$USL

United States 12 Month Oil Fund, LP

CIK:0001405528|SEC Filings

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$ 10,957,593	$ (2,251,440)	$ 12,565,886	$ (2,381,328)
Change in unrealized gain (loss) on open commodity futures contracts	(13,165,792)	(2,054,602)	1,795,805	(1,950,440)
Dividend income	357,737	207,126	623,554	414,664
Interest income	111,162	212,874	244,809	490,062
ETF transaction fees	4,900	1,050	7,700	2,100
Total Income (Loss)	(1,734,400)	(3,884,992)	15,237,754	(3,424,942)
Expenses
General Partner management fees (Note 3)	81,785	61,378	150,244	132,499
Professional fees	43,828	32,248	74,424	69,743
Brokerage commissions	3,045	1,463	5,113	3,291
Directors' fees and insurance	3,216	1,649	9,198	5,412
License fees	2,045	1,535	3,756	3,313
Total Expenses	133,919	98,273	242,735	214,258
Net Income (Loss)	$ (1,868,319)	$ (3,983,265)	$ 14,995,019	$ (3,639,200)
Net Income (Loss) per limited partner share	$ (2.71)	$ (3.02)	$ 11.77	$ (2.82)
Net Income (Loss) per weighted average limited partner share	$ (1.75)	$ (3.36)	$ 13.41	$ (2.97)
Weighted average limited partner shares outstanding	1,068,132	1,185,000	1,117,956	1,224,862

Statements of Cash Flows - USD ($)	6 Months Ended
Statements of Cash Flows - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net income (loss)	$ 14,995,019	$ (3,639,200)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (gain) loss on open commodity futures contracts	(1,795,805)	1,950,440
(Increase) decrease in dividends receivable	(23,135)	(50)
(Increase) decrease in interest receivable	4,411	42,693
(Increase) decrease in prepaid insurance	(1,790)	(9,127)
Increase (decrease) in General Partner management fees payable	4,231	(5,416)
Increase (decrease) in professional fees payable	(67,835)	(74,546)
Increase (decrease) in directors' fees payable	(384)	46
Increase (decrease) in license fees payable	3,756	3,312
Net cash provided by (used in) operating activities	13,118,468	(1,731,848)
Cash Flows from Financing Activities:
Addition of partnership shares	22,646,890	3,843,327
Redemption of partnership shares	(33,713,662)	(7,391,791)
Net cash provided by (used in) financing activities	(11,066,772)	(3,548,464)
Net Increase (Decrease) in Cash and Cash Equivalents	2,051,696	(5,280,312)
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period	39,725,438	49,925,668
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$ 41,777,134	$ 44,645,356

Statements of Financial Condition - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents (at cost $34,762,105 and $31,775,871, respectively) (Notes 2 and 5)	$ 34,762,105	$ 31,775,871
Equity in trading accounts:
Cash and cash equivalents (at cost $7,015,029 and $7,949,567, respectively)	7,015,029	7,949,567
Unrealized gain (loss) on open commodity futures contracts	(1,236,669)	(3,032,474)
Dividends receivable	107,860	84,725
Interest receivable	29,320	33,731
Prepaid insurance	6,230	4,440
Total Assets	40,683,875	36,815,860
Liabilities and Partners' Capital
General Partner management fees payable (Note 3)	23,853	19,622
Professional fees payable	68,679	136,514
Directors' fees payable	753	1,137
License fees payable	18,703	14,947
Total Liabilities	111,988	172,220
Commitments and Contingencies (Notes 3, 4 & 5)
Partners' Capital
General Partners
Limited Partners	40,571,887	36,643,640
Total Partners' Capital	40,571,887	36,643,640
Total Liabilities and Partners' Capital	$ 40,683,875	$ 36,815,860
Limited Partners' shares outstanding	900,000	1,100,000
Net asset value per share	$ 45.08	$ 33.31
Market value per share	$ 45.37	$ 33.32