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Schedule of Investments

12 Months Ended

Dec. 31, 2011

Schedule of Investments

United States Brent Oil 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
Foreign Contracts
ICE Brent Crude Oil Futures CO February 2012 contracts, expiring January 2012			347			$	(916,570	)			(2.46	)


		Principal Amount				Market Value
Cash Equivalents
United States Treasury Obligation
U.S. Treasury Bill, 0.03%, 6/21/2012		$	2,340,000			$	2,339,665				6.28


United States - Money Market Funds
Fidelity Institutional Government Portfolio - Class I			5,502,196				5,502,196				14.76
Goldman Sachs Financial Square Funds - Government Fund - Class SL			288				288				0.00
Morgan Stanley Institutional Liquidity Fund - Government Portfolio			11,503,853				11,503,853				30.87

Total Money Market Funds							17,006,337				45.63


Total Cash Equivalents						$	19,346,002				51.91

See accompanying notes to financial statements.

United States Brent Oil Fund, LP

Schedule of Investments

At December 31, 2010


		Number of Contracts				Unrealized Gain on Open Commodity Contracts				% of Partners’ Capital
Open Futures Contracts - Long
Foreign Contracts
ICE Brent Crude Oil Futures CO February 2011 contracts, expiring January 2011			100			$	322,660				2.56
ICE Brent Crude Oil Futures CO March 2011 contracts, expiring February 2011			33				—				0.00

Total Open Futures Contracts			133			$	322,660				2.56


		Principal Amount				Market Value
Cash Equivalents
United States - Money Market Funds
Fidelity Institutional Government Portfolio - Class I		$	4,001,334			$	4,001,334				31.72
Morgan Stanley Institutional Liquidity Fund - Government Portfolio			4,001,601				4,001,601				31.72

Total Cash Equivalents						$	8,002,935				63.44