UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered: | ||
Item 1.01 Entry into a Material Definitive Agreement.
On August 8, 2023, United States 12 Month Natural Gas Fund, LP (the “Registrant”) entered into a Customer Account Agreement (the “Agreement”) with ADM Investor Services, Inc. (“ADMIS”) to serve as an additional futures commission merchant (“FCM”) for the Registrant. The Agreement requires ADMIS to provide services to the Registrant in connection with the purchase and sale of futures that may be purchased or sold by or through ADMIS for the Registrant’s account. Under the Agreement, the Registrant has agreed to pay ADMIS commissions for executing and clearing trades on behalf of the Registrant.
The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement, a form of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 8.01 Other Material Events.
Marex North America, LLC (“MNA”) and Marex Capital Markets, Inc. (formerly ED&F Man Capital Markets Inc.) (“MCM”), which are affiliated entities, serve as futures commission merchants for the Registrant. On July 28, 2023, MNA and MCM formally advised the Registrant that (1) on or about July 14, 2023 MNA transferred its futures clearing business to MCM as part of an internal reorganization (the “Transfer”), 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. The Registrant’s futures trading account with MNA has been consolidated with the Registrant’s futures trading account with MCM and the MCM futures trading account is governed by the Registrant’s futures customer agreement between the Registrant and MNA. MCM has agreed to assume the rights and obligations of the futures customer agreement in place between the Registrant and MNA from and after the date of the Transfer and, therefore, no material impact on the Registrant’s operations is anticipated.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit |
Description | |
| 10.1 | Form of Customer Account Agreement. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITED STATES 12 MONTH NATURAL GAS FUND, LP | |||
| By: | United States Commodity Funds LLC, its general partner | ||
| Date: August 8, 2023 | By: | /s/ John P. Love | |
| Name: | John P. Love | ||
| Title: | President and Chief Executive Officer, and Management Director | ||