<SEC-DOCUMENT>0001171200-23-000378.txt : 20230808
<SEC-HEADER>0001171200-23-000378.hdr.sgml : 20230808
<ACCEPTANCE-DATETIME>20230808163442
ACCESSION NUMBER:		0001171200-23-000378
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230808
DATE AS OF CHANGE:		20230808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States 12 Month Natural Gas Fund, LP
		CENTRAL INDEX KEY:			0001405513
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				260431733
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-263572
		FILM NUMBER:		231152005

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>i23345_unl-424b3.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Filed
pursuant to Rule 424(b)(3)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>File
No. 333-263572</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED
STATES 12 MONTH NATURAL GAS FUND, LP</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Supplement
dated August 8, 2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Prospectus
dated April 26, 2023</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
supplement contains information that amends, supplements or modifies certain information contained in the prospectus of United
States 12 Month Natural Gas Fund, LP (&ldquo;UNL&rdquo;) dated April 26, 2023 (the &ldquo;Prospectus&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You
should carefully read the Prospectus and this supplement before investing. This supplement should be read in conjunction with
the Prospectus. <I>You should also carefully consider the &ldquo;Risk Factors&rdquo; beginning on page 8 of the Prospectus before
you decide to invest.</I></FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>ADM
                                         Investor Services, Inc. to Serve as a Futures Commission Merchant for UNL</I></B> </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">On
August 8, 2023, UNL entered into a Customer Account Agreement with ADM Investor Services, Inc. (&ldquo;ADMIS&rdquo;) to serve
as an additional futures commission merchant (&ldquo;FCM&rdquo;) for UNL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">In
light of the foregoing, the section entitled &ldquo;Futures Commission Merchants&rdquo; beginning on page 39 of the Prospectus
is revised to add the following text at the end of the section:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt"><I>ADM
Investor Services, Inc.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">On
August 8, 2023, UNL and ADM Investor Services, Inc. (&ldquo;ADMIS&rdquo;) entered into a Customer Account Agreement pursuant to
which ADMIS has agreed to serve as an additional FCM for UNL. The Customer Account Agreement between UNL and ADMIS requires ADMIS to
provide services to UNL in connection with the purchase and sale of futures contracts that may be purchased or sold by or through
ADMIS for UNL&rsquo;s account. Under this agreement, UNL has agreed to pay ADMIS commissions for executing and clearing trades on behalf of
UNL.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">ADMIS&rsquo;s
primary address is 141 W Jackson Boulevard, Suite 2100a, Chicago, IL 60604. ADMIS is registered in the United States with the
CFTC as an FCM providing futures execution and clearing services covering futures exchanges globally. ADMIS is a member of various
U.S. futures and securities exchanges.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">ADMIS
has been named as a defendant in various legal actions, including arbitrations, class actions and other litigation including those
described below, arising in connection with its activities. Certain of the actual or threatened legal actions include claims for
substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. ADMIS is also involved, in other
reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding ADMIS&rsquo;s
business, including among other matters, accounting and operational matters, certain of which may result in adverse judgments,
settlements, fines, penalties, injunctions or other relief.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">ADMIS
contests liability and/or the amount of damages as appropriate in each pending matter. In view of the inherent difficulty of predicting
the outcome of such matters, particularly in cases where claimants seek substantial or indeterminate damages or where investigations
and proceedings are in the early stages, ADMIS cannot predict the loss or range of loss, if any, related to such matters; how
or if such matters will be resolved; when they will ultimately be resolved; or what the eventual settlement, fine, penalty or
other relief, if any, might be. Subject to the foregoing, ADMIS believes, based on current knowledge and after consultation with
counsel, that the outcome of such pending matters will not have a material adverse effect on the consolidated financial condition
of ADMIS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">On
September 4, 2019, AOT Holding AG (&ldquo;AOT&rdquo;) filed a putative class action under the U.S. Commodities Exchange Act in
federal district court in Urbana, Illinois, alleging that ADMIS sought to manipulate the benchmark price used to price and settle
ethanol derivatives traded on futures exchanges. On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff
Maize Capital Group, LLC (&ldquo;Maize&rdquo;). AOT and Maize allege that members of the putative class suffered &ldquo;hundreds
of millions of dollars in damages&rdquo; as a result of ADMIS&rsquo;s alleged actions. On July 14, 2020, Green Plains Inc. and
its related entities (&ldquo;GP&rdquo;) filed a putative class action lawsuit, alleging substantially the same operative facts,
in federal court in Nebraska, seeking to represent sellers of ethanol. On July 23, 2020, Midwest Renewable Energy, LLC (&ldquo;MRE&rdquo;)
filed a putative class action in federal court in Illinois alleging substantially the same operative facts and asserting claims
under the Sherman Act. On November 11, 2020, United Wisconsin Grain Producers LLC (&ldquo;UWGP&rdquo;) and five other ethanol
producers filed a lawsuit in federal court in Illinois alleging substantially the same facts and asserting claims under the Sherman
Act and Illinois, Iowa, and Wisconsin law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
court granted ADMIS&rsquo;s motion to dismiss the MRE and UWGP complaints without prejudice on August 9, 2021 and September 28,
2021, respectively. On August 16, 2021, the court granted ADMIS&rsquo;s motion to dismiss the GP complaint, dismissing one claim
with prejudice and declining jurisdiction over the remaining state law claim. MRE filed an amended complaint on August 30, 2021,
which ADMIS moved to dismiss on September 27, 2021. UWGP filed an amended complaint on October 19, 2021, which ADMIS moved to
dismiss on December 9, 2021. On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially
the same facts and asserting a claim for tortious interference with contractual relations.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">ADMIS
denies liability, and is vigorously defending itself in these actions. As these actions are in pretrial proceedings, ADMIS is
unable at this time to predict the final outcome with any reasonable degree of certainty, but believes the outcome will not have
a material adverse effect on its financial condition, results of operations, or cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">ADMIS
will act only as clearing broker for UNL and as such will be paid commissions for executing and clearing trades on behalf of UNL.
ADMIS has not passed upon the adequacy or accuracy of this prospectus. ADMIS will not act in any supervisory capacity with respect
to USCF or participate in the management of USCF or UNL. ADMIS is not affiliated with UNL or USCF. Therefore, neither USCF nor
UNL believes that there are any conflicts of interest with ADMIS or its trading principals arising from its acting as UNL&rsquo;s
FCM.</FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B><I>Marex
                                         North America, LLC Transfers its Futures Clearing Business to Marex Capital Markets,
                                         Inc.</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">Marex
North America, LLC (&ldquo;MNA&rdquo;) and Marex Capital Markets, Inc. (formerly ED&amp;F Man Capital Markets Inc.) (&ldquo;MCM&rdquo;),
which are affiliated entities, serve as futures commission merchants for UNL. On July 28, 2023, MNA and MCM formally advised UNL
that (1) on or about July 14, 2023 MNA transferred its futures clearing business to MCM as part of an internal reorganization
(the &ldquo;Transfer&rdquo;), and (2) in connection with the Transfer and to avoid confusion as to which futures customer agreement
governs, the MCM futures customer agreement will be terminated. UNL&rsquo;s futures trading account with MNA has been consolidated
with UNL&rsquo;s futures trading account with MCM and the MCM futures trading account is governed by UNL&rsquo;s futures customer
agreement between UNL and MNA. MCM has agreed to assume the rights and obligations of the futures customer agreement in place
between UNL and MNA from and after the date of the Transfer and, therefore, no material impact on UNL&rsquo;s operations is anticipated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">In
light of the foregoing:</FONT></P>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         subsection titled &ldquo;<I>Marex North America, LLC</I>&rdquo; is deleted from pages
                                         41-42 of the Prospectus, immediately before the subheading &ldquo;<I>Marex Capital Markets,
                                         Inc., formerly ED&amp;F Man Capital Markets Inc.</I>&rdquo;; and</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The
                                         first paragraph after the subheading &ldquo;<I>Marex Capital Markets, Inc., formerly
                                         ED&amp;F Man Capital Markets Inc.</I>&rdquo; on page 42 of the Prospectus is deleted
                                         in its entirety and replaced with the following:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">On
June 5, 2020, UNL entered into a Customer Account Agreement with ED&amp;F Man Capital Markets Inc. (&ldquo;MCM&rdquo;) to serve
as an FCM for UNL. On July 14, 2023, this Customer Account Agreement was terminated and replaced by a Customer Account Agreement
between UNL and Marex North America, LLC (&ldquo;MNA&rdquo;) dated May 28, 2020, in respect of which MCM assumed the rights and
obligations of MNA vis-&agrave;-vis UNL following the transfer of MNA&rsquo;s futures clearing business to MCM as part of an internal
reorganization. This agreement requires MCM to provide services to UNL in connection with the purchase and sale of Futures Contracts
and Other Natural Gas-Related Investments that may be purchased or sold by or through MCM for UNL&rsquo;s account. Under this
agreement, UNL pays MCM commissions for executing and clearing trades on behalf of UNL.</FONT></P>


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