<SEC-DOCUMENT>0001193125-11-349871.txt : 20111222
<SEC-HEADER>0001193125-11-349871.hdr.sgml : 20111222
<ACCEPTANCE-DATETIME>20111222095958
ACCESSION NUMBER:		0001193125-11-349871
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20111222
DATE AS OF CHANGE:		20111222

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:	333-144409
		FILM NUMBER:		111276095

	BUSINESS ADDRESS:	
		STREET 1:		1320 HARBOR BAY PARKWAY
		STREET 2:		SUITE 145
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1320 HARBOR BAY PARKWAY
		STREET 2:		SUITE 145
		CITY:			ALAMEDA
		STATE:			CA
		ZIP:			94502
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d271889d424b3.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT - UNITED STATES 12 MONTH NATURAL GAS FUND, LP
<TEXT>
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<TITLE>Prospectus Supplement - United States 12 Month Natural Gas Fund, LP</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed pursuant to Rule 424(b)(3) </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File No. 333-144409 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>UNITED STATES 12 MONTH NATURAL GAS FUND, LP </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Supplement
dated December&nbsp;30, 2011 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>to </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus dated April&nbsp;29, 2011 </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">This supplement contains
information, which amends, replaces, supplements or modifies certain information contained in the Prospectus of United States 12 Month Natural Gas Fund, LP dated April&nbsp;29, 2011. Please read it and keep it with your Prospectus for future
reference. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Effective July&nbsp;1, 2011, the General Partner made certain changes to the fees paid by Authorized Purchasers in connection with
the creation of Creation Baskets and the redemption of Redemption Baskets. Such fee changes will continue in effect until the period ended <B><I>May&nbsp;1, 2012.</I></B> </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Cover Page </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>The third sentence of the second paragraph is amended as follows:
</I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorized purchasers will pay a transaction fee of $350 for each order placed to create one or more baskets. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Breakeven Analysis (page 9) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Footnote
2 of the Breakeven Analysis is amended as follows. The change in the footnote did not change the number in the corresponding table: </I></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorized Purchasers are required to pay a Creation Basket fee of $350 for each order they place to create one or more baskets. An order must be at least one basket,
which is 100,000 units. This breakeven analysis assumes a hypothetical investment in a single unit so the Creation Basket fee is for purposes of this breakeven analysis $.01 (350/100,000). </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Offering &#150; Creation and Redemption (page 10) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>The Creation and Redemption provision under the heading &#147;The Offering&#148; is deleted and replaced with the following: </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Authorized Purchasers pay a $350 fee for each order to create or redeem one or more Creation Baskets or Redemption Baskets. Authorized Purchasers are not required to sell any specific number or dollar
amount of units. The per unit price of units offered in Creation Baskets on any particular day is the total NAV of US12NG calculated shortly after the close of the core trading session on the NYSE Arca on that day divided by the number of issued and
outstanding units. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Who is the General Partner? (pages 33-39) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>The last paragraph of &#147;Who is the General Partner?&#148; is replaced with the following: </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following are individual Principals, as that term is defined in CFTC Rule 3.1, for the General Partner: Nicholas Gerber, Melinda Gerber, the Gerber Family Trust, the Nicholas and Melinda Gerber Living
Trust, Howard Mah, Andrew Ngim, Robert Nguyen, Peter Robinson, Gordon Ellis, Malcolm Fobes, John Love, Ray Allen, John Hyland, Wainwright Holdings Inc. and Margaret Johnson. These individuals are Principals due to their positions, however, Nicholas
Gerber and Melinda Gerber are also Principals due to their controlling stake in Wainwright. None of the Principals owns or has any other beneficial interest in US12NG. John Love and John Hyland make trading and investment decisions for US12NG. John
Love and Ray Allen execute trades on behalf of US12NG. In addition, Nicholas Gerber, John Hyland, Robert Nguyen, and Ray Allen are registered with the CFTC as Associated Persons of the General Partner and are NFA Associate Members. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>What is US12NG&#146;s Investment Strategy? (pages 67-68) </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The first line of the second paragraph on page 67 under the section &#147;What is US12NG&#146;s Investment Strategy&#148; is amended as follows:
</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As an example, assume that a Creation Basket is sold by US12NG, and that US12NG&#146;s closing NAV per unit is $50. In that case, US12NG
would receive $5,000,000 in proceeds from the sale of the Creation Basket ($50 NAV per unit multiplied by 100,000 units, and ignoring the Creation Basket fee of $350). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Marketing Agent and Authorized Purchasers (page 84) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The first paragraph of the
&#147;Marketing Agent and Authorized Purchasers&#148; is replaced with the following: </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The offering of US12NG&#146;s units is a best
efforts offering. US12NG continuously offers Creation Baskets consisting of 100,000 units through the Marketing Agent, to Authorized Purchasers. Citigroup Global Markets, Inc. was the initial Authorized Purchaser. The initial Authorized Purchaser
purchased the initial Creation Basket of 100,000 units at a per unit price of $50 on November&nbsp;18, 2009. Authorized Purchasers pay a $350 fee for each order to create one or more Creation Baskets. The Marketing Agent receives, for its services
as marketing agent to US12NG, a marketing fee of 0.06% on assets up to the first $3 billion and 0.04% on assets in excess of $3 billion; provided, however, that in no event may the aggregate compensation paid to the Marketing Agent and any affiliate
of the General Partner for distribution-related services in connection with this offering of units exceed ten percent (10%)&nbsp;of the gross proceeds of this offering. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Creation and Redemption of Units (pages 86-87) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The second paragraph under the heading
&#147;Creation and Redemption of Units&#148; is deleted and replaced with the following: </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Authorized Purchasers are the only persons that
may place orders to create and redeem baskets. Authorized Purchasers must be (1)&nbsp;registered broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required to register as
broker-dealers to engage in securities transactions as described below, and (2)&nbsp;DTC Participants. To become an Authorized Purchaser, a person must enter into an Authorized Purchaser Agreement with the General Partner. The Authorized Purchaser
Agreement provides the procedures for the creation and redemption of baskets and for the delivery of the Treasuries and any cash required for such creations and redemptions. The Authorized Purchaser Agreement and the related procedures attached
thereto may be amended by US12NG, without the consent of any limited partner or unitholder or Authorized Purchaser. Authorized Purchasers pay a transaction fee of $350 to US12NG for each order they place to create or redeem one or more baskets.
Authorized Purchasers who make deposits with US12NG in exchange for baskets receive no fees, commissions or other form of compensation or inducement of any kind from either US12NG or the General Partner, and no such person will have any obligation
or responsibility to the General Partner or US12NG to effect any sale or resale of units. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Creation and Redemption Transaction Fee (page
90) </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The &#147;Creation and Redemption Transaction Fee&#148; section is deleted and replaced with the following: </I></FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Creation and Redemption Transaction Fee </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">To compensate US12NG for its expenses in connection with the creation and redemption of baskets, an Authorized Purchaser is required to pay a transaction fee to US12NG of $350 per order to create or
redeem baskets. An order may include multiple baskets. The transaction fee may be reduced, increased or otherwise changed by the General Partner. The General Partner shall notify DTC of any change in the transaction fee and will not implement any
increase in the fee for the redemption of baskets until 30 days after the date of the notice. </FONT></P>
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