1 unchanged sentence
Index to Financial Statements
−Removed: Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024
−Removed: Schedules of Investments (Unaudited) at June 30, 2025 and December 31, 2024
−Removed: Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024
−Removed: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
−Removed: Notes to Financial Statements (Unaudited) for the period ended June 30, 2025
+Added: Statements of Financial Condition at September 30 , 2025 (Unaudited) and December 31, 2024
+Added: Schedules of Investments at September 30, 2025 (Unaudited) and December 31, 2024
+Added: Statements of Operations (Unaudited) for the three and nine months ended September 30 , 2025 and 2024
+Added: Statements of Changes in Partners’ Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024
+Added: Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024
+Added: Notes to Financial Statements (Unaudited) for the period ended September 30, 2025
United States 12 Month Natural Gas Fund, LP
Statements of Financial Condition
−Removed: At June 30, 2025 (Unaudited) and December 31, 2024
−Removed: June 30, 2025
+Added: At September 30, 2025 (Unaudited) and December 31, 2024
+Added: September 30, 2025
December 31, 2024
23 unchanged sentences
Market value per share
−Removed: (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements.
See accompanying notes to financial statements.
1 unchanged sentence
Schedule of Investments (Unaudited)
−Removed: At June 30, 2025
+Added: At September 30, 2025
Value/Unrealized
4 unchanged sentences
United States Contracts
−Removed: NYMEX Natural Gas Futures NG August 2025 contracts, expiring July 2025
−Removed: NYMEX Natural Gas Futures NG September 2025 contracts, expiring August 2025
−Removed: NYMEX Natural Gas Futures NG October 2025 contracts, expiring September 2025
NYMEX Natural Gas Futures NG November 2025 contracts, expiring October 2025
7 unchanged sentences
NYMEX Natural Gas Futures NG July 2026 contracts, expiring June 2026
+Added: NYMEX Natural Gas Futures NG August 2026 contracts, expiring July 2026
+Added: NYMEX Natural Gas Futures NG September 2026 contracts, expiring August 2026
+Added: NYMEX Natural Gas Futures NG October 2026 contracts, expiring September 2026
Total Open Futures Contracts*
7 unchanged sentences
* Collateral amounted to $ 1,667,644 on open commodity futures contracts.
−Removed: # Reflects the 7-day yield at June 30, 2025.
+Added: # Reflects the 7-day yield at September 30, 2025.
See accompanying notes to financial statements.
31 unchanged sentences
Statements of Operations (Unaudited)
−Removed: For the three and six months ended June 30, 2025 and 2024
+Added: For the three and nine months ended September 30 , 2025 and 2024
Three months ended
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Gain (loss) on trading of commodity futures contracts:
1 unchanged sentence
( 1,015,723 )
+Added: ( 6,448,604 )
Change in unrealized gain (loss) on open commodity futures contracts
( 1,204,810 )
+Added: ( 1,929,554 )
Dividend income
3 unchanged sentences
( 1,283,968 )
+Added: ( 1,477,433 )
General Partner management fees (Note 3)
13 unchanged sentences
Statements of Changes in Partners’ Capital (Unaudited)
−Removed: For the three and six months ended June 30, 2025 and 2024
+Added: For the three and nine months ended September 30, 2025 and 2024
Limited Partners*
1 unchanged sentence
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Balances at beginning of period
12 unchanged sentences
Statements of Cash Flows (Unaudited)
−Removed: For the six months ended June 30, 2025 and 2024
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the nine months ended September 30, 2025 and 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Cash Flows from Operating Activities:
25 unchanged sentences
( 6,558,543 )
−Removed: ( 1,527,577 )
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period
8 unchanged sentences
Notes to Financial Statements (Unaudited)
−Removed: For the period ended June 30, 2025
+Added: For the period ended September 30, 2025
NOTE 1 — ORGANIZATION AND BUSINESS
17 unchanged sentences
Investors should be aware that UNL’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas nor is UNL’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 greater than one day.
−Removed: This is because natural market forces called contango and backwardation may impact and have impacted the total return on an investment in UNL’s shares during the past year relative to a hypothetical direct investment in natural gas and, in the future, it is likely that the relationship between the market price of UNL’s shares and changes in the spot prices of natural gas will continue to be impacted by contango and backwardation.
+Added: This is because natural market forces called contango and backwardation may impact and have impacted the total return on an investment in UNL’s shares relative to a hypothetical direct investment in natural gas and, in the future, it is likely that the relationship between the market price of UNL’s shares and changes in the spot prices of natural gas will continue to be impacted by contango and backwardation.
It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing natural gas, which could be substantial.
−Removed: As of June 30, 2025, UNL held 304 Futures Contracts for natural gas traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures US.
+Added: As of September 30, 2025, UNL held 277 Futures Contracts for natural gas traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures US.
UNL commenced investment operations on November 18, 2009 and has a fiscal year ending on December 31.
45 unchanged sentences
UNL recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed.
−Removed: No interest expense or penalties have been recognized as of and for the period ended June 30, 2025.
+Added: No interest expense or penalties have been recognized as of and for the period ended September 30, 2025.
Creations and Redemptions
13 unchanged sentences
The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period.
−Removed: There were no shares held by USCF at June 30, 2025.
+Added: There were no shares held by USCF at September 30, 2025.
Offering Costs
20 unchanged sentences
Effective May 1, 2024, the management fee that UNL is contractually obligated to pay USCF, which is based on UNL’s average daily total net assets and is paid monthly, was reduced from 0.75 % per annum to 0.60 % per annum.
−Removed: Ongoing Registration Fees and Other Offering Expenses
+Added: Ongoing Registration Fee and Other Offering Expenses
UNL pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering.
These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale.
−Removed: For the six months ended June 30, 2025 and 2024, UNL did no t incur registration fees and other offering expenses.
+Added: For the nine months ended September 30, 2025 and 2024, UNL did no t incur registration fees and other offering expenses.
Independent Directors’ and Officers’ Expenses
5 unchanged sentences
Pursuant to the agreement, UNL and the Related Public Funds, other than BNO, USCI and CPER, pay a licensing fee that is equal to 0.015 % on all net assets.
−Removed: During the six months ended June 30, 2025 and 2024, UNL incurred $ 4,216 and $ 1,325 , respectively under this arrangement.
+Added: During the nine months ended September 30, 2025 and 2024, UNL incurred $ 4,625 and $ 2,011 , respectively under this arrangement.
Investor Tax Reporting Cost
6 unchanged sentences
USCF had no obligation to continue such payments into subsequent periods and such waiver was terminated on April 30, 2024.
−Removed: For the six months ended June 30, 2025 and 2024 USCF waived $ 0 and $ 76,210 respectively, of UNL’s expenses.
+Added: For the nine months ended September 30, 2025 and 2024 USCF waived $ 0 and $ 80,982 respectively, of UNL’s expenses.
This voluntary expense waiver was in addition to those amounts USCF was contractually obligated to pay as described in Note 4 – Contracts and Agreements.
16 unchanged sentences
(“ADMIS”) to serve as additional FCMs to UNL effective on May 28, 2020, June 5, 2020, December 3, 2020, and August 8, 2023, respectively.
−Removed: The agreements with UNL’s FCMs require the FCMs to provide services to UNL in connection with the purchase and sale of Natural Gas Futures Contracts and Other Natural Gas-Related Investments that may be purchased and sold by or through the applicable FCM for UNL’s account.
−Removed: In accordance with the FCM agreements, UNL pays each FCM commissions of approximately $ 7 to $ 8 per round-turn trade, including applicable exchange, clearing and NFA fees for Natural Gas Futures Contracts and options on Natural Gas Futures Contracts.
−Removed: Such fees include those incurred when purchasing Natural Gas Futures Contracts and options on Natural Gas Futures Contracts when UNL issues shares as a result of a Creation Basket, as well as fees incurred when selling Natural Gas Futures Contracts and options on Natural Gas Futures Contracts when UNL redeems shares as a result of a Redemption Basket.
−Removed: Such fees are also incurred when Natural Gas Futures Contracts and options on Natural Gas Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio.
−Removed: UNL also incurs commissions to brokers for the purchase and sale of Natural Gas Futures Contracts, Other Natural Gas -Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: The agreements with UNL’s FCMs require the FCMs to provide services to UNL in connection with the purchase and sale of Futures Contracts and Other Natural Gas-Related Investments that may be purchased and sold by or through the applicable FCM for UNL’s account.
+Added: In accordance with the FCM agreements, UNL pays each FCM commissions of approximately $ 7 to $ 8 per round-turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures Contracts.
+Added: Such fees include those incurred when purchasing Natural Gas Futures Contracts and options on Futures Contracts when UNL issues shares as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when UNL redeems shares as a result of a Redemption Basket.
+Added: Such fees are also incurred when Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio.
+Added: UNL also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Natural Gas -Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Total commissions accrued to brokers
Total commissions as annualized percentage of average total net assets
−Removed: The decrease in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a lower number of natural gas futures contracts being held and traded.
+Added: The decrease in total commissions accrued to brokers for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a lower number of natural gas futures contracts being held and traded.
NYMEX Licensing Agreement
15 unchanged sentences
The Commodity Exchange Act requires FCMs to segregate all customer transactions and assets from the FCM’s proprietary transactions and assets.
−Removed: To reduce the credit risk that arises in connection with OTC swaps, UNL will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc., which provides for the netting of its overall exposure to its counterparty.
−Removed: The Master Agreement is negotiated as between the parties and would address, among other things, the exchange of margin between the parties.
+Added: To reduce the credit risk that arises in connection with OTC swaps, UNL will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc.
+Added: (“ISDA”), that provides for the netting of its overall exposure to its counterparty and, consistent with applicable regulatory requirements, the posting by each party to cover the mark-to-market exposure of a counterparty to the other counterparty is required.
Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin.
8 unchanged sentences
In such a circumstance, UNL could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other Futures Contracts and/or Other Natural-Gas Related Investments.
−Removed: All of the futures contracts held by UNL through June 30, 2025, were exchange-traded.
+Added: All of the futures contracts held by UNL through September 30 , 2025, were exchange-traded.
The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties.
11 unchanged sentences
UNL is exposed to any risk of loss associated with an investment in such money market funds.
−Removed: As of June 30, 2025 and December 31, 2024, UNL held investments in money market funds in the amounts of $ 7,000,000 and $ 11,000,000 , respectively.
+Added: As of September 30, 2025 and December 31, 2024, UNL held investments in money market funds in the amounts of $ 7,000,000 and $ 11,000,000 , respectively.
UNL also holds cash deposits with its custodian and FCMs.
−Removed: As of June 30, 2025 and December 31, 2024, UNL held cash deposits in the amounts of $ 4,860,801 and $ 6,860,450 respectively, with the custodian and FCMs.
+Added: As of September 30, 2025 and December 31, 2024, UNL held cash deposits in the amounts of $ 4,301,907 and $ 6,860,450 respectively, with the custodian and FCMs.
Some or all of these amounts may be subject to loss should UNL’s custodian and/or FCMs cease operations.
5 unchanged sentences
The financial instruments held by UNL are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.
−Removed: For the six months ended June 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 13,294,810 and $ 20,483,784 , respectively.
+Added: For the nine months ended September 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 12,720,094 and $ 20,373,584 , respectively.
NOTE 6 — FINANCIAL HIGHLIGHTS
−Removed: The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2025 and 2024 for the shareholders.
+Added: The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2025 and 2024 for the shareholders.
This information has been derived from information presented in the financial statements.
1 unchanged sentence
Three months ended
−Removed: Six months ended
−Removed: Six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: Nine months ended
+Added: Nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
+Added: September 30, 2025
+Added: September 30, 2024
Per Share Operating Performance:
30 unchanged sentences
The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.
−Removed: The following table summarizes the valuation of UNL’s securities at June 30, 2025 using the fair value hierarchy:
−Removed: At June 30, 2025
+Added: The following table summarizes the valuation of UNL’s securities at September 30, 2025 using the fair value hierarchy:
+Added: At September 30, 2025
Short-Term Investments
13 unchanged sentences
Condition Location
−Removed: June 30, 2025
+Added: September 30, 2025
December 31, 2024
2 unchanged sentences
The Effect of Derivative Instruments on the Statements of Operations
−Removed: For the six months ended
−Removed: For the six months ended
−Removed: June 30, 2025
−Removed: June 30, 2024
+Added: For the nine months ended
+Added: For the nine months ended
+Added: September 30, 2025
+Added: September 30, 2024
Change in Unrealized
20 unchanged sentences
Change in unrealized gain (loss) on open commodity futures contracts
+Added: ( 1,929,554 )
NOTE 8 — SUBSEQUENT EVENTS
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.