What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 76 added, 52 removed, 437 unchanged (23% of the section changed)

1 unchanged sentence

Index to Financial Statements

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

Statements of Financial Condition at June 30, 2026 (Unaudited) and December 31, 2025

Schedules of Investments at June 30, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended June 30, 2026

United States 12 Month Natural Gas Fund, LP

Statements of Financial Condition

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

March 31, 2026

At June 30, 2026 (Unaudited) and December 31, 2025

June 30, 2026

December 31, 2025

27 unchanged sentences

Schedule of Investments (Unaudited)

At March 31, 2026

At June 30, 2026

Value/Unrealized

4 unchanged sentences

United States Contracts

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

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

NYMEX Natural Gas Futures NG July 2026 contracts, expiring June 2026

NYMEX Natural Gas Futures NG August 2026 contracts, expiring July 2026

7 unchanged sentences

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

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

NYMEX Natural Gas Futures NG, June 2027 contracts, expiring May 2027

NYMEX Natural Gas Futures NG, July 2027 contracts, expiring June 2027

Total Open Futures Contracts*

8 unchanged sentences

* Collateral amounted to $ 3,293,620 on open commodity futures contracts.

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

# Reflects the 7-day yield at June 30, 2026.

See accompanying notes to financial statements.

35 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31 , 2026 and 2025

For the three and six months ended June 30 , 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Gain (loss) on trading of commodity futures contracts:

1 unchanged sentence

( 1,202,415 )

( 2,383,884 )

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

( 2,953,638 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 1,022,235 )

( 2,331,808 )

( 1,616,584 )

General Partner management fees (Note 3)

4 unchanged sentences

Net Income (Loss)

( 1,105,281 )

( 2,383,394 )

( 1,765,430 )

Net Income (Loss) per limited partner share

4 unchanged sentences

Statements of Changes in Partners’ Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Limited Partners*

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Balances at beginning of period

3 unchanged sentences

( 3,130,870 )

( 5,547,703 )

( 10,079,700 )

Net income (loss)

( 1,105,281 )

( 2,383,394 )

( 1,765,430 )

Balances at end of period

3 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

Three months ended

March 31, 2026

March 31, 2025

For the six months ended June 30, 2026 and 2025

Six months ended

June 30, 2026

June 30, 2025

Cash Flows from Operating Activities:

Net income (loss)

( 1,765,430 )

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

( 2,228,894 )

(Increase) decrease in dividends receivable

15 unchanged sentences

( 8,249,435 )

( 6,437,726 )

Net Increase (Decrease) in Cash and Cash Equivalents

11 unchanged sentences

Notes to Financial Statements (Unaudited)

For the period ended March 31, 2026

For the period ended June 30, 2026

NOTE 1 — ORGANIZATION AND BUSINESS

3 unchanged sentences

UNL will continue in perpetuity, unless terminated sooner upon the occurrence of one or more events as described in its Third Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (the “LP Agreement”), which grants full management and control to its general partner, United States Commodity Funds LLC (“USCF”).

The investment objective of UNL is for the average daily percentage changes in per share net asset value (“NAV”) to reflect the average daily percentage changes of spot the price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily percentage changes in the average of the prices of 12 futures contracts for natural gas traded on the New York Mercantile Exchange (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’ 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 “Benchmark Futures Contracts”), plus interest earned on UNL’s collateral holdings, less UNL’s expenses.

The investment objective of UNL is for the average daily percentage changes in per share net asset value (“NAV”) to reflect the average daily percentage changes of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the daily percentage changes in the average of the prices of 12 futures contracts for natural gas traded on the New York Mercantile Exchange (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’ 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 “Benchmark Futures Contracts”), plus interest earned on UNL’s collateral holdings, less UNL’s expenses.

When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted.

13 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 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.

As of June 30, 2026, UNL held 510 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.

39 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 March 31, 2026.

No interest expense or penalties have been recognized as of and for the period ended June 30, 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 March 31, 2026.

There were no shares held by USCF at June 30, 2026.

Offering Costs

23 unchanged sentences

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 three months ended March 31, 2026 and 2025, UNL did no t incur registration fees and other offering expenses.

For the six months ended June 30, 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 three months ended March 31, 2026 and 2025, UNL incurred $ 629 and $ 2,186 , respectively under this arrangement.

During the six months ended June 30, 2026 and 2025, UNL incurred $ 1,244 and $ 4,216 , respectively under this arrangement.

Investor Tax Reporting Cost

26 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”).

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

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.

The increase in total commissions accrued to brokers for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due primarily to a higher number of natural gas futures contracts being held and traded.

NYMEX Licensing Agreement

27 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.

All of the futures contracts held by UNL through March 31 , 2026, were exchange-traded.

All of the futures contracts held by UNL through June 30 , 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 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.

As of June 30, 2026 and December 31, 2025, UNL held investments in money market funds in the amounts of $ 14,525,000 and $ 8,000,000 , respectively.

UNL also holds cash deposits with its 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.

As of June 30, 2026 and December 31, 2025, UNL held cash deposits in the amounts of $ 4,431,490 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 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.

For the six months ended June 30, 2026 and 2025, the monthly average volume of open future contract notional value was $ 18,746,734 and $ 13,294,810 , respectively.

NOTE 6 — FINANCIAL HIGHLIGHTS

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.

The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2026 and 2025 for the shareholders.

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

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operating Performance:

28 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 March 31, 2026 using the fair value hierarchy:

At March 31, 2026

The following table summarizes the valuation of UNL’s securities at June 30, 2026 using the fair value hierarchy:

At June 30, 2026

Short-Term Investments

17 unchanged sentences

Condition Location

March 31, 2026

June 30, 2026

December 31, 2025

4 unchanged sentences

The Effect of Derivative Instruments on the Statements of Operations

For the three months ended

March 31, 2026

March 31, 2025

For the six months ended

June 30, 2026

June 30, 2025

Change in Unrealized

24 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