1 unchanged sentence
Index to Financial Statements
−Removed: Statements of Financial Condition at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Schedules of Investments at March 31, 2025 (Unaudited) and December 31, 2024
−Removed: Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Statements of Changes in Partners’ Capital (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024
−Removed: Notes to Financial Statements (Unaudited) for the period ended March 31, 2025
+Added: Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024
+Added: Schedules of Investments (Unaudited) at June 30, 2025 and December 31, 2024
+Added: Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Statements of Changes in Partners’ Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024
+Added: Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024
+Added: Notes to Financial Statements (Unaudited) for the period ended June 30, 2025
United States 12 Month Natural Gas Fund, LP
Statements of Financial Condition
−Removed: At March 31, 2025 (Unaudited) and December 31, 2024
−Removed: March 31, 2025
+Added: At June 30, 2025 (Unaudited) and December 31, 2024
+Added: June 30, 2025
December 31, 2024
1 unchanged sentence
Equity in trading accounts:
+Added: Cash and cash equivalents (at cost $ 103,594 and $–, respectively)
Unrealized gain (loss) on open commodity futures contracts
19 unchanged sentences
Market value per share
+Added: (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 March 31, 2025
+Added: At June 30, 2025
Value/Unrealized
4 unchanged sentences
United States Contracts
−Removed: NYMEX Natural Gas Futures NG May 2025 contracts, expiring April 2025
−Removed: NYMEX Natural Gas Futures NG June 2025 contracts, expiring May 2025
−Removed: NYMEX Natural Gas Futures NG July 2025 contracts, expiring June 2025
NYMEX Natural Gas Futures NG August 2025 contracts, expiring July 2025
7 unchanged sentences
NYMEX Natural Gas Futures NG April 2026 contracts, expiring March 2026
+Added: NYMEX Natural Gas Futures NG May 2026 contracts, expiring April 2026
+Added: NYMEX Natural Gas Futures NG June 2026 contracts, expiring May 2026
+Added: NYMEX Natural Gas Futures NG July 2026 contracts, expiring June 2026
Total Open Futures Contracts*
3 unchanged sentences
United States Money Market Funds
+Added: Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29 % #
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.23 % #
Total United States Money Market Funds
−Removed: # Reflects the 7-day yield at March 31, 2025.
+Added: * Collateral amounted to $ 103,594 on open commodity futures contracts.
+Added: # Reflects the 7-day yield at June 30, 2025.
See accompanying notes to financial statements.
31 unchanged sentences
Statements of Operations (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
+Added: For the three and six months ended June 30, 2025 and 2024
Three months ended
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Gain (loss) on trading of commodity futures contracts:
2 unchanged sentences
Change in unrealized gain (loss) on open commodity futures contracts
+Added: ( 2,953,638 )
Dividend income
11 unchanged sentences
( 2,383,394 )
+Added: ( 1,100,019 )
Net Income (Loss) per limited partner share
4 unchanged sentences
Statements of Changes in Partners’ Capital (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
+Added: For the three and six months ended June 30, 2025 and 2024
Limited Partners*
1 unchanged sentence
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 30, 2024
Balances at beginning of period
3 unchanged sentences
( 10,079,700 )
+Added: ( 10,462,991 )
Net income (loss)
( 2,383,394 )
+Added: ( 1,100,019 )
Balances at end of period
3 unchanged sentences
Statements of Cash Flows (Unaudited)
−Removed: For the three months ended March 31, 2025 and 2024
−Removed: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: For the six months ended June 30, 2025 and 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
Cash Flows from Operating Activities:
4 unchanged sentences
( 3,991,460 )
−Removed: ( 2,465,648 )
(Increase) decrease in receivable from General Partner
30 unchanged sentences
Notes to Financial Statements (Unaudited)
−Removed: For the period ended March 31, 2025
+Added: For the period ended June 30, 2025
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.
−Removed: As of March 31, 2025, UNL held 356 Futures Contracts for natural gas traded on the NYMEX and did not hold any Futures Contracts traded on ICE Futures US.
+Added: 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.
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 March 31, 2025.
+Added: No interest expense or penalties have been recognized as of and for the period ended June 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 March 31, 2025.
+Added: There were no shares held by USCF at June 30, 2025.
Offering Costs
22 unchanged sentences
UNL pays all costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering.
−Removed: These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting,
−Removed: printing and other expenses associated with such offer and sale.
−Removed: For the three months ended March 31, 2025 and 2024, UNL did no t incur registration fees and other offering expenses.
+Added: 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.
+Added: For the six months ended June 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 three months ended March 31, 2025 and 2024, UNL incurred $ 2,186 and $ 634 , respectively under this arrangement.
+Added: During the six months ended June 30, 2025 and 2024, UNL incurred $ 4,216 and $ 1,325 , 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.
−Removed: Other Expenses and Fee Waivers
+Added: Other Expenses and Fees Waivers
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.
1 unchanged sentence
USCF had no obligation to continue such payments into subsequent periods and such waiver was terminated on April 30, 2024.
−Removed: For the three months ended March 31, 2025 and 2024 USCF waived $ 0 and $ 61,732 respectively, of UNL’s expenses.
+Added: For the six months ended June 30, 2025 and 2024 USCF waived $ 0 and $ 76,210 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 Oil 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: 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.
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.
2 unchanged sentences
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: Three months ended
−Removed: Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 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 three months ended March 31, 2025, compared to the three months ended March 31, 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 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.
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.
−Removed: All of the futures contracts held by UNL through March 31, 2025, were exchange-traded.
+Added: All of the futures contracts held by UNL through June 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 March 31, 2025 and December 31, 2024, UNL held investments in money market funds in the amounts of $ 10,000,000 and $ 11,000,000 , respectively.
+Added: 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.
UNL also holds cash deposits with its custodian and FCMs.
−Removed: As of March 31, 2025 and December 31, 2024, UNL held cash deposits in the amounts of $ 5,009,601 and $ 6,860,450 respectively, with the custodian and FCMs.
+Added: 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.
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 three months ended March 31, 2025 and 2024, the monthly average volume of open future contract notional value was $ 14,687,821 and $ 21,458,282 , respectively.
+Added: 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.
NOTE 6 — FINANCIAL HIGHLIGHTS
−Removed: The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2025 and 2024 for the shareholders.
+Added: 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.
This information has been derived from information presented in the financial statements.
1 unchanged sentence
Three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: Six months ended
+Added: Six months ended
+Added: June 30, 2025
+Added: June 30, 2024
+Added: June 30, 2025
+Added: June 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 March 31, 2025 using the fair value hierarchy:
−Removed: At March 31, 2025
+Added: The following table summarizes the valuation of UNL’s securities at June 30, 2025 using the fair value hierarchy:
+Added: At June 30, 2025
Short-Term Investments
13 unchanged sentences
Condition Location
−Removed: March 31, 2025
+Added: June 30, 2025
December 31, 2024
2 unchanged sentences
The Effect of Derivative Instruments on the Statements of Operations
−Removed: For the three months ended
−Removed: For the three months ended
−Removed: March 31, 2025
−Removed: March 31, 2024
+Added: For the six months ended
+Added: For the six months ended
+Added: June 30, 2025
+Added: June 30, 2024
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.