United States 12 Month Natural Gas Fund, LP

Condensed Schedule of Investments (Unaudited)

At June 30, 2011

		$(1,458,490)		$(1,458,490)			$(1,458,490)
	Number of Contracts		Loss on Open Commodity Contracts			% of Partners’ Capital
Open Futures Contracts - Long
United States Contracts
NYMEX Natural Gas Futures NG August 2011 contracts, expiring July 2011		64	$	(200,740	)		(0.56	)
NYMEX Natural Gas Futures NG September 2011 contracts, expiring August 2011		64		(182,240	)		(0.51	)
NYMEX Natural Gas Futures NG October 2011 contracts, expiring September 2011		64		(181,520	)		(0.51	)
NYMEX Natural Gas Futures NG November 2011 contracts, expiring October 2011		64		(144,970	)		(0.40	)
NYMEX Natural Gas Futures NG December 2011 contracts, expiring November 2011		64		(149,900	)		(0.42	)
NYMEX Natural Gas Futures NG January 2012 contracts, expiring December 2011		65		(178,550	)		(0.50	)
NYMEX Natural Gas Futures NG February 2012 contracts, expiring January 2012		64		(190,310	)		(0.53	)
NYMEX Natural Gas Futures NG March 2012 contracts, expiring February 2012		64		(34,150	)		(0.10	)
NYMEX Natural Gas Futures NG April 2012 contracts, expiring March 2012		64		(43,400	)		(0.12	)
NYMEX Natural Gas Futures NG May 2012 contracts, expiring April 2012		64		(41,620	)		(0.12	)
NYMEX Natural Gas Futures NG June 2012 contracts, expiring May 2012		64		(16,230	)		(0.04	)
NYMEX Natural Gas Futures NG July 2012 contracts, expiring June 2012		65		(94,860	)		(0.26	)

Total Open Futures Contracts		770	$	(1,458,490	)		(4.07	)


	Principal Amount		Market Value
Cash Equivalents
United States - Money Market Funds
Fidelity Institutional Government Portfolio - Class I	$	7,508,599	$	7,508,599			20.95
Goldman Sachs Financial Square Funds - Government Fund - Class SL		2,501,931		2,501,931			6.98
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		22,007,007		22,007,007			61.42

Total Cash Equivalents			$	32,017,537			89.35