oil Futures Contracts and expose
USL to credit risk that its counterparty may not be able to satisfy its obligations to USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Other Risks </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">USL pays fees and expenses that are incurred regardless of
whether it is profitable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Unlike mutual funds, commodity pools
or other investment pools that manage their investments in an attempt to realize income and gains and distribute such income and
gains to their investors, USL generally does not distribute cash to limited partners or other shareholders. You should not invest
in USL if you will need cash distributions from USL to pay taxes on your share of income and gains of USL, if any, or for any other
reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">You will have no rights to participate
in the management of USL and will have to rely on the duties and judgment of USCF to manage USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL is subject to actual and potential
inherent conflicts involving USCF, various commodity futures brokers and Authorized Participants. USCF&rsquo;s officers, directors
and employees do not devote their time exclusively to USL. USCF&rsquo;s persons are directors, officers or employees of other entities
that may compete with USL for their services, including other commodity pools (funds) that USCF manages (these funds are referred
to in this prospectus as the &ldquo;Related Public Funds&rdquo; and are identified in the Glossary). USCF could have a conflict
between its responsibilities to USL and to those other entities. As a result of these and other relationships, parties involved
with USL have a financial incentive to act in a manner other than in the best interests of USL and the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_004"></A>USL&rsquo;s Fees and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>This table describes the fees and
expenses that you may pay if you buy and hold shares of USL. You should note that you may pay brokerage commissions on purchases
and sales of USL&rsquo;s shares, which are not reflected in the table. Authorized Participants will pay applicable creation and
redemption fees. See &ldquo;Creation and Redemption of Shares-<I>Creation and Redemption Transaction Fee,</I>&rdquo; page 54. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>Annual Fund Operating Expenses (expenses
that you pay each year as a </B><BR>
<B>percentage of the value of your investment)<SUP>(1)</SUP></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Management Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">0.60</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%(2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Distribution Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">None</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Other Fund Expenses&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total Annual Fund Operating Expenses&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.79</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Based on amounts for the year ended December 31, 2015. The individual expense amounts in dollar terms are shown in the table
below. As used in this table, (i) Professional Expenses include expenses for legal, audit, tax accounting and printing; and (ii)
Independent Director and Officer Expenses include amounts paid to independent directors and for officers&rsquo; liability insurance.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 79%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Management Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">433,957</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Professional Expenses&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">101,867</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Registration Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Brokerage Commissions&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,025</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Licensing Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Independent Director and Officer Expenses&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,808</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>USL is contractually obligated to pay USCF a management fee, which is paid monthly, equal to 0.60% per annum of average daily
net assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B></B></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><A NAME="a_005"></A>RISK FACTORS INVOLVED WITH AN INVESTMENT
IN USL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>You should consider carefully the
risks described below before making an investment decision. You should also refer to the other information included in this prospectus
as well as information found in our periodic reports, which include USL&rsquo;s financial statements and the related notes, that
are incorporated by reference. See &ldquo;Incorporation By Reference of Certain Information,&rdquo; page 57. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL&rsquo;s investment objective is
for the daily changes in percentage terms of its shares&rsquo; per share 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 price of 12 futures
contract for light, sweet crude oil traded on the NYMEX consisting of the near month contract to expire and the contracts for the
following 11 months, for a total of 12 consecutive months&rsquo; contracts, except when the near month contract is within two weeks
of expiration, in which case it will be measured by the futures contract that is the next month contract to expire and the contracts
for the following 11 consecutive months (the &ldquo;Benchmark Oil Futures Contracts&rdquo;), less USL&rsquo;s expenses. USL seeks
to achieve its investment objective through investments in futures contracts for light, sweet crude oil, and other types of crude
oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels that are traded on the NYMEX, ICE Futures or other
U.S. and foreign exchanges (collectively, &ldquo;Futures Contracts&rdquo;) and Other Oil-Related Investments such that the daily
changes in its NAV, measured in percentage terms, will closely track the changes in the price of the Benchmark Futures Contract,
also measured in percentage terms. USL&rsquo;s investment strategy is designed to provide investors with a cost-effective way to
invest indirectly in light, sweet crude oil and to hedge against movements in the price of light, sweet crude oil. An investment
in USL involves investment risk similar to a direct investment in Futures Contracts and Other Oil-Related Investments, and correlation
risk, or the risk that investors purchasing shares to hedge against movements in the price of light, sweet crude oil will have
an efficient hedge only if the price they pay for their shares closely correlates with the price of light, sweet crude oil. In
addition to investment risk and correlation risk, an investment USL involves tax risks, OTC risks and other risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_006"></A>Investment Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>The NAV of USL&rsquo;s shares relates
directly to the value of the Benchmark Oil Futures Contracts and other assets held by USL and fluctuations in the prices of these
assets could materially adversely affect an investment in USL&rsquo;s shares. Past performance is not necessarily indicative of
futures results; all or substantially all of an investment in USL could be lost. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The net assets of USL consist primarily
of investments in Oil Futures Contracts and, to a lesser extent, in Other Oil-Related Investments. The NAV of USL&rsquo;s shares
relates directly to the value of these assets (less liabilities, including accrued but unpaid expenses), which in turn relates
to the price of light, sweet crude oil in the marketplace. Crude oil prices depend on local, regional and global events or conditions
that affect supply and demand for oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Economic conditions impacting
light, sweet crude oil</I></B><I>.</I> The demand for crude oil correlates closely with general economic growth rates. The occurrence
of recessions or other periods of low or negative economic growth will typically have a direct adverse impact on crude oil prices.
Other factors that affect general economic conditions in the world or in a major region, such as changes in population growth rates,
periods of civil unrest, government austerity programs, or currency exchange rate fluctuations, can also impact the demand for
crude oil. Sovereign debt downgrades, defaults, inability to access debt markets due to credit or legal constraints, liquidity
crises, the breakup or restructuring of fiscal, monetary, or political systems such as the European Union, and other events or
conditions that impair the functioning of financial markets and institutions also may adversely impact the demand for crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Other light, sweet crude oil demand-related
factors</I></B><I>.</I> Other factors that may affect the demand for crude oil and therefore its price, include technological improvements
in energy efficiency; seasonal weather patterns, which affect the demand for crude oil associated with heating and cooling; increased
competitiveness of alternative energy sources that have so far generally not been competitive with oil without the benefit of government
subsidies or mandates; and changes in technology or consumer preferences that alter fuel choices, such as toward alternative fueled
vehicles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Other light, sweet crude oil supply-related
factors</I></B><I>.</I> Crude oil prices also vary depending on a number of factors affecting supply. For example, increased supply
from the development of new oil supply sources and technologies to enhance recovery from existing sources tends to reduce crude
oil prices to the extent such supply increases are not offset by commensurate growth in demand. Similarly, increases in industry
refining or petrochemical manufacturing capacity may impact the supply of crude oil. World oil supply levels can also be affected
by factors that reduce available supplies, such as adherence by member countries to the Organization of the Petroleum Exporting
Countries (&ldquo;OPEC&rdquo;) production quotas and the occurrence of wars, hostile actions, natural disasters, disruptions in
competitors&rsquo; operations, or unexpected unavailability of distribution channels that may disrupt supplies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Technological change can also alter
the relative costs for companies in the petroleum industry to find, produce, and refine oil and to manufacture petrochemicals,
which in turn may affect the supply of and demand for oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Other factors impacting the light,
sweet crude oil market</I></B><I>.</I> The supply of and demand for crude oil may also be impacted by changes in interest rates,
inflation, and other local or regional market conditions, as well as by the development of alternative energy sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Price volatility may possibly
cause the total loss of your investment</I></B><I>.</I> Futures contracts have a high degree of price variability and are subject
to occasional rapid and substantial changes. Consequently, you could lose all or substantially all of your investment in USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_007"></A>Correlation Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Investors purchasing shares to hedge
against movements in the price of crude oil will have an efficient hedge only if the price investors pay for their shares closely
correlates with the price of crude oil. Investing in USL&rsquo;s shares for hedging purposes involves the following risks:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The market price at which the investor buys or sells shares may be significantly less or more than NAV.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Daily percentage changes in NAV may not closely correlate with daily percentage changes in the average of the prices of the
Benchmark Oil Future Contracts.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Daily percentage changes in the average of the prices of the Benchmark Oil Futures Contracts may not closely correlate with
daily percentage changes in the price of light, sweet crude oil.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>The market price at which investors buy or sell shares
may be significantly less or more than NAV. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL&rsquo;s NAV per share will change
throughout the day as fluctuations occur in the market value of USL&rsquo;s portfolio investments. The public trading price at
which an investor buys or sells shares during the day from their broker may be different from the NAV of the shares. Price differences
may relate primarily to supply and demand forces at work in the secondary trading market for shares that are closely related to,
but not identical to, the same forces influencing the prices of the light, sweet crude oil and the Benchmark Oil Futures Contract
at any point in time. USCF expects that exploitation of certain arbitrage opportunities by Authorized Participants and their clients
and customers will tend to cause the public trading price to track NAV per share closely over time, but there can be no assurance
of that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The NAV of USL&rsquo;s shares may also
be influenced by non-concurrent trading hours between the NYSE Arca and the various futures exchanges on which crude oil is traded.
While the shares trade on the NYSE Arca from 9:30 a.m. to 4:00 p.m. Eastern Time, the trading hours for the futures exchanges on
which sweet light crude oil trade may not necessarily coincide during all of this time. For example, while the shares trade on
the NYSE Arca until 4:00 p.m. Eastern Time, liquidity in the global light, sweet crude market will be reduced after the close of
the NYMEX at 2:30 p.m. Eastern Time. As a result, during periods when the NYSE Arca is open and the futures exchanges on which
sweet, light crude oil is traded are closed, trading spreads and the resulting premium or discount on the shares may widen and,
therefore, increase the difference between the price of the shares and the NAV of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Daily percentage changes in USL&rsquo;s NAV may not
correlate with daily percentage changes in the average of the prices of the Benchmark Oil Futures Contracts. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">It is possible that the daily percentage
changes in USL&rsquo;s NAV per share may not closely correlate to daily percentage changes in the average of the prices of the
Benchmark Oil Futures Contracts. Non-correlation may be attributable to disruptions in the market for light, sweet crude oil, the
imposition of position or accountability limits by regulators or exchanges, or other extraordinary circumstances. As USL approaches
or reaches position limits with respect to the Benchmark Oil Futures Contracts and other Oil Futures Contracts or in view of market
conditions, USL may begin investing in Other Oil-Related Investments. In addition, USL is not able to replicate exactly the changes
in the average price of the Benchmark Oil Futures Contracts because the total return generated by USL is reduced by expenses and
transaction costs, including those incurred in connection with USL&rsquo;s trading activities, and increased by interest income
from USL&rsquo;s holdings of Treasuries (defined below). Tracking the Benchmark Oil Futures Contracts requires trading of USL&rsquo;s
portfolio with a view to tracking the Benchmark Oil Futures Contracts over time and is dependent upon the skills of USCF and its
trading principals, among other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Daily percentage changes in the average price of the
Benchmark Oil Futures Contracts may not correlate with daily percentage changes in the spot price of light, sweet crude oil. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The correlation between changes in the
average prices of the Benchmark Oil Futures Contracts and the spot price of crude oil may at times be only approximate. The degree
of imperfection of correlation depends upon circumstances such as variations in the speculative oil market, supply of and demand
for Oil Futures Contracts (including the Benchmark Oil Futures Contracts) and Other Oil-Related Investments, and technical influences
in oil futures trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Natural forces in the oil futures market known as &ldquo;backwardation&rdquo;
and &ldquo;contango&rdquo; may increase USL&rsquo;s tracking error and/or negatively impact total return. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The design of USL&rsquo;s Benchmark
Oil Futures Contracts consists of the near month contract to expire and the contracts for the 11 following months, which are changed
to the next month contract to expire and the contracts for the 11 following months during one day each month. In the event of a
crude oil futures market where near month contracts trade at a higher price than next month to expire contracts, a situation described
as &ldquo;backwardation&rdquo; in the futures market, then absent the impact of the overall movement in crude oil prices the value
of the benchmark contract would tend to rise as it approaches expiration. Conversely, in the event of a crude oil futures market
where near month contracts trade at a lower price than next month contracts, a situation described as &ldquo;contango&rdquo; in
the futures market, then absent the impact of the overall movement in crude oil prices the value of the benchmark contract would
tend to decline as it approaches expiration. When compared to total return of other price indices, such as the spot price of crude
oil, the impact of backwardation and contango may cause the total return of USL&rsquo;s per share NAV to vary significantly. Moreover,
absent the impact of rising or falling oil prices, a prolonged period of contango could have a significant negative impact on USL&rsquo;s
per share NAV and total return and investors could lose part or all of their investment. See &ldquo;Additional Information About
USL, its Investment Objective and Investments&rdquo; for a discussion of the potential effects of contango and backwardation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Accountability levels, position limits, and daily price
fluctuation limits set by the exchanges have the potential to cause tracking error, which could cause the price of shares to substantially
vary from the average of the prices of the Benchmark Oil Futures Contracts. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Futures contracts include typical and
significant characteristics. Most significantly, the CFTC and U.S. designated contract markets, such as the NYMEX and ICE Futures,
have established accountability levels and position limits on the maximum net long or net short futures contracts in commodity
interests that any person or group of persons under common trading control (other than as a hedge, which is not applicable to USL&rsquo;s
investments) may hold, own or control. The net position is the difference between an individual or firm&rsquo;s open long contracts
and open short contracts in any one commodity. In addition, most U.S.-based futures exchanges limit the daily price fluctuation
for futures contracts. Currently, the ICE Futures imposes position and accountability limits that are similar to those imposed
by U.S.-based futures exchanges and also limits the maximum daily price fluctuation, while some other non-U.S. futures exchanges
have not adopted such limits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Position limits differ from accountability
levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot allow
such limits to be exceeded without express CFTC authority to do so. In addition to accountability levels and position limits that
may apply at any time, the Futures Exchanges may impose position limits on contracts held in the last few days of trading in the
near month contract to expire. It is unlikely that USL will run up against such position limits. USL does not typically hold the
near month contract in its Benchmark Oil Futures Contracts. In addition, USL&rsquo;s investment strategy is to close out its positions
during each rebalancing period in advance of the period right before expiration and purchase new contracts. As such, USL does not
anticipate that position limits that apply to the last few days prior to a contract&rsquo;s expiration will impact it. For the
year ended December 31, 2015, USL did not exceed position limits imposed by the NYMEX or ICE Futures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The CFTC has proposed to adopt limits
on speculative positions in 28 physical commodity futures and option contracts and swaps that are economically equivalent to such
contracts in the agriculture, energy and metals markets and rules addressing the circumstances under which market participants
would be required to aggregate their positions with other persons under common ownership or control (the &ldquo;Position Limit
Rules&rdquo;). The Position Limit Rules, as proposed, would apply to the futures contracts that USL invests in to meet its investment
objective. The Position Limit Rules would, among other things: identify which contracts are subject to speculative position limits;
set thresholds that restrict the number of speculative positions that a person may hold in a spot month, individual month, and
all months combined; create an exemption for positions that constitute <I>bona fide </I>hedging transactions; impose responsibilities
on designated contract markets (&ldquo;DCMs&rdquo;) and swap execution facilities (&ldquo;SEFs&rdquo;) to establish position limits
or, in some cases, position accountability rules; and apply to both futures and swaps across four relevant venues: OTC, DCMs, SEFs
as well as non-U.S. located platforms. The CFTC&rsquo;s first attempt at finalizing the Position Limit Rules, in 2011, was successfully
challenged by market participants in 2012 and, since then, the CFTC has re-proposed them and solicited comments from market participants
multiple times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Until such time as the Position Limit
Rules are adopted, the regulatory architecture in effect prior to the adoption of the Position Limit Rules will govern transactions
in commodities and related derivatives (collectively, &ldquo;Referenced Contracts&rdquo;). Under that system, the CFTC enforces
federal limits on speculation in agricultural products (<I>e.g.,</I> corn, wheat and soy), while futures exchanges enforce position
limits and accountability levels for agricultural and certain energy products (<I>e.g.,</I> oil and natural gas). As a result,
USL may be limited with respect to the size of its investments in any commodity subject to these limits. Finally, subject to certain
narrow exceptions, the Position Limit Rules require the aggregation, for purposes of the position limits, of all positions in the
28 Referenced Contracts held by a single entity and its affiliates, regardless of whether such position existed on U.S. futures
exchanges, non-U.S. futures exchanges, in cleared swaps or in OTC swaps. Under the CFTC&rsquo;s existing position limits requirements
and the Position Limit Rules, a market participant is generally required to aggregate all positions for which that participant
controls the trading decisions with all positions for which that participant has a 10 percent or greater ownership interest in
an account or position, as well as the positions of two or more persons acting pursuant to an express or implied agreement or understanding.
At this time, it is unclear how the Position Limits Rules may affect USL, but the effect may be substantial and adverse. By way
of example, the Proposed Aggregation Requirements in combination with the Position Limit Rules may negatively impact the ability
of USL to meet its investment objective through limits that may inhibit USCF&rsquo;s ability to sell additional Creation Baskets
of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">All of these limits may potentially
cause a tracking error between the price of USL&rsquo;s shares and the average of the prices of the Benchmark Oil Futures Contracts.
This may in turn prevent investors from being able to effectively use USL as a way to hedge against crude oil-related losses or
as a way to indirectly invest in crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL has not limited the size of its
offering and is committed to utilizing substantially all of its proceeds to purchase Futures Contracts and Other Oil-Related Investments.
If USL encounters accountability levels, position limits, or price fluctuation limits for Oil Futures Contracts on the NYMEX or
ICE Futures, it may then, if permitted under applicable regulatory requirements, purchase Oil Futures Contracts on other exchanges
that trade listed crude oil futures or enter into swaps or other transactions to meet its investment objective. In addition, if
USL exceeds accountability levels on either the NYMEX or ICE Futures and is required by such exchanges to reduce its holdings,
such reduction could potentially cause a tracking error between the price of USL&rsquo;s shares and the average of the prices of
the Benchmark Oil Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_008"></A>Tax Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>An investor&rsquo;s tax liability may exceed the amount
of distributions, if any, on its shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Cash or property will be distributed
at the sole discretion of USCF. USCF has not and does not currently intend to make cash or other distributions with respect to
shares. Investors will be required to pay U.S. federal income tax and, in some cases, state, local, or foreign income tax, on their
allocable share of USL&rsquo;s taxable income, without regard to whether they receive distributions or the amount of any distributions.
Therefore, the tax liability of an investor with respect to its shares may exceed the amount of cash or value of property (if any)
distributed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>An investor&rsquo;s allocable share of taxable income
or loss may differ from its economic income or loss on its shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Due to the application of the assumptions
and conventions applied by USL in making allocations for tax purposes and other factors, an investor&rsquo;s allocable share of
USL&rsquo;s income, gain, deduction or loss may be different than its economic profit or loss from its shares for a taxable year.
This difference could be temporary or permanent and, if permanent, could result in it being taxed on amounts in excess of its economic
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Items of income, gain, deduction, loss and credit with
respect to shares could be reallocated, and for taxable periods beginning after December 31, 2017, USL could be liable for U.S.
federal income tax, if the U.S. Internal Revenue Service (&ldquo;IRS&rdquo;) does not accept the assumptions and conventions applied
by USL in allocating those items, with potential adverse consequences for an investor. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The U.S. tax rules pertaining to partnerships
are complex and their application to large, publicly traded partnerships such as USL is in many respects uncertain. USL applies
certain assumptions and conventions in an attempt to comply with the intent of the applicable rules and to report taxable income,
gains, deductions, losses and credits in a manner that properly reflects shareholders&rsquo; economic gains and losses. These assumptions
and conventions may not fully comply with all aspects of the Internal Revenue Code (the &ldquo;Code&rdquo;) and applicable Treasury
Regulations, however, and it is possible that the IRS will successfully challenge USL&rsquo;s allocation methods and require USL
to reallocate items of income, gain, deduction, loss or credit in a manner that adversely affects investors. If this occurs, investors
may be required to file an amended tax return and to pay additional taxes plus deficiency interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, for periods beginning after
December 31, 2017, USL may be liable for U.S. federal income tax on any &ldquo;imputed understatement&rdquo; of tax resulting from
an adjustment as a result of an IRS audit. The amount of the imputed understatement generally includes increases in allocations
of items of income or gains to any investor and decreases in allocations of items of deduction, loss, or credit to any investor
without any offset for any corresponding reductions in allocations of items of income or gain to any investor or increases in allocations
of items of deduction, loss, or credit to any investor. If USL is required to pay any U.S. federal income taxes on any imputed
understatement, the resulting tax liability would reduce the net assets of USL and would likely have an adverse impact on the value
of the shares. Under certain circumstances, USL may be eligible to make an election to cause the investors to take into account
the amount of any imputed understatement, including any interest and penalties. The ability of a publicly traded partnership such
as USL to make this election is uncertain. If the election is made, USL would be required to provide investors who owned beneficial
interests in the shares in the year to which the adjusted allocations relate with a statement setting forth their proportionate
shares of the adjustment (&ldquo;Adjusted K-1s&rdquo;). The investors would be required to take the adjustment into account in
the taxable year in which the Adjusted K-1s are issued. The resulting tax liability on an investor of taking the adjustment into
account in the year in which the Adjusted K-1 is issued may be less favorable to the investor than if the adjustment were taken
into account in the reviewed year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>USL could be treated as a corporation for federal income
tax purposes, which may substantially reduce the value of the shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL has received an opinion of counsel
that, under current U.S. federal income tax laws, USL will be treated as a partnership that is not taxable as a corporation for
U.S. federal income tax purposes, provided that (i) at least 90 percent of USL&rsquo;s annual gross income will be derived from
(x) income and gains from commodities (not held as inventory) or futures, forwards, options, swaps and other notional principal
contracts with respect to commodities, and (y) interest income, (ii) USL is organized and operated in accordance with its governing
agreements and applicable law and (iii) USL does not elect to be taxed as a corporation for federal income tax purposes. Although
USCF anticipates that USL has satisfied and will continue to satisfy the &ldquo;qualifying income&rdquo; requirement for all of
its taxable years, that result cannot be assured. USL has not requested and will not request any ruling from the IRS with respect
to its classification as a partnership not taxable as a corporation for federal income tax purposes. If the IRS were to successfully
assert that USL is taxable as a corporation for federal income tax purposes in any taxable year, rather than passing through its
income, gains, losses and deductions proportionately to shareholders, USL would be subject to tax on its net income for the year
at corporate tax rates. In addition, although USCF does not currently intend to make distributions with respect to shares, any
distributions would be taxable to shareholders as dividend income. Taxation of USL as a corporation could materially reduce the
after-tax return on an investment in shares and could substantially reduce the value of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>USL is organized and operated as a limited partnership
in accordance with the provisions of the LP Agreement and applicable state law, and therefore, USL has a more complex tax treatment
than traditional mutual funds. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL is organized and operated as a limited
partnership in accordance with the provisions of the LP Agreement and applicable state law. No U.S. federal income tax is paid
by USL on its income. Instead, USL will furnish shareholders each year with tax information on IRS Schedule K-1 (Form 1065) and
each U.S. shareholder is required to report on its U.S. federal income tax return its allocable share of the income, gain, loss
and deduction of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This must be reported without regard
to the amount (if any) of cash or property the shareholder receives as a distribution from USL during the taxable year. A shareholder,
therefore, may be allocated income or gain by USL but receive no cash distribution with which to pay the tax liability resulting
from the allocation, or may receive a distribution that is insufficient to pay such liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition to federal income taxes,
shareholders may be subject to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise
taxes and estate, inheritance or intangible taxes that may be imposed by the various jurisdictions in which USL does business or
owns property or where the shareholders reside. Although an analysis of those various taxes is not presented here, each prospective
shareholder should consider their potential impact on its investment in USL. It is each shareholder&rsquo;s responsibility to file
the appropriate U.S. federal, state, local and foreign tax returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>If USL is required to withhold tax with respect to
any Non-U.S. shareholders, the cost of such withholding may be borne by all shareholders.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under certain circumstances, USL may
be required to pay withholding tax with respect to allocations to Non-U.S. shareholders. Although the LP Agreement provides that
any such withholding will be treated as being distributed to the Non-U.S. shareholder, USL may not be able to cause the economic
cost of such withholding to be borne by the Non-U.S. shareholder on whose behalf such amounts were withheld since it does not generally
expect to make any distributions. Under such circumstances, the economic cost of the withholding may be borne by all shareholders,
not just the shareholders on whose behalf such amounts were withheld. This could have a material impact on the value of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_009"></A>OTC Contract Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Currently, OTC transactions are subject to changing
regulation. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A portion of USL&rsquo;s assets may
be used to trade OTC contracts, such as forward contracts or swap or spot contracts. OTC contracts are typically contracts traded
on a principal-to-principal, non-cleared basis through dealer markets that are dominated by major money center and investment banks
and other institutions. The markets for OTC contracts rely upon the integrity of market participants in lieu of the additional
regulation imposed by the CFTC on participants in the futures markets. While certain regulations adopted over the past two years
are intended to provide additional protections to participants in the OTC market, OTC contracts could expose USL in certain circumstances
to significant losses in the event of trading abuses or financial failure by participants. In addition, such regulations could
impose new obligations on USL. As an example, as a result of such new regulations, if USL enters into certain interest rate and
credit default swaps, such swaps will be required to be centrally cleared. Other types of swaps are expected to be required to
be cleared in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>USL will be subject to credit risk with respect to
counterparties to OTC contracts entered into by USL or held by special purpose or structured vehicles. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL faces the risk of non-performance
by the counterparties to the OTC contracts. Unlike in futures contracts, the counterparty to these contracts is generally a single
bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result,
there will be greater counterparty credit risk in these transactions. A counterparty may not be able to meet its obligations to
USL, in which case USL could suffer significant losses on these contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If a counterparty becomes bankrupt or
otherwise fails to perform its obligations due to financial difficulties, USL may experience significant delays in obtaining any
recovery in a bankruptcy or other reorganization proceeding. USL may obtain only limited recovery or may obtain no recovery in
such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Valuing OTC derivatives may be less certain than actively
traded financial instruments. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In general, valuing OTC derivatives
is less certain than valuing actively traded financial instruments such as exchange traded futures contracts and securities or
cleared swaps because the price and terms on which such OTC derivatives are entered into or can be terminated are individually
negotiated, and those prices and terms may not reflect the best price or terms available from other sources. In addition, while
market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically
are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult
to obtain an independent value for an outstanding OTC derivatives transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_010"></A>Other Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Certain of USL&rsquo;s investments could be illiquid,
which could cause large losses to investors at any time or from time to time. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Futures positions cannot always be liquidated
at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and
sell orders in a market. A market disruption, such as a foreign government taking political actions that disrupt the market for
its currency, its crude oil production or exports, or another major export, can also make it difficult to liquidate a position.
Because both Futures Contracts and Other Oil-Related Investments may be illiquid, USL&rsquo;s Oil Interests may be more difficult
to liquidate at favorable prices in periods of illiquid markets and losses may be incurred during the period in which positions
are being liquidated. The large size of the positions that USL may acquire increases the risk of illiquidity both by making its
positions more difficult to liquidate and by potentially increasing losses while trying to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">OTC contracts that are not subject to
clearing may be even less marketable than futures contracts because they are not traded on an exchange, do not have uniform terms
and conditions, and are entered into based upon the creditworthiness of the parties and the availability of credit support, such
as collateral, and in general, they are not transferable without the consent of the counterparty. These conditions make such contracts
less liquid than standardized futures contracts traded on a commodities exchange and could adversely impact USL&rsquo;s ability
to realize the full value of such contracts. In addition, even if collateral is used to reduce counterparty credit risk, sudden
changes in the value of OTC transactions may leave a party open to financial risk due to a counterparty default since the collateral
held may not cover a party&rsquo;s exposure on the transaction in such situations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>USL is not actively managed and tracks the Benchmark
Oil Futures Contracts during periods in which the prices of the Benchmark Oil Futures Contracts are flat or declining as well as
when the prices are rising. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL is not actively managed by conventional
methods. Accordingly, if USL&rsquo;s investments in Oil Interests are declining in value, USL will not close out such positions
except in connection with paying the proceeds to an Authorized Participant upon the redemption of a basket or closing out futures
positions in connection with the monthly change in a Benchmark Oil Futures Contract. USCF will seek to cause the NAV of USL&rsquo;s
shares to track the Benchmark Oil Futures Contracts during periods in which its price is flat or declining as well as when the
price is rising.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>The NYSE Arca may halt trading in USL&rsquo;s shares,
which would adversely impact an investor&rsquo;s ability to sell shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL&rsquo;s shares are listed for trading
on the NYSE Arca under the market symbol &ldquo;USL.&rdquo; Trading in shares may be halted due to market conditions or, in light
of NYSE Arca rules and procedures, for reasons that, in the view of the NYSE Arca, make trading in shares inadvisable. In addition,
trading is subject to trading halts caused by extraordinary market volatility pursuant to &ldquo;circuit breaker&rdquo; rules that
require trading to be halted for a specified period based on a specified market decline. Additionally, there can be no assurance
that the requirements necessary to maintain the listing of USL&rsquo;s shares will continue to be met or will remain unchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The liquidity of the shares may also
be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">In the event that one or more Authorized
Participants which have substantial interests in the shares withdraw from participation, the liquidity of the shares will likely
decrease, which could adversely affect the market price of the shares and result in investors incurring a loss on their investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Shareholders that are not Authorized
Participants may only purchase or sell their shares in secondary trading markets, and the conditions associated with trading in
secondary markets may adversely affect investors&rsquo; investment in the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Only Authorized Participants may create
or redeem Redemption Baskets. All other investors that desire to purchase or sell shares must do so through the NYSE Arca or in
other markets, if any, in which the shares may be traded. Shares may trade at a premium or discount to NAV per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>The lack of an active trading market for USL&rsquo;s
shares may result in losses on an investor&rsquo;s investment in USL at the time the investor sells the shares. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Although USL&rsquo;s shares are listed
and traded on the NYSE Arca, there can be no guarantee that an active trading market for the shares will be maintained. If an investor
needs to sell shares at a time when no active trading market for them exists, the price the investor receives upon sale of the
shares, assuming they were able to be sold, likely would be lower than if an active market existed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Limited partners may have limited liability in certain
circumstances, including potentially having liability for the return of wrongful distributions. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Under Delaware law, a limited partner
might be held liable for USL&rsquo;s obligations as if it were a general partner if the limited partner participates in the control
of the partnership&rsquo;s business and the persons who transact business with the partnership think the limited partner is the
general partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">A limited partner will not be liable
for assessments in addition to its initial capital investment in any of USL&rsquo;s shares. However, a limited partner may be required
to repay to USL any amounts wrongfully returned or distributed to it under some circumstances. Under Delaware law, USL may not
make a distribution to limited partners if the distribution causes USL&rsquo;s liabilities (other than liabilities to partners
on account of their partnership interests and nonrecourse liabilities) to exceed the fair value of USL&rsquo;s assets. Delaware
law provides that a limited partner who receives such a distribution and knew at the time of the distribution that the distribution
violated the law will be liable to the limited partnership for the amount of the distribution for three years from the date of
the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B><I>The Sixth Amended and Restated
Limited Liability Company Agreement of USCF (the &ldquo;LLC Agreement&rdquo;) provides limited authority to the Non-Management
Directors, and any Director of USCF may be removed by USCF&rsquo;s parent company, which is a closely-held private company where
the majority of shares has historically been voted by one person. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USCF&rsquo;s Board of Directors currently
consists of four Management Directors, each of whom are shareholders of USCF&rsquo;s parent, Wainwright Holdings, Inc. (&ldquo;Wainwright&rdquo;),
and three Non-Management Directors, each of whom are considered independent for purposes of applicable NYSE Arca and SEC rules.
Under USCF&rsquo;s LLC Agreement, the Non-Management Directors have only such authority as the Management Directors expressly confer
upon them, which means that the Non-Management Directors may have less authority to control the actions of the Management Directors
than is typically the case with the independent members of a company&rsquo;s Board of Directors. In addition, any Director may
be removed by written consent of Wainwright, which is the sole member of USCF. Wainwright is a privately held company in which
the majority of shares are held by or on behalf of Nicholas D. Gerber and his immediate family members (the &ldquo;Gerber Family&rdquo;).
Historically, shares of Wainwright have been voted by, and on behalf of, the Gerber Family by Nicholas D. Gerber, and it is anticipated
that such trend will continue in the future. Accordingly, although USCF is governed by the USCF Board of Directors, which consists
of both Management Directors and Non-Management Directors, pursuant to the LLC Agreement, it is possible for Mr. Gerber to exercise
his control of Wainwright to effect the removal of any Director (including the Non-Management Directors which comprise the Audit
Committee) and to replace that Director with another Director. Having control in one person could have a negative impact on USCF
and USL, including their regulatory obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>There is a risk that USL will not earn trading gains
sufficient to compensate for the fees and expenses that it must pay and as such USL may not earn any profit. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL pays brokerage charges of approximately
0.026% of average total net assets based on brokerage fees of $3.50 per buy or sell, management fees of 0.60% of NAV on its average
net assets, and OTC spreads and extraordinary expenses (<I>e.g.</I>,<I> </I>subsequent offering expenses, other expenses not in
the ordinary course of business, including the indemnification of any person against liabilities and obligations to the extent
permitted by law and required under the LP Agreement and under agreements entered into by USCF on USL&rsquo;s behalf and the bringing
and defending of actions at law or in equity and otherwise engaging in the conduct of litigation and the incurring of legal expenses
and the settlement of claims and litigation) that cannot be quantified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">These fees and expenses must be paid
in all cases regardless of whether USL&rsquo;s activities are profitable. Accordingly, USL must earn trading gains sufficient to
compensate for these fees and expenses before it can earn any profit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Regulation of the commodity interests and energy markets
is extensive and constantly changing; future regulatory developments are impossible to predict but may significantly and adversely
affect USL. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The futures markets are subject to comprehensive
statutes, regulations, and margin requirements. In addition, the CFTC and futures exchanges are authorized to take extraordinary
actions in the event of a market emergency, including, for example, the retroactive implementation of speculative position limits
or higher margin requirements, the establishment of daily price limits and the suspension of trading. Regulation of commodity interest
transactions in the United States is a rapidly changing area of law and is subject to ongoing modification by governmental and
judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed
in the United States. In addition, various national governments outside of the United States have expressed concern regarding the
disruptive effects of speculative trading in the energy markets and the need to regulate the derivatives markets in general. The
effect of any future regulatory change on USL is impossible to predict, but it could be substantial and adverse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>An investment in USL may provide little or no diversification
benefits. Thus, in a declining market, USL may have no gains to offset losses from other investments, and an investor may suffer
losses on an investment in USL while incurring losses with respect to other asset classes. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Historically, Futures Contracts and Other
Oil-Related Investments have generally been non-correlated to the performance of other asset classes such as stocks and bonds.
Non-correlation means that there is a low statistically valid relationship between the performance of futures and other commodity
interest transactions, on the one hand, and stocks or bonds, on the other hand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">However, there can be no assurance that
such non-correlation will continue during future periods. If, contrary to historic patterns, USL&rsquo;s performance were to move
in the same general direction as the financial markets, investors will obtain little or no diversification benefits from an investment
in USL&rsquo;s shares. In such a case, USL may have no gains to offset losses from other investments, and investors may suffer
losses on their investment in USL at the same time they incur losses with respect to other investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Variables such as drought, floods, weather,
embargoes, tariffs and other political events may have a larger impact on crude oil prices and crude oil-linked instruments, including
Futures Contracts and Other Oil-Related Investments, than on traditional securities. These additional variables may create additional
investment risks that subject USL&rsquo;s investments to greater volatility than investments in traditional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Non-correlation should not be confused
with negative correlation, where the performance of two asset classes would be opposite of each other. There is no historical evidence
that the spot price of crude oil and prices of other financial assets, such as stocks and bonds, are negatively correlated. In
the absence of negative correlation, USL cannot be expected to be automatically profitable during unfavorable periods for the stock
market, or vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>USL is not a registered investment company so shareholders
do not have the protections of the 1940 Act. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL is not an investment company subject
to the 1940 Act. Accordingly, investors do not have the protections afforded by that statute, which, for example, requires investment
companies to have a majority of disinterested directors and regulates the relationship between the investment company and its investment
manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Trading in international markets could expose USL to
credit and regulatory risk. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL invests primarily in Oil Futures
Contracts, a significant portion of which are traded on United States exchanges, including the NYMEX. However, a portion of USL&rsquo;s
trades may take place on markets and exchanges outside the United States. Some non-U.S. markets present risks because they are
not subject to the same degree of regulation as their U.S. counterparts. Trading on such non-U.S. markets <FONT STYLE="background-color: white">or
exchanges presents risks because they are not subject to the same degree of regulation as their U.S. counterparts, including potentially
different or diminished investor protections. In trading contracts denominated in currencies other than U.S. dollars, </FONT>USL
<FONT STYLE="background-color: white">is subject to the risk of adverse exchange-rate movements between the dollar and the functional
currencies of such contracts</FONT>. Additionally, trading on non-U.S. exchanges is subject to the risks presented by exchange
controls, expropriation, increased tax burdens and exposure to local economic declines and political instability. An adverse development
with respect to any of these variables could reduce the profit or increase the loss earned on trades in the affected international
markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>USL and USCF may have conflicts of interest, which
may permit them to favor their own interests to the detriment of shareholders. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL is subject to actual and potential
inherent conflicts involving USCF, various commodity futures brokers and Authorized Participants. USCF&rsquo;s officers, directors
and employees do not devote their time exclusively to USL. These persons are directors, officers or employees of other entities
that may compete with USL for their services, including the Related Public Funds. They could have a conflict between their responsibilities
to USL and to those other entities. As a result of these and other relationships, parties involved with USL have a financial incentive
to act in a manner other than in the best interests of USL and the shareholders. USCF has not established any formal procedure
to resolve conflicts of interest. Consequently, investors are dependent on the good faith of the respective parties subject to
such conflicts of interest to resolve them equitably. Although USCF attempts to monitor these conflicts, it is extremely difficult,
if not impossible, for USCF to ensure that these conflicts do not, in fact, result in adverse consequences to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL may also be subject to certain conflicts
with respect to the Futures Commission Merchant (&ldquo;FCM&rdquo;), including, but not limited to, conflicts that result from
receiving greater amounts of compensation from other clients, or purchasing opposite or competing positions on behalf of third
party accounts traded through the FCM. In addition, USCF&rsquo;s principals, officers, directors or employees may trade futures
and related contracts for their own account. A conflict of interest may exist if their trades are in the same markets and at the
same time as USL trades using the clearing broker to be used by USL. A potential conflict also may occur if USCF&rsquo;s principals,
officers, directors or employees trade their accounts more aggressively or take positions in their accounts which are opposite,
or ahead of, the positions taken by USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>USL could terminate at any time and cause the liquidation
and potential loss of an investor&rsquo;s investment and could upset the overall maturity and timing of an investor&rsquo;s investment
portfolio. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL may terminate at any time, regardless
of whether USL has incurred losses, subject to the terms of the LP Agreement. In particular, unforeseen circumstances, including
the adjudication of incompetence, bankruptcy, dissolution, or removal of USCF as the general partner of USL, could cause USL to
terminate unless a majority interest of the limited partners within 90 days of the event elects to continue the partnership and
appoints a successor general partner, or the affirmative vote of a majority in interest of the limited partners subject to certain
conditions. However, no level of losses will require USCF to terminate USL. USL&rsquo;s termination would cause the liquidation
and potential loss of an investor&rsquo;s investment. Termination could also negatively affect the overall maturity and timing
of an investor&rsquo;s investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>USL does not expect to make cash distributions. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL has not previously made any cash
distributions and intends to reinvest any realized gains in additional Oil Interests rather than distributing cash to limited partners
or other shareholders. Therefore, unlike mutual funds, commodity pools or other investment pools that actively manage their investments
in an attempt to realize income and gains from their investing activities and distribute such income and gains to their investors,
USL generally does not expect to distribute cash to limited partners. An investor should not invest in USL if the investor will
need cash distributions from USL to pay taxes on its share of income and gains of USL, if any, or for any other reason. Nonetheless,
although USL does not intend to make cash distributions, the income earned from its investments held directly or posted as margin
may reach levels that merit distribution, <I>e.g.,</I> at levels where such income is not necessary to support its underlying investments
in Oil Interests and investors adversely react to being taxed on such income without receiving distributions that could be used
to pay such tax. If this income becomes significant then cash distributions may be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>An unanticipated number of redemption requests during
a short period of time could have an adverse effect on USL&rsquo;s NAV. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If a substantial number of requests
for redemption of Redemption Baskets are received by USL during a relatively short period of time, USL may not be able to satisfy
the requests from USL&rsquo;s assets not committed to trading. As a consequence, it could be necessary to liquidate positions in
USL&rsquo;s trading positions before the time that the trading strategies would otherwise dictate liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Money Market Reform </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On July 23, 2014, the SEC adopted final
rules to reform money market funds such that institutional prime money market funds will float their net asset value as well as
impose rules such that all money market funds&rsquo; boards of directors will be required to implement rules to discourage and
prevent runs by investors through the use of redemption fees and gates. Money market funds have two years from the date of adoption
to implement the reform. USL currently invests in money market funds, as well as Treasuries with a maturity date of two years or
less, as an investment for assets not used for margin or collateral in the Futures Contracts. It is unclear at this time what the
impact of money market reform would have on USL&rsquo;s ability to hedge risk, however, the imposition of a floating NAV could
cause USL to limit remaining assets solely to Treasuries and cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As the regulatory requirements are constantly
evolving, it is difficult to predict the effect any regulatory changes may have on USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>The failure or bankruptcy of a clearing broker could
result in a substantial loss of USL&rsquo;s assets and could impair USL in its ability to execute trades. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the event of the bankruptcy of a
clearing broker or an Exchange&rsquo;s clearing house, USL could be exposed to a risk of loss with respect to its assets that are
posted as margin. If such a bankruptcy were to occur, USL would be afforded the protections granted to customers of an FCM, and
participants to transactions cleared through a clearing house, under the United States Bankruptcy Code and applicable CFTC regulations.
Such provisions generally provide for a pro rata distribution to customers of customer property held by the bankrupt FCM or an
Exchange&rsquo;s clearing house if the customer property held by the FCM or the Exchange&rsquo;s clearing house is insufficient
to satisfy all customer claims. In any case, there can be no assurance that these protections will be effective in allowing USL
to recover all, or even any, of the amounts it has deposited as margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">On January 13, 2014, new regulations
became effective relating to enhanced customer protections, risk management programs, internal monitoring and controls, capital
and liquidity standards, customer disclosures and auditing and 20 examination programs for FCMs. There can be no assurance that
the implementation of these regulations will prevent losses to, or not materially adversely affect, USL or its investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Notwithstanding that USL could sustain
losses upon the failure or bankruptcy of its FCM, the majority of USL&rsquo;s assets are held in Treasuries, cash and/or cash equivalents
with the Custodian and would not be impacted by the bankruptcy of an FCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The failure or bankruptcy of USL&rsquo;s
Custodian could result in a substantial loss of USL&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The majority of USL&rsquo;s assets are
held in Treasuries, cash and/or cash equivalents with the Custodian. The insolvency of the Custodian could result in a complete
loss of USL&rsquo;s assets held by that Custodian, which, at any given time, would likely comprise a substantial portion of USL&rsquo;s
total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Third parties may infringe upon or otherwise violate
intellectual property rights or assert that USCF has infringed or otherwise violated their intellectual property rights, which
may result in significant costs and diverted attention. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">It is possible that third parties might
utilize USL&rsquo;s intellectual property or technology, including the use of its business methods, trademarks and trading program
software, without permission. USCF has a patent for USL&rsquo;s business method and has registered its trademarks. USL does not
currently have any proprietary software. However, if it obtains proprietary software in the future, any unauthorized use of USL&rsquo;s
proprietary software and other technology could also adversely affect its competitive advantage. USL may not have adequate resources
to implement procedures for monitoring unauthorized uses of its patents, trademarks, proprietary software and other technology.
Also, third parties may independently develop business methods, trademarks or proprietary software and other technology similar
to that of USCF or claim that USCF has violated their intellectual property rights, including their copyrights, trademark rights,
trade names, trade secrets and patent rights. As a result, USCF may have to litigate in the future to protect its trade secrets,
determine the validity and scope of other parties&rsquo; proprietary rights, defend itself against claims that it has infringed
or otherwise violated other parties&rsquo; rights, or defend itself against claims that its rights are invalid. Any litigation
of this type, even if USCF is successful and regardless of the merits, may result in significant costs, divert its resources from
USL, or require it to change its proprietary software and other technology or enter into royalty or licensing agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Due to the increased use of technologies, intentional
and unintentional cyber-attacks pose operational and information security risks.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">With the increased use of technologies
such as the Internet and the dependence on computer systems to perform necessary business functions, USL is susceptible to operational
and information security risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks
include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive
information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not
require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches
of USL&rsquo;s clearing broker or third party service provider (including, but not limited to, index providers, the administrator
and transfer agent, the custodian), have the ability to cause disruptions and impact business operations, potentially resulting
in financial losses, the inability of USL shareholders to transact business, violations of applicable privacy and other laws, regulatory
fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">In addition, substantial costs may be
incurred in order to prevent any cyber incidents in the future. USL and its shareholders could be negatively impacted as a result.
While USL has established business continuity plans, there are inherent limitations in such plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_011"></A>ADDITIONAL INFORMATION ABOUT USL, ITS INVESTMENT OBJECTIVE
AND INVESTMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL is a Delaware limited partnership
organized on June 27, 2007. It operates pursuant to the terms of the Second Amended and Restated Agreement of Limited Partnership
dated as of March 1, 2013 (as amended from time to time, the &ldquo;LP Agreement&rdquo;), which grants full management control
of USL to USCF. The Limited Partnership Agreement is posted on USL&rsquo;s website at <I>www.uscfinvestments.com</I>.
USL maintains its main business office at 1999 Harrison Street, Suite 1530, Oakland, CA 94612.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The net assets of USL consist primarily
of investments in Oil Futures Contracts and, to a lesser extent, in order to comply with regulatory requirements or in view of
market conditions, Other Oil-Related Investments. Market conditions that USCF currently anticipates could cause USL to invest in
Other Oil-Related Investments include those allowing USL to obtain greater liquidity or to execute transactions with more favorable
pricing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL invests substantially the entire
amount if its assets in Oil Futures Contracts while supporting such investments by holding the amounts of its margin, collateral
and other requirements relating to these obligations in short-term obligations of the United States of two years or less (&ldquo;Treasuries&rdquo;),
cash and cash equivalents. The daily holdings of USL are available on USL&rsquo;s website at <I>www.uscfinvestments.com</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL invests in Oil Interests to the
fullest extent possible without being leveraged or unable to satisfy its current or potential margin or collateral obligations
with respect to its investments in Oil Interests. In pursuing this objective, the primary focus of USCF, is the investment in Oil
Futures Contracts and the management of USL&rsquo;s investments in Treasuries, cash and/or cash equivalents for margining purposes
and as collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL seeks to invest in a combination
of Oil Interests such that the daily changes in its NAV, measured in percentage terms, will closely track the daily changes in
the price of the Benchmark Oil Futures Contracts, also measured in percentage terms. As a specific benchmark, USCF endeavors to
place USL&rsquo;s trades in Oil Interests and otherwise manage USL&rsquo;s investments so that &ldquo;A&rdquo; will be within plus/
minus ten percent (10%) of &ldquo;B&rdquo;, where:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>A is the average daily percentage change in USL&rsquo;s per share NAV for any period of 30 successive valuation days; <I>i.e.</I>,
any NYSE Arca trading day as of which USL calculates its per share NAV; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>B is the average daily percentage change in the average of the prices of the Benchmark Oil Futures Contracts over the same
period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF believes that market arbitrage
opportunities will cause the daily changes in USL&rsquo;s share price on the NYSE Arca to closely track the daily changes in USL&rsquo;s
NAV per share. USCF further believes that the daily changes in USL&rsquo;s NAV in percentage terms will closely track the daily
changes in percentage terms in the average price of the Benchmark Oil Futures Contracts, less USL&rsquo;s expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.25in">The following two graphs
demonstrate the correlation between the changes in USL&rsquo;s NAV and the changes in the Benchmark Oil Futures Contract. The first
graph exhibits the daily changes in the last 30 valuation days ended March 31, 2016. The second graph measures monthly changes
from March 31, 2011 through March 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><I>*PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><IMG SRC="image_002.gif" ALT="" STYLE="height: 282px; width: 627px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><I>*PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><IMG SRC="image_003.gif" ALT="" STYLE="height: 326px; width: 627px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF employs a &ldquo;neutral&rdquo;
investment strategy in order to track changes in the average prices of the Benchmark Oil Futures Contracts regardless of whether
these prices go up or go down. USL&rsquo;s &ldquo;neutral&rdquo; investment strategy is designed to permit investors generally
to purchase and sell USL&rsquo;s shares for the purpose of investing indirectly in crude oil in a cost-effective manner, and/or
to permit participants in the oil or other industries to hedge the risk of losses in their crude oil-related transactions. Accordingly,
depending on the investment objective of an individual investor, the risks generally associated with investing in crude oil and/or
the risks involved in hedging may exist. In addition, an investment in USL involves the risk that the daily changes in the price
of USL&rsquo;s shares, in percentage terms, will not accurately track the daily changes in the average prices of the Benchmark
Oil Futures Contracts, in percentage terms, and that daily changes in the Benchmark Oil Futures Contracts, in percentage terms,
will not closely correlate with daily changes in the spot prices of light, sweet crude oil, in percentage terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As an example, for the three months
ended March 31, 2016, the actual total return of USL as measured by changes in its per share NAV was (3.82)%. This is based on
an initial per share NAV&nbsp;of $17.00 as of December 31, 2015&nbsp;and an ending per share NAV as of March 31, 2016 of $16.35.
During this time period, USL made no distributions to its shareholders. However, if USL&rsquo;s daily changes in its per share
NAV had instead exactly tracked the changes in the daily total return of the Benchmark Oil Futures Contracts, USL would have had
an estimated per share NAV of $16.37 as of March 31, 2016, for a total return over the relevant time period of (3.71)%. The difference
between the actual per share NAV total return of USL of (3.82)% and the expected total return based on the Benchmark Oil Futures
Contracts of (3.71)% was an error over the time period of (0.11)%, which is to say that USL&rsquo;s actual total return underperformed
the benchmark result by that percentage. USL incurs expenses primarily composed of the management fee, brokerage fees for the buying
and selling of futures contracts, and other expenses. The impact of these expenses tends to cause daily changes in the per share
NAV of USL to track slightly lower than daily changes in the price of the Benchmark Oil Futures Contract.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0pt"><B><A NAME="a_012"></A>Impact of Contango and Backwardation
on Total Returns</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Contango and backwardation are natural
market forces that have impacted the total return on an investment in USL&rsquo;s shares during the past year relative to a hypothetical
direct investment in crude oil. In the future, it is likely that the relationship between the market price of USL&rsquo;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 this comparison ignores the potential costs associated with physically owning and storing crude oil, which could be
substantial.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Several factors determine the total
return from investing in a futures contract position. One factor that impacts the total return that will result from investing
in near month futures contracts and &ldquo;rolling&rdquo; those contracts forward each month is the price relationship between
the current near month contract and the next month contract. For example, if the price of the near month contract is higher than
the next month contract (a situation referred to as &ldquo;backwardation&rdquo; in the futures market), then absent any other change
there is a tendency for the price of a next month contract to rise in value as it becomes the near month contract and approaches
expiration. Conversely, if the price of a near month contract is lower than the next month contract (a situation referred to as
&ldquo;contango&rdquo; in the futures market), then absent any other change there is a tendency for the price of a next month contract
to decline in value as it becomes the near month contract and approaches expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As an example, assume that the price
of crude oil for immediate delivery (the &ldquo;spot&rdquo; price), was $50 per barrel, and the value of a position in the near
month futures contract was also $50. Over time, the price of the barrel of crude oil will fluctuate based on a number of market
factors, including demand for oil relative to its supply. The value of the near month contract will likewise fluctuate in reaction
to a number of market factors. If investors seek to maintain their position in a near month contract and not take delivery of the
oil, every month they must sell their current near month contract as it approaches expiration and invest in the next month contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the futures market is in backwardation,
<I>e.g.,</I> when the price of crude oil futures contracts that expire later than the near month contract are lower than the near
month contract&rsquo;s price, the investor would be buying a next month contract for a lower price than the current near month
contract. Using the $50 per barrel price above to represent the front month price, the price of the next month contract could be
$49 per barrel, that is, 2% cheaper than the front month contract. Hypothetically, and assuming no other changes to either prevailing
crude oil prices or the price relationship between the spot price, the near month contract and the next month contract (and ignoring
the impact of commission costs and the income earned on cash and/or cash equivalents), the value of the $49 next month contract
would rise as it approaches expiration and becomes the new near month contract with a price of $50. In this example, the value
of an investment in the second month contract would tend to rise faster than the spot price of crude oil, or fall slower. As a
result, it would be possible in this hypothetical example for the spot price of crude oil to have risen 10% after some period of
time, while the value of the investment in the second month futures contract would have risen 12%, assuming backwardation is large
enough or enough time has elapsed. Similarly, the spot price of crude oil could have fallen 10% while the value of an investment
in the futures contract could have fallen only 8%. Over time, if backwardation remained constant, the difference would continue
to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the futures market is in contango,
the investor would be buying a next month contract for a higher price than the current near month contract. Using again the $50
per barrel price above to represent the front month price, the price of the next month contract could be $51 per barrel, that is,
2% more expensive than the front month contract. Hypothetically, and assuming no other changes to either prevailing crude oil prices
or the price relationship between the spot price, the near month contract and the next month contract (and ignoring the impact
of commission costs and the income earned on cash and/or cash equivalents), the value of the next month contract would fall as
it approaches expiration and becomes the new near month contract with a price of $50. In this example, it would mean that the value
of an investment in the second month would tend to rise slower than the spot price of crude oil, or fall faster. As a result, it
would be possible in this hypothetical example for the spot price of crude oil to have risen 10% after some period of time, while
the value of the investment in the second month futures contract will have risen only 8%, assuming contango is large enough or
enough time has elapsed. Similarly, the spot price of crude oil could have fallen 10% while the value of an investment in the second
month futures contract could have fallen 12%. Over time, if contango remained constant, the difference would continue to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The chart below compares the price of
the near month contract to the average price of the near 12 month contracts over the last 10 years for light, sweet crude oil.
When the price of the near month contract is higher than the average price of the near 12 month contracts, the market would be
described as being in backwardation. When the price of the near month contract is lower than the average price of the near 12 month
contracts, the market would be described as being in contango. Although the prices of the near month contract and the average price
of the near 12 month contracts do tend to move up or down together, it can be seen that at times the near month prices are clearly
higher than the average price of the near 12 month contracts (backwardation), and other times they are below the average price
of the near 12 month contracts (contango).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>*<I>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><IMG SRC="image_004.gif" ALT="" STYLE="height: 530px; width: 627px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">An alternative way to view the same data is
to subtract the dollar price of the average dollar price of the near 12 month contracts for light, sweet crude oil from the dollar
price of the near month contract for light, sweet crude oil. If the resulting number is a positive number, then the near month
price is higher than the average price of the near 12 months and the market could be described as being in backwardation. If the
resulting number is a negative number, then the near month price is lower than the average price of the near 12 months and the
market could be described as being in contango. The chart below shows the results from subtracting the average dollar price of
the near 12 month contracts from the near month price for the 10 year period between March 31, 2006 and March 31, 2016. Investors
will note that the crude oil market spent time in both backwardation and contango.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><I>*PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><IMG SRC="image_005.gif" ALT="" STYLE="height: 478px; width: 627px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">An investment in a portfolio that involved
owning only the near month contract would likely produce a different result than an investment in a portfolio that owned an equal
number of each of the near 12 months&rsquo; worth of contracts. Generally speaking, when the crude oil futures market is in backwardation,
the near month only portfolio would tend to have a higher total return than the 12 month contract portfolio. Conversely, if the
crude oil futures market was in contango, the portfolio containing 12 months&rsquo; worth of contracts would tend to outperform
the near month only portfolio. The chart below shows the annual results of owning a portfolio consisting of the near month contract
and a portfolio containing the near 12 months&rsquo; worth of contracts. In addition, the chart shows the annual change in the
spot price of light, sweet crude oil. In this example, each month, the near month only portfolio would sell the near month contract
at expiration and buy the next month out contract. The portfolio holding an equal number of the near 12 months&rsquo; worth of
contracts would sell the near month contract at expiration and replace it with the contract that becomes the new twelfth month
contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><I>*PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><IMG SRC="image_006.gif" ALT="" STYLE="height: 365px; width: 566px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B>HYPOTHETICAL PERFORMANCE RESULTS HAVE
MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT USL WILL OR IS LIKELY TO ACHIEVE
PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS
AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B>ONE OF THE LIMITATIONS OF HYPOTHETICAL
PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT
INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING.
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><FONT STYLE="letter-spacing: -0.05pt"><B>FOR
EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS
WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO
THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE
RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">As seen in the chart above, there have
been periods of both positive and negative annual total returns for both hypothetical portfolios over the last 10 years. In addition,
there have been periods during which the near month only approach had higher returns, and periods where the 12 month approach had
higher total returns. The above chart does not represent the performance history of USL or any Related Public Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Historically, the crude oil futures
markets have experienced periods of contango and backwardation, with backwardation being in place roughly as often as contango
since oil futures trading started in 1982. Following the global financial crisis in the fourth quarter of 2008, the crude oil market
moved into contango and remained in contango for a period of several years. During parts of 2009, the level of contango was unusually
steep as a combination of slack U.S. and global demand for crude oil and issues involving the physical transportation and storage
of crude oil at Cushing, Oklahoma, the primary pricing point for oil traded in the U.S., led to unusually high inventories of crude
oil. Since then, a combination of improved transportation and storage capacity, along with growing demand for crude oil globally,
has moderated the inventory build-up and lead to reduced levels of contango by 2011. Due to a historic surplus, the crude oil futures
market was primarily in a state of contango during the three months ended March 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Periods of contango or backwardation do not materially impact USL&rsquo;s investment objective of having the daily percentage changes
in its per share NAV track the daily percentage changes in the average of the prices of the Benchmark Oil Futures Contracts since
the impact of backwardation and contango tend to equally impact the daily percentage changes in price of both USL&rsquo;s shares
and the Benchmark Oil Futures Contracts. It is impossible to predict with any degree of certainty whether backwardation or contango
will occur in the future. It is likely that both conditions will occur during different periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In managing USL&rsquo;s assets USCF
does not use a technical trading system that issues buy and sell orders. USCF instead employs a quantitative methodology whereby
each time a Creation Basket is sold, USCF purchases Oil Interests, such as the Benchmark Oil Futures Contracts, that have an aggregate
market value that approximates the amount of Treasuries and/or cash received upon the issuance of the Creation Basket.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The specific Oil Futures Contracts purchased
depend on various factors, including a judgment by USCF as to the appropriate diversification of USL&rsquo;s investments in futures
contracts with respect to the month of expiration, and the prevailing price volatility of particular contracts. In addition, USL
may make use of a mixture of standard sized futures contracts as well as the smaller sized &ldquo;mini&rdquo; contracts. While
USCF has made significant investments in NYMEX Oil Futures Contracts, for various reasons, including the ability to enter into
the precise amount of exposure to the crude oil market, position limits or other regulatory requirements limiting USL&rsquo;s holdings,
and market conditions, it may invest in Futures Contracts traded on other exchanges or invest in Other Oil-Related Investments.
To the extent that USL invests in Other Oil-Related Investments, it would prioritize investments in contracts and instruments that
are economically equivalent to the Benchmark Oil Futures Contracts, including cleared swaps that satisfy such criteria, and then,
to a lesser extent, it would invest in other types of cleared swaps and other contracts, instruments and non-cleared swaps, such
as swaps in the over-the-counter market (or commonly referred to as the &ldquo;OTC market&rdquo;). If USL is required by law or
regulation, or by one of its regulators, including a futures exchange, to reduce its position in the Futures Contracts to the applicable
position limit or to a specified accountability level or if market conditions dictate it would be more appropriate to invest in
Other Oil-Related Investments, a substantial portion of USL&rsquo;s assets could be invested in accordance with such priority in
Other Oil-Related Investments that are intended to replicate the return on the Futures Contracts. As USL&rsquo;s assets reach higher
levels, it is more likely to exceed position limits, accountability levels or other regulatory limits and, as a result, it is more
likely that it will invest in accordance with such priority in Other Oil-Related Investments at such higher levels. In addition,
market conditions that USCF currently anticipates could cause USL to invest in Other Oil-Related Investments include those allowing
USL to obtain greater liquidity or to execute transactions with more favorable pricing. See &ldquo;Risk Factors Involved With an
Investment in USL&rdquo; for a discussion of the potential impact of the regulation on USL&rsquo;s ability to invest in OTC transactions
and cleared swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF may not be able to fully invest
USL&rsquo;s assets in the Oil Futures Contracts having an aggregate notional amount exactly equal to USL&rsquo;s NAV. For example,
as standardized contracts, the Futures Contracts are for a specified amount of a particular commodity, and USL&rsquo;s NAV and
the proceeds from the sale of a Creation Basket are unlikely to be an exact multiple of the amounts of those contracts. As a result,
in such circumstances, USL may be better able to achieve the exact amount of exposure to changes in price of the Benchmark Oil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Futures Contracts through the use of
Other Oil-Related Investments, such as OTC contracts that have better correlation with changes in price of the Benchmark Oil Futures
Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL anticipates that to the extent it
invests in Oil Futures Contracts other than contracts on light, sweet crude oil (such as futures contracts for diesel-heating oil,
natural gas, and other petroleum-based fuels) and Other Oil-Related Investments, it will enter into various non-exchange-traded
derivative contracts to hedge the short-term price movements of such Oil Futures Contracts and Other Oil-Related Investments against
the current Benchmark Oil Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF does not anticipate letting USL&rsquo;s
Oil Futures Contracts expire and taking delivery of the underlying commodity. Instead, USCF closes existing positions, <I>e.g.,</I>
when it changes the Benchmark Oil Futures Contracts or Other Oil-Related Investments or it otherwise determines it would be appropriate
to do so and reinvests the proceeds in new Oil Futures Contracts or Other Oil-Related Investments. Positions may also be closed
out to meet orders for Redemption Baskets and in such case proceeds for such baskets will not be reinvested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Benchmark Oil Futures Contracts
are changed from the near month contract to expire and the 11 following months to the next month contract to expire and the 11
following months during one day each month. On that day, USCF &ldquo;rolls&rdquo; USL&rsquo;s positions by closing, or selling,
USL&rsquo;s Oil Interests and reinvests the proceeds from closing these positions in new Oil Interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The anticipated dates on which the Benchmark
Oil Futures Contracts are changed and USL&rsquo;s Oil Interests are &ldquo;rolled&rdquo; will be posted on USL&rsquo;s website
at <I>www.uscfinvestments.com</I>, and are subject to change without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">By remaining invested as fully as possible
in Oil Futures Contracts or Other Oil-Related Investments, USCF believes that the changes in percentage terms in USL&rsquo;s per
share NAV will continue to closely track the daily changes in percentage terms in the average of the prices of the price of the
Benchmark Oil Futures Contracts. USCF believes that certain arbitrage opportunities result in the price of the shares traded on
the NYSE Arca closely tracking the per share NAV of USL. Additionally, Oil Futures Contracts traded on the NYMEX have closely tracked
the spot price of light, sweet crude oil. Based on these expected interrelationships, USCF believes that the changes in the price
of USL&rsquo;s shares traded on the NYSE Arca have closely tracked on a daily basis and will continue to closely track the changes
in the spot price of light, sweet crude oil, on a percentage basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_013"></A>What are the Trading Policies of USL?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Liquidity </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL invests only in Futures Contracts
and Other Oil-Related Investments that, in the opinion of USCF, are traded in sufficient volume to permit the ready taking and
liquidation of positions in these financial interests and in Other Oil-Related Investments that, in the opinion of USCF, may be
readily liquidated with the original counterparty or through a third party assuming the position of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Spot Commodities </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">While the Oil Futures Contracts traded
can be physically settled, USL does not intend to take or make physical delivery. USL may from time to time trade in Other Oil-Related
Investments, including contracts based on the spot price of crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Leverage </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF endeavors to have the value of
USL&rsquo;s Treasuries, cash and cash equivalents, whether held by USL or posted as margin or other collateral, at all times approximate
the aggregate market value of its obligations under</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">its Oil Interests. Commodity pools&rsquo;
trading positions in futures contracts or other related investments are typically required to be secured by the deposit of margin
funds that represent only a small percentage of a futures contract&rsquo;s (or other commodity interest&rsquo;s) entire market
value. While USCF has not and does not intend to leverage USL&rsquo;s assets, it is not prohibited from doing so under the LP Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Borrowings </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Borrowings are not used by USL unless
USL is required to borrow money in the event of physical delivery, if USL trades in cash commodities, or for short-term needs created
by unexpected redemptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>OTC Derivatives (Including Spreads and Straddles)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition to Oil Futures Contracts,
there are also a number of listed options on the Oil Futures Contracts on the principal futures exchanges. These contracts offer
investors and hedgers another set of financial vehicles to use in managing exposure to the crude oil market. Consequently, USL
may purchase options on crude Oil Futures Contracts on these exchanges in pursuing its investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition to the Oil Futures Contracts
and options on the Oil Futures Contracts, there also exists an active non-exchange-traded market in derivatives tied to crude oil.
These derivatives transactions (also known as OTC contracts) are usually entered into between two parties in private contracts.
Unlike most of the exchange-traded Oil Futures Contracts or exchange-traded options on the Oil Futures Contracts, each party to
such contract bears the credit risk of the other party, <I>i.e.</I>, the risk that the other party may not be able to perform its
obligations under its contract. To reduce the credit risk that arises in connection with such contracts, USL will generally enter
into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association,
Inc. (&ldquo;ISDA&rdquo;) that provides for the netting of its overall exposure to its counterparty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF assesses or reviews, as appropriate,
the creditworthiness of each potential or existing counterparty to an OTC contract pursuant to guidelines approved by USCF&rsquo;s
Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL may enter into certain transactions
where an OTC component is exchanged for a corresponding futures contract (&ldquo;Exchange for Related Position&rdquo; or &ldquo;EFRP&rdquo;
transactions). In the most common type of EFRP transaction entered into by USL, the OTC component is the purchase or sale of one
or more baskets of USL shares. These EFRP transactions may expose USL to counterparty risk during the interim period between the
execution of the OTC component and the exchange for a corresponding futures contract. Generally, the counterparty risk from the
EFRP transaction will exist only on the day of execution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL may employ spreads or straddles
in its trading to mitigate the differences in its investment portfolio and its goal of tracking the price of the Benchmark Oil
Futures Contract. USL would use a spread when it chooses to take simultaneous long and short positions in futures written on the
same underlying asset, but with different delivery months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">During all of 2015 and through March
31, 2016, USL limited its derivatives activities to Oil Futures Contracts and EFRP transactions. USL did not engage in trading
in futures contracts listed on a foreign exchange or forward contracts, including options on such contracts. USL does not anticipate
engaging in trading in futures contracts listed on a foreign exchange, forward contracts or options on such contracts, but it may
do so as outlined in USL&rsquo;s listing exemptive order or as permitted under current regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Pyramiding </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL has not and will not employ the
technique, commonly known as pyramiding, in which the speculator uses unrealized profits on existing positions as variation margin
for the purchase or sale of additional positions in the same or another commodity interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_014"></A>Prior Performance of USL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>*PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF manages USL which is a commodity
pool that issues shares traded on the NYSE Arca. The chart below shows, as of March 31, 2016, the number of Authorized Participants,
the total number of baskets created and redeemed since inception and the number of outstanding shares for USL.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b># of Authorized Participants</b></td>
    <TD STYLE="width: 3%; text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Baskets Purchased</b></td>
    <TD STYLE="width: 3%; text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Baskets Redeemed</b></td>
    <TD STYLE="width: 3%; text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="width: 22%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><b>Outstanding Shares</b></td>
    <TD STYLE="width: 3%; text-align: center; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; vertical-align: bottom"><b>9</b></td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom"><b>419</b></td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom"><b>283</b></td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td>
    <TD STYLE="text-align: center; vertical-align: bottom"><b>6,800,000</b></td>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Since the commencement of the offering
of USL shares to the public on&nbsp;December 6, 2007 to March 31, 2016, the simple average daily change in the Benchmark Oil&nbsp;Futures
Contracts was (0.030)%, while the simple average daily change in the per share NAV of USL over the same time period was (0.032)%.
The average daily difference was (0.002)% (or (0.2) basis points, where 1 basis point equals 1/100 of 1%). As a percentage of the
daily movement of the Benchmark Oil&nbsp;Futures Contracts, the average error in daily tracking by the per share NAV was (0.767)%,
meaning that over this time period USL&rsquo;s tracking error was within the plus or minus 10% range established as its benchmark
tracking goal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below shows the relationship
between the trading prices of the shares and the daily NAV of USL, since inception through March 31, 2016. The first row shows
the average amount of the variation between USL&rsquo;s closing market price and NAV, computed on a daily basis since inception,
while the second and third rows depict the maximum daily amount of the end of day premiums and discounts to NAV since inception,
on a percentage basis. USCF believes that maximum and minimum end of day premiums and discounts typically occur because trading
in the shares continues on the NYSE Arca until 4:00 p.m. New York time while regular trading in the Benchmark Futures Contracts
on the NYMEX ceases at 2:30 p.m. New York time and the value of the relevant Benchmark Futures Contracts, for purposes of determining
its end of day NAV, can be determined at that time.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">USL</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-indent: -8.65pt; padding-left: 8.65pt">Average Difference&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">(0.04</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Max Premium%&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.51</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Max Discount%&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.72</TD><TD STYLE="text-align: left">)%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">For more information on the performance of USL, see
the Performance Tables below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>PAST PERFORMANCE IS NOT NECESSARILY
INDICATIVE OF FUTURE RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><A NAME="a_015"></A>COMPOSITE PERFORMANCE DATA FOR USL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Name of Pool: United States 12 Month Oil Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Type of Pool: Public, Exchange-Listed Commodity Pool</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Inception of Trading: December 6, 2007</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Aggregate Subscriptions (from inception through March
31, 2016): $635,078,148</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Total Net Assets as of March 31, 2016: $111,186,436</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">NAV per Share as of March 31, 2016: $16.35</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Worst Monthly Percentage Draw-down: July 2015 (17.96)%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Worst Peak-to-Valley Draw-down: June 2008 - February
2016 (81.80)%</P>


<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Month</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%">January&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3.38</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">0.92</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5.05</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(2.76</TD><TD STYLE="width: 1%; text-align: left">)%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(6.66</TD><TD STYLE="width: 1%; text-align: left">)%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(6.53</TD><TD STYLE="width: 1%; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>February&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.89</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.71</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.62</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.86</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.40</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.71</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>March&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.30</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.03</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.95</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.02</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.41</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.86</TD><TD NOWRAP STYLE="text-align: left">%**</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>April&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.94</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.65</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.12</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.50</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.15</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>May&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.91</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.94</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.12</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.24</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.08</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>June&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.43</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.04</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.01</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.13</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.50</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>July&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.43</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.59</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.04</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.26</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17.96</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>August&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.42</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.54</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.87</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.32</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.32</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>September&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11.50</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4.27</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.11</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.22</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.11</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>October&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.03</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.72</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.36</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.26</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.18</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>November&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.72</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.49</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.37</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.48</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.96</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>December&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.75</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.97</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.03</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16.07</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11.50</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Annual Rate of Return</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.28</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.40</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.59</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(37.92</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36.07</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31.76</TD><TD STYLE="text-align: left">)**</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: -0.25in">Number of Shareholders (as of
December 31, 2015): 6,568</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>The monthly rate of return is calculated by dividing the ending NAV of a given month by the ending NAV of the previous month,
subtracting 1 and multiplying this number by 100 to arrive at a percentage increase or decrease.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD>Through March 31, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Draw-down: Losses experienced by the
fund over a specified period. Draw-down is measured on the basis of monthly returns only and does not reflect intra-month figures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Worst Monthly Percentage Draw-down:
The largest single month loss sustained during the most recent five calendar years and year-to-date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Worst Peak-to-Valley Draw-down: The
largest percentage decline in the NAV per share over the history of the fund. This need not be a continuous decline, but can be
a series of positive and negative returns where the negative returns are larger than the positive returns. Worst Peak-to-Valley
Draw-down represents the greatest cumulative percentage decline in month-end per share NAV is not equaled or exceeded by a subsequent
month-end per share NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_016"></A>USL&rsquo;S OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_017"></A>USCF and its Management and Traders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USCF is a single member limited liability
company that was formed in the state of Delaware on May 10, 2005. It maintains its main business office at 1999 Harrison Street,
Suite 1530, Oakland, CA 94612. USCF is a wholly-owned subsidiary of Wainwright Holdings, Inc., a Delaware corporation (&ldquo;Wainwright&rdquo;).
The past performance of USL is located starting on page 23. Mr. Nicholas Gerber (discussed below) controls Wainwright by virtue
of his ownership or control of a majority of Wainwright&rsquo;s shares. Wainwright is a holding company that currently holds both
USCF, as well as USCF Advisers LLC, an investment adviser registered under the Investment Advisers Act of 1940, as amended. USCF
Advisers LLC serves as the investment adviser for the Stock Split Index Fund, a series of the USCF ETF Trust. USCF ETF Trust is
registered under the 1940 Act. The Board of Trustees for the USCF ETF Trust consists of different independent trustees than those
independent directors who serve on the Board of Directors of USCF. USCF is a member of the NFA and registered as a CPO with the
CFTC on December 1, 2005 and as a Swaps Firm on August 8, 2013. USCF also manages the Related Public Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USCF is required to evaluate the credit
risk of USL to the futures commission merchant (&ldquo;FCM&rdquo;), oversee the purchase and sale of USL&rsquo;s shares by certain
authorized participants (&ldquo;Authorized Participants&rdquo;), review daily positions and margin requirements of USL and manage
USL&rsquo;s investments. USCF also pays the fees of ALPS Distributors, Inc., which serves as the marketing agent for USL (the &ldquo;Marketing
Agent&rdquo;), and Brown Brothers Harriman &amp; Co. (&ldquo;BBH&amp;Co.&rdquo;), which serves as the administrator (the &ldquo;Administrator&rdquo;)
and the custodian (the &ldquo;Custodian&rdquo;) for USL. In no event may the aggregate compensation paid for the Marketing Agent
and any affiliate of USCF for distribution-related services in connection with the offering of shares exceed ten percent (10%)
of the gross proceeds of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The limited partners take no part in
the management or control, and have a minimal voice in USL&rsquo;s operations or business. Limited partners have no right to elect
USCF on an annual or any other continuing basis. If USCF voluntarily withdraws, however, the holders of a majority of USL&rsquo;s
outstanding shares (excluding for purposes of such determination shares owned, if any, by the withdrawing general partner and its
affiliates) may elect its successor. USCF may not be removed as a general partner except upon approval by the affirmative vote
of the holders of at least 66 2/3 percent of our outstanding shares (excluding shares, if any, owned by USCF and its affiliates),
subject to the satisfaction of certain conditions set forth in the LP Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The business and affairs of USCF are
managed by a board of directors (the &ldquo;Board&rdquo;), which is comprised of four management directors (the &ldquo;Management
Directors&rdquo;) some of whom are also its executive officers, and three independent directors who meet the independent director
requirements established by the NYSE Arca Equities Rules and the Sarbanes-Oxley Act of 2002. The Management Directors have the
authority to manage USCF pursuant to the terms of the Sixth Amended and Restated Limited Liability Company Agreement of USCF, dated
as of May 15, 2015 (as amended from time to time, the (&ldquo;LLC Agreement&rdquo;). Through its Management Directors, the general
partner manages the day-to-day operations of USL. The Board has an audit committee, which is made up of the three independent directors
(Gordon L. Ellis, Malcolm R. Fobes III and Peter M. Robinson). The audit committee is governed by an audit committee charter that
is posted on USL&rsquo;s website at <I>www.uscfinvestments.com.</I> The Board has determined that each member of the
Audit Committee meets the financial literacy requirements of the NYSE Arca and the Audit Committee Charter. The Board has further
determined that each of Messrs. Ellis and Fobes have accounting or related financial management expertise, as required by the NYSE
Arca, such that each of them is considered an &ldquo;Audit Committee Finance Expert&rdquo; as such term is defined in Item 407(d)(5)
of Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">USL has no executive officers. Pursuant to the terms of the
LP Agreement, USL&rsquo;s affairs are managed by USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><FONT STYLE="letter-spacing: -0.05pt">The
following are individual Principals, as that term is defined in CFTC Rule 3.1, for USCF: John P. Love, Stuart P. Crumbaugh, Nicholas
D. Gerber, Melinda Gerber, the Nicholas &amp; Melinda Gerber Living Trust, dated November 9, 2005, the Gerber Family Trust FBO
Jacob &amp; Vasch, Eliot Gerber, Sheila Gerber, Jennifer Schoenberger and Scott Schoenberger, Andrew Ngim, Robert Nguyen, Peter
Robinson, Gordon Ellis, Malcolm Fobes, Ray Allen, Kevin Baum, Carolyn Yu and Wainwright Holdings Inc. The individuals who are Principals
due to their positions are John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Melinda Gerber, Andrew Ngim, Robert Nguyen, Peter
Robinson, Gordon Ellis, Malcolm Fobes, Ray Allen, Kevin Baum, and Carolyn Yu. In addition, Nicholas D. Gerber, Melinda Gerber,
the Nicholas &amp; Melinda Gerber Living Trust, dated November 9, 2005, Gerber Family Trust FBO Jacob &amp; Vasch, Eliot Gerber,
Sheila Gerber, Jennifer Schoenberger and Scott Schoenberger are Principals due to their controlling stake in Wainwright. None of
the Principals owns or has any other beneficial interest in USL. Ray Allen and John P. Love make trading and investment decisions
for USL. John P. Love and Ray Allen execute trades on behalf of USL.</FONT> <FONT STYLE="letter-spacing: -0.05pt">In addition,
Nicholas D. Gerber, John P. Love, Robert Nguyen, Ray Allen, and Kevin Baum are registered with the CFTC as Associated Persons of
USCF and are NFA Associate Members. John P. Love, Robert Nguyen, Ray Allen, and Kevin Baum are also registered with the CFTC as
Swaps Associated Persons. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B><I>John P. Love, </I></B>44, President
and Chief Executive Officer of USCF since June 2015. Mr. Love previously served as a Senior Portfolio Manager for the Related Public
Funds from March 2010 through June 2015. Prior to that, while still at USCF, he was a Portfolio Manager beginning with the launch
of USO in April 2006. Mr. Love was the portfolio manager of USO from April 2006 until March 2010 and the portfolio manager for
USL from December 2007 until March 2010. Mr. Love has been the portfolio manager of UNG since April 2007, and the portfolio manager
of UGA, UHN, and UNL since March 2010. Additionally, Mr. Love serves as President of USCF Advisers LLC, an investment adviser registered
under the Investment Advisers Act of 1940, as amended and has acted as co-portfolio manager of the Stock Split Index Fund, a series
of the USCF ETF Trust for the period from September 2014 to December 2015, when he was promoted to the position of President and
Chief Executive Officer upon Mr. Gerber&rsquo;s resignation from those positions. Mr. Love has been a principal of USCF listed
with the CFTC and NFA since January 17, 2006. Mr. Love has been registered as an associated person of USCF since February 2015
and from December 1, 2005 to April 16, 2009. Mr. Love has also been registered as a branch manager of USCF since March 2016. Additionally,
Mr. Love has been approved as an NFA swaps associated person since February 2015. Mr. Love earned a B.A. from the University of
Southern California, holds NFA Series 3 and FINRA Series 7 registrations and is a CFA Charterholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B><I>Nicholas D. Gerber</I>, </B>53,
Chairman of the Board of Directors of USCF since June 2005. Mr. Gerber also served as President and Chief Executive Officer of
USCF from June 2005 through June 2015 and Vice President since June 2015. Mr. Gerber co-founded USCF in 2005 and prior to that,
he co-founded Ameristock Corporation in March 1995, a California-based investment adviser registered under the Investment Advisers
Act of 1940 from March 1995 until January 2013. From January 26, 2015 to the present, Mr. Gerber is also the Chief Executive Officer,
President and Secretary of Concierge Technologies, Inc. (&ldquo;Concierge&rdquo;), a supplier of mobile video recording devices
thru its wholly owned subsidiary Janus Cam. Concierge is not affiliated with USCF and the Related Public Funds, other than through
ownership by common control. Concierge is a publicly traded company under the ticker symbol &ldquo;CNGC.&rdquo; From August 1995
to January 2013, Mr. Gerber served as Portfolio Manager of Ameristock Mutual Fund, Inc. On January 11, 2013, the Ameristock Mutual
Fund, Inc. merged with and into the Drexel Hamilton Centre American Equity Fund, a series of Drexel Hamilton Mutual Funds. Drexel
Hamilton Mutual Funds is not affiliated with Ameristock Corporation, the Ameristock Mutual Fund, Inc. or USCF. From the period
June 2014 to the present, Mr. Gerber also serves as Chairman of the Board of Trustees of USCF ETF Trust, an investment company
registered under the Investment Company Act of 1940, as amended, and has previously served as President of USCF Advisers LLC, an
investment adviser registered under the Investment Advisers Act of 1940, as amended. In addition to his role as Chairman of the
Board of USCF ETF Trust, he also served as its President and Chief Executive Officer from June 2014 until December 2015. In these
roles, Mr. Gerber has gained extensive experience in evaluating and retaining third-party service providers, including custodians,
accountants, transfer agents, and distributors. Mr. Gerber has been a principal of USCF listed with the CFTC and NFA since November
2005, an NFA associate member and associated person of USCF since December 2005 and a Branch Manager of USCF since May 2009. Mr.
Gerber earned an MBA degree in finance from the University of San Francisco, a B.A. from Skidmore College and holds an NFA Series
3 registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B><I>Stuart P. Crumbaugh</I>, </B>52,
Chief Financial Officer, Secretary and Treasurer of USCF since May 2015. Mr. Crumbaugh has been a principal of USCF listed with
the CFTC and NFA since July 1, 2015. Mr. Crumbaugh joined USCF as the Assistant Chief Financial Officer on April 6, 2015. Prior
to joining USCF, Mr. Crumbaugh was the Vice President Finance and Chief Financial Officer of Sikka Software Corporation, a software
service healthcare company providing optimization software and data solutions from April 2014 to April 6, 2015. Mr. Crumbaugh served
as a consultant providing technical accounting, IPO readiness and M&amp;A consulting services to various early stage companies
with the Connor Group, a technical accounting consulting firm, for the periods of January 2014 through March 2014; October 2012
through November 2012; and January 2011 through February 2011. From December 2012 through December 2013, Mr. Crumbaugh was Vice
President, Corporate Controller and Treasurer of Auction.com, LLC, a residential and commercial real estate online auction company.
From March 2011 through September 2012, Mr. Crumbaugh was Chief Financial Officer IP Infusion Inc., a technology company providing
network routing and switching software enabling software-defined networking solutions for major mobile carriers and network infrastructure
providers. Mr. Crumbaugh was the Global Vice President of Finance at Virage Logic Corporation, a semi-conductor IP and software
company (acquired by Synopsys, Inc., a software company), from January 2010 through December 2010. Mr. Crumbaugh earned a B.A.
in Accounting and Business Administration from Michigan State University in 1987 and is a Certified Public Accountant &ndash; Michigan
(inactive).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B><I>Andrew F. Ngim,</I> </B>55, co-founded
USCF in 2005 and has served as a Management Director since May 2005. Mr. Ngim has served as the portfolio manager for USCI, CPER
and USAG since January 2013. Mr. Ngim also served as USCF&rsquo;s Treasurer from June 2005 to February 2012. Prior to and concurrent
with his services to USCF, from January 1999 to January 2013, Mr. Ngim served as a Managing Director for Ameristock Corporation
which he co-founded in March 1995 and was Co-Portfolio Manager of Ameristock Mutual Fund, Inc. from January 2000 to January 2013.
From the period September 2014 to the present, Mr. Ngim also serves as portfolio manager of the Stock Split Index Fund, a series
of the USCF ETF Trust, as well as a Management Trustee of the USCF ETF Trust from the period of August 2014 to the present. Mr.
Ngim has been a principal of USCF listed with the CFTC and NFA since November 2005. Mr. Ngim earned his B.A. from the University
of California at Berkeley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Robert L. Nguyen</I>, </B><FONT STYLE="background-color: white">56,
Management Director and principal since July 2015. Mr. Nguyen has served on the Board of Wainwright Holdings Inc. since December
2014. Mr. Nguyen co-founded USCF in 2005 and served as a Management Director until March 2012. Mr. Nguyen was an Investment Manager
with Ribera Investment Management, a high net worth money management firm, from January 2013 to March 2015. Prior to and concurrent
with his services to USCF, from January 2000 to January 2013, Mr. Nguyen served as a Managing Principal for Ameristock Corporation,
a California-based investment adviser registered under the Investment Advisers Act of 1940, which he co-founded in March 1995.
Mr. Nguyen was a principal of USCF listed with the CFTC and NFA from November 2005 to March 2012 and has been registered as an
associated person since December 2015. Mr. Nguyen earned his B.S. from California State University at Sacramento.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Melinda D. Gerber</I>, </B>48,
Management Director of USCF since June 2015. Ms. Gerber co-founded USCF in 2005. She is a writer and published her book<I>, How
to Create and manage a Mutual Fund or Exchange-Traded Fund: A Professional&rsquo;s Guide (Wiley, 2008). </I>Ms. Gerber has been
a principal of USCF listed with the CFTC and NFA since November 2005. Ms. Gerber co-founded USCF in 2005 and prior to that, she
co-founded Ameristock Corporation in March 1995, a California-based investment adviser registered under the Investment Advisers
Act of 1940 from March 1995 until January 2013. From March 1995 to January 2013, Ms. Gerber served as Secretary on the Board of
Directors for the Ameristock Corporation and Ameristock Mutual Fund. Concurrent to her service as Secretary during the period of
September 1994 to June 1999, Ms. Gerber was a project manager and consultant at GAP, Inc., a global apparel retail company. She
was recognized by GAP, Inc. as one of the five most innovative individuals in the company. Ms. Gerber earned an MBA from the University
of Southern California in 1994 and graduated from the University of California at Santa Barbara in 1990.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Ray W. Allen, </I></B>59, Portfolio
Manager of USCF since January 2008. Mr. Allen was the portfolio manager of UGA from February 2008 until March 2010, the portfolio
manager of UHN from April 2008 until March 2010 and the portfolio manager of UNL from November 2009 until March 2010. Mr. Allen
has been the portfolio manager of DNO since September 2009, and the portfolio manager of USO and USL since March 2010 and the manager
of BNO since June 2010. Mr. Allen has been a principal of USCF listed with the CFTC and NFA since March 2009 and has been registered
as an associated person of USCF since July 2015 and from March 2008 to November 2012. Additionally, Mr. Allen has been approved
as an NFA swaps associated person since July 2015. Mr. Allen earned a B.A. in economics from the University of California at Berkeley
and holds an NFA Series 3 registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Kevin A. Baum</I></B>, 45, Portfolio
Manager of USCF since March 2016. Prior to joining USCF, Mr. Baum temporarily retired from December 2015 to March 2016. Mr. Baum
served as the Vice President and Senior Portfolio Manager for Invesco PowerShares Capital Management LLC, an investment manager
that manages a family of exchange-traded funds, from October 2014 through December 2015. Mr. Baum was temporarily retired from
May 2012 through September 2014. From May 1993 to April 2012, Mr. Baum worked as the Senior Portfolio Manager, Head of Commodities
for Oppenheimer Real Asset Management Inc., a global asset manager. Mr. Baum has been a principal and associated person of USCF
since March 2016 and became listed as such with the CFTC via the NFA in April 2016. Mr. Baum is a CFA Charterholder, CAIA Charterholder,
and earned a B.B.A. in Finance from Texas Tech University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Carolyn M. Yu,</I> </B>57, General
Counsel and Chief Compliance Officer of USCF since May 2015 and February 2013, respectively, and from August 2011 through April
2015, Ms. Yu served as Assistant General Counsel. Since May 2015, Ms. Yu has served as Chief Legal Officer and Chief Compliance
Officer of USCF Advisers LLC and USCF ETF Trust as well as Chief AML Officer of USCF ETF Trust. Prior to May 2015, Ms. Yu was the
Assistant Chief Compliance Officer and AML Officer of the USCF ETF Trust. Previously, Ms. Yu served as Branch Chief with the Securities
Enforcement Branch for the State of Hawaii, Department of Commerce and Consumer Affairs from February 2008 to August 2011. She
has been a principal of USCF listed with the CFTC and NFA since August 2013. Ms. Yu earned her JD from Golden Gate University School
of Law and a B.S. in business administration from San Francisco State University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Gordon L. Ellis</I>, </B>69, Independent
Director of USCF since September 2005. Previously, Mr. Ellis was a founder of International Absorbents, Inc., its Class 1 Director
and Chairman since July 1985 and July 1988, respectively, and Chief Executive Officer and President since November 1996. He also
served as a director of Absorption Corp., a wholly-owned subsidiary of International Absorbents, Inc., which is a leading developer
and producer of environmentally friendly pet care and industrial products, from May 2010 until March 2013 when International Absorbents,
Inc. and Absorption Corp. were sold to Kinderhook Industries, a private investment banking firm. Concurrent with that, he founded
and has served as Chairman from November 2000 to May 2010 of Lupaka Gold Corp., f/k/a Kcrok Enterprises Ltd., a firm that acquires,
explores, develops, and evaluates gold mining properties in Peru, South America. Mr. Ellis has his Chartered Directors designation
from The Director&rsquo;s College (a joint venture of McMaster University and The Conference Board of Canada). He has been a principal
of USCF listed with the CFTC and NFA since November 2005. Mr. Ellis is an engineer and earned an MBA in international finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B><I>Malcolm R. Fobes III</I>, </B>51,
Independent Director of USCF and Chairman of USCF&rsquo;s audit committee since September 2005. He founded and is the Chairman
and Chief Executive Officer of Berkshire Capital Holdings, Inc., a California-based investment adviser registered under the Investment
Advisers Act of 1940 that has been sponsoring and providing portfolio management services to mutual funds since June 1997. Mr.
Fobes serves as Chairman and President of The Berkshire Funds, a mutual fund investment company registered under the Investment
Company Act of 1940. Since 1997, Mr. Fobes has also served as portfolio manager of the Berkshire Focus Fund, a mutual fund registered
under the Investment Company Act of 1940, which concentrates its investments in the electronic technology industry. He was also
contributing editor of <I>Start a Successful Mutual Fund: The Step-by-Step Reference Guide to Make It Happen</I> (JV Books, 1995).
Mr. Fobes has been a principal of USCF listed with the CFTC and NFA since November 2005. He earned a B.S. in finance with a minor
in economics from San Jose State University in California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B><I>Peter M. Robinson</I>, </B>58,
Independent Director of USCF since September 2005. Mr. Robinson has been a Research Fellow since 1993 with the Hoover Institution,
a public policy think tank located on the campus of Stanford University. He authored three books and has been published in the
<I>New York Times</I>, <I>Red Herring</I>, and <I>Forbes ASAP </I>and is the editor of <I>Can Congress Be Fixed?: Five Essays on
Congressional Reform</I> (Hoover Institution Press, 1995). Mr. Robinson has been a principal of USCF listed with the CFTC and NFA
since December 2005. He earned an MBA from the Stanford University Graduate School of Business, graduated from Oxford University
in 1982 after studying politics, philosophy, and economics and graduated summa cum laude from Dartmouth College in 1979.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_018"></A>USL&rsquo;s Service Providers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Custodian, Registrar, Transfer Agent and Administrator
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">In its capacity as the Custodian for
USL, BBH&amp;Co holds USL&rsquo;s Treasuries, cash and/or cash equivalents pursuant to a custodial agreement. BBH&amp;Co. is also
the registrar and transfer agent for the shares. In addition, in its capacity as Administrator for USL, BBH&amp;Co. performs certain
administrative and accounting services for USL and prepares certain SEC, NFA and CFTC reports on behalf of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Currently, USCF pays BBH&amp;Co. for
its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration
services rendered to USL and each of the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services.
In addition, USCF pays BBH&amp;Co. an asset-based charge of (a) 0.06% for the first $500 million of the Related Public Funds&rsquo;
combined net assets, (b) 0.0465% for the Related Public Funds&rsquo; combined net assets greater than $500 million but less than
$1 billion, and (c) 0.035% once the Related Public Funds&rsquo; combined net assets exceed $1 billion. The annual minimum amount
will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000. USCF also pays transaction fees ranging
from $7 to $15 per transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">BBH&amp;Co.&rsquo;s principal business
address is 50 Post Office Square, Boston, MA 02110. BBH&amp;Co., a private bank founded in 1818, is neither a publicly held company
nor insured by the Federal Deposit Insurance Corporation. BBH&amp;Co. is authorized to conduct a commercial banking business in
accordance with the provisions of Article IV of the New York State Banking Law, New York Banking Law &sect;&sect;160&ndash;181,
and is subject to regulation, supervision, and examination by the New York State Department of Financial Services. BBH&amp;Co.
is also licensed to conduct a commercial banking business by the Commonwealths of Massachusetts and Pennsylvania and is subject
to supervision and examination by the banking supervisors of those states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Marketing Agent </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL also employs ALPS Distributors, Inc.
(&ldquo;ALPS Distributors&rdquo;) as the Marketing Agent, which is further discussed under &ldquo;What is the Plan of Distribution?&rdquo;
USCF pays the Marketing Agent an annual fee. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate
of USCF for distribution-related services in connection with the offering of shares exceed ten percent (10%) of the gross proceeds
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">ALPS Distributors&rsquo; principal business
address is 1290 Broadway, Suite 1100, Denver, CO 80203. ALPS Distributors is a broker-dealer registered with the Financial Industry
Regulatory Authority (&ldquo;FINRA&rdquo;) and a member of the Securities Investor Protection Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Futures Commission Merchant </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">On October 8, 2013, USCF entered into
a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets, LLC (&ldquo;RBC Capital&rdquo;)
to serve as USL&rsquo;s FCM. This agreement requires RBC Capital to provide services to USL, as of October 10, 2013, in connection
with the purchase and sale of Oil Interests that may be purchased or sold by or through RBC Capital for USL&rsquo;s account. USL
pays RBC Capital commissions for executing and clearing trades on behalf of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">RBC Capital&rsquo;s primary address
is 500 West Madison Street, Suite 2500, Chicago, Illinois 60661. RBC Capital is registered in the United States with FINRA as a
broker-dealer and with the CFTC as an FCM. RBC Capital is a member of various U.S. futures and securities exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">RBC Capital is a large broker-dealer
subject to many different complex legal and regulatory requirements. As a result, certain of RBC Capital&rsquo;s regulators may
from time to time conduct investigations, initiate enforcement proceedings and/or enter into settlements with RBC Capital with
respect to issues raised in various investigations. RBC Capital complies fully with its regulators in all investigations being
conducted and in all settlements it reaches. In addition, RBC Capital is and has been subject to a variety of civil legal claims
in various jurisdictions, a variety of settlement agreements and a variety of orders, awards and judgments made against it by courts
and tribunals, both in regard to such claims and investigations. RBC Capital complies fully with all settlements it reaches and
all orders, awards and judgments made against it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">RBC Capital has been named as a defendant
in various legal actions, including arbitrations, class actions and other litigation including those described below, arising in
connection with its activities as a broker-dealer. Certain of the actual or threatened legal actions include claims for substantial
compensatory and/or punitive damages or claims for indeterminate amounts of damages. RBC Capital is also involved, in other reviews,
investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding RBC Capital&rsquo;s
business, including among other matters, accounting and operational matters, certain of which may result in adverse judgments,
settlements, fines, penalties, injunctions or other relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">RBC Capital contests liability and/or
the amount of damages as appropriate in each pending matter. In view of the inherent difficulty of predicting the outcome of such
matters, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings
are in the early stages, RBC Capital cannot predict the loss or range of loss, if any, related to such matters; how or if such
matters will be resolved; when they will ultimately be resolved; or what the eventual settlement, fine, penalty or other relief,
if any, might be. Subject to the foregoing, RBC Capital believes, based on current knowledge and after consultation with counsel,
that the outcome of such pending matters will not have a material adverse effect on the consolidated financial condition of RBC
Capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On June 18, 2015, in connection with
the SEC&rsquo;s Municipalities Continuing Disclosure Cooperation (MCDC) initiative, the SEC commenced and settled an administrative
proceeding against RBC Capital for willful violations of Sections 17(a)(2) of the 1933 Act after the firm self-reported instances
in which it conducted inadequate due diligence in certain municipal securities offerings and as a result, failed to form a reasonable
basis for believing the truthfulness of certain material representations in official statements issued in connection with those
offerings. RBC Capital paid a fine of $500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On July 31, 2015, RBC Capital was added
as a new defendant in a pending putative class action initially filed in November 2013 in the United States District Court for
the Southern District of New York. The action is brought against multiple foreign exchange dealers and alleges collusive behavior,
among other allegations, in foreign exchange trading. The action is in its initial stages as it relates to the new defendants,
including RBC Capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On September 11, 2015, a class action
lawsuit was filed in the Ontario Superior Court of Justice and a motion for authorization of a class action was filed in the Quebec
Superior Court, both on behalf of an alleged class of Canadian investors, against Royal Bank of Canada, RBC Capital and a number
of other foreign exchange dealers. The Canadian class actions allege that the defendants conspired to manipulate the prices of
currency trades and are in their initial stages. Based on the facts currently known, it is not possible to predict the ultimate
outcome of the Foreign Exchange Matters or the timing of their ultimate resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On October 14, 2014, the Delaware Court
of Chancery (the Court of Chancery) in a class action brought by former shareholders of Rural/Metro Corporation, held RBC Capital
liable for aiding and abetting a breach of fiduciary duty by three Rural/Metro directors, but did not make an additional award
for attorney&rsquo;s fees. A final judgment was entered on February 19, 2015 in the amount of US$93 million plus post judgment
interest. RBC Capital appealed the Court of Chancery&rsquo;s determination of liability and quantum of damages, and the plaintiffs
cross-appealed the ruling on additional attorneys&rsquo; fees. On November 30, 2015, the Delaware Supreme Court affirmed the Court
of Chancery with respect to both the appeal and cross-appeal. RBC Capital is cooperating with an investigation by the U.S. Securities
and Exchange Commission relating to this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On March 11, 2013, the New Jersey Bureau
of Securities entered a consent order settling an administrative complaint against RBC Capital, which alleged that RBC Capital
failed to follow its own procedures with respect to monthly account reviews and failed to maintain copies of the monthly account
reviews with respect to certain accounts that James Hankins Jr. maintained at the firm in violation of N.J.S.A. 49:3-58(a)(2)(xi)
and 49:3-59(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Without admitting or denying the findings
of fact and conclusions of law, RBC Capital consented to a civil monetary penalty of $150,000 (of which $100,000 was suspended
as a result of the firm&rsquo;s cooperation) and to pay disgorgement of $300,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">On June 12, 2012, the State of Illinois
Secretary of State Securities Department consented to entry of a judgment enjoining the firm for violation of the Illinois Securities
Law of 1953. RBC Capital undertook to repurchase auction rate securities from certain customers before June 30, 2009. RBC Capital
also undertook to use best efforts to provide, by December 31, 2009, liquidity opportunities for customers ineligible for the buyback.
RBC Capital undertook to provide periodic reports to regulator. RBC Capital paid a penalty of $1,400,139.82.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">On May 10, 2012, FINRA commenced and
settled an administrative proceeding against RBC Capital for violations of FINRA Rules 1122 and 2010 and NASD Rules 2110 and 3010
for failing to establish, maintain and enforce written supervisory procedures reasonably designed to achieve compliance with applicable
rules concerning short-term transactions in closed end funds. RBC Capital paid a fine of $200,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">On May 2, 2012, the Massachusetts Securities
Division entered a consent order settling an administrative complaint against RBC Capital, which alleged that RBC Capital recommended
unsuitable products to its brokerage and advisory clients and failed to supervise its registered representatives&rsquo; sales of
inverse and leveraged ETFs in violation of Section 204(a)(2) of the Massachusetts Uniform Securities Act (&ldquo;MUSA&rdquo;).
Without admitting or denying the allegations of fact, RBC Capital consented to permanently cease and desist from violations of
MUSA, pay restitution of $2.9 million to the investors who purchased the inverse and leveraged ETFs and pay a civil monetary penalty
of $250,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">On September 27, 2011, the SEC commenced
and settled an administrative proceeding against RBC Capital for willful violations of Sections 17(a)(2) and 17(a)(3) of the 1933
Act for negligently selling the collateralized debt obligations to five Wisconsin school districts despite concerns about the suitability
of the product. The firm agreed to pay disgorgement of $6.6 million, prejudgment interest of $1.8 million, and a civil monetary
penalty of $22 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">RBC Capital, RBC Europe, Ltd. and RBC
USA Holdco Corporation are defendants in a lawsuit relating to their role in transactions involving investments made by a number
of Wisconsin school districts in certain collateralized debt obligations. These transactions were also the subject of a regulatory
investigation. In September 2011, we reached a settlement with the Securities and Exchange Commission which was paid to the school
districts through a Fair Fund. Based on the facts currently known, it is not possible at this time to predict the ultimate outcome
of this proceeding or the timing of its resolution; however, management believes the ultimate resolution of this proceeding will
not have a material adverse effect on our consolidated financial position or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.75in; text-indent: -0.5in">For more details, please see RBC
Capital&rsquo;s Form BD, as filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">RBC Capital will only act as a clearing
broker for USL and as such will be paid commissions for executing and clearing trades on behalf of USL. RBC Capital will not act
in any supervisory capacity with respect to USCF or participate in the management of USCF or USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">RBC Capital is not affiliated with USL
or USCF. Therefore, neither USCF nor USL believe that there are any conflicts of interest with RBC Capital or its trading principals
arising from them acting as USL&rsquo;s FCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_019"></A>USL&rsquo;s Fees and Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B>This table describes the fees and
expenses that you may pay if you buy and hold shares of USL. You should note that you may pay brokerage commissions on purchases
and sales of USL&rsquo;s shares, which are not reflected in the table. Authorized Participants will pay applicable creation and
redemption fees. See &ldquo;Creation and Redemption of Shares-<I>Creation and Redemption Transaction Fee,</I>&rdquo; page 54. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Annual Fund Operating Expenses (expenses
that you pay each year as a </B><BR>
<B>percentage of the value of your investment)<SUP>(1)</SUP></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Management Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">0.60</TD><TD NOWRAP STYLE="width: 1%; text-align: left">%(2)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Distribution Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">None</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Other Fund Expenses&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.20</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total Annual Fund Expenses&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.79</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Based on amounts for the year ended December 31, 2015. The individual expense amounts in dollar terms are shown in the table
below. As used in this table, (i) Professional Expenses include expenses for legal, audit, tax accounting and printing; and (ii)
Independent Director and Officer Expenses include amounts paid to independent directors and for officers&rsquo; liability insurance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Management Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">433,957</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Professional Expenses&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">101,867</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Registration Fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Brokerage commissions&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,025</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Licensing fees&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Independent Director and Officer Expenses&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,808</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>USL is contractually obligated to pay USCF a management fee, which is paid monthly, equal to 0.60% per annum of average daily
net assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-indent: -0.25in"><B><A NAME="a_020"></A>Breakeven Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The breakeven analysis below indicates
the approximate dollar returns and percentage required for the redemption value of a hypothetical initial investment in a single
share to equal the amount invested twelve months after the investment was made. For purposes of this breakeven analysis, an initial
selling price of $16.35 per share which equals the NAV per share at the close of trading on March 31, 2016, is assumed. In order
for a hypothetical investment in shares to break even over the next 12 months, assuming a selling price of $16.35 the investment
would have to generate 0.71% return or $0.116, rounded to $0.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This breakeven analysis refers to the
redemption of baskets by Authorized Participants and is not related to any gains an individual investor would have to achieve in
order to break even. The breakeven analysis is an approximation only. As used in this table, (i) Professional Expenses include
expenses for legal, audit, tax accounting and printing; and (ii) Independent Director and Officer Expenses include amounts paid
to independent directors and for officers&rsquo; liability insurance.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; text-indent: -8.65pt; padding-left: 8.65pt">Assumed initial selling price per share&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">16.35</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Management Fees (0.600%)<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.098</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Creation Basket Fee (0.010)%<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.002</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Estimated Brokerage Fee (0.026%)<sup>(3)</sup>&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.004</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Interest Income (0.067%)<sup>(4)</sup>&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.011</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Registration Fee (0.000)<sup>(5)</sup>&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">NYMEX Licensing Fee 0.015%<sup>(6)</sup>&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.002</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Independent Director and Officer Expenses (0.014%)<sup>(7)</sup>&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.002</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Professional Expenses (0.141%)<sup>(8)</sup>&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.023</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Amount of trading income (loss) required for the redemption value at the end of one year to equal the initial selling price of the share&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -8.65pt; padding-left: 8.65pt">Percentage of initial selling price per share&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.709</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>USL is contractually obligated to pay USCF a management fee based on daily net assets and paid monthly of 0.600% per annum
on its average net assets.<FONT STYLE="color: blue"> </FONT>Average daily net assets are calculated daily by taking the average
of the total net assets of USL over the calendar year, <I>i.e.</I>, the sum of daily total net assets divided by the number of
calendar days in the year. On days when markets are closed, the total net assets are the total net assets from the last day when
the market was open. See page 4 for a discussion of net assets of USL.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Authorized Participants are required to pay a Creation Basket fee of $350 for each order they place to create one or more baskets.
This breakeven analysis assumes a hypothetical investment in a single share, which would equal the $350 Creation Basket fee divided
by the total number of outstanding shares plus the 50,000 shares created by the Creation Basket, so the Creation Basket fee is
$0.002.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>This amount is based on the actual brokerage fees for USL calculated on an annualized basis and includes an estimated half-turn
commission of $3,150. A half-turn commission is the commissions liability related to FCM transaction fees for futures contracts
on a half-turn basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>USL earns interest on funds it deposits with the FCM and the Custodian and it estimates that the interest rate will be 0.067%
based on the current interest rate on three-month Treasuries as of December 31, 2015. The actual rate may vary.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>USL pays fees to the SEC and FINRA to register its shares for sale. This amount is based on actual registration fees for USL
calculated on an annualized basis. This fee may vary in the future.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>The NYMEX Licensing Fee is 0.015% on aggregate net assets of the Related Public Funds, except BNO, USCI, USAG and CPER. For
more information see &ldquo;USL&rsquo;s Fees and Expenses.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>Independent Director and Officer Expenses include amounts paid to independent directors and for officers&rsquo; liability insurance.
The foregoing assumes that the assets of USL are aggregated with those of the Related Public Funds, that the aggregate fees paid
to the independent directors for 2015 was $569,303, that the allocable portion of the fees borne by USL equals $9,807.59, and that
USL has $72,326,233.71 in average total net assets during the calendar year ended December 31, 2015.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>Professional Expenses include expenses for legal, audit, tax accounting and printing. USL estimates the costs attributable
to Professional Expenses for 2015 is $101,866.92. The number in the break-even table assumes USL has $72,326,233.71 in average
total net during the calendar year ended December 31, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_021"></A>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There are present and potential future
conflicts of interest in USL&rsquo;s structure and operation you should consider before you purchase shares. USCF will use this
notice of conflicts as a defense against any claim or other proceeding made. If USCF is not able to resolve these conflicts of
interest adequately, it may impact USL&rsquo;s and the Related Public Funds&rsquo; ability to achieve their investment objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL and USCF may have inherent conflicts
to the extent USCF attempts to maintain USL&rsquo;s asset size in order to preserve its fee income and this may not always be consistent
with USL&rsquo;s objective of having the value of its share&rsquo;s NAV track changes in the average price of the Benchmark Oil
Futures Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF&rsquo;s officers, directors and
employees, do not devote their time exclusively to USL. These persons are directors, officers or employees of other entities which
may compete with USL for their services. They could have a conflict between their responsibilities to USL and to those other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF has adopted policies that prohibit
their principals, officers, directors and employees from trading futures and related contracts in which either USL or any of the
Related Public Funds invests. These policies are intended to prevent conflicts of interest occurring where USCF, or their principals,
officers, directors or employees could give preferential treatment to their own accounts or trade their own accounts ahead of or
against USL or any of the Related Public Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF has sole current authority to manage
the investments and operations of USL, and this may allow it to act in a way that furthers its own interests which may create a
conflict with your best interests. Limited partners have limited voting control, which will limit their ability to influence matters
such as amendment of the LP Agreement, change in USL&rsquo;s basic investment policy, dissolution of this fund, or the sale or
distribution of USL&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF serves as general partner or sponsor
to each of USL and the Related Public Funds. USCF may have a conflict to the extent that its trading decisions for USL may be influenced
by the effect they would have on the other funds it manages. By way of example, if, as a result of reaching position limits imposed
by the NYMEX, USL purchased gasoline futures contracts, this decision could impact USL&rsquo;s ability to purchase additional gasoline
futures contracts if the number of contracts held by funds managed by USCF reached the maximum allowed by the NYMEX. Similar situations
could adversely affect the ability of any fund to track its benchmark futures contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, USCF is required to indemnify
the officers and directors of the other funds, if the need for indemnification arises. This potential indemnification will cause
USCF&rsquo;s assets to decrease. If USCF&rsquo;s other sources of income are not sufficient to compensate for the indemnification,
then USCF may terminate and you could lose your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Whenever a conflict of interest exists
or arises between USCF on the one hand, and the partnership or any limited partner, on the other hand, any resolution or course
of action by USCF in respect of such conflict of interest shall be permitted and deemed approved by all partners and shall not
constitute a breach of the LP Agreement or of any other agreement or of any duty stated or implied by law or equity, if the resolution
or course of action is, or by operation of the LP Agreement is deemed to be, fair and reasonable to the partnership. If a dispute
arises, under the LP Agreement it will be resolved either through negotiations with USCF or by courts located in the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the LP Agreement, any resolution
is deemed to be fair and reasonable to the partnership if the resolution is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>approved by the audit committee, although no party is obligated to seek approval and USCF may adopt a resolution or course
of action that has not received approval;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>on terms no less favorable to the limited partners than those generally being provided to or available from unrelated third
parties; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>fair to the limited partners, taking into account the totality of the relationships of the parties involved including other
transactions that may be particularly favorable or advantageous to the limited partners.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The previous risk factors and conflicts
of interest are complete as of the date of this prospectus; however, additional risks and conflicts may occur which are not presently
foreseen by USCF. You may not construe this prospectus as legal or tax advice. Before making an investment in this fund, you should
read this entire prospectus, including the LP Agreement (which can be found on USL&rsquo;s website at <I>www.uscfinvestments.com</I>).
You should also consult with your personal legal, tax, and other professional advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Interests of Named Experts and Counsel </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF has employed Sutherland Asbill
&amp; Brennan LLP to prepare this prospectus. Neither the law firm nor any other expert hired by USL to give advice on the preparation
of this offering document has been hired on a contingent fee basis. Nor does any of them have any present or future expectation
of interest in USCF, Marketing Agent, Authorized Participants, Custodian, Administrator or other service providers to USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_022"></A>Ownership or Beneficial Interest in USL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As of the date of this prospectus, no
person owned more than five percent (5%) of the shares of USL. Also, as of the date of this prospectus, USCF and the principals
of USCF do not own any of the shares of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_023"></A>USCF&rsquo;s Responsibilities and Remedies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to the DRULPA, parties may
contractually modify or even eliminate fiduciary duties in a limited partnership agreement to the limited partnership itself, or
to another partner or person otherwise bound by the limited partnership agreement. Parties may not, however, eliminate the implied
covenant of good faith and fair dealing. Where parties unambiguously provide for fiduciary duties in a limited partnership agreement,
those expressed duties become the standard that courts will use to determine whether such duties were breached. For this reason,
USL&rsquo;s limited partnership agreement does not explicitly provide for any fiduciary duties so that common law fiduciary duty
principles will apply to measure USCF&rsquo;s conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A prospective investor should be aware
that USCF has a responsibility to limited partners of USL to exercise good faith and fairness in all dealings. The fiduciary responsibility
of a general partner to limited partners is a developing and changing area of the law and limited partners who have questions concerning
the duties of USCF should consult with their counsel. In the event that a limited partner of USL believes that USCF has violated
its fiduciary duty to the limited partners, he may seek legal relief individually or on behalf of USL under applicable laws, including
under DRULPA and under commodities laws, to recover damages from or require an accounting by USCF. Limited partners may also have
the right, subject to applicable procedural and jurisdictional requirements, to bring class actions in federal court to enforce
their rights under the federal securities laws and the rules and regulations promulgated thereunder by the SEC. Limited partners
who have suffered losses in connection with the purchase or sale of the shares may be able to recover such losses from USCF where
the losses result from a violation by USCF of the federal securities laws. State securities laws may also provide certain remedies
to limited partners. Limited partners should be aware that performance by USCF of its fiduciary duty is measured by the terms of
the LP Agreement as well as applicable law. Limited partners are afforded certain rights to institute reparations proceedings under
the CEA for violations of the CEA or of any rule, regulation or order of the CFTC by USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_024"></A>Liability and Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the LP Agreement, neither a general
partner nor any employee or other agent of USL nor any officer, director, stockholder, partner, employee or agent of a general
partner (a &ldquo;Protected Person&rdquo;) shall be liable to any partner or USL for any mistake of judgment or for any action
or inaction taken, nor for any losses due to any mistake of judgment or to any action or inaction or to the negligence, dishonesty
or bad faith of any officer, director, stockholder, partner, employee, agent of USL or any officer, director, stockholder, partner,
employee or agent of such general partner, provided that such officer, director, stockholder, partner, employee, or agent of the
partner or officer, director, stockholder, partner, employee or agent of such general partner was selected, engaged or retained
by such general partner with reasonable care, except with respect to any matter as to which such general partner shall have been
finally adjudicated in any action, suit or other proceeding not to have acted in good faith in the reasonable belief that such
Protected Person&rsquo;s action was in the best interests of USL and except that no Protected Person shall be relieved of any liability
to which such Protected Person would otherwise be subject by reason of willful misfeasance, gross negligence or reckless disregard
of the duties involved in the conduct of the Protected Person&rsquo;s office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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&rsquo;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 &ldquo;Covered Person&rdquo;) 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 belief that such Covered Person&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_025"></A>Meetings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Meetings of limited partners may be
called by USCF and may be called by it upon the written request of limited partners holding at least 20% of the outstanding shares
of USL. USCF shall deposit written notice to all limited partners of the meeting and the purpose of the meeting, which shall be
held on a date not less than 30 nor more than 60 days after the date of mailing of such notice, at a reasonable time and place.
USCF may also call a meeting upon not less than 20 and not more than 60 days prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Each limited partner appoints USCF and
each of its authorized officers as its attorney-in-fact with full power and authority in its name, place and stead to execute,
swear to, acknowledge, deliver, file and record all ballots, consents, approval waivers, certificates and other instruments necessary
or appropriate, in the sole discretion of USCF, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement
or other action that is made or given by the partner of USL. However, when the LP Agreement establishes a percentage of the limited
partners required to take any action, USCF may exercise such power of attorney made only after the necessary vote, consent or approval
of the limited partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_026"></A>Termination Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL will dissolve at any time upon the
happening of any of the following events:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The bankruptcy, dissolution, withdrawal, or removal of USCF, unless a majority in interest of the limited partners within 90
days after such event elects to continue USL and appoints a successor general partner; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>The affirmative vote of a majority in interest of the limited partners, provided that prior to or concurrently with such vote,
there shall have been established procedures for the assumption of USL&rsquo;s obligations arising under any agreement to which
USL is a party and which is still in force immediately prior to such vote regarding termination, and there shall have been an irrevocable
appointment of an agent who shall be empowered to give and receive notices, reports and payments under such agreements, and hold
and exercise such other powers as are necessary to permit all other parties to such agreements to deal with such agent as if the
agent were the sole owner of USL&rsquo;s interest, which procedures are agreed to in writing by each of the other parties to such
agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_027"></A>Provisions of Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">According to applicable law, indemnification
of USCF is payable only if USCF determined, in good faith, that the act, omission or conduct that gave rise to the claim for indemnification
was in the best interest of USL and the act, omission or activity that was the basis for such loss, liability, damage, cost or
expense was not the result of negligence or misconduct and such liability or loss was not the result of negligence or misconduct
by USCF, and such indemnification or agreement to hold harmless is recoverable only out of the assets of USL and not from the members,
individually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Provisions of Federal and State Securities Laws </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This offering is made pursuant to federal
and state securities laws. The SEC and state securities agencies take the position that indemnification of USCF that arises out
of an alleged violation of such laws is prohibited unless certain conditions are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Those conditions require that no indemnification
of USCF or any underwriter for USL may be made in respect of any losses, liabilities or expenses arising from or out of an alleged
violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification;
(ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification;
or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds
that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, USCF or other
indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are
the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or sold membership
interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Provisions of the 1933 Act and NASAA Guidelines </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Insofar as indemnification for liabilities
arising under the 1933 Act may be permitted to USCF or its directors, officers, or persons controlling USL, USL has been informed
that SEC and the various State administrators believe that such indemnification is against public policy as expressed in the 1933
Act and the North American Securities Administrators Association, Inc. (&ldquo;NASAA&rdquo;) commodity pool guidelines and is therefore
unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_028"></A>Books and Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL keeps its books of record and account
at its office located at 1999 Harrison Street, Suite 1530, Oakland, CA 94612 or at the offices of the Administrator at its office
located at 50 Post Office Square, Boston, Massachusetts, 02110, or such office, including of an administrative agent, as it may
subsequently designate upon notice. These books and records are open to inspection by any person who establishes to USL&rsquo;s
satisfaction that such person is a limited partner upon reasonable advance notice at all reasonable times during the usual business
hours of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL keeps a copy of USL&rsquo;s LP Agreement
on file in its office which is available for inspection on reasonable advance notice at all reasonable times during its usual business
hours by any limited partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_029"></A>Statements, Filings, and Reports</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">At the end of each fiscal year, USL
will furnish to DTC Participants for distribution to each person who is a shareholder at the end of the fiscal year an annual report
containing USL&rsquo;s audited financial statements and other information about USL. USCF is responsible for the registration and
qualification of the shares under the federal securities laws and federal commodities laws and any other securities and blue sky
laws of the United States or any other jurisdiction as USCF may select. USCF is responsible for preparing all reports required
by the SEC, NYSE Arca and the CFTC, but has entered into an agreement with the Administrator to prepare these reports as required
by the SEC, CFTC and the NYSE Arca on USL&rsquo;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The financial statements of USL will
be audited, as required by law and as may be directed by USCF, by an independent registered public accounting firm designated from
time to time by USCF. The accountants report will be furnished by USL to shareholders upon request. USL will make such elections,
file such tax returns, and prepare, disseminate and file such tax reports, as it is advised by its counsel or accountants are from
time to time required by any applicable statute, rule or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Reports to Limited Partners </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition to periodic reports filed
with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, all of which
can be accessed on the SEC&rsquo;s website at <I>www.sec.gov</I> or on USL&rsquo;s website at <I>www.uscfinvestments.com</I>,
USL, pursuant to the LP Agreement, will provide the following reports to limited partners in the manner prescribed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Annual Reports.</I> Within 90 days after the end of each
fiscal year, USCF shall cause to be delivered to each limited partner who was a limited partner at any time during the fiscal year,
an annual report containing the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.75pt"></TD><TD STYLE="width: 18pt">(i)</TD><TD>financial statements of the partnership, including, without limitation, a balance sheet as of the end of the partnership&rsquo;s
fiscal year and statements of income, partners&rsquo; equity and changes in financial position, for such fiscal year, which shall
be prepared in accordance with accounting principles generally accepted in the United States of America consistently applied and
shall be audited by a firm of independent certified public accountants registered with the Public Company Accounting Oversight
Board,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.75pt"></TD><TD STYLE="width: 18pt">(ii)</TD><TD>a general description of the activities of the partnership during the period covered by the report, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.75pt"></TD><TD STYLE="width: 18pt">(iii)</TD><TD>a report of any material transactions between the partnership and USCF or any of its affiliates, including fees or compensation
paid by the partnership and the services performed by USCF or any such affiliate for such fees or compensation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Quarterly Reports.</I> Within 45
days after the end of each quarter of each fiscal year, USCF shall cause to be delivered to each limited partner who was a limited
partner at any time during the quarter then ended, a quarterly report containing a balance sheet and statement of income for the
period covered by the report, each of which may be unaudited but shall be certified by USCF as fairly presenting the financial
position and results of operations of the partnership during the period covered by the report. The report shall also contain a
description of any material event regarding the business of the partnership during the period covered by the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Monthly Reports.</I> Within 30 days
after the end of each month, USCF shall cause to be posted on its website and, upon request, to be delivered to each limited partner
who was a limited partner at any time during the month then ended, a monthly report containing an account statement, which will
include a statement of income (loss) and a statement of changes in NAV, for the prescribed period. In addition, the account statement
will disclose any material business dealings between the partnership, USCF, commodity trading advisor (if any), FCM, or the principals
thereof that previously have not been disclosed in this prospectus or any amendment thereto, other account statements or annual
reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL will provide information to its
shareholders to the extent required by applicable SEC, CFTC, and NYSE Arca requirements. An issuer, such as USL, of exchange-traded
securities may not always readily know the identities of the investors who own those securities. USL will post the same information
that would otherwise be provided in USL&rsquo;s reports to limited partners described above including its monthly account statements,
which will include, without limitation, USL&rsquo;s NAV, on USL&rsquo;s website <I>www.uscfinvestments.com</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_030"></A>Fiscal Year</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">The fiscal year of USL is the calendar year. USCF
may select an alternate fiscal year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_031"></A>Governing Law; Consent to Delaware Jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The rights of USCF, USL, DTC (as registered
owner of USL&rsquo;s global certificate for shares) and the shareholders, are governed by the laws of the State of Delaware. USCF,
USL and DTC and, by accepting shares, each DTC Participant and each shareholder, consent to the jurisdiction of the courts of the
State of Delaware and any federal courts located in Delaware. Such consent is not required for any person to assert a claim of
Delaware jurisdiction over USCF or USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_032"></A>Legal Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Litigation and Claims </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Within the past 5 years of the date
of this prospectus, there have been no material administrative, civil or criminal actions against USCF, underwriter, or any principal
or affiliate of either of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Legal Opinion </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Sutherland Asbill &amp; Brennan LLP
is counsel to advise USL and USCF with respect to the shares being offered hereby and has passed upon the validity of the shares
being issued hereunder. Sutherland Asbill &amp; Brennan LLP has also provided USL with its opinion with respect to federal income
tax matters addressed herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Experts </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Spicer Jeffries LLP, an independent registered
public accounting firm, has audited the statements of financial condition of USL as of December 31, 2015 and December 31, 2014,
including the schedule of investments as of December 31, 2015 and 2014, and the related statements of operations, changes in partners&rsquo;
capital and cash flows for the years ended December 31, 2015, 2014 and 2013, that appear in the annual report on Form 10-K that
is incorporated by reference. The financial statements in the Form 10-K were included herein in reliance upon the reports of Spicer
Jeffries LLP dated March 11, 2016, given on its authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_033"></A>U.S. Federal Income Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The following discussion summarizes the
material U.S. federal income tax consequences of the purchase, ownership and disposition of shares in USL, and the U.S. federal
income tax treatment of USL, as of the date hereof. This discussion is applicable to a beneficial owner of shares who purchases
shares in the offering to which this prospectus relates, including a beneficial owner who purchases shares from an Authorized Participant.
Except where noted otherwise, it deals only with shares held as capital assets and does not deal with special situations, such
as those of dealers in securities or currencies, financial institutions, tax-exempt entities, insurance companies, persons holding
shares as a part of a position in a &ldquo;straddle&rdquo; or as part of a &ldquo;hedging,&rdquo; &ldquo;conversion&rdquo; or other
integrated transaction for federal income tax purposes, traders in securities or commodities that elect to use a mark-to-market
method of accounting, or holders of shares whose &ldquo;functional currency&rdquo; is not the U.S. dollar. Furthermore, the discussion
below is based upon the provisions of the Code, as amended, and regulations (&ldquo;Treasury Regulations&rdquo;), rulings and judicial
decisions thereunder as of the date hereof, and such authorities may be repealed, revoked or modified so as to result in U.S. federal
income tax consequences different from those discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Persons considering the purchase, ownership
or disposition of shares should consult their own tax advisors concerning the United States federal income tax consequences in
light of their particular situations as well as any consequences arising under the laws of any other taxing jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">As used herein, a &ldquo;U.S. shareholder&rdquo;
of a share means a beneficial owner of a share that is a U.S. person. A &ldquo;U.S. person,&rdquo; for United States federal income
tax purposes, is (i) a citizen or resident of the United States, (ii) a corporation or partnership created or organized in or under
the laws of the United States or any political subdivision thereof, (iii) an estate the income of which is subject to United States
federal income taxation regardless of its source or (iv) a trust (X) that is subject to the supervision of a court within the United
States and the control of one or more United States persons as described in section 7701(a)(30) of the Code or (Y) that has a valid
election in effect under applicable Treasury Regulations to be treated as a United States person. A &ldquo;non-U.S. shareholder&rdquo;
is a holder that is not a U.S. shareholder and a &ldquo;non-U.S. person&rdquo; is an individual or entity that is not a U.S. person.
If a partnership holds our shares, the tax treatment of a partner will generally depend upon the status of the partner and the
activities of the partnership. If you are a partner of a partnership holding our shares, you should consult your own tax advisor
regarding the tax consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL has received the opinion of Sutherland
Asbill &amp; Brennan LLP, counsel to USL, that the material U.S. federal income tax consequences to USL and to U.S. shareholders
and non-U.S. shareholders will be as described below. In rendering its opinion, Sutherland Asbill &amp; Brennan LLP has relied
on the facts described in this prospectus as well as certain factual representations made by USL and USCF. The opinion of Sutherland
Asbill &amp; Brennan LLP is not binding on the IRS, and as a result, the IRS may not agree with the tax positions taken by USL.
If challenged by the IRS, USL&rsquo;s tax positions might not be sustained by the courts. No ruling has been requested from the
IRS with respect to any matter affecting USL or prospective investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">EACH PROSPECTIVE INVESTOR IS ADVISED
TO CONSULT ITS OWN TAX ADVISOR AS TO HOW U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT IN USL APPLY TO YOU AND AS TO HOW
THE APPLICABLE STATE, LOCAL OR FOREIGN TAXES APPLY TO YOU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Tax Status of USL </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL is organized and operated as a limited
partnership in accordance with the provisions of the LP Agreement and applicable state law. Under the Code, an entity classified
as a partnership that is deemed to be a &ldquo;publicly traded partnership&rdquo; is generally taxable as a corporation for federal
income tax purposes. The Code provides an exception to this general rule for a publicly traded partnership whose gross income for
each taxable year of its existence consists of at least 90% &ldquo;qualifying income&rdquo; (&ldquo;qualifying income exception&rdquo;).
For this purpose, section 7704 defines &ldquo;qualifying income&rdquo; as including, in pertinent part, interest (other than from
a financial business), dividends and gains from the sale or disposition of capital assets held for the production of interest or
dividends. In addition, in the case of a partnership a principal activity of which is the buying and selling of commodities (other
than as inventory) or of futures, forwards and options with respect to commodities, &ldquo;qualifying income&rdquo; includes income
and gains from such commodities and futures, forwards and options with respect to commodities. USL and USCF have represented the
following to Sutherland Asbill &amp; Brennan LLP:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>At least 90% of USL&rsquo;s gross income for each taxable year will be derived from (i) income and gains from commodities (not
held as inventory) or futures, forwards, options, swaps and other notional principal contracts with respect to commodities, and
(ii) interest income;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>USL is organized and operated in accordance with its governing agreements and applicable law;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>USL has not elected, and will not elect, to be classified as a corporation for U.S. federal income tax purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Based in part on these representations,
Sutherland Asbill &amp; Brennan LLP is of the opinion that USL will be classified as a partnership for federal income tax purposes
and that it is not taxable as a corporation for such purposes. USL&rsquo;s taxation as a partnership rather than a corporation
will require USCF to conduct USL&rsquo;s business activities in such a manner that it satisfies the qualifying income exception
on a continuing basis. No assurance can be given that USL&rsquo;s operations for any given year will produce income that satisfies
the requirements of the qualifying income exception. Sutherland Asbill &amp; Brennan LLP will not review USL&rsquo;s ongoing compliance
with these requirements and will have no obligation to advise USL or USL&rsquo;s shareholders in the event of any subsequent change
in the facts, representations or applicable law relied upon in reaching its opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If USL failed to satisfy the qualifying
income exception in any year, other than a failure that is determined by the IRS to be inadvertent and that is cured within a reasonable
time after discovery, USL would be taxable as a corporation for federal income tax purposes and would pay federal income tax on
its income at regular corporate rates. In that event, shareholders would not report their share of USL&rsquo;s income or loss on
their returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, distributions to shareholders
would be treated as dividends to the extent of USL&rsquo;s current and accumulated earnings and profits. Subject to holding period
and other requirements, any such dividend would be a qualifying dividend subject to U.S. federal income tax at the lower maximum
tax rates applicable to long-term capital gains. To the extent a distribution exceeded USL&rsquo;s earnings and profits, the distribution
would be treated as a return of capital to the extent of a shareholder&rsquo;s basis in its shares, and thereafter as gain from
the sale of shares. Accordingly, if USL were to be taxable as a corporation, it would likely have a material adverse effect on
the economic return from an investment in USL and on the value of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The remainder of this summary assumes
that USL is classified as a partnership for federal income tax purposes and that it is not taxable as a corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>U.S. Shareholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Tax Consequences of Ownership of Shares </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Taxation of USL&rsquo;s Income.</I>
No U.S. federal income tax is paid by USL on its income. Instead, USL files annual information returns, and each U.S. shareholder
is required to report on its U.S. federal income tax return its allocable share of the income, gain, loss, deduction, and credit
of USL. For example, shareholders must take into account their share of ordinary income realized by USL from accruals of interest
on Treasuries and other investments, and their share of gain from Oil Interests. These items must be reported without regard to
the amount (if any) of cash or property the shareholder receives as a distribution from USL during the taxable year. Consequently,
a shareholder may be allocated income or gain by USL but receive no cash distribution with which to pay its tax liability resulting
from the allocation, or may receive a distribution that is insufficient to pay such liability. Because USCF currently does not
intend to make distributions, it is likely that in any year USL realizes net income and/or gain that a U.S. shareholder will be
required to pay taxes on its allocable share of such income or gain from sources other than USL distributions. In addition, individuals
with income in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates and trusts are
subject to an additional 3.8% tax on their &ldquo;net investment income,&rdquo; which generally includes net income from interest,
dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses).
The income subject to the additional 3.8% tax includes any income from businesses involved in the trading of financial instruments
or commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Allocations of USL&rsquo;s Profit
and Loss.</I> Under Code section 704, the determination of a partner&rsquo;s distributive share of any item of income, gain, loss,
deduction or credit is governed by the applicable organizational document unless the allocation provided by such document lacks
&ldquo;substantial economic effect.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An allocation that lacks substantial
economic effect nonetheless will be respected if it is in accordance with the partners&rsquo; interests in the partnership, determined
by taking into account all facts and circumstances relating to the economic arrangements among the partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In general, USL applies a monthly closing-of-the-books
convention in determining allocations of economic profit or loss to shareholders. Income, gain, loss and deduction are determined
on a monthly &ldquo;mark-to-market&rdquo; basis, taking into account our accrued income and deductions and realized and unrealized
gains and losses for the month. These items are allocated among the holders of shares in proportion to the number of shares owned
by them as of the close of business on the last business day of the prior month. Items of taxable income, deduction, gain, loss
and credit recognized by USL for federal income tax purposes for any taxable year are allocated among holders in a manner that
equitably reflects the allocation of economic profit or loss. USL has made the election permitted by section 754 of the Code, which
election is irrevocable without the consent of the Service. The effect of this election is that, in connection with secondary market
sales, we adjust the purchaser&rsquo;s proportionate share of the tax basis of our assets to fair market value, as reflected in
the price paid for the shares, as if the purchaser had directly acquired an interest in our assets. The section 754 election is
intended to eliminate disparities between a partner&rsquo;s basis in its partnership interest and its share of the tax bases of
the partnership&rsquo;s assets, so that the partner&rsquo;s allocable share of taxable gain or loss on a disposition of an asset
will correspond to its share of the appreciation or depreciation in the value of the asset since it acquired its interest. Depending
on the price paid for shares and the tax bases of USL&rsquo;s assets at the time of the purchase, the effect of the section 754
election on a purchaser of shares may be favorable or unfavorable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL applies certain conventions in determining
and allocating items for tax purposes in order to reduce the complexity and costs of administration. USCF believes that application
of these conventions is consistent with the intent of the partnership provisions of the Code and the applicable Treasury Regulations,
and that the resulting allocations will have substantial economic effect or otherwise are respected as being in accordance with
shareholders&rsquo; interests in USL for federal income tax purposes. The Code and existing Treasury Regulations do not expressly
permit adoption of these conventions although the monthly allocation convention described above is consistent with methods permitted
under the applicable Treasury Regulations, as well as the legislative history for the provisions that requires allocations to appropriately
reflect changes in ownership interest. It is possible that the IRS could successfully challenge this method and require a shareholder
to report a greater or lesser share of items of income, gain, loss, deduction, or credit than if our method were respected. USCF
is authorized to revise our allocation method to conform to any method permitted under future Treasury Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The assumptions and conventions used
in making tax allocations may cause a shareholder to be allocated more or less income or loss for federal income tax purposes than
its proportionate share of the economic income or loss realized by USL during the period it held its shares. This &ldquo;mismatch&rdquo;
between taxable and economic income or loss in some cases may be temporary, reversing itself in a later period when the shares
are sold, but could be permanent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Mark to Market of Certain Exchange-Traded
Contracts.</I> For federal income tax purposes, USL generally is required to use a &ldquo;mark-to-market&rdquo; method of accounting
under which unrealized gains and losses on instruments constituting &ldquo;section 1256 contracts&rdquo; are recognized currently.
A section 1256 contract is defined as: (1) a futures contract that is traded on or subject to the rules of a national securities
exchange which is registered with the SEC, a domestic board of trade designated as a contract market by the CFTC, or any other
board of trade or exchange designated by the Secretary of the Treasury, and with respect to which the amount required to be deposited
and the amount that may be withdrawn depends on a system of &ldquo;marking to market&rdquo;; (2) a forward contract on exchange-traded
foreign currencies, where the contracts are traded in the interbank market; (3) a non-equity option traded on or subject to the
rules of a qualified board or exchange; (4) a dealer equity option; or (5) a dealer securities futures contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under these rules, section 1256 contracts
held by USL at the end of each taxable year, including for example Futures Contracts and options on Futures Contracts traded on
a U.S. exchange or board of trade or certain foreign exchanges, are treated as if they were sold by USL for their fair market value
on the last business day of the taxable year. A shareholder&rsquo;s distributive share of USL&rsquo;s net gain or loss with respect
to each section 1256 contract generally is treated as long-term capital gain or loss to the extent of 60 percent thereof, and as
short-term capital gain or loss to the extent of 40 percent thereof, without regard to the actual holding period (&ldquo;60 &mdash;
40 treatment&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Many of USL&rsquo;s Futures Contracts
and some of their other commodity interests will qualify as &ldquo;section 1256 contracts&rdquo; under the Code. Gain or loss recognized
through disposition, termination or marking-to-market of USL&rsquo;s section 1256 contracts will be subject to 60 &mdash; 40 treatment
and allocated to shareholders in accordance with the monthly allocation convention. Cleared swaps and other commodity swaps will
most likely not qualify as section 1256 contracts. If a commodity swap is not treated as a section 1256 contract, any gain or loss
on the swap recognized at the time of disposition or termination will be long-term or short-term capital gain or loss depending
on the holding period of the swap.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Limitations on Deductibility of Losses
and Certain Expenses.</I> A number of different provisions of the Code may defer or disallow the deduction of losses or expenses
allocated to you by USL, including but not limited to those described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">A shareholder&rsquo;s deduction of its
allocable share of any loss of USL is limited to the lesser of (1) the tax basis in its shares or (2) in the case of a shareholder
that is an individual or a closely held corporation, the amount which the shareholder is considered to have &ldquo;at risk&rdquo;
with respect to our activities. In general, the amount at risk will be your invested capital plus your share of any recourse debt
of USL for which you are liable. Losses in excess of the lesser of tax basis or the amount at risk must be deferred until years
in which USL generates additional taxable income against which to offset such carryover losses or until additional capital is placed
at risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Noncorporate taxpayers are permitted
to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of other income. Unused capital
losses can be carried forward and used to offset capital gains in future years. In addition, a noncorporate taxpayer may elect
to carry back net losses on section 1256 contracts to each of the three preceding years and use them to offset section 1256 contract
gains in those years, subject to certain limitations. Corporate taxpayers generally may deduct capital losses only to the extent
of capital gains, subject to special carryback and carryforward rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Otherwise deductible expenses incurred
by noncorporate taxpayers constituting &ldquo;miscellaneous itemized deductions,&rdquo; generally including investment-related
expenses (other than interest and certain other specified expenses), are deductible only to the extent they exceed 2 percent of
the taxpayer&rsquo;s adjusted gross income for the year. Although the matter is not free from doubt, we believe management fees
we pay to USCF and other expenses we incur will constitute investment-related expenses subject to the miscellaneous itemized deduction
limitation, rather than expenses incurred in connection with a trade or business, and will report these expenses consistent with
that interpretation. The Code imposes additional limitations on the amount of certain itemized deductions allowable to individuals
with adjusted gross income in excess of certain amounts by reducing the otherwise allowable portion of such deductions by an amount
equal to the lesser of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>3% of the individual&rsquo;s adjusted gross income in excess of certain threshold amounts; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>80% of the amount of certain itemized deductions otherwise allowable for the taxable year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Noncorporate shareholders generally may
deduct &ldquo;investment interest expense&rdquo; only to the extent of their &ldquo;net investment income.&rdquo; Investment interest
expense of a shareholder will generally include any interest accrued by USL and any interest paid or accrued on direct borrowings
by a shareholder to purchase or carry its shares, such as interest with respect to a margin account. Net investment income generally
includes gross income from property held for investment (including &ldquo;portfolio income&rdquo; under the passive loss rules
but not, absent an election, long-term capital gains or certain qualifying dividend income) less deductible expenses other than
interest directly connected with the production of investment income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">To the extent that we allocate losses
or expenses to you that must be deferred or disallowed as a result of these or other limitations in the Code, you may be taxed
on income in excess of your economic income or distributions (if any) on your shares. As one example, you could be allocated and
required to pay tax on your share of interest income accrued by USL for a particular taxable year, and in the same year be allocated
a share of a capital loss that you cannot deduct currently because you have insufficient capital gains against which to offset
the loss. As another example, you could be allocated and required to pay tax on your share of interest income and capital gain
for a year, but be unable to deduct some or all of your share of management fees and/or margin account interest incurred by you
with respect to your shares. Shareholders are urged to consult their own professional tax advisors regarding the effect of limitations
under the Code on your ability to deduct your allocable share of USL&rsquo;s losses and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><I>Tax Basis of Shares </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">A shareholder&rsquo;s tax basis in its
shares is important in determining (1) the amount of taxable gain or loss it will realize on the sale or other disposition of its
shares, (2) the amount of non-taxable distributions that it may receive from USL and (3) its ability to utilize its distributive
share of any losses of USL on its tax return. A shareholder&rsquo;s initial tax basis of its shares will equal its cost for the
shares plus its share of USL&rsquo;s liabilities (if any) at the time of purchase. In general, a shareholder&rsquo;s &ldquo;share&rdquo;
of those liabilities will equal the sum of (i) the entire amount of any otherwise nonrecourse liability of USL as to which the
shareholder or an affiliate is the creditor (a &ldquo;partner nonrecourse liability&rdquo;) and (ii) a <I>pro rata</I> share of
any nonrecourse liabilities of USL that are not partner nonrecourse liabilities as to any shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">A shareholder&rsquo;s tax basis in its
shares generally will be (1) increased by (a) its allocable share of USL&rsquo;s taxable income and gain and (b) any additional
contributions by the shareholder to USL and (2) decreased (but not below zero) by (a) its allocable share of USL&rsquo;s tax deductions
and losses and (b) any distributions by USL to the shareholder. For this purpose, an increase in a shareholder&rsquo;s share of
USL&rsquo;s liabilities will be treated as a contribution of cash by the shareholder to USL and a decrease in that share will be
treated as a distribution of cash by USL to the shareholder. Pursuant to certain IRS rulings, a shareholder will be required to
maintain a single, &ldquo;unified&rdquo; basis in all shares that it owns. As a result, when a shareholder that acquired its shares
at different prices sells less than all of its shares, such shareholder will not be entitled to specify particular shares (<I>e.g.</I>,
those with a higher basis) as having been sold. Rather, it must determine its gain or loss on the sale by using an &ldquo;equitable
apportionment&rdquo; method to allocate a portion of its unified basis in its shares to the shares sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Treatment of USL Distributions.</I>
If USL makes non-liquidating distributions to shareholders, such distributions generally will not be taxable to the shareholders
for federal income tax purposes except to the extent that the sum of (i) the amount of cash and (ii) the fair market value of marketable
securities distributed exceeds the shareholder&rsquo;s adjusted basis of its interest in USL immediately before the distribution.
Any cash distributions in excess of a shareholder&rsquo;s tax basis generally will be treated as gain from the sale or exchange
of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Constructive Termination of the Partnership</I>.
We will be considered to have been terminated for tax purposes if there is a sale or exchange of 50 percent or more of the total
interests in our shares within a 12-month period. A termination would result in the closing of our taxable year for all shareholders.
In the case of a shareholder reporting on a taxable year other than a fiscal year ending December 31, the closing of our taxable
year may result in more than 12 months of our taxable income or loss being includable in its taxable income for the year of termination.
We would be required to make new tax elections after a termination. A termination could result in tax penalties for the shareholders
if we were unable to determine that the termination had occurred. Moreover, a termination might either accelerate the application
of, or subject us to, any tax legislation enacted before the termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Tax Consequences of Disposition of Shares </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If a shareholder sells its shares, it
will recognize gain or loss equal to the difference between the amount realized and its adjusted tax basis for the shares sold.
A shareholder&rsquo;s amount realized will be the sum of the cash or the fair market value of other property received plus its
share of any USL debt outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Gain or loss recognized by a shareholder
on the sale or exchange of shares held for more than one year will generally be taxable as long-term capital gain or loss; otherwise,
such gain or loss will generally be taxable as short-term capital gain or loss. A special election is available under the Treasury
Regulations that will allow shareholders to identify and use the actual holding periods for the shares sold for purposes of determining
whether the gain or loss recognized on a sale of shares will give rise to long-term or short-term capital gain or loss. It is expected
that most shareholders will be eligible to elect, and generally will elect, to identify and use the actual holding period for shares
sold. If a shareholder fails to make the election or is not able to identify the holding periods of the shares sold, the shareholder
may have a split holding period in the shares sold. Under such circumstances, a shareholder will be required to determine its holding
period in the shares sold by first determining the portion of its entire interest in USL that would give rise to long-term capital
gain or loss if its entire interest were sold and the portion that would give rise to short-term capital gain or loss if the entire
interest were sold. The shareholder would then treat each share sold as giving rise to long-term capital gain or loss and short-term
capital gain or loss in the same proportions as if it had sold its entire interest in USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under Section 751 of the Code, a portion
of a shareholder&rsquo;s gain or loss from the sale of shares (regardless of the holding period for such shares), will be separately
computed and taxed as ordinary income or loss to the extent attributable to &ldquo;unrealized receivables&rdquo; or &ldquo;inventory&rdquo;
owned by USL. The term &ldquo;unrealized receivables&rdquo; includes, among other things, market discount bonds and short-term
debt instruments to the extent such items would give rise to ordinary income if sold by USL. However, the short term capital gain
on section 1256 contracts resulting from 60 &mdash; 40 treatment, described above, should not be subject to this rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If some or all of your shares are lent
by your broker or other agent to a third party &mdash; for example, for use by the third party in covering a short sale &mdash;
you may be considered as having made a taxable disposition of the loaned shares, in which case &mdash;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>you may recognize taxable gain or loss to the same extent as if you had sold the shares for cash;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any of USL&rsquo;s income, gain, loss or deduction allocable to those shares during the period of the loan will not be reportable
by you for tax purposes; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>any distributions you receive with respect to the shares will be fully taxable, most likely as ordinary income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Shareholders desiring to avoid these
and other possible consequences of a deemed disposition of their shares should consider modifying any applicable brokerage account
agreements to prohibit the lending of their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Other Tax Matters </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Information Reporting</I>. We report
tax information to the beneficial owners of shares. The IRS has ruled that assignees of partnership interests who have not been
admitted to a partnership as partners but who have the capacity to exercise substantial dominion and control over the assigned
partnership interests will be considered beneficial owners for federal income tax purposes. On the basis of such ruling, except
as otherwise provided herein, we treat the following persons as partners for federal income tax purposes: (1) assignees of shares
who are pending admission as limited partners, and (2) shareholders whose shares are held in street name or by another nominee
and who have the right to direct the nominee in the exercise of all substantive rights attendant to the ownership of their shares.
USL will furnish shareholders each year with tax information on IRS Schedule K-1 (Form 1065), which will be used by the shareholders
in completing their tax returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Persons who hold an interest in USL
as a nominee for another person are required to furnish to us the following information: (1) the name, address and taxpayer identification
number of the beneficial owner and the nominee; (2) whether the beneficial owner is (a) a person that is not a U.S. person, (b)
a foreign government, an international organization or any wholly-owned agency or instrumentality of either of the foregoing, or
(c) a tax-exempt entity; (3) the number and a description of shares acquired or transferred for the beneficial owner; and (4) certain
information including the dates of acquisitions and transfers, means of acquisitions and transfers, and acquisition cost for purchases,
as well as the amount of net proceeds from sales. Brokers and financial institutions are required to furnish additional information,
including whether they are U.S. persons and certain information on shares they acquire, hold or transfer for their own account.
A penalty of $100 per failure, up to a maximum of $1,500,000 per calendar year, is imposed by the Code, as amended for failure
to report such information correctly to us. If the failure to furnish such information correctly is determined to be willful, the
per failure penalty increases to $250 or, if greater, 10% of the aggregate amount of items required to be reported, and the $1,500,000
maximum does not apply. The nominee is required to supply the beneficial owner of the shares with the information furnished to
us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Additional 3.8% Tax on Net Investment
Income</I>. Individuals with income in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain
estates and trusts are subject to an additional 3.8% tax on their &ldquo;net investment income,&rdquo; which generally includes
net income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned
from trades or businesses). The income subject to the additional 3.8% tax includes any income from businesses involved in the trading
of financial instruments or commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Partnership Audit Procedures</I>.
The IRS may audit the federal income tax returns filed by USL. Under current law, adjustments resulting from any such audit may
require each shareholder to adjust a prior year&rsquo;s tax liability and could result in an audit of the shareholder&rsquo;s own
return. Any audit of a shareholder&rsquo;s return could result in adjustments of non-partnership items as well as USL items. Partnerships
are generally treated as separate entities for purposes of federal tax audits, judicial review of administrative adjustments by
the IRS, and tax settlement proceedings. The tax treatment of partnership items of income, gain, loss and deduction are determined
at the partnership level in a unified partnership proceeding rather than in separate proceedings with the shareholders. The Code
provides for one shareholder to be designated as the &ldquo;tax matters partner&rdquo; and represent the partnership purposes of
these proceedings. The LP Agreement appoints USCF as the tax matters partner of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For taxable years beginning after December
31, 2017, the Bipartisan Budget Act of 2015 substantially modifies the procedures described in the preceding paragraph. Under these
new rules, for periods beginning after December 31, 2017, USL may be liable for U.S. federal income tax on any &ldquo;imputed understatement&rdquo;
of tax resulting from an adjustment as a result of an IRS audit. The amount of the imputed understatement generally includes increases
in allocations of items of income or gains to any shareholder and decreases in allocations of items of deduction, loss, or credit
to any shareholder without any offset for any corresponding reductions in allocations of items of income or gain to any shareholder
or increases in allocations of items of deduction, loss, or credit to any shareholder. If USL is required to pay any U.S. federal
income taxes on any imputed understatement, the resulting tax liability would reduce the net assets of USL and would likely have
an adverse impact on the value of the shares. Under certain circumstances, USL may be eligible to make an election to cause the
shareholders to take into account the amount of any imputed understatement, including any interest and penalties. The ability of
a publicly traded partnership such as USL to make this election is uncertain. If the election is made, USL would be required to
provide shareholders who owned beneficial interests in the shares in the year to which the adjusted allocations relate with a statement
setting forth their proportionate shares of the adjustment (&ldquo;Adjusted K-1s&rdquo;). The shareholders would be required to
take the adjustment into account in the taxable year in which the Adjusted K-1s are issued. The resulting tax liability of a shareholder
of taking the adjustment into account in the year in which the Adjusted K-1 is issued may be less favorable to the shareholder
than if the adjustment were taken into account in the reviewed year. In addition, the new rules generally provided for the appointment
of a person as a partnership representative that has sole authority to act on behalf of the partnership with respect to any partnership
audit. The LP Agreement appoints USCF as the partnership representative of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><I>Tax Shelter Disclosure Rules</I>.
In certain circumstances the Code and Treasury Regulations require that the IRS be notified of taxable transactions through a disclosure
statement attached to a taxpayer&rsquo;s United States federal income tax return. These disclosure rules may apply to transactions
irrespective of whether they are structured to achieve particular tax benefits. They could require disclosure by USL or shareholders
if a shareholder incurs a loss in excess a specified threshold from a sale or redemption of its shares or possibly in other circumstances.
While these rules generally do not require disclosure of a loss recognized on the disposition of an asset in which the taxpayer
has a &ldquo;qualifying basis&rdquo; (generally a basis equal to the amount of cash paid by the taxpayer for such asset), they
apply to a loss recognized with respect to interests in a pass-through entity, such as the shares, even if the taxpayer&rsquo;s
basis in such interests is equal to the amount of cash it paid. In addition, under recently enacted legislation, significant penalties
may be imposed in connection with a failure to comply with these reporting requirements. <I>Investors should consult their own
tax advisors concerning the application of these reporting requirements to their specific situation.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><I>Tax-Exempt Organizations</I>. Subject
to numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations and certain other
organizations that otherwise are exempt from federal income tax (collectively &ldquo;exempt organizations&rdquo;) nonetheless are
subject to the tax on unrelated business taxable income (&ldquo;UBTI&rdquo;). Generally, UBTI means the gross income derived by
an exempt organization from a trade or business that it regularly carries on, the conduct of which is not substantially related
to the exercise or performance of its exempt purpose or function, less allowable deductions directly connected with that trade
or business. If USL were to regularly carry on (directly or indirectly) a trade or business that is unrelated with respect to an
exempt organization shareholder, then in computing its UBTI, the shareholder must include its share of (1) USL&rsquo;s gross income
from the unrelated trade or business, whether or not distributed, and (2) USL&rsquo;s allowable deductions directly connected with
that gross income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">UBTI generally does not include dividends,
interest, or payments with respect to securities loans and gains from the sale of property (other than property held for sale to
customers in the ordinary course of a trade or business). Nonetheless, income on, and gain from the disposition of, &ldquo;debt-financed
property&rdquo; is UBTI. Debt-financed property generally is income-producing property (including securities), the use of which
is not substantially related to the exempt organization&rsquo;s tax-exempt purposes, and with respect to which there is &ldquo;acquisition
indebtedness&rdquo; at any time during the taxable year (or, if the property was disposed of during the taxable year, the 12-month
period ending with the disposition). Acquisition indebtedness includes debt incurred to acquire property, debt incurred before
the acquisition of property if the debt would not have been incurred but for the acquisition, and debt incurred subsequent to the
acquisition of property if the debt would not have been incurred but for the acquisition and at the time of acquisition the incurrence
of debt was foreseeable. The portion of the income from debt-financed property attributable to acquisition indebtedness is equal
to the ratio of the average outstanding principal amount of acquisition indebtedness over the average adjusted basis of the property
for the year. USL currently does not anticipate that it will borrow money to acquire investments; however, USL cannot be certain
that it will not borrow for such purpose in the future. In addition, an exempt organization shareholder that incurs acquisition
indebtedness to purchase its shares in USL may have UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">The federal tax rate applicable to an
exempt organization shareholder on its UBTI generally will be either the corporate or trust tax rate, depending upon the shareholder&rsquo;s
form of organization. USL may report to each such shareholder information as to the portion, if any, of the shareholder&rsquo;s
income and gains from USL for any year that will be treated as UBTI; the calculation of that amount is complex, and there can be
no assurance that USL&rsquo;s calculation of UBTI will be accepted by the Service. An exempt organization shareholder will be required
to make payments of estimated federal income tax with respect to its UBTI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"><I>Regulated Investment Companies.</I>
Interests in and income from &ldquo;qualified publicly traded partnerships&rdquo; satisfying certain gross income tests are treated
as qualifying assets and income, respectively, for purposes of determining eligibility for regulated investment company (&ldquo;RIC&rdquo;)
status. A RIC may invest up to 25% of its assets in interests in a qualified publicly traded partnership. The determination of
whether a publicly traded partnership such as USL is a qualified publicly traded partnership is made on an annual basis. USL expects
to be a qualified publicly traded partnership in each of its taxable years. However, such qualification is not assured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"><B><I>Non-U.S. Shareholders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">Generally, non-U.S. persons who derive
U.S. source income or gain from investing or engaging in a U.S. business are taxable on two categories of income. The first category
consists of amounts that are fixed, determinable, annual and periodic income, such as interest, dividends and rent that are not
connected with the operation of a U.S. trade or business (&ldquo;FDAP&rdquo;). The second category is income that is effectively
connected with the conduct of a U.S. trade or business (&ldquo;ECI&rdquo;). FDAP income (other than interest that is considered
&ldquo;portfolio interest&rdquo;) is generally subject to a 30 percent withholding tax, which may be reduced for certain categories
of income by a treaty between the U.S. and the recipient&rsquo;s country of residence. In contrast, ECI is generally subject to
U.S. tax on a net basis at graduated rates upon the filing of a U.S. tax return. Where a non-U.S. person has ECI as a result of
an investment in a partnership, the ECI is subject to a withholding tax at a rate of 39.6 percent for individual shareholders and
a rate of 35% for corporate shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Withholding on Allocations and Distributions.</I>
The Code provides that a non-U.S. person who is a partner in a partnership that is engaged in a U.S. trade or business during a
taxable year will also be considered to be engaged in a U.S. trade or business during that year. Classifying an activity by a partnership
as an investment or an operating business is a factual determination. Under certain safe harbors in the Code, an investment fund
whose activities consist of trading in stocks, securities, or commodities for its own account generally will not be considered
to be engaged in a U.S. trade or business unless it is a dealer is such stocks, securities, or commodities. This safe harbor applies
to investments in commodities only if the commodities are of a kind customarily dealt in on an organized commodity exchange and
if the transaction is of a kind customarily consummated at such place. Although the matter is not free from doubt, USL believes
that the activities directly conducted by USL will not result in USL being engaged in a trade or business within in the United
States. However, there can be no assurance that the IRS would not successfully assert that USL&rsquo;s activities constitute a
U.S. trade or business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">In the event that USL&rsquo;s activities were considered
to constitute a U.S. trade or business, USL would be required to withhold at the highest rate specified in Code section 1 (currently
39.6%) on allocations of our income to individual non-U.S. Shareholders and the highest rate specified in Code section 11(b) (currently
35%) on allocations of our income to corporate non-U.S. Shareholders, when such income is allocated or distributed. A non-U.S.
shareholder with ECI will generally be required to file a U.S. federal income tax return, and the return will provide the non-U.S.
shareholder with the mechanism to seek a refund of any withholding in excess of such shareholder&rsquo;s actual U.S. federal income
tax liability. Any amount withheld by USL on behalf of a non-U.S. shareholder will be treated as a distribution to the non-U.S.
shareholder to the extent possible. In some cases, USL may not be able to match the economic cost of satisfying its withholding
obligations to a particular non-U.S. shareholder, which may result in such cost being borne by USL, generally, and accordingly,
by all shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If USL is not treated as engaged in
a U.S. trade or business, a non-U.S. shareholder may nevertheless be treated as having FDAP income, which would be subject to a
30 percent withholding tax (possibly subject to reduction by treaty), with respect to some or all of its distributions from USL
or its allocable share of USL income. Amounts withheld on behalf of a non-U.S. shareholder will be treated as being distributed
to such shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">To the extent any interest income allocated
to a non-U.S. shareholder that otherwise constitutes FDAP is considered &ldquo;portfolio interest,&rdquo; neither the allocation
of such interest income to the non-U.S. shareholder nor a subsequent distribution of such interest income to the non-U.S. shareholder
will be subject to withholding, provided that the non-U.S. shareholder is not otherwise engaged in a trade or business in the U.S.
and provides USL with a timely and properly completed and executed IRS Form W-8BEN, W-8BEN-E, or other applicable form. In general,
&ldquo;portfolio interest&rdquo; is interest paid on debt obligations issued in registered form, unless the &ldquo;recipient&rdquo;
owns 10 percent or more of the voting power of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Most of USL&rsquo;s interest income
qualifies as &ldquo;portfolio interest.&rdquo; In order for USL to avoid withholding on any interest income allocable to non-U.S.
shareholders that would qualify as &ldquo;portfolio interest,&rdquo; it will be necessary for all non-U.S. shareholders to provide
USL with a timely and properly completed and executed Form W-8BEN (or other applicable form). If a non-U.S. shareholder fails to
provide a properly completed Form W-8BEN, W-8BEN-E, or other applicable form USCF may request that the non-U.S. shareholder provide,
within 15 days after the request by USCF, a properly completed Form W-8BEN, W-8BEN-E, or other applicable form. If a non-U.S. shareholder
fails to comply with this request, the shares owned by such non-U.S. shareholder will be subject to redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Gain from Sale of Shares</I>. Gain
from the sale or exchange of the shares may be taxable to a non-U.S. shareholder if the non-U.S. shareholder is a nonresident alien
individual who is present in the U.S. for 183 days or more during the taxable year. In such case, the nonresident alien individual
will be subject to a 30 percent withholding tax on the amount of such individual&rsquo;s gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Branch Profits Tax on Corporate Non-U.S.
Shareholders.</I> In addition to the taxes noted above, any non-U.S. shareholders that are corporations may also be subject to
an additional tax, the branch profits tax, at a rate of 30 percent. The branch profits tax is imposed on a non-U.S. corporation&rsquo;s
dividend equivalent amount, which generally consists of the corporation&rsquo;s after-tax earnings and profits that are effectively
connected with the corporation&rsquo;s U.S. trade or business but are not reinvested in a U.S. business. This tax may be reduced
or eliminated by an income tax treaty between the United States and the country in which the non-U.S. shareholder is a &ldquo;qualified
resident.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Prospective non-U.S. shareholders
should consult their tax advisor with regard to these and other issues unique to non-U.S. shareholders. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_034"></A>Backup Withholding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL may be required to withhold U.S.
federal income tax (&ldquo;backup withholding&rdquo;) at a rate of 28% from all payments to: (1) any shareholder who fails to furnish
USL with his, her or its correct taxpayer identification number or a certificate that the shareholder is exempt from backup withholding,
and (2) any shareholder with respect to whom the IRS notifies USL that the shareholder has failed to properly report certain interest
and dividend income to the IRS and to respond to notices to that effect. Backup withholding is not an additional tax and may be
returned or credited against a taxpayer&rsquo;s regular federal income tax liability if appropriate information is provided to
the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B>Foreign Account Tax Compliance Act Provisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Legislation commonly referred to as the
&ldquo;Foreign Account Tax Compliance Act,&rdquo; or &ldquo;FATCA,&rdquo; generally imposes a 30% withholding tax on payments of
certain types of income to foreign financial institutions (&ldquo;FFIs&rdquo;) unless such FFIS (i) enter into an agreement with
the U.S. Treasury to report certain required information with respect to accounts held by U.S. persons (or held by foreign entities
that have U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement
(&ldquo;IGA&rdquo;) with the United States to collect and share such information and comply with the terms of such IGA and any
enabling legislation or regulations. The types of income subject to the tax include U.S.-source interest and dividends, and after
December 31, 2018, the gross proceeds from the sale of any property that could produce U.S.-source interest or dividends. The information
required to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and
transaction activity within the holder&rsquo;s account. In addition, subject to certain exceptions, this legislation also imposes
a 30% withholding on payments to foreign entities that are not financial institutions unless the foreign entity certifies that
it does not have a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than
10% U.S. owner. Depending on the status of a non-U.S. shareholder and the status of the intermediaries through which they hold
their shares, Non-U.S. shareholders could be subject to this 30% withholding tax with respect to distributions on their shares
and proceeds from the sale of their shares. Under certain circumstances, a non-U.S. shareholder might be eligible for refunds or
credits of such taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_035"></A>Other Tax Considerations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">In addition to federal income taxes,
shareholders may be subject to other taxes, such as state and local income taxes, unincorporated business taxes, business franchise
taxes, and estate, inheritance or intangible taxes that may be imposed by the various jurisdictions in which USL does business
or owns property or where the shareholders reside. Although an analysis of those various taxes is not presented here, each prospective
shareholder should consider their potential impact on its investment in USL. It is each shareholder&rsquo;s responsibility to file
the appropriate U.S. federal, state, local, and foreign tax returns. Sutherland Asbill &amp; Brennan LLP has not provided an opinion
concerning any aspects of state, local or foreign tax or U.S. federal tax other than those U.S. federal income tax issues discussed
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_036"></A>Investment by ERISA Accounts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>General </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Most employee benefit plans and individual
retirement accounts (&ldquo;IRAs&rdquo;) are subject to the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;)
or the Code, or both. This section discusses certain considerations that arise under ERISA and the Code that a fiduciary of: (i)
an employee benefit plan as defined in ERISA; (ii) a plan as defined in Section 4975 of the Code; or (iii) any collective investment
vehicle, business trust, investment partnership, pooled separate account or other entity the assets of which are treated as comprised
(at least in part) of &ldquo;plan assets&rdquo; under the ERISA plan asset rules (&ldquo;plan asset entity&rdquo;); who has investment
discretion should take into account before deciding to invest the plan&rsquo;s assets in USL. Employee benefit plans, plans and
plan asset entities are collectively referred to below as plans, and fiduciaries with investment discretion are referred to below
as plan fiduciaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">This summary is based on the provisions
of ERISA and the Code as of the date hereof. This summary is not intended to be complete, but only to address certain questions
under ERISA and the Code likely to be raised by your advisors. The summary does not include state or local law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><B>Potential plan investors are urged
to consult with their own professional advisors concerning the appropriateness of an investment in USL and the manner in which
shares should be purchased. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Special Investment Considerations </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Each plan fiduciary must consider the
facts and circumstances that are relevant to an investment in USL, including the role that an investment in USL would play in the
plan&rsquo;s overall investment portfolio. Each plan fiduciary, before deciding to invest in USL, must be satisfied that the investment
is prudent for the plan, that the investments of the plan are diversified so as to minimize the risk of large losses and that an
investment in USL complies with the terms of the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>USL and Plan Assets </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A regulation issued under ERISA contains
rules for determining when an investment by a plan in an equity interest of a limited partnership will result in the underlying
assets of the partnership being deemed plan assets for purposes of ERISA and Section 4975 of the Code. Those rules provide that
assets of a limited partnership will not be plan assets of a plan that purchases an equity interest in the partnership if the equity
interest purchased is a publicly-offered security. If the underlying assets of a partnership are considered to be assets of any
plan for purposes of ERISA or Section 4975 of the Code, the operations of that partnership would be subject to and, in some cases,
limited by, the provisions of ERISA and Section 4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The publicly-offered security exception
described above applies if the equity interest is a security that is:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>freely transferable (determined based on the relevant facts and circumstances);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>part of a class of securities that is widely held (meaning that the class of securities is owned by 100 or more investors independent
of the issuer and of each other); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>either (a) part of a class of securities registered under Section 12(b) or 12(g) of the Exchange Act or (b) sold to the plan
as part of a public offering pursuant to an effective registration statement under the Securities Act of 1933 and the class of
which such security is a part is registered under the Exchange Act within 120 days (or such later time as may be allowed by the
SEC) after the end of the fiscal year of the issuer in which the offering of such security occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The plan asset regulations under ERISA
state that the determination of whether a security is freely transferable is to be made based on all the relevant facts and circumstances.
In the case of a security that is part of an offering in which the minimum investment is $10,000 or less, the following requirements,
alone or in combination, ordinarily will not affect a finding that the security is freely transferable: (1) a requirement that
no transfer or assignment of the security or rights relating to the security be made that would violate any federal or state law,
(2) a requirement that no transfer or assignment be made without advance written notice given to the entity that issued the security,
and (3) any restriction on the substitution of an assignee as a limited partner of a partnership, including a general partner consent
requirement, provided that the economic benefits of ownership of the assignor may be transferred or assigned without regard to
such restriction or consent (other than compliance with any of the foregoing restrictions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF believes that the conditions described
above are satisfied with respect to the shares. USCF believes that the shares therefore constitute publicly-offered securities,
and the underlying assets of USL are not considered to constitute plan assets of any plan that purchases shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Prohibited Transactions </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">ERISA and the Code generally prohibit
certain transactions involving the plan and persons who have certain specified relationships to the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In general, shares may not be purchased
with the assets of a plan if USCF, the clearing brokers, the trading advisors (if any), or any of their affiliates, agents or employees
either:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>exercise any discretionary authority or discretionary control with respect to management of the plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>exercise any authority or control with respect to management or disposition of the assets of the plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>render investment advice for a fee or other compensation, direct or indirect, with respect to any monies or other property
of the plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>have any authority or responsibility to render investment advice with respect to any monies or other property of the plan;
or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>have any discretionary authority or discretionary responsibility in the administration of the plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Also, a prohibited transaction may occur
under ERISA or the Code when circumstances indicate that (1) the investment in a share is made or retained for the purpose of avoiding
application of the fiduciary standards of ERISA, (2) the investment in a share constitutes an arrangement under which USL is expected
to engage in transactions that would otherwise be prohibited if entered into directly by the plan purchasing the share, (3) the
investing plan, by itself, has the authority or influence to cause USL to engage in such transactions, or (4) a person who is prohibited
from transacting with the investing plan may, but only with the aid of certain of its affiliates and the investing plan, cause
USL to engage in such transactions with such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Special IRA Rules </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">IRAs are not subject to ERISA&rsquo;s
fiduciary standards, but are subject to their own rules, including the prohibited transaction rules of Section 4975 of the Code,
which generally mirror ERISA&rsquo;s prohibited transaction rules. For example, IRAs are subject to special custody rules and must
maintain a qualifying IRA custodial arrangement separate and distinct from USL and its custodial arrangement. Otherwise, if a separate
qualifying custodial arrangement is not maintained, an investment in the shares will be treated as a distribution from the IRA.
Second, IRAs are prohibited from investing in certain commingled investments, and USCF makes no representation regarding whether
an investment in shares is an inappropriate commingled investment for an IRA. Third, in applying the prohibited transaction provisions
of Section 4975 of the Code, in addition to the rules summarized above, the individual for whose benefit the IRA is maintained
is also treated as the creator of the IRA. For example, if the owner or beneficiary of an IRA enters into any transaction, arrangement,
or agreement involving the assets of his or her IRA to benefit the IRA owner or beneficiary (or his or her relatives or business
affiliates) personally, or with the understanding that such benefit will occur, directly or indirectly, such transaction could
give rise to a prohibited transaction that is not exempted by any available exemption. Moreover, in the case of an IRA, the consequences
of a non-exempt prohibited transaction are that the IRA&rsquo;s assets will be treated as if they were distributed, causing immediate
taxation of the assets (including any early distribution penalty tax applicable under Section 72 of the Code), in addition to any
other fines or penalties that may apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Exempt Plans </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Certain employee benefit plans may be
governmental plans or church plans. Governmental plans and church plans are generally not subject to ERISA, nor do the above-described
prohibited transaction provisions described above apply to them. These plans are, however, subject to prohibitions against certain
related-party transactions under Section 503 of the Code, which operate similar to the prohibited transaction rules described above.
In addition, the fiduciary of any governmental or church plan must consider any applicable state or local laws and any restrictions
and duties of common law imposed upon the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">No view is expressed as to whether an
investment in USL (and any continued investment in USL), or the operation and administration of USL, is appropriate or permissible
for any governmental plan or church plan under Code Section 503, or under any state, county, local or other law relating to that
type of plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Allowing an investment in USL is
not to be construed as a representation by USL, USCF, any trading advisor, any clearing broker, the Marketing Agent or legal counsel
or other advisors to such parties or any other party that this investment meets some or all of the relevant legal requirements
with respect to investments by any particular plan or that this investment is appropriate for any such particular plan. The person
with investment discretion should consult with the plan&rsquo;s attorney and financial advisors as to the propriety of an investment
in USL in light of the circumstances of the particular plan, current tax law and ERISA. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_037"></A>Form of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Registered Form.</I></B> Shares
are issued in registered form in accordance with the LP Agreement. The Administrator has been appointed registrar and transfer
agent for the purpose of transferring shares in certificated form. The Administrator keeps a record of all limited partners and
holders of the shares in certificated form in the registry (the &ldquo;Register&rdquo;). USCF recognizes transfers of shares in
certificated form only if done in accordance with the LP Agreement. The beneficial interests in such shares are held in book-entry
form through participants and/or accountholders in DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Book Entry</I></B><I>.</I> Individual
certificates are not issued for the shares. Instead, shares are represented by one or more global certificates, which are deposited
by the Administrator with DTC and registered in the name of Cede &amp; Co., as nominee for DTC. The global certificates evidence
all of the shares outstanding at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers
and trust companies (&ldquo;DTC Participants&rdquo;), (2) those who maintain, either directly or indirectly, a custodial relationship
with a DTC Participant (&ldquo;Indirect Participants&rdquo;), and (3) those banks, brokers, dealers, trust companies and others
who hold interests in the shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for
transfers of shares. DTC Participants acting on behalf of investors holding shares through such participants&rsquo; accounts in
DTC will follow the delivery practice applicable to securities eligible for DTC&rsquo;s Same-Day Funds Settlement System. Shares
are credited to DTC Participants&rsquo; securities accounts following confirmation of receipt of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>DTC.</I></B> DTC has advised us
as follows. It is a limited purpose trust company organized under the laws of the State of New York and is a member of the Federal
Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code and a &ldquo;clearing
agency&rdquo; registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities for DTC Participants
and facilitates the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in
accounts of DTC Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_038"></A>Transfer of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Transfers of Shares Only Through
DTC.</I></B> The shares are only transferable through the book-entry system of DTC. Limited partners who are not DTC Participants
may transfer their shares through DTC by instructing the DTC Participant holding their shares (or by instructing the Indirect Participant
or other entity through which their shares are held) to transfer the shares. Transfers are made in accordance with standard securities
industry practice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Transfers of interests in shares with
DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established
procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC
Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global
certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect
of such interest, may be affected by the lack of a certificate or other definitive document representing such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">DTC has advised us that it will take
any action permitted to be taken by a shareholder (including, without limitation, the presentation of a global certificate for
exchange) only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates are
credited and only in respect of such portion of the aggregate principal amount of the global certificate as to which such DTC Participant
or Participants has or have given such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B><I>Transfer/Application Requirements</I></B><I>.</I>
All purchasers of USL&rsquo;s shares, and potentially any purchasers of shares in the future, who wish to become limited partners
or other record holders and receive cash distributions, if any, or have certain other rights, must deliver an executed transfer
application in which the purchaser or transferee must certify that, among other things, he, she or it agrees to be bound by USL&rsquo;s
LP Agreement and is eligible to purchase USL&rsquo;s securities. Each purchaser of shares offered by this prospectus must execute
a transfer application and certification. The obligation to provide the form of transfer application will be imposed on the seller
of shares or, if a purchase of shares is made through an exchange, the form may be obtained directly through USL. Further, USCF
may request each record holder to furnish certain information, including that record holder&rsquo;s nationality, citizenship or
other related status. A record holder is a shareholder that is, or has applied to be, a limited partner. An investor who is not
a U.S. resident may not be eligible to become a record holder or one of USL&rsquo;s limited partners if that investor&rsquo;s ownership
would subject USL to the risk of cancellation or forfeiture of any of USL&rsquo;s assets under any federal, state or local law
or regulation. If the record holder fails to furnish the information or if USCF determines, on the basis of the information furnished
by the holder in response to the request, that such holder is not qualified to become one of USL&rsquo;s limited partners, USCF
may be substituted as a holder for the record holder, who will then be treated as a non-citizen assignee, and USL will have the
right to redeem those securities held by the record holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A transferee&rsquo;s broker, agent or
nominee may complete, execute and deliver a transfer application and certification. USL may, at its discretion, treat the nominee
holder of a share as the absolute owner. In that case, the beneficial holder&rsquo;s rights are limited solely to those that it
has against the nominee holder as a result of any agreement between the beneficial owner and the nominee holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A person purchasing USL&rsquo;s existing
shares, who does not execute a transfer application and certify that the purchaser is eligible to purchase those securities acquires
no rights in those securities other than the right to resell those securities. Whether or not a transfer application is received
or the consent of USCF obtained, our shares are securities and are transferable according to the laws governing transfers of securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Any transfer of shares will not be recorded
by the transfer agent or recognized by USCF unless a completed transfer application is delivered to USCF or the Administrator.
When acquiring shares, the transferee of such shares that completes a transfer application will:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>be an assignee until admitted as a substituted limited partner upon the consent and sole discretion of USCF and the recording
of the assignment on the books and records of the partnership;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>automatically request admission as a substituted limited partner;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>agree to be bound by the terms and conditions of, and execute, our LP Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>represent that such transferee has the capacity and authority to enter into our LP Agreement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>grant powers of attorney to USCF and any liquidator of us; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>make the consents and waivers contained in our LP Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An assignee will become a limited partner
in respect of the transferred shares upon the consent of USCF and the recordation of the name of the assignee on our books and
records. Such consent may be withheld in the sole discretion of USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If consent of USCF is withheld such
transferee shall be an assignee. An assignee shall have an interest in the partnership equivalent to that of a limited partner
with respect to allocations and distributions, including, without limitation, liquidating distributions, of the partnership. With
respect to voting rights attributable to shares that are held by assignees, USCF shall be deemed to be the limited partner with
respect thereto and shall, in exercising the voting rights in respect of such shares on any matter, vote such shares at the written
direction of the assignee who is the record holder of such shares. If no such written direction is received, such shares will not
be voted. An assignee shall have no other rights of a limited partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Until a share has been transferred on
our books, we and the transfer agent may treat the record holder of the share as the absolute owner for all purposes, except as
otherwise required by law or stock exchange regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_039"></A>What is the Plan of Distribution?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Buying and Selling Shares </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Most investors buy and sell shares of
USL in secondary market transactions through brokers. Shares trade on the NYSE Arca under the ticker symbol &ldquo;USL.&rdquo;
Shares are bought and sold throughout the trading day like other publicly traded securities. When buying or selling shares through
a broker, most investors incur customary brokerage commissions and charges. Investors are encouraged to review the terms of their
brokerage account for details on applicable charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Marketing Agent and Authorized Participants </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The offering of USL&rsquo;s shares is
a best efforts offering. USL continuously offers Creation Baskets consisting of 50,000 shares through the Marketing Agent, to Authorized
Participants. Authorized Participants pay a $350 fee for each order they place to create or redeem one or more Creation Baskets
through April 30, 2016; after April 30, 2016, the fee increases to $1,000. The Marketing Agent receives, for its services as marketing
agent to USL, a marketing fee of 0.06% on USL&rsquo;s assets up to the first $3 billion; and 0.04% on USL&rsquo;s assets in excess
of $3 billion; provided, however, that in no event may the aggregate compensation paid to the Marketing Agent and any affiliate
of the General Partner for distribution-related services in connection with this offering exceed ten percent (10%) of the gross
proceeds of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The offering of baskets is being made
in compliance with Conduct Rule 2310 of FINRA. Accordingly, Authorized Participants will not make any sales to any account over
which they have discretionary authority without the prior written approval of a purchaser of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The per share price of shares offered
in Creation Baskets on any subsequent day will be the total NAV of USL calculated shortly after the close of the core trading session
on the NYSE Arca on that day divided by the number of issued and outstanding shares. An Authorized Participant is not required
to sell any specific number or dollar amount of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">By executing an Authorized Participant
Agreement, an Authorized Participant becomes part of the group of parties eligible to purchase baskets from, and put baskets for
redemption to, USL. An Authorized Participant is under no obligation to create or redeem baskets, and an Authorized Participant
is under no obligation to offer to the public shares of any baskets it does create.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As of March 31, 2016, USL had the following
Authorized Participants: Citadel Securities LLC, Citigroup Global Markets Inc., JP Morgan Securities Inc., Merrill Lynch Professional
Clearing Corp., Morgan Stanley &amp; Company, Inc., Nomura Securities International Inc., RBC Capital Markets LLC, SG Americas
Securities LLC, and Virtu Financial BD LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Because new shares can be created and
issued on an ongoing basis, at any point during the life of USL, a &ldquo;distribution&rdquo;, as such term is used in the 1933
Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities
may result in their being deemed participants in a distribution in a manner that would render them statutory underwriters and subject
them to the prospectus-delivery and liability provisions of the 1933 Act. For example, the Initial Authorized Participant was a
statutory underwriter with respect to its initial purchase of Creation Baskets. In addition, any purchaser who purchases shares
with a view towards distribution of such shares may be deemed to be a statutory underwriter. Authorized Participants will comply
with the prospectus- delivery requirements in connection with the sale of shares to customers. For example, an Authorized Participant,
other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a basket from USL, breaks the basket
down into the constituent shares and sells the shares to its customers; or if it chooses to couple the creation of a supply of
new shares with an active selling effort involving solicitation of secondary market demand for the shares. Authorized Participants
may also engage in secondary market transactions in shares that would not be deemed &ldquo;underwriting&rdquo;. For example, an
Authorized Participant may act in the capacity of a broker or dealer with respect to shares that were previously distributed by
other Authorized Participants. A determination of whether a particular market participant is an underwriter must take into account
all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the
examples mentioned above should not be considered a complete description of all the activities that would lead to designation as
an underwriter and subject them to the prospectus-delivery and liability provisions of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Dealers who are neither Authorized Participants
nor &ldquo;underwriters&rdquo; but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with shares that are part of an &ldquo;unsold allotment&rdquo; within the meaning of Section 4(3)(C)
of the 1933 Act, would be unable to take advantage of the prospectus-delivery exemption provided by Section 4(3) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF may qualify the shares in states
selected by USCF and intends that sales be made through broker-dealers who are members of FINRA. Investors intending to create
or redeem baskets through Authorized Participants in transactions not involving a broker-dealer registered in such investor&rsquo;s
state of domicile or residence should consult their legal advisor regarding applicable broker-dealer or securities regulatory requirements
under the state securities laws prior to such creation or redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">While the Authorized Participants may
be indemnified by USCF, they will not be entitled to receive a discount or commission from USL for their purchases of Creation
Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_040"></A>Calculating Per Share NAV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">USL&rsquo;s per share NAV is calculated by:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Taking the current market value of its total assets;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Subtracting any liabilities; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Dividing that total by the total number of outstanding shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Administrator calculates the per
share NAV of USL once each NYSE Arca trading day. The per share NAV for a normal trading day is released after 4:00 p.m. New York
time. Trading during the core trading session on the NYSE Arca typically closes at 4:00 p.m. New York time. The Administrator uses
the NYMEX closing price (determined at the earlier of the close of the NYMEX or 2:30 p.m. New York time) for the Oil Futures Contracts
traded on the NYMEX, but calculates or determines the value of all other USL investments (including Oil Futures Contracts not traded
on the NYMEX, Other Oil-Related Investments and Treasuries), using market quotations, if available, or other information customarily
used to determine the fair value of such investments as of the earlier of the close of the NYSE Arca or 4:00 p.m. New York time,
in accordance with the current Administrative Agency Agreement among BBH&amp;Co., USL and USCF. &ldquo;Other information&rdquo;
customarily used in determining fair value includes information consisting of market data in the relevant market supplied by one
or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations
or other market data in the relevant market; or information of the types described above from internal sources if that information
is of the same type used by USL in the regular course of its business for the valuation of similar transactions. The information
may include costs of funding, to the extent costs of funding are not and would not be a component of the other information being
utilized. Third parties supplying quotations or market data may include, without limitation, dealers in the relevant markets, end-users
of the relevant product, information vendors, brokers and other sources of market information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, in order to provide updated
information relating to USL for use by investors and market professionals, the NYSE Arca calculates and disseminates throughout
the core trading session on each trading day an updated indicative fund value. The indicative fund value is calculated by using
the prior day&rsquo;s closing per share NAV of USL as a base and updating that value throughout the trading day to reflect changes
in the most recently reported trade price for the active light, sweet Oil Futures Contracts on the NYMEX. The prices reported for
those Oil Futures Contract months are adjusted based on the prior day&rsquo;s spread differential between settlement values for
the relevant contract and the spot month contract. In the event that the spot month contract is also the Benchmark Oil Futures
Contract, the last sale price for the Benchmark Oil Futures Contract is not adjusted. The indicative fund value share basis disseminated
during NYSE Arca core trading session hours should not be viewed as an actual real time update of the per share NAV, because the
per share NAV is calculated only once at the end of each trading day based upon the relevant end of day values of USL&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The indicative fund value is disseminated
on a per share basis every 15 seconds during regular NYSE Arca core trading session hours of 9:30 a.m. New York time to 4:00 p.m.
New York time. The normal trading hours of the NYMEX are 10:00 a.m. New York time to 2:30 p.m. New York time. This means that there
is a gap in time at the beginning and the end of each day during which USL&rsquo;s shares are traded on the NYSE Arca, but real-time
NYMEX trading prices for Oil Futures Contracts traded on the NYMEX are not available. During such gaps in time, the indicative
fund value will be calculated based on the end of day price of such Oil Futures Contracts from the NYMEX&rsquo;s immediately preceding
trading session. In addition, other Oil Futures Contracts, Other Oil-Related Investments and Treasuries held by USL will be valued
by the Administrator, using rates and points received from client-approved third party vendors (such as Reuters and WM Company)
and advisor quotes. These investments will not be included in the indicative fund value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The NYSE Arca disseminates the indicative
fund value through the facilities of CTA/CQ High Speed Lines. In addition, the indicative fund value is published on the NYSE Arca&rsquo;s
website and is available through on-line information services such as Bloomberg and Reuters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Dissemination of the indicative fund
value provides additional information that is not otherwise available to the public and is useful to investors and market professionals
in connection with the trading of USL shares on the NYSE Arca. Investors and market professionals are able throughout the trading
day to compare the market price of USL and the indicative fund value. If the market price of USL shares diverges significantly
from the indicative fund value, market professionals will have an incentive to execute arbitrage trades. For example, if USL appears
to be trading at a discount compared to the indicative fund value, a market professional could buy USL shares on the NYSE Arca
and sell short Oil Futures Contracts. Such arbitrage trades can tighten the tracking between the market price of USL and the indicative
fund value and thus can be beneficial to all market participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><A NAME="a_041"></A>Creation and Redemption of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USL creates and redeems shares from
time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only made
in exchange for delivery to USL or the distribution by USL of the amount of Treasuries and any cash represented by the baskets
being created or redeemed, the amount of which is based on the combined NAV of the number of shares included in the baskets being
created or redeemed determined as of 4:00 p.m. New York time on the day the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Authorized Participants are the only
persons that may place orders to create and redeem baskets. Authorized Participants must be (1) registered broker-dealers or other
securities market participants, such as banks and other financial institutions, that are not required to register as broker-dealers
to engage in securities transactions as described below, and (2) DTC Participants. To become an Authorized Participant, a person
must enter into an Authorized Participant Agreement with USCF on behalf of USL (each such agreement, an &ldquo;Authorized Participant
Agreement&rdquo;). The Authorized Participant Agreement provides the procedures for the creation and redemption of baskets and
for the delivery of the Treasuries and any cash required for such creations and redemptions. The Authorized Participant Agreement
and the related procedures attached thereto may be amended by USCF, without the consent of any shareholder or Authorized Participant.
From July 1, 2011 through December 31, 2015 (and continuing at least through April 30, 2016), the applicable transaction fee paid
by Authorized Participants was $350 to USL for each order they place to create or redeem one or more baskets; prior to July 1,
2011, this fee was $1,000. Authorized Participants who make deposits with USL in exchange for baskets receive no fees, commissions
or other form of compensation or inducement of any kind from either USL or USCF, and no such person will have any obligation or
responsibility to USL or USCF to effect any sale or resale of shares. As of March 31, 2016, 9 Authorized Participants had entered
into agreements with USCF on behalf of USL. During the year ended December 31, 2015, USL issued 77 Creation Baskets and redeemed
22 Redemption Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Certain Authorized Participants are
expected to be capable of participating directly in the physical crude oil market and the crude oil futures market. In some cases,
Authorized Participants or their affiliates may from time to time buy or sell crude oil or Oil Interests and may profit in these
instances. USCF believes that the size and operation of the crude oil market make it unlikely that an Authorized Participant&rsquo;s
direct activities in the crude oil or securities markets will significantly affect the price of crude oil, Oil Interests or the
price of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Each Authorized Participant is required
to be registered as a broker-dealer under the Exchange Act and is a member in good standing with FINRA, or exempt from being or
otherwise not required to be registered as a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in
the states or other jurisdictions where the nature of its business so requires. Certain Authorized Participants may also be regulated
under federal and state banking laws and regulations. Each Authorized Participant has its own set of rules and procedures, internal
controls and information barriers as it determines is appropriate in light of its own regulatory regime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under the Authorized Participant Agreement,
USCF, and USL under limited circumstances, have agreed to indemnify the Authorized Participants against certain liabilities, including
liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants may be required to make in respect
of those liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following description of the procedures
for the creation and redemption of baskets is only a summary and an investor should refer to the relevant provisions of the LP
Agreement and the form of Authorized Participant Agreement for more detail, each of which is incorporated by reference into this
prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Creation Procedures </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On any business day, an Authorized Participant
may place an order with the Marketing Agent to create one or more baskets. For purposes of processing purchase and redemption orders,
a &ldquo;business day&rdquo; means any day other than a day when any of the NYSE Arca, the NYMEX or the New York Stock Exchange
is closed for regular trading. Purchase orders must be placed by 12:00 p.m. New York time or the close of regular trading on the
NYSE Arca, whichever is earlier. The day on which the Marketing Agent receives a valid purchase order is referred to as the purchase
order date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">By placing a purchase order, an Authorized
Participant agrees to deposit Treasuries, cash or a combination of Treasuries and cash, as described below. Prior to the delivery
of baskets for a purchase order, the Authorized Participant must also have wired to the Custodian the non-refundable transaction
fee due for the purchase order. Authorized Participants may not withdraw a creation request, except as otherwise set forth in the
procedures in the Authorized Participant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The manner by which creations are made
is dictated by the terms of the Authorized Participant Agreement. By placing a purchase order, an Authorized Participant agrees
to (1) deposit Treasuries, cash, or a combination of Treasuries and cash with the Custodian of the fund, and (2) if required by
USCF in its sole discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other
OTC energy transaction (through itself or a designated acceptable broker) with the fund for the purchase of a number and type of
futures contracts at the closing settlement price for such contracts on the purchase order date. If an Authorized Participant fails
to consummate (1) and (2), the order shall be cancelled. The number and type of contracts specified shall be determined by USCF,
in its sole discretion, to meet USL&rsquo;s investment objective and shall be purchased as a result of the Authorized Participant&rsquo;s
purchase of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Determination of Required Deposits </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The total deposit required to create
each basket (&ldquo;Creation Basket Deposit&rdquo;) is the amount of Treasuries and/or cash that is in the same proportion to the
total assets of USL (net of estimated accrued but unpaid fees, expenses and other liabilities) on the purchase order date as the
number of shares to be created under the purchase order is in proportion to the total number of shares outstanding on the purchase
order dates. USCF determines, directly in its sole discretion or in consultation with the Administrator, the requirements for Treasuries
and the amount of cash, including the maximum permitted remaining maturity of a Treasury and proportions of Treasury and cash that
may be included in deposits to create baskets. The Marketing Agent will publish such requirements at the beginning of each business
day. The amount of cash deposit required is the difference between the aggregate market value of the Treasuries required to be
included in a Creation Basket Deposit as of 4:00 p.m. New York time on the date the order to purchase is properly received and
the total required deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Delivery of Required Deposits </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An Authorized Participant who places
a purchase order is responsible for transferring to USL&rsquo;s account with the Custodian the required amount of Treasuries and
cash by the end of the third business day following the purchase order date. Upon receipt of the deposit amount, the Administrator
directs DTC to credit the number of baskets ordered to the Authorized Participant&rsquo;s DTC account on the third business day
following the purchase order date. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been
received by the Custodian on behalf of USL shall be borne solely by the Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Because orders to purchase baskets must
be placed by 12:00 p.m., New York time, but the total payment required to create a basket during the continuous offering period
will not be determined until after 4:00 p.m., New York time, on the date the purchase order is received, Authorized Participants
will not know the total amount of the payment required to create a basket at the time they submit an irrevocable purchase order
for the basket. USL&rsquo;s NAV and the total amount of the payment required to create a basket could rise or fall substantially
between the time an irrevocable purchase order is submitted and the time the amount of the purchase price in respect thereof is
determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Rejection of Purchase Orders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">USCF acting by itself or through the
Marketing Agent shall have the absolute right but no obligation to reject a purchase order or a Creation Basket Deposit if:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>it determines that the investment alternative available to USL at that time will not enable it to meet its investment objective;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>it determines that the purchase order or the Creation Basket Deposit is not in proper form;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>it believes that the purchase order or the Creation Basket Deposit would have adverse tax consequences to USL, the limited
partners or its shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>the acceptance or receipt of the Creation Basket Deposit would, in the opinion of counsel to USCF, be unlawful; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>circumstances outside the control of USCF, Marketing Agent or Custodian make it, for all practical purposes, not feasible to
process creations of baskets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">None of USCF, Marketing Agent or Custodian
will be liable for the rejection of any purchase order or Creation Basket Deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>Redemption Procedures </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The procedures by which an Authorized
Participant can redeem one or more baskets mirror the procedures for the creation of baskets. On any business day, an Authorized
Participant may place an order with the Marketing Agent to redeem one or more baskets. Redemption orders must be placed by 12:00
p.m. New York time or the close of regular trading on the NYSE Arca, whichever is earlier. A redemption order so received will
be effective on the date it is received in satisfactory form by the Marketing Agent (&ldquo;Redemption Order Date&rdquo;). The
redemption procedures allow Authorized Participants to redeem baskets and do not entitle an individual shareholder to redeem any
shares in an amount less than a Redemption Basket, or to redeem baskets other than through an Authorized Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">By placing a redemption order, an Authorized
Participant agrees to deliver the baskets to be redeemed through DTC&rsquo;s book-entry system to USL, as described below. Prior
to the delivery of the redemption distribution for a redemption order, the Authorized Participant must also have wired to USL&rsquo;s
account at the Custodian the non-refundable transaction fee due for the redemption order. An Authorized Participant may not withdraw
a redemption order, except as otherwise set forth in the procedures in the Authorized Participant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The manner by which redemptions are made
is dictated by the terms of the Authorized Participant Agreement. By placing a redemption order, an Authorized Participant agrees
to (1) deliver the Redemption Basket to be redeemed through DTC&rsquo;s book-entry system to the fund&rsquo;s account with the
Custodian not later than 3:00 p.m. New York time on the third business day following the effective date of the redemption order
(&ldquo;Redemption Distribution Date&rdquo;), and (2) if required by USCF in its sole discretion, enter into or arrange for a block
trade, an exchange for physical or exchange for swap, or any other OTC energy transaction (through itself or a designated acceptable
broker) with the fund for the sale of a number and type of futures contracts at the closing settlement price for such contracts
on the Redemption Order Date. If an Authorized Participant fails to consummate (1) and (2) above, the order shall be cancelled.
The number and type of contracts specified shall be determined by USCF, in its sole discretion, to meet USL&rsquo;s investment
objective and shall be sold as a result of the Authorized Participant&rsquo;s sale of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Determination of Redemption Distribution </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The redemption distribution from USL
consists of a transfer to the redeeming Authorized Participant of an amount of Treasuries and/or cash that is in the same proportion
to the total assets of USL (net of estimated accrued but unpaid fees, expenses and other liabilities) on the date the order to
redeem is properly received as the number of shares to be redeemed under the redemption order is in proportion to the total number
of shares outstanding on the date the order is received. USCF, directly or in consultation with the Administrator, determines the
requirements for Treasuries and the amounts of cash, including the maximum permitted remaining maturity of a Treasury, and the
proportions of Treasuries and cash that may be included in distributions to redeem baskets. The Marketing Agent will publish an
estimate of the redemption distribution per basket as of the beginning of each business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Delivery of Redemption Distribution </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The redemption distribution due from
USL will be delivered to the Authorized Participant by 3:00 p.m. New York time on the third business day following the redemption
order date if, by 3:00 p.m. New York time on such third business day, USL&rsquo;s DTC account has been credited with the baskets
to be redeemed. If USL&rsquo;s DTC account has not been credited with all of the baskets to be redeemed by such time, the redemption
distribution will be delivered to the extent of whole baskets received. Any remainder of the redemption distribution will be delivered
on the next business day to the extent of remaining whole baskets received if USL receives the fee applicable to the extension
of the redemption distribution date which USCF may, from time to time, determine and the remaining baskets to be redeemed are credited
to USL&rsquo;s DTC account by 3:00 p.m. New York time on such next business day. Any further outstanding amount of the redemption
order shall be cancelled. Pursuant to information from USCF, the Custodian will also be authorized to deliver the redemption distribution
notwithstanding that the baskets to be redeemed are not credited to USL&rsquo;s DTC account by 3:00 p.m. New York time on the third
business day following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the
baskets through DTC&rsquo;s book entry-system on such terms as USCF may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Suspension or Rejection of Redemption Orders </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USCF may, in its discretion, suspend
the right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca or the NYMEX
is closed other than customary weekend or holiday closings, or trading on the NYSE Arca or the NYMEX is suspended or restricted,
(2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of Treasuries is not
reasonably practicable, or (3) for such other period as USCF determines to be necessary for the protection of the limited partners
or shareholders. For example, USCF may determine that it is necessary to suspend redemptions to allow for the orderly liquidation
of USL&rsquo;s assets at an appropriate value to fund a redemption. If USCF has difficulty liquidating its positions, <I>e.g.</I>,
because of a market disruption event in the futures markets, a suspension of trading by the exchange where the futures contracts
are listed or an unanticipated delay in the liquidation of a position in an over the counter contract, it may be appropriate to
suspend redemptions until such time as such circumstances are rectified. None of USCF, the Marketing Agent, the Administrator,
or the Custodian will be liable to any person or in any way for any loss or damages that may result from any such suspension or
postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Redemption orders must be made in whole
baskets. USCF will reject a redemption order if the order is not in proper form as described in the Authorized Participant Agreement
or if the fulfillment of the order, in the opinion of its counsel, might be unlawful. USCF may also reject a redemption order if
the number of shares being redeemed would reduce the remaining outstanding shares to 100,000 shares (<I>i.e.</I>, two baskets)
or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Creation and Redemption Transaction Fee </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">To compensate USL for its expenses in
connection with the creation and redemption of baskets, an Authorized Participant is required to pay a transaction fee to USL of
$350 through April 30, 2016 per order to create or redeem baskets, regardless of the number of baskets in such order; after April
30, 2016 the fee will be $1,000. The transaction fee may be reduced, increased or otherwise changed by USCF. USCF shall notify
DTC of any change in the transaction fee and will not implement any increase in the fee for the redemption of baskets until 30
days after the date of the notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Tax Responsibility </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Authorized Participants are responsible
for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable
to the creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized
Participant, and agree to indemnify USCF and USL if they are required by law to pay any such tax, together with any applicable
penalties, additions to tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><I>Secondary Market Transactions </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">As noted, USL creates and redeems shares
from time to time, but only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only
made in exchange for delivery to USL or the distribution by USL of the amount of Treasuries and cash represented by the baskets
being created or redeemed, the amount of which will be based on the aggregate NAV of the number of shares included in the baskets
being created or redeemed determined on the day the order to create or redeem baskets is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">As discussed above, Authorized Participants
are the only persons that may place orders to create and redeem baskets. Authorized Participants must be registered broker-dealers
or other securities market participants, such as banks and other financial institutions that are not required to register as broker-dealers
to engage in securities transactions. An Authorized Participant is under no obligation to create or redeem baskets, and an Authorized
Participant is under no obligation to offer to the public shares of any baskets it does create. Authorized Participants that do
offer to the public shares from the baskets they create will do so at per-share offering prices that are expected to reflect, among
other factors, the trading price of the shares on the NYSE Arca, the NAV of USL at the time the Authorized Participant purchased
the Creation Baskets and the NAV of the shares at the time of the offer of the shares to the public, the supply of and demand for
shares at the time of sale, and the liquidity of the Oil Futures Contract market and the market for Other Oil-Related Investments.
The prices of shares offered by Authorized Participants are expected to fall between USL&rsquo;s NAV and the trading price of the
shares on the NYSE Arca at the time of sale. Shares initially comprising the same basket but offered by Authorized Participants
to the public at different times may have different offering prices. An order for one or more baskets may be placed by an Authorized
Participant on behalf of multiple clients. Authorized Participants who make deposits with USL in exchange for baskets receive no
fees, commissions or other form of compensation or inducement of any kind from either USL or USCF, and no such person has any obligation
or responsibility to USCF or USL to effect any sale or resale of shares. Shares trade in the secondary market on the NYSE Arca.
Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per share. The amount of the
discount or premium in the trading price relative to the NAV per share may be influenced by various factors, including the number
of investors who seek to purchase or sell shares in the secondary market and the liquidity of the Oil Futures Contracts market
and the market for Other Oil-Related Investments. While the shares trade during the core trading session on the NYSE Arca until
4:00 p.m. New York time, liquidity in the market for Oil Interests may be reduced after the close of the NYMEX at 2:30 p.m. New
York time. As a result, during this time, trading spreads, and the resulting premium or discount, on the shares may widen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><B><A NAME="a_042"></A>Use of Proceeds</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USCF causes USL to transfer the proceeds
from the sale of Creation Baskets to the Custodian or other custodian for trading activities. USCF will invest USL&rsquo;s assets
in Oil Interests and investments in Treasuries, cash and/or cash equivalents. When USL purchases an Oil Futures Contract and certain
exchange-traded Other Oil-Related Investments, USL is required to deposit typically 5% to 30% with the selling FCM on behalf of
the exchange a portion of the value of the contract or other interest as security to ensure payment for the obligation under Oil
Interests at maturity. This deposit is known as initial margin. Counterparties in transactions in OTC contracts will generally
impose similar collateral requirements on USL. USCF will invest the assets that remain after margin and collateral are posted in
Treasuries, cash and/or cash equivalents Subject to these margin and collateral requirements. USCF has sole authority to determine
the percentage of assets that are:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>held on deposit with the FCM or other custodian,</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>used for other investments, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>held in bank accounts to pay current obligations and as reserves.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">Approximately 5% to 30% of USL&rsquo;s
assets have normally been committed as margin for commodity futures contracts. However, from time to time, the percentage of assets
committed as margin may be substantially more, or less, than such range. Ongoing margin and collateral payments will generally
be required for both exchange-traded and OTC contracts based on changes in the value of the Oil Interests. Furthermore, ongoing
collateral requirements with respect to OTC contracts are negotiated by the parties, and may be affected by overall market volatility,
volatility of the underlying commodity or index, the ability of the counterparty to hedge its exposure under the Oil Interest,
and each party&rsquo;s creditworthiness. In light of the differing requirements for initial payments under exchange-traded and
OTC contracts and the fluctuating nature of ongoing margin and collateral payments, it is not possible to estimate what portion
of USL&rsquo;s assets will be posted as margin or collateral at any given time. The Treasuries, cash and cash equivalents held
by USL will constitute reserves that will be available to meet ongoing margin and collateral requirements. All interest income
will be used for USL&rsquo;s benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">An FCM, counterparty, government agency
or commodity exchange could increase margin or collateral requirements applicable to USL to hold trading positions at any time.
Moreover, margin is merely a security deposit and has no bearing on the profit or loss potential for any positions held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The assets of USL posted as margin for
Oil Futures Contracts are held in segregated accounts pursuant to the CEA and CFTC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">If USL enters into a swap agreement,
USL must post both collateral and independent amounts to its swap counterparty(ies). The amount of collateral USL posts changes
according to the amounts owed by USL to its counterparty on a given swap transaction, while independent amounts are fixed amounts
posted by USL at the start of a swap transaction. Collateral and independent amounts posted to swap counterparties will be held
by a third party custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><A NAME="a_043"></A>INFORMATION YOU SHOULD KNOW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">This prospectus contains information
you should consider when making an investment decision about the shares. You may rely on the information contained in this prospectus.
Neither USL nor USCF has authorized any person to provide you with different information and, if anyone provides you with different
or inconsistent information, you should not rely on it. This prospectus is not an offer to sell the shares in any jurisdiction
where the offer or sale of the shares is not permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The information contained in this prospectus
was obtained from us and other sources believed by us to be reliable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">You should rely only on the information
contained in this prospectus or any applicable prospectus supplement or any information incorporated by reference to this prospectus.
We have not authorized anyone to provide you with any information that is different. If you receive any unauthorized information,
you must not rely on it. You should disregard anything we said in an earlier document that is inconsistent with what is included
in this prospectus or any applicable prospectus supplement or any information incorporated by reference to this prospectus. Where
the context requires, when we refer to this &ldquo;prospectus,&rdquo; we are referring to this prospectus and (if applicable) the
relevant prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">You should not assume that the information
in this prospectus or any applicable prospectus supplement is current as of any date other than the date on the front page of this
prospectus or the date on the front page of any applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">We include cross references in this prospectus
to captions in these materials where you can find further related discussions. The table of contents tells you where to find these
captions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><A NAME="a_044"></A>SUMMARY OF PROMOTIONAL AND SALES MATERIAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.25in">USL has used the following sales material it has prepared:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>USL&rsquo;s website, <I>www.uscfinvestments.com</I>;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Press release dated the effective date of USL&rsquo;s initial registration statement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>USL fact sheet available on USL&rsquo;s website.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The materials described above are not
a part of this prospectus or the registration statement of which this prospectus is a part and have been submitted to the staff
of the Securities and Exchange Commission for their review pursuant to Industry Guide 5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B></B></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><A NAME="a_045"></A>INTELLECTUAL PROPERTY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USCF owns trademark registrations for
the UNITED STATES 12 MONTH OIL FUND (U.S. Reg. No. 3600671) for &ldquo;fund investment services in the field of oil futures contracts
and other oil-related investments,&rdquo; in use since December 6, 2007, UNITED STATES 12 MONTH OIL FUND, LP (and Oil Rig Design)
(U.S. Reg. No. 3638982) for &ldquo;investment services in the field of oil futures contracts and other oil- related investments&rdquo;
in use since December 6, 2007 and USL UNITED STATES 12 MONTH OIL FUND, LP (and 12 and Flame Design), (U.S. Reg. No. 4440927) in
use since September 4, 2012. USL relies upon these trademarks through which it markets its services and strives to build and maintain
brand recognition in the market and among current and potential investors. So long as USL continues to use these trademarks to
identify its services, without challenge from any third party, and properly maintains and renews the trademark registrations under
applicable laws, rules and regulations, it will continue to have indefinite protection for these trademarks under current laws,
rules and regulations. USCF has been granted two patents Nos. 7,739,186 and 8,019,675, for systems and methods for an exchange
traded fund that tracks the price of one or more commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USCF owns trademark registrations for
USCF (U.S. Reg. No. 3638987) for &ldquo;Fund investment services,&rdquo; in use since June 24, 2008, and USCF UNITED STATES COMMODITY
FUNDS LLC &amp; Design (U.S. Reg. No. 4304004) for &ldquo;Fund investment services,&rdquo; in use since June 24, 2008. USCF relies
upon these trademarks through which it markets its services and strives to build and maintain brand recognition in the market and
among current and potential investors. So long as USCF continues to use these trademarks to identify its services, without challenge
from any third party, and properly maintains and renews the trademark registrations under applicable laws, rules and regulations;
it will continue to have indefinite protection for these trademarks under current laws, rules and regulations. USCF has been granted
two patents Nos. 7,739,186 and 8,019,675, for systems and methods for an exchange traded fund (ETF) that tracks the price of one
or more commodities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><A NAME="a_046"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USCF has filed on behalf of USL a registration
statement on Form S-1 with the SEC under the 1933 Act. This prospectus does not contain all of the information set forth in the
registration statement (including the exhibits to the registration statement), parts of which have been omitted in accordance with
the rules and regulations of the SEC. For further information about USL or the shares, please refer to the registration statement,
which you may inspect, without charge, at the public reference facilities of the SEC at the below address or online at <I>www.sec.gov</I>,
or obtain at prescribed rates from the public reference facilities of the SEC at the below address. Information about USL and the
shares can also be obtained from USL&rsquo;s website, which is <I>www.uscfinvestments.com</I> USL&rsquo;s website address
is only provided here as a convenience to you and the information contained on or connected to the website is not part of this
prospectus or the registration statement of which this prospectus is part. USL is subject to the informational requirements of
the Exchange Act and USCF and USL will each, on behalf of USL, file certain reports and other information with the SEC. USCF will
file an updated prospectus annually for USL pursuant to the 1933 Act. The reports and other information can be inspected at the
public reference facilities of the SEC located at 100 F Street, NE, Washington, D.C. 20549 and online at <I>www.sec.gov</I>. You
may also obtain copies of such material from the public reference facilities of the SEC at 100 F Street, NE, Washington, D.C. 20549,
at prescribed rates. You may obtain more information concerning the operation of the public reference facilities of the SEC by
calling the SEC at 1-800-SEC-0330 or visiting online at <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B><A NAME="a_047"></A>STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in"><FONT STYLE="letter-spacing: -0.05pt">This
prospectus includes &ldquo;forward-looking statements&rdquo; which generally relate to future events or future performance. In
some cases, you can identify forward-looking statements by terminology such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
&ldquo;expect,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo;
&ldquo;potential&rdquo; or the negative of these terms or other comparable terminology. All statements (other than statements of
historical fact) included in this prospectus and movements in the commodities markets and indexes that track such movements, USL&rsquo;s
operations, USCF&rsquo;s plans and references to USL&rsquo;s future success and other similar matters, are forward-looking statements.
These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain
assumptions and analyses USCF has made based on its perception of historical trends, current conditions and expected future developments,
as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to USCF&rsquo;s
expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations
discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations, including those
concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. See
&ldquo;Risk Factors Involved with an Investment in USL&rdquo; Consequently, all the forward-looking statements made in this prospectus
are qualified by these cautionary statements, and there can be no assurance that the events or developments that will or may occur
in the future, including such matters as changes in inflation in the United States movements in the stock market, movements in
the U.S. and foreign currencies, actual results or developments USCF anticipates will be realized or, even if substantially realized,
that they will result in the expected consequences to, or have the expected effects on, USL&rsquo;s operations or the value of
the shares. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><A NAME="a_048"></A>INCORPORATION BY REFERENCE OF CERTAIN
INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">We are a reporting company and file annual,
quarterly and current reports and other information with the SEC. The rules of the SEC allow us to &ldquo;incorporate by reference&rdquo;
information that we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus. This prospectus incorporates by reference the
documents set forth below that have previously filed with the SEC:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>Annual Report on Form 10-K for the year ended December 31, 2015, filed March 11, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We will provide to each person to whom
a prospectus is delivered, including any beneficial owner, a copy of these filings at no cost, upon written or oral request at
the following address or telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">United States 12 Month Oil Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Attention: John P. Love</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">1999 Harrison Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Suite 1530</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Oakland, California 94612</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">(510) 522-9600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left"><B><A NAME="a_049"></A>Privacy Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL and USCF may collect or have access
to certain nonpublic personal information about current and former investors. Nonpublic personal information may include information
received from investors, such as an investor&rsquo;s name, social security number and address, as well as information received
from brokerage firms about investor holdings and transactions in shares of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL and USCF do not disclose nonpublic
personal information except as required by law or as described in their Privacy Policy. In general, USL and USCF restrict access
to the nonpublic personal information they collect about investors to those of their and their affiliates&rsquo; employees and
service providers who need access to such information to provide products and services to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">USL and USCF maintain safeguards that
comply with federal law to protect investors&rsquo; nonpublic personal information. These safeguards are reasonably designed to
(1) ensure the security and confidentiality of investors&rsquo; records and information, (2) protect against any anticipated threats
or hazards to the security or integrity of investors&rsquo; records and information, and (3) protect against unauthorized access
to or use of investors&rsquo; records or information that could result in substantial harm or inconvenience to any investor. Third-
party service providers with whom USL and USCF share nonpublic personal information about investors must agree to follow appropriate
standards of security and confidentiality, which includes safeguarding such nonpublic personal information physically, electronically
and procedurally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">A copy of USL and USCF&rsquo;s current
Privacy Policy is provided to investors annually and is also available upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><A NAME="a_050"></A>APPENDIX A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><A NAME="a_051"></A>Glossary of Defined Terms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In this prospectus, each of the following
terms have the meanings set forth after such term:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>1933 Act</B>: The Securities Act
of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Administrator</B>: Brown Brothers
Harriman &amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Authorized Participant</B>: One that
purchases or redeems Creation Baskets or Redemption Baskets, respectively, from or to USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Benchmark Oil Futures Contracts</B>:
The near month contract to expire and the contracts for the following eleven months for a total of 12 consecutive months&rsquo;
contracts on light, sweet crude oil traded on the NYMEX except during the last two weeks of the current month when the near month
contract is sold and replaced by the futures contract for the thirteenth month following the current month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>BNO</B>: United States Brent Oil
Fund, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Business Day</B>: Any day other than
a day when any of the NYSE Arca, the NYMEX or the New York Stock Exchange is closed for regular trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>CFTC</B>: Commodity Futures Trading
Commission, an independent agency with the mandate to regulate commodity futures and options in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Cleared Swap Contract</B>: A financial
contract, whose value is designed to track the return on stocks, bonds, currencies, commodities, or some other benchmark, that
is submitted to a central clearinghouse after it is either traded OTC or on an exchange or other trading platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Code:</B> Internal Revenue Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Commodity Pool</B>: An enterprise
in which several individuals contribute funds in order to trade futures or future options collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Commodity Pool Operator or CPO</B>:
Any person engaged in a business which is of the nature of an investment trust, syndicate, or similar enterprise, and who, in connection
therewith, solicits, accepts, or receives from others, funds, securities, or property, either directly or through capital contributions,
the sale of stock or other forms of securities, or otherwise, for the purpose of trading in any commodity for future delivery or
commodity option on or subject to the rules of any contract market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>CPER</B>: United States Copper Index
Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Creation Basket</B>: A block of 50,000
shares used by USL to issue shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Custodian</B>: Brown Brothers Harriman
&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>DNO:</B> United States Short Oil
Fund, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Dodd-Frank Act</B>: The Dodd-Frank
Wall Street Reform and Consumer Protection Act that was signed into law July 21, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>DTC:</B> The Depository Trust Company.
DTC will act as the securities depository for the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>DTC</B> <B>Participant</B>: An entity
that has an account with DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>DTEF</B>: A derivatives transaction
execution facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Exchange Act: </B>The Securities
Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Exchange for Related Position (EFRP):</B>
An off market transaction which involves the swapping (or exchanging) of an over-the-counter (OTC) position for a futures position.
The OTC transaction must be for the same or similar quantity or amount of a specified commodity, or a substantially similar commodity
or instrument. The OTC side of the EFRP can include swaps, swap options, or other instruments traded in the OTC market. In order
that an EFRP transaction can take place, the OTC side and futures components must be &ldquo;substantially similar&rdquo; in terms
of either value and or quantity. The net result is that the OTC position (and the inherent counterparty credit exposure) is transferred
from the OTC market to the futures market. EFRPs can also work in reverse, where a futures position can be reversed and transferred
to the OTC market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>FINRA:</B> Financial Industry Regulatory
Authority, formerly the National Association of Securities Dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Futures Contracts:</B> Futures contracts
for light, sweet crude oil, and other types of crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels
that are traded on the NYMEX, ICE Futures or other U.S. and foreign exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>ICE Futures</B>: The leading electronic
regulated futures and options exchange for global energy markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Indirect Participants</B>: Banks,
brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly
or indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Limited Liability Company (LLC):</B>
A type of business ownership combining several features of corporation and partnership structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>LP Agreement</B>: The Second Amended
and Restated Agreement of Limited Partnership effective as of March 1, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Margin:</B> The amount of equity
required for an investment in futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Marketing Agent</B>: ALPS Distributors,
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>NAV</B>: Net asset value of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>NFA:</B> National Futures Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>New York Mercantile Exchange (NYMEX):</B>
The primary exchange on which futures contracts are traded in the U.S. USL expects to invest primarily in futures contracts, and
particularly in futures contracts traded on the New York Mercantile Exchange. USL expressly disclaims any association with the
Exchange or endorsement of USL by the Exchange and acknowledges that &ldquo;NYMEX&rdquo; and &ldquo;New York Mercantile Exchange&rdquo;
are registered trademarks of such Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Oil Futures Contracts</B>: Futures
contracts for crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels that are traded on the NYMEX,
ICE Futures or other U.S. and foreign exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Oil Interests</B>: Oil Futures Contracts
and Other Oil-Related Investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Option:</B> The right, but not the
obligation, to buy or sell a futures contract or forward contract at a specified price on or before a specified date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>OPEC</B>: Organization of Petroleum
Exporting Countries</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Other Oil-Related Investments</B>:
Other crude oil related investments such as cash-settled options on Oil Futures Contracts, forward contracts for crude oil, and
OTC transactions that are based on the price of crude oil, other petroleum-based fuels, Oil Futures Contracts and indices based
on the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>OTC Derivative</B>: A financial contract,
whose value is designed to track the return on stocks, bonds, currencies, commodities, or some other benchmark, that is traded
OTC or off organized exchanges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Prudential Regulators</B>: the CFTC,
the SEC and the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation, the Farm Credit Administration and the Federal Housing Finance Agency, collectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Redemption Basket</B>: A block of
50,000 shares used by USL to redeem shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Related Public Funds</B>: United
States Natural Gas Fund, LP (&ldquo;UNG&rdquo;) United States 12 Month Natural Gas Fund, LP (&ldquo;UNL&rdquo;); United States
Brent Oil Fund, LP (&ldquo;BNO&rdquo;); United States Diesel-Heating Oil Fund, LP (&ldquo;UHN&rdquo;); United States Gasoline Fund,
LP (&ldquo;UGA&rdquo;); United States Oil Fund, LP (&ldquo;USO&rdquo;); United States Short Oil Fund, LP (&ldquo;DNO&rdquo;); and
all series of United States Commodity Index Funds Trust, United States Agriculture Index Fund (&ldquo;USAG&rdquo;); United States
Copper Index (&ldquo;CPER&rdquo;); United States Commodity Index Fund (&ldquo;USCI&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>SEC</B>: Securities and Exchange
Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Secondary Market</B>: The stock exchanges
and the OTC market. Securities are first issued as a primary offering to the public. When the securities are traded from that first
holder to another, the issues trade in these secondary markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Shareholders</B>: Holder of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Shares:</B> Common shares representing
fractional undivided beneficial interests in USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Spot Contract</B>: A cash market
transaction in which the buyer and seller agree to the immediate purchase and sale of a commodity, usually with a two-day settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Swap Contract</B>: Swap transactions
generally involve contracts between two parties to exchange a stream of payments computed by reference to a notional amount and
the price of the asset that is the subject of the swap. Some swap transactions are cleared through central counterparties. These
transactions, known as cleared swaps, involve two counterparties first agreeing to the terms of a swap transaction, then submitting
the transaction to a clearing house that acts as the central counterparty. Swap transactions that are not cleared through central
counterparties are called &ldquo;uncleared&rdquo; or &ldquo;over-the-counter&rdquo; (&ldquo;OTC) swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Tracking Error</B>: Possibility that
the daily NAV of USL will not track the price of light, sweet crude oil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Treasuries</B>: Obligations of the
U.S. government with remaining maturities of 2 years or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>UGA</B>: United States Gasoline Fund,
LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>UHN</B>: United States Diesel-Heating
Oil Fund, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>UNG</B>: United States Natural Gas
Fund, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><B>UNL</B>: United States 12 Month Natural Gas Fund,
LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><B>USAG:</B> United States Agriculture Index Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>USCI</B>: United States Commodity
Index Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>USL</B>: United States 12 Month Oil
Fund, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>USCF</B>: United States Commodity
Funds LLC (the general partner), a Delaware limited liability company, which is registered as a Commodity Pool Operator, who controls
the investments and other decisions of USL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>USO</B>: United States Oil Fund,
LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>Valuation Day</B>: Any day as of
which USL calculates its NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><B>You:</B> The owner of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>INFORMATION NOT REQUIRED IN THE PROSPECT</B>US</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-indent: -0.75in"><B>Item 13.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses
of Issuance and Distribution </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; text-align: left">Amount SEC registration fee (actual)</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">129,248</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">NYSE Arca Listing Fee (actual)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">FINRA filing fees (actual)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Blue Sky expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Auditor&rsquo;s fees and expenses (estimate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">100,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses (estimate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Printing expenses (estimate)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">60,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -8.65pt; padding-left: 25.9pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">356,748</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.75in; text-indent: -0.75in"><B>Item 14.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification
of Directors and Officers </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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&rsquo;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 &ldquo;<I>Covered Person</I>&rdquo;) 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&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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 (&ldquo;USCF&rdquo;), 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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&rsquo;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&rsquo;s office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">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 &ldquo;<I>interested
Covered Person</I>&rdquo; is one against whom the action, suit or other proceeding on the same or similar grounds is then or has
been pending and a &ldquo;<I>disinterested person</I>&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.25in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-indent: -0.75in"><B>Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Recent Sales of
Unregistered Securities </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.75in; text-indent: -0.75in"><B>Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 6pt 34.55pt; text-indent: -8.65pt">(a) Exhibits</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: Black 1pt solid; text-align: center"><b>Exhibit No.</b></td>
    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</td>
    <TD STYLE="vertical-align: bottom; width: 93%; text-align: center"><b>Description</b></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="border-top: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;3.1<sup> (1)</sup></td>
    <TD>&nbsp;</td>
    <TD>Certificate of Limited Partnership of the Registrant.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;3.2<sup> (2)</sup></td>
    <TD>&nbsp;</td>
    <TD>Second Amended and Restated Agreement of Limited Partnership.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;3.3<sup> (8)</sup></td>
    <TD>&nbsp;</td>
    <TD>Sixth Amended and Restated Limited Liability Company Agreement of USCF.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;5.1<sup>(10)</sup></td>
    <TD>&nbsp;</td>
    <TD>Opinion of Sutherland Asbill &amp; Brennan LLP relating to the legality of the shares.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;8.1<sup>(10)</sup></td>
    <TD>&nbsp;</td>
    <TD>Opinion of Sutherland Asbill &amp; Brennan LLP with respect to federal income tax consequences.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.1<sup>(10)</sup></td>
    <TD>&nbsp;</td>
    <TD>Form of Authorized Purchaser Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.2<sup> (3)</sup></td>
    <TD>&nbsp;</td>
    <TD>Marketing Agent Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.3<sup> (3)</sup></td>
    <TD>&nbsp;</td>
    <TD>Amendment Agreement to Marketing Agent Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.4<sup> (3)</sup></td>
    <TD>&nbsp;</td>
    <TD>Marketing Agent Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.5<sup> (9)</sup></td>
    <TD>&nbsp;</td>
    <TD>Amendment No. 2 to Marketing Agent Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.6<sup> (2)</sup></td>
    <TD>&nbsp;</td>
    <TD>Third Amendment to the Marketing Agent Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.7<sup> (4)</sup></td>
    <TD>&nbsp;</td>
    <TD>License Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.8<sup> (5)</sup></td>
    <TD>&nbsp;</td>
    <TD>Amendment to the License Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.9<sup> (7)</sup></td>
    <TD>&nbsp;</td>
    <TD>Third Amendment to the License Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.10<sup> (3)</sup></td>
    <TD>&nbsp;</td>
    <TD>Custodian Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.11<sup> (6)</sup></td>
    <TD>&nbsp;</td>
    <TD>Amendment Agreement to the Custodian Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.12<sup> (9)</sup></td>
    <TD>&nbsp;</td>
    <TD>Amendment No. 2 to Custodian Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.13<sup> (3)</sup></td>
    <TD>&nbsp;</td>
    <TD>Administrative Agency Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">10.14<sup> (6)</sup></td>
    <TD>&nbsp;</td>
    <TD>Amendment Agreement to the Administrative Agency Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD NOWRAP STYLE="padding-right: 8.65pt; text-align: right">10.15<sup> (9)</sup>&nbsp;&nbsp;&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>Amendment No. 2 to Administrative Agency Agreement.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">23.1<sup>(10)</sup></td>
    <TD>&nbsp;</td>
    <TD>Consent of Sutherland Asbill &amp; Brennan LLP (incorporated by reference to exhibit numbers 5.1 and 8.1 hereto).</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 8.65pt; text-align: right">23.2*</td>
    <TD>&nbsp;</td>
    <TD>Consent of independent registered public accounting firm.</td></tr>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">*</TD><TD>Filed Herewith.</TD></TR></TABLE>
<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Incorporated by reference to Registrant&rsquo;s Registration Statement on Form S-1 (File No. 333-144348), filed on July 5,
2007.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Incorporated by reference to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2012, filed on March
13, 2013.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Incorporated by reference to Registrant&rsquo;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2009, filed
on November 16, 2009.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD>Incorporated by reference to United States Natural Gas Fund, LP&rsquo;s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2007, filed on June 1, 2007.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Incorporated by reference to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2007, filed on March
26, 2008.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(6)</TD><TD>Incorporated by reference to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2008, filed on March
31, 2009.</TD></TR>                   <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(7)</TD><TD>Incorporated by reference to the Registrant&rsquo;s
Current Report on Form 8-K, filed on October 24, 2011.</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD>Incorporated by reference to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2015, filed on March
11, 2016.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD>Incorporated by reference to Registrant&rsquo;s Quarterly Report on Form 10-Q for the Quarter ended June 30, 2012, filed on
August 9, 2012.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD>Incorporated by reference to Post-Effective Amendment No.&nbsp;2 to the Registrant&rsquo;s Registration Statement filed on
Form S-1 (File No. 333-195437), filed on March 31, 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt">(b) Financial Statement Schedules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.25in">The financial statement schedules are
either not applicable or the required information is included in the financial statements and footnotes related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: -0.75in"><B>Item 17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-indent: 0.5in">(a) The undersigned registrant hereby
undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-indent: 0.25in">(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: 0.25in">(i) To include any prospectus
required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: 0.25in">(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 &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: 0.25in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-indent: 0.25in">Provided, however, that paragraphs (a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) of this section do not apply if the registration statement is on Form S&ndash;3 or Form F&ndash;3 and
the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or
furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b)
that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-indent: 0.25in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-indent: 0.25in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-indent: 0.25in">(4) That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: 0.25in">(i) If the registrant is subject
to Rule 430C (&sect;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 (&sect;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-indent: 0.25in">(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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: 0.25in">(i) Any preliminary prospectus
or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424 of
this chapter);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: 0.25in">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: 0.25in">(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</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.75in; text-indent: 0.25in">(iv) Any other communication that
is an offer in the offering made by the undersigned registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-indent: 0.5in">(b) The undersigned registrant hereby
undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s
annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-indent: 0.5in">(c) 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-indent: 0.5in">(d) The undersigned registrant hereby
undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-indent: 0.25in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt 0.5in; text-indent: 0.25in">(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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Pursuant to the requirements of the Securities Act of 1933,
the registrant has duly caused this Post-Effective Amendment No. 3 to the registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Oakland, State of California, on April 28, 2016.</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2"><b>UNITED STATES 12 MONTH OIL FUND, L.P.</b></td></tr>
<tr style="vertical-align: top">
    <td style="width: 50%">&nbsp;</td>
    <td style="width: 4%">By:</td>
    <td style="width: 46%">United States Commodity Funds LLC as General Partner</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>By:</td>
    <td style="border-bottom: Black 1pt solid">/s/ John P. Love</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>John P. Love</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>President and Chief Executive Officer of</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>United States Commodity Funds LLC</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Pursuant to the requirements of the Securities Act of 1933,
this Post-Effective Amendment No. 3 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.</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 35%; border-bottom: Black 1pt solid">Signature</td>
    <td style="vertical-align: top; width: 4%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 39%; border-bottom: Black 1pt solid">Title</td>
    <td style="vertical-align: top; width: 3%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 19%; border-bottom: Black 1pt solid">Date</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ John P. Love</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">President and Chief Executive Officer</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">John P. Love</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">(Principal Executive Officer)</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Stuart P. Crumbaugh</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">Chief Financial Officer</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">Stuart P. Crumbaugh</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">(Principal Financial and Accounting Officer)</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">*</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">Management Director</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">Nicholas D. Gerber</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">*</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">Management Director</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">Melinda Gerber</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">*</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">Management Director</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">Andrew F. Ngim</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">*</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">Management Director</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">Robert L. Nguyen</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">*</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">Independent Director</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">Peter M. Robinson</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">*</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">Independent Director</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">Gordon L. Ellis</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">*</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">Independent Director</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">April 28, 2016</td></tr>
<tr>
    <td style="vertical-align: bottom">Malcolm R. Fobes III</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">*Signed by John P. Love pursuant to a power of attorney signed
by each individual on March 31, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

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<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>2
<FILENAME>i00262_ex23-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 23.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">We hereby consent to the incorporation
by reference in this Post-Effective Amendment No. 3 to Registration Statement on Form S-1 for United States 12 Month Oil Fund,
LP of our report dated March 11, 2016 relating to the statements of financial condition as of December&nbsp;31, 2015 and 2014,&nbsp;including
the schedules of investments as of December&nbsp;31, 2015 and 2014, and the related statements of operations, changes in partners&rsquo;
capital and cash flows for the years ended December&nbsp;31, 2015, 2014, and 2013 of United States 12 Month Oil Fund, LP included
in the Form 10-K of United States 12 Month Oil Fund, LP for the year ended December 31, 2015, and to the reference to our Firm
as &ldquo;Experts&rdquo; in the Prospectus, which is part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B><U>/s/ SPICER JEFFRIES LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Greenwood Village, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 28, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
