What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2025-11-07 · 73 added, 98 removed, 416 unchanged (29% of the section changed)

1 unchanged sentence

Index to Financial Statements

Statements of Financial Condition at September 30 , 2025 (Unaudited) and December 31, 2024

Schedules of Investments at September 30, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three and nine months ended September 30 , 2025 and 2024

Statements of Changes in Partners’ Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024

Notes to Financial Statements (Unaudited) for the period ended September 30, 2025

Statements of Financial Condition at March 31, 2026 (Unaudited) and December 31, 2025

Schedules of Investments at March 31, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended March 31, 2026

United States 12 Month Natural Gas Fund, LP

Statements of Financial Condition

At September 30, 2025 (Unaudited) and December 31, 2024

September 30, 2025

At March 31, 2026 (Unaudited) and December 31, 2025

March 31, 2026

December 31, 2025

3 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 1,632,825 )

( 2,070,955 )

Dividends receivable

2 unchanged sentences

Liabilities and Partners’ Capital

Payable due to Broker

General Partner management fees payable (Note 3)

Professional fees payable

Brokerage commissions payable

Directors’ fees payable

10 unchanged sentences

Market value per share

(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)

At September 30, 2025

At March 31, 2026

Value/Unrealized

4 unchanged sentences

United States Contracts

NYMEX Natural Gas Futures NG November 2025 contracts, expiring October 2025

NYMEX Natural Gas Futures NG December 2025 contracts, expiring November 2025

NYMEX Natural Gas Futures NG January 2026 contracts, expiring December 2025

NYMEX Natural Gas Futures NG February 2026 contracts, expiring January 2026

NYMEX Natural Gas Futures NG March 2026 contracts, expiring February 2026

NYMEX Natural Gas Futures NG April 2026 contracts, expiring March 2026

NYMEX Natural Gas Futures NG May 2026 contracts, expiring April 2026

4 unchanged sentences

NYMEX Natural Gas Futures NG October 2026 contracts, expiring September 2026

NYMEX Natural Gas Futures NG November 2026 contracts, expiring October 2026

NYMEX Natural Gas Futures NG December 2026 contracts, expiring November 2026

NYMEX Natural Gas Futures NG January 2027 contracts, expiring December 2026

NYMEX Natural Gas Futures NG February 2027 contracts, expiring January 2027

NYMEX Natural Gas Futures NG March 2027 contracts, expiring February 2027

NYMEX Natural Gas Futures NG April 2027 contracts, expiring March 2027

Total Open Futures Contracts*

( 1,632,825 )

Shares/Principal

6 unchanged sentences

* Collateral amounted to $ 2,737,658 on open commodity futures contracts.

# Reflects the 7-day yield at September 30, 2025.

# Reflects the 7-day yield at March 31, 2026.

See accompanying notes to financial statements.

21 unchanged sentences

Total Open Futures Contracts

( 2,070,955 )

Shares/Principal

2 unchanged sentences

United States Money Market Funds

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.71 % #

Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 3.69 % #

Total United States Money Market Funds

* Collateral amounted to $ 2,660,560 on open commodity futures contracts.

† Represents less than 0.005 %.

# Reflects the 7-day yield at December 31, 2025.

2 unchanged sentences

Statements of Operations (Unaudited)

For the three and nine months ended September 30 , 2025 and 2024

For the three months ended March 31 , 2026 and 2025

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Gain (loss) on trading of commodity futures contracts:

1 unchanged sentence

( 1,181,469 )

( 6,448,604 )

Change in unrealized gain (loss) on open commodity futures contracts

( 1,204,810 )

( 1,929,554 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 1,283,968 )

( 1,477,433 )

General Partner management fees (Note 3)

3 unchanged sentences

Total Expenses

Expense waiver (Note 3)

Net Income (Loss)

( 1,348,433 )

( 1,696,155 )

Net Income (Loss) per limited partner share

4 unchanged sentences

Statements of Changes in Partners’ Capital (Unaudited)

For the three and nine months ended September 30, 2025 and 2024

For the three months ended March 31, 2026 and 2025

Limited Partners*

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Balances at beginning of period

3 unchanged sentences

( 6,948,830 )

( 12,019,640 )

Net income (loss)

( 1,348,433 )

( 1,696,155 )

Balances at end of period

3 unchanged sentences

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2025 and 2024

Nine months ended

September 30, 2025

September 30, 2024

For the three months ended March 31, 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

Cash Flows from Operating Activities:

Net income (loss)

( 1,696,155 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

1 unchanged sentence

( 2,228,894 )

(Increase) decrease in receivable from General Partner

(Increase) decrease in dividends receivable

(Increase) decrease in interest receivable

(Increase) decrease in prepaid other

(Increase) decrease in prepaid insurance

13 unchanged sentences

( 2,525,477 )

( 6,437,726 )

Net Increase (Decrease) in Cash and Cash Equivalents

( 3,649,550 )

( 2,850,849 )

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period

8 unchanged sentences

Notes to Financial Statements (Unaudited)

For the period ended September 30, 2025

For the period ended March 31, 2026

NOTE 1 — ORGANIZATION AND BUSINESS

19 unchanged sentences

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.

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.

As of March 31, 2025, UNL held 431 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.

11 unchanged sentences

In November 2009, UNL initially registered 30,000,000 shares on Form S-1 with the U.S.

Securities and Exchange Commission (the “SEC”).

Securities and Exchange Commission (“SEC”).

On November 18, 2009, UNL listed its shares on the NYSE Arca under the ticker symbol “UNL”.

3 unchanged sentences

On April 26, 2022, the SEC declared effective the registration statement filed by UNL that registered an unlimited number of shares.

As a result, UNL has an unlimited number of shares that can be issued in the form of Creation Baskets.

The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosure required under generally accepted accounting principles in the United States of America (“U.S.

The financial information included herein is unaudited;

however, such financial information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of USCF, necessary for the fair presentation of the financial statements for the interim period.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 unchanged sentences

UNL earns income on funds held at the custodian or FCMs at prevailing market rates earned on such investments.

Brokerage Commissions

Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.

UNL is not subject to federal income taxes;

9 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.

No interest expense or penalties have been recognized as of and for the period ended September 30, 2025.

No interest expense or penalties have been recognized as of and for the period ended March 31, 2026.

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.

There were no shares held by USCF at September 30, 2025.

There were no shares held by USCF at March 31, 2026.

Offering Costs

12 unchanged sentences

The segment derives its revenues from investments made in accordance with the defined investment strategy of UNL, as prescribed in UNL’s prospectus.

The Chief Operating Decision Maker (“CODM”) is the general partner, USCF.

The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (“CEO”) of the general partner, USCF.

The CODM monitors the operating results of the Fund as part of making decisions for allocating resources and evaluating performance.

5 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.

Ongoing Registration Fee and Other Offering Expenses

Ongoing Registration Fees 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.

For the nine months ended September 30, 2025 and 2024, UNL did no t incur registration fees and other offering expenses.

For the three months ended March 31, 2026 and 2025, 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.

During the nine months ended September 30, 2025 and 2024, UNL incurred $ 4,625 and $ 2,011 , respectively under this arrangement.

During the three months ended March 31, 2026 and 2025, UNL incurred $ 629 and $ 2,186 , respectively under this arrangement.

Investor Tax Reporting Cost

2 unchanged sentences

Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

Other Expenses and Fees Waivers

Other Expenses

In addition to the fees described above, UNL pays all brokerage fees and other expenses in connection with the operation of UNL, excluding costs and expenses paid by USCF as outlined in Note 4 - Contracts and Agreements below .

USCF paid certain expenses on a discretionary basis typically borne by UNL, where expenses exceeded 0.15 % ( 15 basis points) of UNL’s NAV, on an annualized basis.

USCF had no obligation to continue such payments into subsequent periods and such waiver was terminated on April 30, 2024.

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.

NOTE 4 — CONTRACTS AND AGREEMENTS

20 unchanged sentences

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”).

Nine months ended

September 30, 2025

September 30, 2024

Three months ended

March 31, 2026

March 31, 2025

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

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.

The small decrease in total commissions accrued to brokers for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to a similar number of natural gas futures contracts being held and traded.

NYMEX Licensing Agreement

24 unchanged sentences

As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

Market volatility is attributable to things like the COVID-19 pandemic and related supply chain disruptions, war (such as the Russia-Ukraine war), continuing disputes among natural gas-producing countries, the introduction of or changes in tariffs or trade barriers, and trade wars between nations.

Market volatility is attributable to things like the COVID-19 pandemic and related supply chain disruptions, military conflicts and war, such as the Russia-Ukraine war, military conflicts in the Middle East, political unrest, attacks or threats of attack by terrorists, conflicts in the Middle East, continuing disputes among natural gas-producing countries, the introduction of or changes in tariffs or trade barriers, and trade wars between nations.

Events such as these, and others, could cause volatility in the future, which may affect the value, pricing and liquidity of some investments or other assets, including those held by or invested in by UNL and the impact of which could limit UNL’s ability to have a substantial portion of its assets invested in the Benchmark Futures Contracts.

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.

All of the futures contracts held by UNL through September 30 , 2025, were exchange-traded.

All of the futures contracts held by UNL through March 31 , 2026, 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.

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.

As of March 31, 2026 and December 31, 2025, UNL held investments in money market funds in the amounts of $ 12,000,000 and $ 8,000,000 , respectively.

UNL also holds cash deposits with its custodian and FCMs.

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.

As of March 31, 2026 and December 31, 2025, UNL held cash deposits in the amounts of $ 5,172,335 and $ 12,821,885 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.

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.

For the three months ended March 31, 2026 and 2025, the monthly average volume of open future contract notional value was $ 18,548,938 and $ 14,687,821 , respectively.

NOTE 6 — FINANCIAL HIGHLIGHTS

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.

The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2026 and 2025 for the shareholders.

This information has been derived from information presented in the financial statements.

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Per Share Operating Performance:

8 unchanged sentences

Total expenses excluding management fees #

Expense waived #

Net expense excluding management fees #

Net income (loss)

18 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.

The following table summarizes the valuation of UNL’s securities at September 30, 2025 using the fair value hierarchy:

At September 30, 2025

The following table summarizes the valuation of UNL’s securities at March 31, 2026 using the fair value hierarchy:

At March 31, 2026

Short-Term Investments

1 unchanged sentence

United States Contracts

( 1,632,825 )

The following table summarizes the valuation of UNL’s securities at December 31, 2025 using the fair value hierarchy:

3 unchanged sentences

United States Contracts

( 2,070,955 )

Effective January 1, 2009, UNL adopted the provisions of Accounting Standards Codification 815 — Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives.

5 unchanged sentences

Condition Location

September 30, 2025

March 31, 2026

December 31, 2025

1 unchanged sentence

Unrealized gain(loss) on open commodity futures contracts

( 1,632,825 )

( 2,070,955 )

The Effect of Derivative Instruments on the Statements of Operations

For the nine months ended

September 30, 2025

September 30, 2024

For the three months ended

March 31, 2026

March 31, 2025

Change in Unrealized

20 unchanged sentences

Change in unrealized gain (loss) on open commodity futures contracts

( 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.

What changed 10-Q

Item 1. Financial Statements