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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-09-053789.txt : 20100426
<SEC-HEADER>0001144204-09-053789.hdr.sgml : 20100426
<ACCEPTANCE-DATETIME>20091020172250
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-09-053789
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20091020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States 12 Month Oil Fund, LP
		CENTRAL INDEX KEY:			0001405528
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				200431897
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: Vintage Filings-->
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    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES 12 MONTH OIL FUND, LP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1320
Harbor Bay Parkway, Suite 145</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alameda,
CA&#160;&#160;94502</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(510)
522-9600</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">October
20, 2009</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-VARIANT: small-caps"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Via
EDGAR</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Yolanda
Crittendon</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Staff
Accountant</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Division
of Corporation Finance</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
and Exchange Commission</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F
Street, NE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
DC&#160;&#160;20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Re:</font></div>
            </td>
            <td align="left" valign="top" width="52%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">United
      States 12 Month Oil Fund, LP</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form
      10-K for the year ended 12/31/2008</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Filed
      on 3/31/2009</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form
      10-Q for the period ended 3/31/2009</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Filed
      on 5/15/2009</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Form
      10-K/A for the year ended 12/31/2008</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Filed
      on 8/19/2009</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">File
      No. 001-33859</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear Ms.
Crittendon:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">We are providing the responses to your
comments of September 29, 2009, to the </font>United States 12 Month Oil Fund,
LP (&#8220;US12OF&#8221;),<font style="DISPLAY: inline; COLOR: #000000"> on US12OF&#8217;s
</font>Form 10-K for the year ended <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
31, 2008</font>, Form 10-Q for the period ended <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March 31,
2009</font>, and Form 10-K/A for the year ended <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
31, 2008</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Each
of your comments is set forth below, followed by our
response.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FORM 10-K FOR THE YEAR ENDED
12/31/2008</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 1. Business, page
1</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note your disclosure in the risk factor on page 54 relating to
      intellectual property rights that you have a patent pending and that you
      are registering trademarks.&#160;&#160;In future filings please provide
      the disclosure required by Item 101(c)(iv) of Regulation
    S-K.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;At this
time the patent noted on page 54 is pending and, therefore, has not been
issued.&#160;&#160;Item 101(c)(iv) of Regulation S-K requires disclosure
relating to patents held by the issuer.&#160;&#160;The patent referred to in
this section is not material to the operations of US12OF and, therefore, we
submit that adding disclosure to future filings with the Commission would not be
meaningful to investors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 2</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">With
respect to trademarks that are being registered, the following disclosure will
be included in US12OF&#8217;s next annual report on Form 10-K:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;The
General Partner owns trademark registrations for UNITED STATES 12 MONTH OIL FUND
(U.S. Reg. No. 3600671) for &#8220;investment services in the field of oil futures
contracts and other oil related investments,&#8221; in use since December 6, 2007, and
UNITED STATES 12 MONTH OIL FUND, LP (and Oil Rig Design)(U.S. Reg. No. 3638982)
for &#8220;investment services in the field of oil futures contracts and other oil
related investments,&#8221; in use since December 6, 2007.&#160;&#160;US12OF relies
upon these trademarks through which it markets its services and strives to build
and maintain brand recognition in the market and among current and potential
investors.&#160;&#160;So long as US12OF continues to use these trademarks to
identify its services, without challenge from any third party, and properly
maintains and renews the trademarks registration under applicable laws, rules
and regulations, it will continue to have indefinite protection for these
trademarks under current laws, rules and regulations.&#8221;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">How Does US12OF Operate?,
page 2</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note the disclosure on page 6, which states that your portfolio
      composition is disclosed daily on your website.&#160;&#160;In future
      filings, please disclose your portfolio composition as of the last day of
      the fiscal year.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font> As noted in US12OF&#8217;s
prospectus, dated August 13, 2009, US12OF seeks to achieve its investment
objective by investing in a mix of Oil Futures Contracts and Other Oil Interests
such that changes in US12OF&#8217;s net asset value will closely track the changes in
the average of the prices of 12 Benchmark Futures Contracts,<font style="DISPLAY: inline; FONT-SIZE: 10pt"> </font>consisting of the near month
contract to expire and the contracts for the following eleven months, for a
total of 12 consecutive months&#8217; contracts. The number of Oil Futures Contracts
or Other Oil Interests held by US12OF on any given day will depend on creation
and redemption activity by its Authorized Purchasers. A large number of
creations or redemptions will either greatly increase or decrease the amount of
assets held by US12OF and, therefore, greatly increase or decrease the number of
Oil Futures Contracts or Other Oil Interests held by US12OF at such time.
Historically, as the spot price of oil has decreased, the assets held by USOF
have increased, while the assets held by US12OF have historically decreased as
the spot price of oil has increased. As a result of the fluctuations inherent in
the commodities markets, the size of US12OF has fluctuated greatly since its
inception. In addition, as US12OF has increased in size, it has invested in
Other Oil Interests in order to achieve its investment objective. The General
Partner believes, therefore, that disclosing the holdings of US12OF on a
particular day is a snapshot that is not meaningful to investors and may instead
be misleading if, following such disclosure, the size of US12OF were to change
markedly or the nature of the investments held by US12OF were to materially
change. For this reason, and as required by the 19b-4 filed<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> on
behalf of </font>US12OF with the Division of Trading and Markets, US12OF is
required to disclose on its website, on a daily basis, the Futures Contracts and
Other Interests it holds. The General Partner further notes that the SEC has
recently promulgated rules encouraging issuers to include more information about
their operations and performance on their website.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 3</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Compensation to the General
Partner and Other Compensation&#160;&#160;&#8230; page 23</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      describe to us the expenses included in the line item &#8220; Other Amounts
      Paid.&#8221;&#160;&#160;Provide similar clarification, as applicable, in your
      future filings.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;US12NG
will include footnote disclosure indicating what comprises &#8220;Other Amounts Paid&#8221;
in future filings with the Commission..</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      explain to us the line item for &#8220;Expenses Waived.&#8221;&#160;&#160;Tell us why
      the expenses were waived and whether you expect similar amounts to be
      waived in future periods.&#160;&#160;Confirm that you will provided
      similar clarification in your future filings, if
    applicable.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;Each of
the public funds managed by United States Commodity Funds LLC (the &#8220;General
Partner&#8221;) is required, under its limited partnership agreement, to pay expenses
relating to brokerage fees; its allocable portion of licensing fees and fees
paid to the General Partner&#8217;s independent directors; registration fees, legal,
accounting and printing expenses for follow-on public offerings; and fees
relating to tax accounting and reporting requirements as a limited
partnership.&#160;&#160;The General Partner, on the other hand, is responsible
for paying fees to the Marketing Agent; all offering expenses related to the
initial public offering of units; and certain initial implementation fees and
base services fees relating to the tax accounting and reporting requirements of
the funds.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 9pt">
            </td>
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Separate
      from this, the General Partner has paid certain of the expenses incurred
      by the United States Gasoline Fund, LP (&#8220;UGA&#8221;), the United States Heating
      Oil Fund, LP (&#8220;USHO&#8221;) and the United States 12 Month Oil Fund (&#8220;US12OF&#8221;)
      during periods when the funds&#8217; net asset values were relatively low when
      compared to the net asset values of the General Partner&#8217;s other larger
      funds, the United States Oil Fund (&#8220;USOF&#8221;) and the United States Natural
      Gas Fund (&#8220;USNG&#8221;).&#160;&#160;The General Partner is under no contractual
      or other obligation to pay the expenses of these funds, but it has done so
      in order to ensure that the expense ratios for the smaller funds are not
      disproportionately higher than for the other larger funds during these
      periods.&#160;&#160;The expense waiver included in the financial
      statements represents the expenses that the General Partner has paid on
      behalf of certain of the funds, including US12OF.&#160;&#160;The General
      Partner believes that the repayment of these expenses is beneficial to
      investors. However, the General Partner has no obligation to continue such
      payments in future quarters.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 9pt">
            </td>
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      General Partner evaluates whether to continue the expense waiver for each
      fund on a periodic basis. We note that it has discontinued such payments
      since March 31, 2009 for US12OF.</font></div>
            </td>
          </tr>
      </table>
    </div>
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        </div>
      </div>
      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 4</div>
      </div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Composite Performance Data
for US12OF, page 23</font></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      </div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      tell us how you calculated the rates of return and confirm that you will
      provide a similar explanation in future filings to clarify the rate of
      return disclosure.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;The rates
of return included in the &#8220;Composite Performance Data&#8221; for each of the public
funds managed by the General Partner are calculated in accordance with Rule 4.25
under Part 4 of the CFTC Regulations promulgated under the Commodity Exchange
Act of 1936 that apply to commodity pools.&#160;&#160;Specifically, the monthly
rate of return is calculated by taking the net performance during a given month
and dividing it by the beginning net asset value as of the first of the
month.&#160;&#160;US12OF will include footnote disclosure to the &#8220;Composite
Performance Data&#8221; tables to this effect in future filings with the
Commission.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Prior Performance of the
Related Public Funds, page 24</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      tell us why you have included this disclosure.&#160;&#160;It is not clear
      why information about the General Partner&#8217;s other funds is relevant to
      disclosure in your annual report.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;Rule 4.25
under Part 4 of the CFTC Regulations promulgated under the Commodity Exchange
Act of 1936 require that commodity pools include certain performance disclosures
in their disclosure documents.&#160;&#160;In addition, the same rule requires
performance information of all other pools managed by the same commodity pool
operator be included in the disclosure document of the offered
pool.&#160;&#160;United States Commodities Funds LLC, the general partner of
US12OF, serves as a commodity pool operator of US12OF as well as USOF, USNG, UGA
and USHO, all of which are public commodity pools.&#160;&#160;While the CFTC
rules specifically refer to disclosure in the offered pool&#8217;s disclosure
document, or in the case of public commodity pools, the prospectus, the General
Partner believes it is important for this information to be included in each of
the fund&#8217;s annual reports on Form 10-K for the following
reasons.&#160;&#160;First, USOF, USNG and US12OF all have public floats well in
excess of $75 million and have registered their offerings on Form S-3 which
allows for the incorporation by reference of periodic reports filed by the
issuer.&#160;&#160;The annual report on Form 10-K also serves as a
post-effective amendment to the S-3 for these issuers.&#160;&#160;As a result,
if performance disclosure of the offered pool and the other pools managed by the
General Partner were not included in the Form 10-Ks, the performance information
in the base prospectus would not otherwise be updated to contain more current
information.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 5. Market for
Registrant&#8217;s Common Equity, Related Stockholder Matters, and Issuer Purchases of
Equity Securities, page 59</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note the disclosure stating the number of baskets redeemed during the
      fiscal year.&#160;&#160;Please tell us the number of baskets created
      during the year and include similar disclosure in future
      filings.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;We will
include this disclosure in future filings with the Commission.&#160;&#160;During
the year ended December 31, 2008, US12OF issued one Creation
Basket.</font></div>
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        </div>
      </div>
      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 5</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 7. Management&#8217;s
Discussion and Analysis &#8230; page 60</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Tracking US12OF&#8217;s Benchmark,
page 64</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note your disclosure on page 66 that US12OF&#8217;s actual total return exceeded
      the benchmark in both 2007 and 2008 and that the reason for this can be
      attributed to the impact of interest earned on cash and cash equivalent
      holdings.&#160;&#160;Please tell us whether expenses that were waived or
      covered by the General Partner are taken into account when determining the
      total return percentage.&#160;&#160;If so, please clarify this in future
      filings.&#160;&#160;If not, please include disclosure regarding these
      contributions and their impact on your total return in future filings and
      quantify their impact, if material.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;US12OF
confirms that the statement that total return exceeded the benchmark reflects
interest earned on US12OF&#8217;s interests in cash and Treasuries.&#160;&#160;In
addition, US12OF confirms that the expense waiver was also included in such
calculation.&#160;&#160;As previously noted, the General Partner has not
reimbursed expenses of US12OF since the quarter ended March 31,
2009.&#160;&#160;However, to the extent applicable, US12OF will include
disclosure in future filings with the Commission clarifying these
points.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">United States 12 Month Oil
Fund, LP</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Statements and
Notes</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Note 3 &#8211; Fees Paid By The
Fund and Related Party Transactions, pages 90 - 91</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Refer
      also to Note 3 on pages 105 &#8211; 106 of the financial statements of the
      general partner, United States Commodity Funds, LLC.&#160;&#160;We note
      that you and the general partner have recognized approximately $97,019 and
      $311,038 as expense waiver expense.&#160;&#160;Clarify whether this
      expense represents the expenses that the general partner has agreed to pay
      that are in excess of 15 points of your net asset value.&#160;&#160;If so,
      please explain the discrepancy between the amounts recognized by the
      company and the general partner within the financial statements and the
      amount presented within your note disclosure.&#160;&#160;To the extent the
      waiver expense does not represent such expenses, please explain the nature
      of the balance.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;The
amount included in the financial statements of the General Partner as a
liability in the amount of $311,038 agrees to the expense waiver amounts (or,
receivable from the General Partner) recorded by USHO, UGA and US12OF included
in their respective Form 10-Ks as filed for the year ended December 31, 2008.
The $97,019 amount is the amount&#160;of the expense waiver contributed to
US12OF.&#160;The $360,000 amount included in Note 3 to the financial statements
was an estimate made by management which was in excess of the actual amount
incurred by the Funds.&#160;&#160;Such estimate was previously made in
connection with the accrual of amounts to be paid in connection with the expense
waiver.&#160;&#160;</font></div>
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        </div>
      </div>
      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 6</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Note 4 &#8211; Contracts and
Agreements, page 91</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      tell us and consider expanding future disclosures to quantify the
      respective fees borne by the general partner on your
    behalf.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;As
disclosed in its prospectus, pursuant to the Amended and Restated Limited
Partnership Agreement, as amended from time to time, of US12OF, US12OF is
required to pay expenses relating to brokerage fees; its allocable portion of
licensing fees and fees paid to the General Partner&#8217;s independent directors;
registration fees, legal, accounting and printing expenses for follow-on public
offerings; and fees relating to tax accounting and reporting requirements as a
limited partnership.&#160;&#160;The General Partner, on the other hand, is
responsible for paying fees to the Marketing Agent; all offering expenses
related to the initial public offering of units; and certain initial
implementation fees and base services fees relating to the tax accounting and
reporting requirements of the funds.&#160;&#160;This arrangement is discussed in
Note 3 to US12OF&#8217;s financial statements included in its annual report on Form
10-K.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
management fees, brokerage commissions and other fees paid by US12OF during 2008
are separately quantified in US12OF&#8217;s annual report on Form 10-K under the
heading &#8220;Expenses Paid by US12OF through December 31, 2008 in dollar
terms.&#8221;&#160;&#160;Aside from the expenses relating to the initial offering of
units, the only payments made for the year ended December 31, 2008 on behalf of
US12OF related to the fees paid to the Marketing Agent, to the Custodian and the
fees paid in connection with certain initial implementation service fees and
base service fees.&#160;&#160;The formulas that determine the payments to the
Marketing Agent and the Custodian and the estimated payments in connection with
certain initial implementation service fees and base service fees are currently
disclosed in Notes 3 and 4 to US12OF&#8217;s financial statements contained in its
annual report on Form 10-K.&#160;&#160;Since these are obligations of the
General Partner, and not of US12OF, US12OF does not believe these items need to
be further quantified in US12OF&#8217;s financial statements.&#160;&#160;US12OF
further notes that the General Partner&#8217;s financial statements are filed with the
SEC every six months on Form 8-K and that the General Partner&#8217;s financial
statements quantify the fees it pays on behalf of US12OF and the other public
funds it manages.</font></div>
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        </div>
      </div>
      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 7</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">United States Commodity
Funds, LLC</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Financial Statements and
Notes</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Note 2 &#8211; Summary of
Significant Accounting Policies</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Principles of Consolidation,
page 102</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      clarify whether the general partner consolidates the operations of the
      Funds.&#160;&#160;To the extent such Funds are not being consolidated,
      tell us, and include in future filings, the basis for not consolidating
      these Funds based upon the guidance within SOP 78-9 and EITF
      04-5.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;The
General Partner consolidates the limited partnerships it forms (the &#8220;Public
Funds&#8221;) when they are formed and when the General Partner and initial limited
partner (a related entity under com<font style="DISPLAY: inline; COLOR: #000000">mon control &#8220;Affiliate&#8221;) contributes
$1,000 in connection with their formation. The General Partner consolidates the
Public Funds upon formation since, at such time it has control over the Public
Funds and it, along with the initial limited partner, owns the entire economic
interest or capital in the Public Funds. When the Public Funds commence
operations and issue creation basket(s) to the initial Authorized Purchaser, the
General Partner and the initial limited partner withdraw 100% of their interest
in the Public Funds. Once they have withdrawn their interest, the only capital
in the Public Funds is that of the Authorized Purchaser in connection with the
purchase of creation basket(s).</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">SOP 79-8 provides guidance on accounting
for investments in real estate ventures and does not apply to regulated
investment companies and other entities that are required to account for
investments at quoted market value or fair value.&#160;&#160;The Public Funds
are investment partnerships, similar to investment companies which are required
to carry their investments at fair value. If the General Partner retained an
ownership interest in the Public Funds, it would be required to carry such
interest at fair value on its balance sheet.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">SOP 79-8 refers to EITF Issue No. 04-5
(&#8220;EITF&#8221;) for further guidance. The EITF applies to determining whether a General
Partner controls a limited partnership when the limited partners have certain
rights. The EITF states that consolidation is not appropriate in circumstances
where a general partner, in accordance with generally accepted accounting
principles, carries an investment in the limited partnership at fair value. In
addition, the EITF refers to kick-out rights by unit holders and states in
paragraph 9 &#8220;that if unitholders possess substantive kick-out rights,
presumption of control by the general partner would be overcome and the general
partner would account for its investment in the limited partnership using the
equity method of accounting.&#8221; In the limited partnership agreements for the
Public Funds, a majority of unitholders (66 2/3) can vote to replace the General
Partner which would negate the presumption of control noted
above.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The scope of SOP 79-8 and EITF Issue No.
04-5 was not intended to be applied to investment companies or investment
partnerships such as the Public Funds. The Public Funds are commodity funds and
not operating companies, nor are they real estate limited partnerships and,
therefore, would not fall under the scope of these
pronouncements.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">USCF, as general partner of the Public
Funds, has an element of control over the Public Funds since it runs their
day-to-day activities and investment decisions. Just as a sponsor of an
investment company is deemed to have control of such investment company, it is
required to carry its investment in the investment company using the equity
method of accounting.&#160;&#160;If USCF had an investment in the Public Funds,
it would also carry such investment using the equity method of
accounting.&#160;&#160;However, as noted above, once a Public Fund commences
operations, USCF redeems its interest in such Public Fund and no longer has an
ownership interest in the Public Fund.</font></font></div>
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      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 8</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">The General Partner relies on the
guidance of SOP 07-1 which describes when fair value accounting or the equity
method of accounting should be used by an investor, sponsor or General Partner
to account for its investment in an investment company or entity (limited
partnership) which qualifies as an investment company under the scope of this
guide. This SOP defines the Public Funds as investment companies for the use of
fair value accounting.&#160;&#160;Paragraph 30 of SOP 07-1 states, &#8220;An
investment company that is within the scope of the Guide may be (a) a subsidiary
of another company (b) an investment of an investor that has the ability to
exercise significant influence over the investment company and applies the
equity method of accounting to its investment in the entity (referred to
collectively as parent company or equity method investor).&#8221;&#160;&#160;If so,
the investment accounting should be retained in the financial statements of the
parent company or equity method investor.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">If USCF was required to consolidate the
assets, liabilities, income and expenses of the Public Funds in its financial
statements by virtue of having &#8220;control&#8221; of the Public Funds as stated in SOP
79-8 and EITF Issue No. 04-5, the financial statements of USCF would reflect an
increase in assets and liabilities of billions of dollars, all of which would be
treated as a non-controlling interest recorded in the equity section (prior to
January 1, 2009, minority interest above the equity section) of the balance
sheet.&#160;&#160;Since the General Partner has no equity interest in any of the
Public Funds after the initial creation basket is issued (commencement of
operations), this treatment would not accurately characterize the nature of the
General Partner&#8217;s interest, or lack of , in the Public
Funds.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Item 11. Executive
Compensation</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Director Compensation, page
113</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Please
      tell us why Mr. Fobes receives a greater amount of compensation in
      comparison with Mr. Robinson and Mr. Ellis.&#160;&#160;Provide a similar
      narrative discussion of the directors&#8217; compensation arrangements in your
      future filings.&#160;&#160;Refer to Item 402(k)(3) of Regulation
      S-K.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;Messrs.
Gordon, Ellis and Fobes are the independent directors and the members of the
audit committee of the General Partner and are compensated for acting in such
capacity.&#160;&#160;Mr. Fobes, as the chairman of the audit committee, has
additional responsibilities and, therefore, receives additional
compensation.</font></div>
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      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 9</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">US12OF
will include the following disclosure in future filings with the Commission as a
footnote to the Directors&#8217; Compensation table:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;Mr.
Fobes serves as chairman of the audit committee of the General Partner and
receives additional compensation in recognition of the additional
responsibilities he has undertaken in this role.&#8221;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibits</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note that you have incorporated by reference the forms of various
      agreements rather than executed agreements.&#160;&#160;Please tell us why
      you have not filed executed copies of these agreements.&#160;&#160;Please
      see Item 601(a)(4) and Instruction 1 to Item 601 of Regulation
      S-K.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;US12OF
will file the executed versions of its agreements, including the Marketing Agent
Agreement, the Custodian Agreement and the Administrative Agency Agreement in
future filings with the Commission.&#160;&#160;With respect to its Authorized
Purchaser Agreement, US12OF has entered into authorized purchaser agreements
with multiple counterparties, each of which individually does not differ
materially from the &#8220;Form of&#8221; agreement filed on November 16, 2007, in
connection with its initial offering of units.&#160;&#160;In addition, no
individual authorized purchaser agreement is considered to be material to the
operations of US12OF.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FORM 10-Q FOR THE PERIODS
ENDED MARCH 31, 2009 AND JUNE 30,2009 ENDED 12/31/2008</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibits 31.1 and
31.2</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note that the language in your certifications does not conform exactly to
      the language set forth in Exchange Act Rule
      13a-14(a).&#160;&#160;Specifically, we note the introductory language in
      paragraph 4 and paragraph 4(b) referring to internal control over
      financial reporting were omitted.&#160;&#160;Please file an amendment to
      your quarterly reports for the periods ended March 31, 2009 and June 30,
      2009 that includes certifications that conform exactly to the language set
      forth within the Exchange Act Rule 13a-14(a).&#160;&#160;If your amendment
      excludes financial statements, please note that you may file an
      abbreviated amendment that consists of a cover page, explanatory note,
      signature page, and Paragraphs 1, 2, 4, and 5 of the
      certification.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;US12OF
will file amended quarterly reports on Form 10-Q that include the correct
certifications from US12OF&#8217;s principal executive and principal financial
officers.</font></div>
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      </div>
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        </div>
      </div>
      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 10</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FORM 10-K/A FILED ON AUGUST
19, 2009</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note you have only filed the amended financial statements of your General
      Partner.&#160;&#160;Please note that the amendment must contain the
      complete text of the item being amended.&#160;&#160;Please revise to file
      the complete text of Item 8, which includes the financial statements of
      the company and your General
Partner.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;As
indicated in the explanatory note to the amended annual report on Form 10-K, the
10-K/A was filed to include the financial statements of the General Partner
which were restated to accurately reflect the accounting for income taxes of the
General Partner after its management concluded that there were errors associated
with the accounting for income taxes.&#160;&#160;The restatement had no effect
on the financial statements of US12OF which were included in the annual report
on Form 10-K filed on March 31, 2009.&#160;&#160;Only the General Partner
financial statements were filed with the amended annual report on Form 10-K/A in
order to minimize potential investor confusion.&#160;&#160;This was clearly
explained in the &#8220;Explanatory Note&#8221; in the Form 10-K/A.&#160;&#160;As a result,
US12OF believes that filing an amended 10-K/A to include financial statements of
both US12OF and the General Partner that would be identical to the two sets
of&#160;&#160;financial statements already filed with the Commission would only
serve to confuse investors and the market.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibits 31.1 and
31.2</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note that the language in your certifications does not conform exactly to
      the language set forth in Exchange Act Rule
      13a-14(a).&#160;&#160;Specifically, we note the introductory language in
      paragraph 4 and paragraph 4(b) referring to internal control over
      financial reporting were omitted.&#160;&#160;Please file an amendment that
      includes certifications that conform exactly to the language set forth
      within the Exchange Act Rule
13a-14(a).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Response:</font>&#160;&#160;US12OF
will file an amended annual report on Form 10-K that includes the correct
certifications from US12OF&#8217;s principal executive and principal financial
officers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with the submission of our responses, the United States Commodity
Funds LLC in its capacity as the general partner of United States 12 Month Oil
Fund, LP hereby acknowledges that:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 19.4pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">US12OF
      is responsible for the adequacy and accuracy of the disclosure in the
      filing;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 19.4pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">staff
      comments or changes to disclosure in response to staff comments do not
      foreclose the Commission from taking any action with respect to the
      filing; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 19.4pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Symbol, serif">&#183;</font></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">US12OF
      may not assert staff comments as a defense in any proceeding initiated by
      the Commission or any person under the federal securities laws of the
      United States.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        </div>
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      <div>
        <div>Yolanda Crittendon</div>
        <div>October 20, 2009</div>
        <div>Page 11</div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We hope
that you will find these responses satisfactory.&#160;&#160;If you have
questions or further comments, please call the undersigned at
510.522.9600.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <div align="left">
          <div align="left">
            <table border="0" cellpadding="0" cellspacing="0" width="100%">
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                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td colspan="2" valign="top" width="38%"><font size="2">UNITED STATES 12 MONTH
      OIL FUND, LP</font></td>
                  <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr>
                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td colspan="2" valign="top" width="38%"><font size="2">&#160;</font></td>
                  <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr>
                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td colspan="2" valign="top" width="38%"><font size="2">By: United States
      Commodity Funds LLC, its general partner</font></td>
                  <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
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                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="50%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                  <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:
      </font></div>
                  </td>
                  <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;Howard
      Mah</font></td>
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                </tr>
                <tr>
                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:
      Howard Mah</font></td>
                  <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr>
                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:
      Chief Financial Officer</font></td>
                  <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
                <tr>
                  <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                  <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
                </tr>
            </table><a name="ccstart"><br></a></div>
        </div>
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    </div>
    <div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">cc:</font></div>
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            <td align="left" valign="top" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">James
      M. Cain, Esq.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">W.
      Thomas Conner, Esq.</font></div>
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