United States 12 Month Natural Gas Fund, LP

Condensed Schedule of Investments (Unaudited)

At September 30, 2011


	Number of Contracts		Loss on Open Commodity Contracts			% of Partners’ Capital
Open Futures Contracts - Long
United States Contracts
NYMEX Natural Gas Futures NG November 2011 contracts, expiring October 2011		63	$	(701,220	)		(2.28	)
NYMEX Natural Gas Futures NG December 2011 contracts, expiring November 2011		62		(626,760	)		(2.04	)
NYMEX Natural Gas Futures NG January 2012 contracts, expiring December 2011		62		(616,710	)		(2.01	)
NYMEX Natural Gas Futures NG February 2012 contracts, expiring January 2012		62		(615,930	)		(2.00	)
NYMEX Natural Gas Futures NG March 2012 contracts, expiring February 2012		62		(455,910	)		(1.48	)
NYMEX Natural Gas Futures NG April 2012 contracts, expiring March 2012		62		(402,340	)		(1.31	)
NYMEX Natural Gas Futures NG May 2012 contracts, expiring April 2012		63		(400,730	)		(1.30	)
NYMEX Natural Gas Futures NG June 2012 contracts, expiring May 2012		62		(365,470	)		(1.19	)
NYMEX Natural Gas Futures NG July 2012 contracts, expiring June 2012		62		(440,260	)		(1.43	)
NYMEX Natural Gas Futures NG August 2012 contracts, expiring July 2012		62		(368,190	)		(1.20	)
NYMEX Natural Gas Futures NG September 2012 contracts, expiring August 2012		62		(203,380	)		(0.66	)
NYMEX Natural Gas Futures NG October 2012 contracts, expiring September 2012		63		(171,190	)		(0.56	)

Total Open Futures Contracts		747	$	(5,368,090	)		(17.46	)


	Principal Amount		Market Value
Cash Equivalents
United States - Money Market Funds
Fidelity Institutional Government Portfolio - Class I	$	5,508,772	$	5,508,772			17.92
Goldman Sachs Financial Square Funds - Government Fund - Class SL		1,501,961		1,501,961			4.89
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		9,507,447		9,507,447			30.93

Total Cash Equivalents			$	16,518,180			53.74