United States Natural Gas Fund, LP
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
UNG$10.42+3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedules of Investments at December 31, 2025 and 2024
Schedule of Investments
At December 31, 2025
| · · · · · · · · · · | ||||||
|---|---|---|---|---|---|---|
| · · · · · · · Fair · · | ||||||
| · · · · · · · Value/Unrealized · · | ||||||
| · · · · · · · Gain (Loss) on · · | ||||||
| · · · · · · · Open · · | ||||||
| · · · · · Number of · · Commodity · · % of Partners’ | ||||||
| · · Notional Amount · · Contracts · · Contracts · · Capital | ||||||
| Open Commodity Futures Contracts - Long | | | | | | |
| United States Contracts | | | | | | |
| NYMEX Natural Gas Futures NG February 2026 contracts, expiring January 2026* | | $433,392,416 | 11,783 | | $928,964 | 0.17 |
| · · · · · · · | ||||
|---|---|---|---|---|
| · · Shares/Principal · · · · · % of Partners’ | ||||
| · · Amount · · Market Value · · Capital | ||||
| Cash Equivalents · · · · · · · | ||||
| United States Money Market Funds | | | | |
| Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.71%# | 130,000,000 | | $130,000,000 | 23.61 |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 3.69%# | 140,950,000 | | 140,950,000 | 25.60 |
| Total United States Money Market Funds | | | $270,950,000 | 49.21 |
Open OTC Commodity Swap Contracts
| · · · · · · · · · · · · · · · · · · · · | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · · · · · · · · · · · Unrealized Gain | ||||||||||||||||
| · · · · · · · · · · · · · Fair Value/Open · · · · (Loss) on | ||||||||||||||||
| · · · · · · · · · · · · · Commodity · · Upfront · · Commodity | ||||||||||||||||
| Fund Receives from | | Fund Pays | | | | Payment | | Expiration | | Notional | | Swap | | Payments/(Premiums | | Swap |
| Counterparty | | Counterparty | | Counterparty | | Frequency | | Date | | Amount | | Contracts | | Received) | | Contracts(a) |
| Scotia SNOVNG1 08292025(b) | 0.17% | Scotia Bank | Monthly | 02/27/2026 | | $57,218,551 | | $57,218,284 | | $— | | $(267) | ||||
| SOC GEN SGIXCNG1 09262025Index(b) | 0.40% | Societe Generale | Monthly | 03/26/2026 | | 59,144,114 | | $59,143,474 | | — | | (640) | ||||
| Total Open OTC Commodity Swap ContractsÙ | | | | | | | | | | $116,362,665 | | $116,361,758 | | $— | | $(907) |
| (a) | Reflects the value at reset date of December 31, 2025. |
|---|
| (b) | Custom index comprised of a basket of underlying instruments |
|---|
| * | Collateral amounted to $97,288,181 on open commodity futures contracts. |
|---|
| Ù | Collateral amounted to $41,099,408 on open OTC commodity swap contracts. |
|---|
| # | Reflects the 7-day yield at December 31, 2025. |
|---|
Schedule of Investments
At December 31, 2024
| · · · · · · · · · · | ||||||
|---|---|---|---|---|---|---|
| · · · · · · · Fair · · | ||||||
| · · · · · · · Value/Unrealized · · | ||||||
| · · · · · · · Gain (Loss) on · · | ||||||
| · · · · · · · Open · · | ||||||
| · · · · · Number of · · Commodity · · % of Partners’ | ||||||
| · · Notional Amount · · Contracts · · Contracts · · Capital | ||||||
| Open Commodity Futures Contracts - Long · · · · · · · · · · | ||||||
| United States Contracts | | | | | | |
| NYMEX Natural Gas Futures NG February 2025 contracts, expiring January 2025* | | $444,599,191 | 14,459 | | $80,696,279 | 10.85 |
| | | | | | | | | |
|---|---|---|---|---|---|---|---|---|
| | | | Shares/Principal | | | | | % of Partners’ |
| · · · Amount · · Market Value · · Capital | ||||||||
| Cash Equivalents · · · · · | ||||||||
| United States Treasury Obligations · · · · · | ||||||||
| U.S. Treasury Bills: | | | | | | | | |
| 4.39%, 2/27/2025 | | $11,500,000 | | $11,420,156 | | 1.54 | ||
| United States Money Market Funds | | | | | | | | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Shares, 4.43%# | | | 520,950,000 | | | 520,950,000 | | 70.04 |
| Total United States Money Market Funds | | | | | 520,950,000 | | 70.04 | |
| Total Cash Equivalents | | | | | $532,370,156 | | 71.57 | |
Open OTC Commodity Swap Contracts
| · · · · · · · · · · · · · · · · · · · · | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · · · · · · · · · · · · · | ||||||||||||||||
| · · · · · · · · · · · · · · · · · · Unrealized Gain | ||||||||||||||||
| · · · · · · · · · · · · · Fair Value/Open · · · · · (Loss) on | ||||||||||||||||
| · · · · · · · · · · · · · Commodity · · Upfront · · Commodity | ||||||||||||||||
| Fund Receives from | | Fund Pays | | | | Payment | | Expiration | | Notional | | Swap | | Payments/(Premiums | | Swap |
| Counterparty | | Counterparty | | Counterparty | | Frequency | | Date | | Amount | | Contracts | | Received) | | Contracts(a) |
| Scotia SNOVNG1 08202024(b) | 0.17% | Scotia Bank | Monthly | 02/28/2025 | | $107,293,519 | | $107,292,519 | | $— | | $(1,000) | ||||
| SOC GEN SGIXCNG1 09272024Index(b) | 0.40% | Societe Generale | Monthly | 03/27/2025 | | 111,366,471 | | 111,365,266 | | — | | (1,205) | ||||
| Total Open OTC Commodity Swap ContractsÙ | | | | | | | | | | $218,659,990 | | $218,657,785 | | $— | | $(2,205) |
(a)Reflects the value at reset date of December 31, 2024.
(b)Custom index comprised of a basket of underlying instruments.
*Collateral amounted to $46,487,832 on open commodity futures contracts.
ÙCollateral amounted to $37,100,156 on open OTC commodity swap contracts.
| # | Reflects the 7-day yield at December 31, 2024. |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.