---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-039894"
form_type: "8-K"
ticker: "UNL"
cik: "0001405513"
company_name: "United States 12 Month Natural Gas Fund, LP"
filed_at: "2025-04-28T23:59:59+00:00"
generated_at: "2026-05-23T04:51:11.834058+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# UNL reports March 2025 NAV of $10.26 per share, net income of $1.21M

## Summary
- Net income for March 2025: $1,208,888, driven by $697,279 realized trading gain and $464,561 unrealized gain.
- Net asset value per share: $10.26 as of March 31, 2025, up from $10.16 at end of February.
- Total NAV increased to $16.42M from $16.26M after net share redemptions of 100,000 units.
- Dividend and interest income combined: $60,750; total expenses: $14,402.
- Shares outstanding: 1,600,000 as of month-end.

## SEC filing metadata
- accession: 0001104659-25-039894
- form_type: 8-K
- ticker: UNL
- cik: 0001405513
- company_name: United States 12 Month Natural Gas Fund, LP
- filed_at: 2025-04-28T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1405513/000110465925039894/0001104659-25-039894-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405513/000110465925039894/tm2512319d5_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-039894
- JSON: https://secwatch.observer/filing/0001104659-25-039894.json
- Plain text: https://secwatch.observer/filing/0001104659-25-039894.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.