United States 12 Month Natural Gas Fund, LP

Condensed Schedule of Investments (Unaudited)

At June 30, 2012


	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 August 2012 contracts, expiring July 2012		104	$	(597,280	)		(1.46	)
NYMEX Natural Gas Futures NG September 2012 contracts, expiring August 2012		103		(536,450	)		(1.31	)
NYMEX Natural Gas Futures NG October 2012 contracts, expiring September 2012		104		(552,110	)		(1.35	)
NYMEX Natural Gas Futures NG November 2012 contracts, expiring October 2012		103		(366,270	)		(0.90	)
NYMEX Natural Gas Futures NG December 2012 contracts, expiring November 2012		104		(307,210	)		(0.75	)
NYMEX Natural Gas Futures NG January 2013 contracts, expiring December 2012		103		(176,130	)		(0.43	)
NYMEX Natural Gas Futures NG February 2013 contracts, expiring January 2013		104		(57,450	)		(0.14	)
NYMEX Natural Gas Futures NG March 2013 contracts, expiring February 2013		103		(74,320	)		(0.18	)
NYMEX Natural Gas Futures NG April 2013 contracts, expiring March 2013		104		51,040			0.12
NYMEX Natural Gas Futures NG May 2013 contracts, expiring April 2013		103		205,570			0.50
NYMEX Natural Gas Futures NG June 2013 contracts, expiring May 2013		104		(37,770	)		(0.09	)
NYMEX Natural Gas Futures NG July 2013 contracts, expiring June 2013		103		262,680			0.64

Total Open Futures Contracts		1,242	$	(2,185,700	)		(5.35	)


	Principal Amount		Market Value
Cash Equivalents
United States Treasury Obligation
U.S. Treasury Bill, 0.09%, 10/11/2012	$	3,000,000	$	2,999,242			7.34

United States - Money Market Funds
Fidelity Institutional Government Portfolio - Class I		2,508,989		2,508,989			6.14
Goldman Sachs Financial Square Funds - Government Fund - Class SL		1,502,066		1,502,066			3.68
Morgan Stanley Institutional Liquidity Fund - Government Portfolio		6,509,036		6,509,036			15.94
Wells Fargo Advantage Government Money Market Fund - Class I		5,000,000		5,000,000			12.24

Total Money Market Funds				15,520,091			38.00

Total Cash Equivalents			$	18,519,333			45.34