United States 12 Month Natural Gas Fund, LP

Schedule of Investments

At December 31, 2011


	Number of Contracts		Unrealized Loss on Open Commodity Contracts			% of Partners’ Capital
Open Futures Contracts - Long
United States Contracts
NYMEX Natural Gas Futures NG February 2012 contracts, expiring January 2012		53	$	(1,134,840	)		(5.35	)
NYMEX Natural Gas Futures NG March 2012 contracts, expiring February 2012		54		(992,530	)		(4.68	)
NYMEX Natural Gas Futures NG April 2012 contracts, expiring March 2012		54		(902,990	)		(4.26	)
NYMEX Natural Gas Futures NG May 2012 contracts, expiring April 2012		54		(882,660	)		(4.16	)
NYMEX Natural Gas Futures NG June 2012 contracts, expiring May 2012		53		(835,310	)		(3.94	)
NYMEX Natural Gas Futures NG July 2012 contracts, expiring June 2012		53		(890,120	)		(4.20	)
NYMEX Natural Gas Futures NG August 2012 contracts, expiring July 2012		54		(839,470	)		(3.96	)
NYMEX Natural Gas Futures NG September 2012 contracts, expiring August 2012		54		(693,560	)		(3.27	)
NYMEX Natural Gas Futures NG October 2012 contracts, expiring September 2012		54		(662,680	)		(3.12	)
NYMEX Natural Gas Futures NG November 2012 contracts, expiring October 2012		53		(426,230	)		(2.01	)
NYMEX Natural Gas Futures NG December 2012 contracts, expiring November 2012		53		(250,390	)		(1.18	)
NYMEX Natural Gas Futures NG January 2013 contracts, expiring December 2012		53		(72,540	)		(0.34	)

Total Open Futures Contracts		642	$	(8,583,320	)		(40.47	)


		Principal Amount		Market Value
Cash Equivalents
United States Treasury Obligation
U.S. Treasury Bill, 0.03%, 6/21/2012	$	1,760,000	$	1,759,748			8.30


United States - Money Market Funds
Fidelity Institutional Government Portfolio - Class I		2,508,863		2,508,863			11.83
Goldman Sachs Financial Square Funds - Government Fund - Class SL		1,501,985		1,501,985			7.08
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		6,507,773		6,507,773			30.68

Total Money Market Funds				10,518,621			49.59


Total Cash Equivalents			$	12,278,369			57.89

See accompanying notes to financial statements.

United States 12 Month Natural Gas Fund, LP

Schedule of Investments

At December 31, 2010


	Number of Contracts		Unrealized Gain (Loss) on Open Commodity Contracts			% of Partners’ Capital
Open Futures Contracts - Long
United States Contracts
NYMEX Natural Gas Futures NG February 2011 contracts, expiring January 2011		63	$	(481,780	)		(1.38	)
NYMEX Natural Gas Futures NG March 2011 contracts, expiring February 2011		63		(369,360	)		(1.05	)
NYMEX Natural Gas Futures NG April 2011 contracts, expiring March 2011		63		(245,660	)		(0.70	)
NYMEX Natural Gas Futures NG May 2011 contracts, expiring April 2011		63		(239,620	)		(0.68	)
NYMEX Natural Gas Futures NG June 2011 contracts, expiring May 2011		63		(321,180	)		(0.92	)
NYMEX Natural Gas Futures NG July 2011 contracts, expiring June 2011		63		(271,080	)		(0.77	)
NYMEX Natural Gas Futures NG August 2011 contracts, expiring July 2011		63		(178,230	)		(0.51	)
NYMEX Natural Gas Futures NG September 2011 contracts, expiring August 2011		63		(139,530	)		(0.40	)
NYMEX Natural Gas Futures NG October 2011 contracts, expiring September 2011		63		(80,810	)		(0.23	)
NYMEX Natural Gas Futures NG November 2011 contracts, expiring October 2011		63		19,150			0.05
NYMEX Natural Gas Futures NG December 2011 contracts, expiring November 2011		63		67,480			0.19
NYMEX Natural Gas Futures NG January 2012 contracts, expiring December 2011		63		65,560			0.19

Total Open Futures Contracts		756	$	(2,175,060	)		(6.21	)


		Principal Amount		Market Value
Cash Equivalents
United States - Money Market Funds
Fidelity Institutional Government Portfolio - Class I	$	11,507,524	$	11,507,524			32.86
Goldman Sachs Financial Square Funds - Government Fund - Class SL		2,501,682		2,501,682			7.14
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		14,004,429		14,004,429			39.99

Total Cash Equivalents			$	28,013,635			79.99