Fund Description: United States 12 Month Oil Fund, LP (US12OF) is a Delaware limited partnership commodity pool that issues units that may be purchased and sold on the NYSE Arca. UGA is a domestic exchange traded security designed to track the movements of West Texas Intermediate light, sweet crude oil (WTI). <p> INVESTMENT OBJECTIVE: The United States 12 Month Oil Fund, LP seeks to have the changes in percentage terms of the units' net asset value reflect the changes in percentage terms of the price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the changes in the average of the prices of 12 Futures Contracts on crude oil traded on the New York Mercantile Exchange (the Benchmark Futures Contracts), consisting of the near month contract to expire and the contracts for the following eleven months, for a total of 12 consecutive months' contracts, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures contracts that are the next month contract to expire and the contracts for the following eleven consecutive months, less USL's expenses. When calculating the daily movement of the average price of the 12 contracts each contract month will be equally weighted. <p> FUND STRATEGY: A neutral investment strategy is used which is intended to track the changes in the price of the Benchmark Oil Futures Contracts regardless of whether these prices go up or go down. This strategy is designed to permit investors generally to purchase and sell US12OF’s units for the purpose of investing indirectly in crude oil in a cost-effective manner, and/or to permit participants in the crude 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. US12OF 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 Futures Contracts and Other Oil Interests. The primary focus of the General Partner is the investment in Oil Futures Contracts and the management of US12OF’s investments in short-term obligations of the United States of two years or less (Treasuries), cash and/or cash equivalents for margining purposes and as collateral. <p> FUND MANAGEMENT: The General Partner, United States Commodity Funds LLC, has sole current authority to manage the investments and operations of the Fund.