---
schema_version: "secwatch.filing_event.v1"
accession: "0001171200-25-000102"
form_type: "8-K"
ticker: "UNL"
cik: "0001405513"
company_name: "United States 12 Month Natural Gas Fund, LP"
filed_at: "2025-03-24T23:59:59+00:00"
generated_at: "2026-05-24T06:24:15.388716+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# USCF GP audited financials: member equity $5.3M at Dec 2024, down 15%; UNL fee waiver terminated May 2024

## Summary
- Cash and equivalents $2.27M (2023: $2.63M); investments $2.33M (2023: $3.79M).
- Total assets $7.13M (2023: $8.69M); member's equity $5.28M (2023: $6.22M).
- UNL management fee reduced from 0.75% to 0.60% effective May 1, 2024; expense waiver terminated.
- Income taxes payable $0.63M (2023: $1.28M); operating lease extended through March 2028.
- Optimum Strategies Action (April 2022) pending against USO and USCF; outcome uncertain.

## SEC filing metadata
- accession: 0001171200-25-000102
- form_type: 8-K
- ticker: UNL
- cik: 0001405513
- company_name: United States 12 Month Natural Gas Fund, LP
- filed_at: 2025-03-24T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1405513/000117120025000102/0001171200-25-000102-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1405513/000117120025000102/i25111_unl-8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171200-25-000102
- JSON: https://secwatch.observer/filing/0001171200-25-000102.json
- Plain text: https://secwatch.observer/filing/0001171200-25-000102.txt

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