<SEC-DOCUMENT>0001171200-20-000161.txt : 20200324
<SEC-HEADER>0001171200-20-000161.hdr.sgml : 20200324
<ACCEPTANCE-DATETIME>20200324150013
ACCESSION NUMBER:		0001171200-20-000161
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200324
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200324
DATE AS OF CHANGE:		20200324

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United States Brent Oil Fund, LP
		CENTRAL INDEX KEY:			0001472494
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				270925904
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34704
		FILM NUMBER:		20738054

	BUSINESS ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
		BUSINESS PHONE:		(510) 522-9600

	MAIL ADDRESS:	
		STREET 1:		1850 MT. DIABLO BLVD.
		STREET 2:		SUITE 640
		CITY:			WALNUT CREEK
		STATE:			CA
		ZIP:			94596
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>i20132_bno-8k.htm
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Washington,
DC 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FORM 8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CURRENT REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">Date of Report
(Date of earliest event reported): <B>March 24, 2020</B><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITED STATES
BRENT OIL FUND, LP</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">(Exact
name of registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 26%; font-weight: bold; text-align: center">Delaware</TD>
    <TD NOWRAP STYLE="width: 28%; font-weight: bold; text-align: center">001-34704</TD>
    <TD NOWRAP STYLE="width: 26%; font-weight: bold; text-align: center">27-0925904</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD NOWRAP STYLE="text-align: center">(Commission File Number)</TD>
    <TD NOWRAP STYLE="text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">of incorporation)</TD>
    <TD NOWRAP STYLE="text-align: center"></TD>
    <TD NOWRAP STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>1850 Mt. Diablo
Boulevard, Suite 640 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Walnut Creek,
California 94596</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Address of principal executive offices) (Zip
Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(510)
522-9600</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">Registrant's
telephone number,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">including
area code</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt">(Former
name or former address, if changed since last report)<BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<U>see</U> General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT><FONT STYLE="font-size: 10pt"><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT><FONT STYLE="font-size: 10pt"><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT><FONT STYLE="font-size: 10pt"><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT><FONT STYLE="font-size: 10pt"><BR>
<BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Indicate by
check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Emerging
growth company </FONT><FONT STYLE="font: 10pt Wingdings">o</FONT><FONT STYLE="font-size: 10pt"><BR><BR></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">o</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Securities registered
pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 2.15pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title
    of each class:</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Trading
    Symbol(s)</B></FONT></TD>
    <TD NOWRAP STYLE="width: 2%; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 32%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name
    of each exchange on which registered:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="padding-left: 2.15pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
    of United States Brent Oil Fund, LP</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BNO</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NYSE
    Arca, Inc.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Item 7.01. Regulation FD Disclosure.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On March
24, 2020, the United States Brent Oil Fund, LP (the &ldquo;Registrant&rdquo;) issued its annual financial statements for the
year ended December 31, 2019, as required pursuant to Rule 4.22 under the Commodity Exchange Act. A copy of the annual
financial statements is furnished as Exhibit 99.1 to this Current Report on Form 8-K and also can be found on the
Registrant&rsquo;s website at www.uscfinvestments.com. The information furnished in this Current Report on Form 8-K,
including Exhibit 99.1, shall not be deemed to be &ldquo;filed&rdquo; for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by
reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific
reference in any such filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>Item 9.01. Financial Statements
and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">(d) Exhibits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">Exhibit 99.1
<A HREF="i20132_ex99-1.htm">Annual Financial Statements of the Registrant for the year ended December 31, 2019.</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURES
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">UNITED
    STATES BRENT OIL FUND, LP</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD NOWRAP STYLE="width: 46%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">United
    States Commodity Funds LLC, its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
    Stuart Crumbaugh&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date:&nbsp;&nbsp;March
    24, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT>&nbsp;</TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stuart Crumbaugh</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD NOWRAP STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial
    Officer</FONT></TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>i20132_ex99-1.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES COMMODITY FUNDS LLC</B><BR>
<B>General Partner of the United States Brent Oil Fund, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">March 24, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Dear United States Brent Oil Fund, LP
Investor,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Enclosed with this letter is your copy
of the 2019 financial statements for the United States Brent Oil Fund, LP (ticker symbol &ldquo;BNO&rdquo;). We have mailed this
statement to all investors in BNO who held shares as of December 31, 2019 to satisfy our annual reporting requirement under federal
commodities laws. In addition, we have enclosed a copy of the current United States Commodity Funds LLC (&ldquo;USCF&rdquo;) Privacy
Policy applicable to BNO. Additional information concerning BNO&rsquo;s 2019 results may be found by referring to BNO&rsquo;s Annual
Report on Form 10-K (the &ldquo;Form 10-K&rdquo;), which has been filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;).
You may obtain a copy of the Form 10-K by going to the SEC&rsquo;s website at <B><U>www.sec.gov</U></B>, or by going to USCF&rsquo;s
website at <B><U>www.uscfinvestments.com</U></B>. You may also call USCF at <B>1-800-920-0259</B> to speak to a representative
and request additional material, including a current BNO Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">USCF is the general partner of BNO. USCF is
also the general partner or sponsor and operator of several other commodity-based exchange-traded funds. These other funds are
referred to in the attached financial statements and include:</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 38%; font-size: 10pt">&nbsp;</td>
    <td style="width: 18%; font-size: 10pt">&nbsp;</td>
    <td style="width: 28%; font-size: 10pt">&nbsp;</td>
    <td style="width: 16%; font-size: 10pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States Oil Fund, LP</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>USO</b>)</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States Commodity Index Fund</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>USCI</b>)</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States Natural Gas Fund, LP</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>UNG</b>)</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States Copper Index Fund</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>CPER</b>)</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States 12 Month Oil Fund, LP</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>USL</b>) </font></td>
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States 3x Oil Fund</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>USOU</b>)</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States Gasoline Fund, LP</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>UGA</b>)</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States 3x Short Oil Fund</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>USOD</b>)</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 8pt"><b>United States 12 Month Natural Gas Fund, LP</b></font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">(ticker symbol: <b>UNL</b>)</font></td>
    <td style="font-size: 10pt; text-align: justify">&nbsp;</td>
    <td style="font-size: 10pt; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td>
    <td style="font-size: 10pt">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Information about these other funds
is contained within the Form 10-K as well as in the current BNO Prospectus. Investors in BNO who wish to receive additional information
about these other funds may do so by going to the USCF website at <B><U>www.uscfinvestments.com</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">You may also call USCF at <B>1-800-920-0259</B>
to request additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Thank you for your continued interest in BNO.</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 39%">&nbsp;</td>
    <td style="width: 61%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>Regards,</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">/s/ John P. Love</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>John P. Love</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>President and Chief Executive Officer</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>United States Commodity Funds LLC</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">*This letter is not an offer to buy
or sell securities. Investment in BNO or any other funds should be made only after reading such fund&rsquo;s prospectus. Please
consult the relevant prospectus for a description of the risks and expenses involved in any such investment.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES COMMODITY FUNDS LLC
</B><BR>
<B>PRIVACY POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Effective Date: January 1, 2020</I><BR>
<I>Last Updated: December 18, 2019</I></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 100%; border-bottom: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Introduction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">This document sets
forth the Privacy Policy of (i) the United States Commodity Funds LLC (the &ldquo;Company&rdquo;), (ii) each of the statutory trusts
for which the Company serves as sponsor, the United States Commodity Index Funds Trust (the &ldquo;Index Funds Trust&rdquo;) and
the USCF Funds Trust (together with the Index Funds Trust, the &ldquo;Trusts&rdquo;), and (iii) each of the funds for which the
Company serves as the general partner or as sponsor as set forth in Appendix A, which may be amended from time to time (each a
&ldquo;Fund&rdquo; and together, the &ldquo;Funds&rdquo;), relating to the collection, maintenance and use of nonpublic personal
information about the Funds&rsquo; investors, as required under federal legislation. The Company is a commodity pool operator registered
with the Commodity Futures Trading Commission. This Privacy Policy covers the nonpublic personal information of investors who are
individuals and who obtain financial products or services primarily for personal, family or household<FONT STYLE="letter-spacing: -0.25pt">
</FONT>purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Collection of Investor Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">In the course of
doing business with Fund shareholders, the Company and the Trusts may collect or have access to nonpublic personal information
about Fund shareholders. Shares of the Funds are registered in the name of Cede &amp; Co., as nominee for the Depository Trust
Company. However, the Company may collect or have access to personal information about Fund investors for certain purposes relating
to the operation of the Funds, including for the distribution of certain required tax reports to investors. This information may
include information received from investors and information about investors&rsquo; holdings and transactions in shares of the<FONT STYLE="letter-spacing: 0.7pt">
</FONT>Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">&ldquo;Nonpublic
personal information&rdquo; is personally identifiable financial information about Fund shareholders. For example, it includes
Fund shareholders&rsquo; social security numbers, account balances, bank account information and investors&rsquo; holdings and
transactions in shares of the Funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The Company, the
Trusts and the Funds may collect this information from the following sources:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Information about shareholder transactions with us and our service providers, or others;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Information we receive from consumer reporting agencies (including credit<FONT STYLE="letter-spacing: -0.25pt">
</FONT>bureaus);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Information we may receive from<FONT STYLE="letter-spacing: -0.05pt"> </FONT>shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Disclosure of Nonpublic Personal
Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The Company, the
Trusts and the Funds do not sell or rent investor information of the Funds. The Company, the Trusts and the Funds only disclose
nonpublic personal information collected about Fund investors as permitted by law. For example, the Company, the Trusts and the
Funds may disclose nonpublic personal information about Fund investors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">To companies that act as service providers in connection with the administration and servicing
of the Funds, which may include attorneys, accountants, auditors and other professionals; maintain shareholder accounts, and in
connection with the servicing or processing of transactions of the Trusts or the<FONT STYLE="letter-spacing: -0.1pt"> </FONT>Funds;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">To government entities, in response to subpoenas, court orders, judicial process or to comply with
laws or<FONT STYLE="letter-spacing: -0.1pt"> </FONT>regulations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">To protect against fraud, unauthorized transactions (such as money laundering), claims or other
liabilities, or to collect unpaid debts;<FONT STYLE="letter-spacing: -0.15pt"> </FONT>and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">When shareholders direct us to do so or consent to the disclosure, including authorization to disclose
such information to persons acting in a fiduciary or representative capacity on behalf of the<FONT STYLE="letter-spacing: -0.1pt">
</FONT>investor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Fund investors have no right to opt
out of the disclosure by the Company, the Trusts or the Funds of non-public personal information under the circumstances described
above.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Protection of Investor Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The Company, the
Trusts and the Funds holds Fund investor information in the strictest confidence. Accordingly, the Company&rsquo;s policy is to
require that all employees, financial professionals and companies providing services on its behalf keep client information confidential.
In addition, access to nonpublic personal information about shareholders is limited to our employees and in some cases to third
parties (for example, the service providers described above) as permitted by<FONT STYLE="letter-spacing: -0.1pt"> </FONT>law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The Company, the
Trusts and the Funds maintains safeguards that comply with federal standards to protect investor information. The Company restricts
access to the personal and account information of investors to those employees who need to know that information in the course
of their job responsibilities. Third parties with whom the Company, the Trusts and the Funds share Fund investor information must
agree to follow appropriate standards of security and confidentiality, which includes safeguarding such information physically,
electronically and procedurally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The privacy policy
of the Company, the Trusts and the Funds applies to both current and former Fund investors. The Company, the Trusts and the Funds
will only disclose nonpublic personal information about a former investor to the same extent as for a current Fund investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Your California Privacy Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">If you are a California
resident, California law provides you with specific rights regarding your personal information, including the right to request
that we disclose certain information to you about the collection and use of your personal information over the past 12 months;
the right to request that we delete any of your personal information that we have collected from you, subject to certain exceptions;
and the right to opt-out of the &ldquo;sale&rdquo; of your personal information, as defined by California law. To make such a request,
contact us at 1-800-920-0259 or uscfinvestments.com. Please note that we are only required to respond to two such requests per
customer each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">You also have the
right not to be discriminated against if you exercise any of your rights under California privacy law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The Company may
have collected the following categories of personal information of California residents in the past 12 months:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="text-align: justify">Identifiers such as a name, Internet Protocol address, email address, or other similar identifiers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="text-align: justify">Categories of personal information described in subdivision (e) of California Civil Code Section<FONT STYLE="letter-spacing: -0.05pt">
</FONT>1798.80.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="text-align: justify">Commercial information, including records of sales or<FONT STYLE="letter-spacing: -0.15pt"> </FONT>purchases.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="text-align: justify">Internet or other electronic network activity<FONT STYLE="letter-spacing: -0.15pt"> </FONT>information.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="text-align: justify">Geolocation<FONT STYLE="letter-spacing: -0.05pt"> </FONT>data.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="letter-spacing: -0.2pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></FONT></TD><TD STYLE="text-align: justify">Professional or employment-related<FONT STYLE="letter-spacing: -0.05pt"> </FONT>information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">Please note that
these rights do not apply to personal information collected, processed, sold, or disclosed pursuant to the federal Gramm-Leach-Bliley
Act and implementing regulations. Please review the privacy notices in the Appendix below for more information about how we collect,
process, sell, and disclose personal information pursuant to these laws<FONT STYLE="letter-spacing: -1.1pt"> </FONT>and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">This information
is collected and used for the purposes disclosed in this Privacy Policy. The Company has not sold personal information of California
residents in the past 12 months. The Company may have disclosed any of the above categories of personal information pursuant to
an individual&rsquo;s consent or under a written contract with a service provider for a business purpose in the past 12 months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Changes to Privacy Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">The Company, the
Trusts and the Funds may modify or amend this Privacy Policy from time to time. The Company will indicate the date when it was
most recently updated and its effective date. If there are changes to the privacy policy in the future, a revised privacy policy
with those changes will be communicated through an appropriate channel to Fund investors as long as they continue to be Fund investors.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B><U>APPENDIX A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES COMMODITY FUNDS LLC,
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>GENERAL PARTNER OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES OIL FUND, LP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES NATURAL GAS FUND, LP
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES 12 MONTH OIL FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES GASOLINE FUND, LP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES 12 MONTH NATURAL GAS
FUND, LP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES BRENT OIL FUND, LP </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>SPONSOR OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES COMMODITY INDEX FUND
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES COPPER INDEX FUND </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>EACH A SERIES OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES COMMODITY INDEX FUNDS
TRUST </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>SPONSOR OF </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES 3X OIL<FONT STYLE="letter-spacing: -0.55pt">
</FONT>FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES 3X SHORT OIL FUND </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>EACH A SERIES OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>USCF FUNDS TRUST</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">UNITED STATES COMMODITY FUNDS LLC<BR>
UNITED STATES COMMODITY FUNDS TRUST<BR>
USCF FUNDS TRUST<BR>
EACH OF THE FUNDS FOR WHICH THE COMPANY SERVES AS<BR>
GENERAL PARTNER OR SPONSOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Privacy Notice</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <td style="width: 24%; border: Black 1pt solid; background-color: #575757; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: justify"><font style="color: white"><b>FACTS</b></font></td>
    <td style="width: 76%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: justify"><b>WHAT DO UNITED STATES COMMODITY FUNDS LLC (THE &ldquo;COMPANY&rdquo;), THE UNITED STATES COMMODITY FUNDS TRUST AND THE USCF FUNDS TRUST (EACH A &ldquo;TRUST&rdquo; AND TOGETHER, THE &ldquo;TRUSTS&rdquo;) AND EACH OF THE FUNDS FOR WHICH THE COMPANY SERVES AS GENERAL PARTNER OR SPONSOR (EACH A &ldquo;FUND&rdquo; AND TOGETHER, THE &ldquo;FUNDS&rdquo;) DO WITH PERSONAL<font style="letter-spacing: -0.25pt"> </font>INFORMATION?</b></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #B7B7B7; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: justify">Why?</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: justify">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #B7B7B7; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: justify">What?</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt; text-align: justify">The types of personal information
        we collect and share depend on the product or service you have with us. This information can include:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: justify; text-indent: -0.25in"><font style="letter-spacing: -0.1pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>Social
        Security<font style="letter-spacing: -0.1pt"> </font>number</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: justify; text-indent: -0.25in"><font style="letter-spacing: -0.1pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>account<font style="letter-spacing: -0.15pt">
        </font>balances</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: justify; text-indent: -0.25in"><font style="letter-spacing: -0.1pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>account<font style="letter-spacing: -0.05pt">
        </font>transactions</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: justify; text-indent: -0.25in"><font style="letter-spacing: -0.1pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>transaction<font style="letter-spacing: -0.1pt">
        </font>history</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: justify; text-indent: -0.25in"><font style="letter-spacing: -0.1pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>wire
        transfer<font style="letter-spacing: -0.05pt"> </font>instructions</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt 0.3in; text-align: justify; text-indent: -0.25in"><font style="letter-spacing: -0.1pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>checking
        account<font style="letter-spacing: -0.2pt"> </font>information</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt; text-align: justify">When you are <i>no longer </i>our
        customer, we continue to share your information as described in this notice.</P></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #B7B7B7; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: justify">How?</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: justify">All financial companies need to share customers&rsquo; personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers&rsquo; personal information; the reasons the Company and the Trusts choose to share; and whether you can limit this sharing.</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top; background-color: #B7B7B7">
    <td style="width: 50%; border: Black 1pt solid; padding-left: 0.05in">Reasons we can share your personal information</td>
    <td style="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Do we share?</td>
    <td style="width: 25%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Can you limit this sharing?</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.05in"><b>For our everyday business purposes -</b></td>
    <td style="border-right: Black 1pt solid">&nbsp;</td>
    <td style="border-right: Black 1pt solid">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; padding-left: 0.05in">such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">Yes</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">No</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; padding-left: 0.05in"><b>For our marketing purposes -</b><br>
to offer our products and services to you</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">No</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">We don&rsquo;t share</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; padding-left: 0.05in"><b>For joint marketing with other financial companies</b></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">No</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">We don&rsquo;t share</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; padding-left: 0.05in"><b>For our affiliates&rsquo; everyday business purposes -</b><br>
information about your transactions and experiences</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">Yes</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">No</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; padding-left: 0.05in"><b>For our affiliates&rsquo; everyday business purposes -</b><br>
information about your creditworthiness</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">No</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">We don&rsquo;t share</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; padding-left: 0.05in"><b>For our affiliates to market to you</b></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">No</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">We don&rsquo;t share</td></tr>
<tr style="vertical-align: top">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; padding-left: 0.05in"><b>For non-affiliates to market to you</b></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">No</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: center">We don&rsquo;t share</td></tr>
<tr style="vertical-align: top">
    <td colspan="3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 6pt; padding-left: 0.05in">Questions?&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Call 1-510-522-9600 or go to <u>www.uscfinvestments.com</u></td></tr>
</table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">UNITED STATES COMMODITY FUNDS LLC<BR>
UNITED STATES COMMODITY FUNDS TRUST<BR>
USCF FUNDS TRUST<BR>
EACH OF THE FUNDS FOR WHICH THE COMPANY SERVES AS<BR>
GENERAL PARTNER OR SPONSOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Privacy Notice</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top; background-color: #B7B7B7">
    <TD COLSPAN="2" STYLE="vertical-align: top; border: Black 1pt solid; padding-right: 0.05in; padding-left: 0.05in; text-align: left">What we do</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 30%; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left"><b>How do the Company, the Trusts and the Funds protect my personal information?</b></td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 70%; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards <font style="letter-spacing: -0.1pt">and </font>secured files and<font style="letter-spacing: -0.1pt"> </font>buildings.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left"><b>How do the Company, the Trusts and the Funds collect my personal information?</b></td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in; text-align: left">We collect your personal information,
        for example, when you</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: left; text-indent: -0.25in"><font style="letter-spacing: -0.2pt">&#9632;&#9;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;open
        an<font style="letter-spacing: 0.05pt"> </font>account</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: left; text-indent: -0.25in"><font style="letter-spacing: -0.2pt">&#9632;&#9;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provide
        account<font style="letter-spacing: -0.05pt"> </font>information</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: left; text-indent: -0.25in"><font style="letter-spacing: -0.2pt">&#9632;&#9;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;give
        us your contact<font style="letter-spacing: -0.25pt"> </font>information</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: left; text-indent: -0.25in"><font style="letter-spacing: -0.2pt">&#9632;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>make
        a wire<font style="letter-spacing: -0.15pt"> </font>transfer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt 0.3in; text-align: left; text-indent: -0.25in"><font style="letter-spacing: -0.2pt">&#9632;&#9;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tell
        us where to send the<font style="letter-spacing: -0.2pt"> </font>money</P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left">&nbsp;</td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left">We also collect your information from others, such as credit bureaus, affiliates, or other companies.</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left"><b>Why can&rsquo;t I limit all sharing?</b></td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in; text-align: left">Federal law gives you the right to limit
        only</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: left; text-indent: -0.25in"><font style="letter-spacing: -0.15pt">&#9632;&#9;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sharing
        for affiliates&rsquo; everyday business purposes - information about your<font style="letter-spacing: -0.25pt"> </font>creditworthiness</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 0 0.3in; text-align: left; text-indent: -0.25in"><font style="letter-spacing: -0.15pt">&#9632;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>affiliates
        from using your information to market to<font style="letter-spacing: -0.35pt"> </font>you</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 10pt 0.3in; text-align: left; text-indent: -0.25in"><font style="letter-spacing: -0.15pt">&#9632;&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>sharing
        for non-affiliates to market to<font style="letter-spacing: -0.25pt"> </font>you</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt; text-align: left">State laws and individual companies
        may give you additional rights to limit sharing.</P></td></tr>
<tr style="vertical-align: top; background-color: #B7B7B7">
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left">Definitions</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left"><b>Affiliates</b></td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt; text-align: left">Companies related by common ownership
        or control. They can be financial and non-financial companies.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt 0.3in; text-align: left; text-indent: -0.25in"><b>&#9632;&#9;</b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
        affiliates include companies which are subsidiaries of Wainwright Holdings, Inc., such as USCF Advisers<font style="letter-spacing: -0.05pt">
        </font>LLC.</i></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left"><b>Non-affiliates</b></td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt; text-align: left">Companies not related by common
        ownership or control. They can be financial and non- financial<font style="letter-spacing: -0.05pt"> </font>companies.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt 0.3in; text-align: left; text-indent: -0.25in"><b>&#9632;&#9;</b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
        Company, the Trusts and the Funds do not share with non-affiliates so they can market to you.</i></P></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 0.05in; padding-bottom: 6pt; padding-left: 0.05in; text-align: left"><b>Joint marketing</b></td>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt; text-align: left">A formal agreement between nonaffiliated
        financial companies that together market financial products or services to<font style="letter-spacing: -0.25pt"> </font>you.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.05in 6pt 0.3in; text-align: left; text-indent: -0.25in"><b>&#9632;&#9;</b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
        Company, the Trusts and the Funds do not conduct joint<font style="letter-spacing: -0.35pt"> </font>marketing.</i></P></td></tr>
</table>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>UNITED STATES BRENT OIL FUND, LP</B><BR>
<B>A Delaware Limited Partnership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">For the years ended December 31, 2019,
2018 and 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>AFFIRMATION OF THE COMMODITY POOL
OPERATOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">To the Shareholders of the United States
Brent Oil Fund, LP:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Pursuant to Rule 4.22(h) under the Commodity
Exchange Act, the undersigned represents that, to the best of his knowledge and belief, the information contained in this Annual
Report for the years ended December 31, 2019, 2018 and 2017 is accurate and complete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By United States Commodity Funds LLC, as General
Partner</P>

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<tr style="vertical-align: top">
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 27%">&nbsp;</td>
    <td style="width: 70%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>By:&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">/s/ John P. Love</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">John P. Love</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">President &amp; Chief Executive Officer of United States Commodity Funds LLC</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">On behalf of United States Brent Oil Fund, LP</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td></tr>
</table>

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<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<tr style="vertical-align: top">
    <td rowspan="3" style="width: 76%; text-align: right"><IMG SRC="i20132001.jpg" ALT="(LOGO)"></td>
    <td style="width: 24%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-size: 14pt; text-align: right"><font style="font-size: 14pt">S<font style="font-variant: small-caps">picer</font> J<font style="font-variant: small-caps">effries</font><font style="letter-spacing: 0.15pt"> </font>LLP</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: right">Certified Public<font style="letter-spacing: -0.85pt"> </font>Accountants</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="text-align: right">4601 DTC BOULEVARD <FONT STYLE="font: 10pt Symbol">&#183;</FONT> SUITE<font style="letter-spacing: -0.2pt"> </font>700</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="text-align: right">DENVER, COLORADO<font style="letter-spacing: -1pt"> </font>80237</td></tr>
<tr style="vertical-align: top">
    <td colspan="2" style="text-align: right">TELEPHONE: (303) 753-1959</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: right">FAX: (303)<font style="letter-spacing: -0.2pt"> </font>753-0338</td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: right"><font style="letter-spacing: -0.05pt"><u>www.spicerjeffries.com</u></font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">To the Partners of<BR>
United States Brent Oil Fund, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Opinions on the Financial Statements
and Internal Control over Financial Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">We have audited the accompanying statements
of financial condition of United States Brent Oil Fund, LP (the &ldquo;Fund&rdquo;) as of December 31, 2019 and 2018, including
the schedule of investments as of December 31, 2019 and 2018, and the related statements of operations, changes in partners&rsquo;
capital and cash flows for each of the years in the three-year period ended December 31, 2019, and the related notes (collectively
referred to as the &ldquo;financial statements&rdquo;). We also have audited the Fund&rsquo;s internal control over financial reporting
as of December 31, 2019, based on criteria established in Internal Control &mdash; Integrated Framework (2013) issued by the Committee
of Sponsoring Organizations of the Treadway Commission (&ldquo;COSO&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">In our opinion, the financial statements
referred to above present fairly, in all material respects, the financial position of United States Brent Oil Fund, LP as of December
31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three-year period ended December
31, 2019, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the
Fund maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019 based on
criteria established in Internal Control &mdash; Integrated Framework (2013) issued by COSO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Basis for Opinion </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Fund&rsquo;s management is responsible
for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of
the effectiveness of internal control over financial reporting included in the accompanying Management&rsquo;s Annual Report on
Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Fund&rsquo;s financial statements
and an opinion on the Fund&rsquo;s internal control over financial reporting based on our audits. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect
to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal
control over financial reporting was maintained in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Our audits of the financial statements
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit
of internal control over financial reporting included obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audits provide a reasonable basis for our opinions.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Definition and Limitations of Internal
Control over Financial Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">A company&rsquo;s internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&rsquo;s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company&rsquo;s assets that could have a material effect on the
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 10pt; text-align: justify; color: Red"><IMG SRC="i20132002.jpg" ALT="(signature)"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">We have served as the Fund&rsquo;s auditor
since 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Denver, Colorado</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">March 13, 2020</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>United States Brent Oil Fund, LP</I></B><BR>
<B><I>Statements of Financial Condition</I></B><BR>
<B><I>At December 31, 2019 and 2018</I></B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 65%; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 12%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 12%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>December 31, 2018</b></font></td>
    <td style="text-align: center">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Assets</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Cash and cash equivalents (at cost $72,725,833 and $62,639,874, respectively) (Notes 2 and 5)&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">72,725,833</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">62,639,874</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Equity in trading accounts:</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Cash and cash equivalents (at cost $10,877,607 and $17,417,768, respectively)&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">10,877,607</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">17,417,768</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Unrealized gain (loss) on open commodity futures contracts&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,161,610</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(6,289,510</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Receivable from General Partner (Note 3)&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">80,032</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">81,642</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Dividends receivable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">26,116</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">17,812</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Interest receivable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4,902</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,387</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Prepaid insurance&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,132</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,544</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt"><i>Total assets</i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">84,878,232</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">73,870,517</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Liabilities and Partners&rsquo; Capital</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">General Partner management fees payable (Note 3)&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">52,399</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">50,008</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Professional fees payable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">117,559</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">190,142</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Brokerage commissions payable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,816</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,816</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Directors&rsquo; fees payable&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">3,272</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2,923</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt"><i>Total liabilities</i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">176,046</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">245,889</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Commitments and Contingencies </b>(Notes 3, 4 and 5)</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Partners&rsquo; Capital</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">General Partner&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Limited Partners&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">84,702,186</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">73,624,628</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt"><i>Total Partners&rsquo; Capital</i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">84,702,186</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">73,624,628</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt"><i>Total liabilities and partners&rsquo; capital</i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">84,878,232</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">73,870,517</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt">Limited Partners&rsquo; shares outstanding&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,050,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,850,000</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt">Net asset value per share&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">20.91</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">15.18</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt">Market value per share&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">20.85</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">15.33</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>See accompanying notes to financial statements.</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>United States Brent Oil Fund, LP</I></B><BR>
<B><I>Schedule of Investments </I></B><BR>
<B><I>At December 31, 2019</I></B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Notional</b></font><br>
<font style="font-size: 8pt"><b>Amount</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Number of</b></font><br>
<font style="font-size: 8pt"><b>Contracts</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Value/ </b></font><br>
<font style="font-size: 8pt"><b>Unrealized Gain</b></font><br>
<font style="font-size: 8pt"><b>(Loss) on Open</b></font><br>
<font style="font-size: 8pt"><b>Commodity</b></font><br>
<font style="font-size: 8pt"><b>Contracts</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>% of</b></font><br>
<font style="font-size: 8pt"><b>Partners&rsquo;</b></font><br>
<font style="font-size: 8pt"><b>Capital</b></font></td>
    <td style="text-align: center">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Open Futures Contracts - Long</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Foreign Contracts</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">ICE Brent Crude Oil Futures CO March 2020 contracts, expiring January 2020*&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">83,516,390</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,283</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,161,610</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1.37</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 58%; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Principal</b></font><br>
<font style="font-size: 8pt"><b>Amount</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Market </b></font><br>
<font style="font-size: 8pt"><b>Value</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Cash Equivalents</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>United States Treasury Obligations</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">U.S. Treasury Bills:</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.05%, 1/02/2020&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">1,999,887</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.36</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.03%, 1/09/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,998,660</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3.54</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.01%, 1/16/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,998,346</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.36</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.04%, 1/23/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,997,535</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.36</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.02%, 1/30/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,996,781</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.36</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.90%, 2/06/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,996,245</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.36</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.87%, 2/13/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,995,569</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.36</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.85%, 2/20/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,992,354</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3.53</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.85%, 2/27/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,991,307</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3.53</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.83%, 3/05/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,987,083</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.71</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.84%, 3/19/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,988,170</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3.53</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.88%, 3/26/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,991,217</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.35</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.70%, 4/02/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,991,362</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.35</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.64%, 4/09/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,986,552</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3.53</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.60%, 4/16/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,985,955</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3.52</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.60%, 4/23/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,990,018</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.35</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.59%, 4/30/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,989,500</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.35</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.54%, 5/07/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,989,240</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.35</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.55%, 5/14/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">994,268</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1.17</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.55%, 5/21/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,987,976</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.35</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.58%, 5/28/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,987,091</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.35</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.53%, 6/04/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">993,456</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1.17</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.53%, 6/11/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,986,297</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.34</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.54%, 6/18/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,985,635</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.34</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">1.57%, 6/25/2020&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1,984,747</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">2.34</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Treasury Obligations</b>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">55,785,251</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">65.86</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>United States - Money Market Funds</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Fidelity Investments Money Market Funds - Government Portfolio&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">8,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">8,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">9.44</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Goldman Sachs Financial Square Funds - Government Fund - Class FS&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">10,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">10,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">11.81</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Morgan Stanley Institutional Liquidity Funds - Government Portfolio&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">5,000,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">5,000,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">5.90</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Money Market Funds</b>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">23,000,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">27.15</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Cash Equivalents</b>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">78,785,251</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">93.01</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Collateral amounted to $10,877,607 on open futures contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>See accompanying notes to financial statements.</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>United States Brent Oil Fund, LP</I></B><BR>
<B><I>Schedule of Investments </I></B><BR>
<B><I>At December 31, 2018</I></B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 44%; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Notional</b></font><br>
<font style="font-size: 8pt"><b>Amount</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Number of</b></font><br>
<font style="font-size: 8pt"><b>Contracts</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Value/ </b></font><br>
<font style="font-size: 8pt"><b>Unrealized Gain </b></font><br>
<font style="font-size: 8pt"><b>(Loss) on Open </b></font><br>
<font style="font-size: 8pt"><b>Commodity</b></font><br>
<font style="font-size: 8pt"><b>Contracts</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>% of </b></font><br>
<font style="font-size: 8pt"><b>Partners&rsquo;</b></font><br>
<font style="font-size: 8pt"><b>Capital</b></font></td>
    <td style="text-align: center">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Open Futures Contracts - Long</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Foreign Contracts</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">ICE Brent Crude Oil Futures CO March 2019 contracts, expiring January 2019*&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">79,887,910</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1,368</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(6,289,510</td>
    <td>)</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(8.54</td>
    <td>)</td></tr>
</table>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 58%; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: center">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; text-align: center">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Principal</b></font><br>
<font style="font-size: 8pt"><b>Amount</b></font></td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Market</b></font><br>
<font style="font-size: 8pt"><b>Value</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Cash Equivalents</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>United States Treasury Obligations</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">U.S. Treasury Bills:</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.10%, 1/03/2019&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">2,999,654</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.07</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.10%, 1/10/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,998,440</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.07</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.13%, 1/17/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,997,187</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.07</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.15%, 1/24/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,995,927</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.07</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.18%, 1/31/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,994,612</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.07</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.20%, 2/07/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,995,529</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.71</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.19%, 2/14/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,994,696</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.71</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.20%, 2/21/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,993,823</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.71</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.24%, 2/28/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,989,294</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.06</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.38%, 3/07/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,991,496</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.71</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.28%, 3/14/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,990,980</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.70</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.33%, 3/21/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,989,906</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.70</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.34%, 3/28/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,983,445</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.05</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.37%, 4/04/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,981,826</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.05</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.41%, 4/11/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,980,125</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.05</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.42%, 4/18/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,978,645</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.05</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.43%, 4/25/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,977,200</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.04</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.46%, 5/02/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,983,699</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.69</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.47%, 5/09/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,982,684</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.69</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.48%, 5/16/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">990,813</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1.35</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.50%, 5/23/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,980,554</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.69</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.49%, 5/30/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,979,657</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.69</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.51%, 6/06/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,978,550</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.69</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.51%, 6/13/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,966,313</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">4.03</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.49%, 6/20/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,976,767</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2.69</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">2.49%, 6/27/2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,000,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">987,905</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1.34</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Treasury Obligations</b>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">61,659,727</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">83.75</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>United States - Money Market Funds</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Fidelity Investments Money Market Funds - Government Portfolio&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">150,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">150,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">0.20</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Goldman Sachs Financial Square Funds - Government Fund - Class FS&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">5,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">5,000,000</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">6.79</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Morgan Stanley Institutional Liquidity Funds - Government Portfolio&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">800,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">800,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">1.09</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Money Market Funds</b>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">5,950,000</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">8.08</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Cash Equivalents</b>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">67,609,727</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">91.83</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Collateral amounted to $17,417,768 on open futures contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>See accompanying notes to financial statements.</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I></I><BR CLEAR="ALL">
<B><I>United States Brent Oil Fund, LP</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>Statements of Operations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B><I>For the years ended December 31, 2019, 2018 and 2017</I></B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31, </b></font><br>
<font style="font-size: 8pt"><b>2017</b></font></td>
    <td style="text-align: center">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 48%; padding-left: 8.65pt; text-indent: -8.65pt"><b>Income</b></td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <TD STYLE="width: 12%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Gain (loss) on trading of commodity futures contracts:</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Realized gain (loss) on closed futures contracts&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">18,175,420</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">(4,153,140</td>
    <td>)</td>
    <td>$</td>
    <td style="text-align: right">12,264,400</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Change in unrealized gain (loss) on open futures contracts&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">7,451,120</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(11,877,420</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,255,030</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Dividend income&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">533,922</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">408,899</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">173,888</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Interest income*&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,383,419</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,284,171</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">654,768</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">ETF transaction fees&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">6,650</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">13,300</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">10,850</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt"><i>Total income (loss)</i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">27,550,531</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(14,324,190</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">16,358,936</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Expenses</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">General Partner management fees (Note 3)&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">656,053</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">721,836</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">756,539</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Professional fees&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">90,200</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">111,160</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">336,708</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Brokerage commissions&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">101,742</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">98,880</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">132,707</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Directors&rsquo; fees and insurance&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">19,301</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">15,970</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">13,325</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt"><i>Total expenses</i>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">867,296</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">947,846</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,239,279</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Expense waiver (Note 3)&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(80,032</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(81,642</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(331,433</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt"><i>Net expenses</i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">787,264</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">866,204</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">907,846</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Net income (loss)</b><i> </i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">26,763,267</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(15,190,394</td>
    <td>)</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">15,451,090</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Net income (loss) per limited partnership share</b>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">5.73</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(3.00</td>
    <td>)</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2.48</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Net income (loss) per weighted average limited partnership share</b>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">5.76</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(3.14</td>
    <td>)</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2.24</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Weighted average limited partnership shares outstanding</b>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,646,301</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,836,438</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">6,888,630</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Interest income does not exceed paid in kind of 5%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>See accompanying notes to financial statements.</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>United States Brent Oil Fund, LP</I></B><BR>
<B><I>Statements of Changes in Partners&rsquo; Capital</I></B><BR>
<B><I>For the years ended December 31, 2019, 2018 and 2017</I></B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 51%">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>General Partner</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Limited Partners</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
    <td style="text-align: center">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><b>Balances, at December 31, 2016</b>&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <TD STYLE="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">113,023,072</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">113,023,072</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>Addition of 3,150,000 partnership shares&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">40,082,469</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">40,082,469</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemption of 5,150,000 partnership shares&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(74,007,758</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(74,007,758</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>Net income (loss)&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">15,451,090</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">15,451,090</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><b>Balances, at December 31, 2017</b>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">94,548,873</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">94,548,873</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>Addition of 2,050,000 partnership shares&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">41,996,934</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">41,996,934</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemption of 2,400,000 partnership shares&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(47,730,785</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(47,730,785</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>Net income (loss)&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(15,190,394</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(15,190,394</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><b>Balances, at December 31, 2018</b>&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">73,624,628</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">73,624,628</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>Addition of 950,000 partnership shares&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">17,034,820</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">17,034,820</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Redemption of 1,750,000 partnership shares&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(32,720,529</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(32,720,529</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>Net income (loss)&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">26,763,267</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">26,763,267</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><b>Balances, at December 31, 2019</b>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">84,702,186</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">84,702,186</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td><b>Net Asset Value Per Share:</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At December 31, 2016&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">15.70</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>At December 31, 2017&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">18.18</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At December 31, 2018&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">15.18</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>At December 31, 2019&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">20.91</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>See accompanying notes to financial statements.</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>United States Brent Oil Fund, LP</I></B><BR>
<B><I>Statements of Cash Flows</I></B><BR>
<B><I>For the years ended December 31, 2019, 2018 and 2017</I></B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 51%; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2017</b></font></td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Cash Flows from Operating Activities:</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Net income (loss)&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">26,763,267</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">(15,190,394</td>
    <td>)</td>
    <td>$</td>
    <td style="text-align: right">15,451,090</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Unrealized (gain) loss on open futures contracts&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(7,451,120</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">11,877,420</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(3,255,030</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">(Increase) decrease in receivable from General Partner&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,610</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">249,791</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(141,688</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">(Increase) decrease in dividends receivable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(8,304</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(821</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(6,613</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">(Increase) decrease in interest receivable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(3,515</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">8,188</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(9,575</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">(Increase) decrease in prepaid insurance&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(588</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(527</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(311</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">(Increase) decrease in ETF transaction fees receivable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">350</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">350</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Increase (decrease) in General Partner management fees payable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">2,391</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(11,475</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(12,926</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Increase (decrease) in professional fees payable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(72,583</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(52,980</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">135,701</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Increase (decrease) in brokerage commissions payable&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(2,500</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(1,860</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Increase (decrease) in directors&rsquo; fees payable&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">349</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">778</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">255</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt"><i>Net cash provided by (used in) operating activities</i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">19,231,507</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(3,122,170</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">12,159,393</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Cash Flows from Financing Activities:</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Addition of partnership shares&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">17,034,820</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">41,996,934</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">40,082,469</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Redemption of partnership shares&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(32,720,529</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(51,328,625</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(71,195,236</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 25.9pt; text-indent: -8.65pt"><i>Net cash provided by (used in) financing activities</i>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(15,685,709</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(9,331,691</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(31,112,767</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Net Increase (Decrease) in Cash and Cash Equivalents</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3,545,798</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(12,453,861</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(18,953,374</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Cash, Cash Equivalents and Equity in Trading Accounts</b>, beginning of year&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">80,057,642</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">92,511,503</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">111,464,877</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Cash, Cash Equivalents and Equity in Trading Accounts</b>, end of year&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">83,603,440</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">80,057,642</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">92,511,503</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Components of Cash and Cash Equivalents:</b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Cash and Cash Equivalents&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">72,725,833</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">62,639,874</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">78,344,087</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Equity in Trading Accounts:</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Cash and Cash Equivalents&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">10,877,607</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">17,417,768</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">14,167,416</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt"><b>Total Cash, Cash Equivalents and Equity in Trading Accounts</b>&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">83,603,440</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">80,057,642</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">92,511,503</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>See accompanying notes to financial statements.</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>United States Brent Oil Fund, LP</B><BR>
<B>Notes to Financial Statements</B><BR>
<B>For the years ended December 31, 2019, 2018</B> <B>and 2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOTE 1 &mdash; ORGANIZATION AND BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The United States Brent Oil Fund, LP
(&ldquo;BNO&rdquo;) was organized as a limited partnership under the laws of the state of Delaware on September 2, 2009. BNO is
a commodity pool that issues limited partnership shares (&ldquo;shares&rdquo;) that may be purchased and sold on the NYSE Arca,
Inc. (the &ldquo;NYSE Arca&rdquo;). BNO will continue in perpetuity, unless terminated sooner upon the occurrence of one or more
events as described in its Fourth Amended and Restated Agreement of Limited Partnership dated as of December 15, 2017 (the &ldquo;LP
Agreement&rdquo;). The investment objective of BNO is for the daily changes in percentage terms of its shares&rsquo; per share
NAV to reflect the daily changes in percentage terms of the spot price of Brent crude oil, as measured by the daily changes in
the Benchmark Futures Contract&rdquo;, plus interest earned on BNO&rsquo;s collateral holdings, less BNO&rsquo;s expenses. The
Benchmark Futures Contract is the futures contract on Brent crude oil as traded on Ice Futures that is the near month contract
to expire, except when the near month contract is within two weeks of expiration, in which case it will be measured by the futures
contract that is the next month contract to expire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO&rsquo;s investment objective is
<I>not</I> for its NAV or market price of shares to equal, in dollar terms, the spot price of Brent crude oil, <I>nor</I> is BNO&rsquo;s
investment objective for the percentage change in its NAV to reflect the percentage change of the price of any particular futures
contract as measured over a time period <I>greater than one day</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">United States Commodity Funds LLC (&ldquo;USCF&rdquo;),
the general partner of BNO, believes that it is not practical to manage the portfolio to achieve such an investment goal when investing
in Futures Contracts (as defined below) and Other Crude Oil-Related Investments (as defined below). BNO accomplishes its objective
through investments in futures contracts for crude oil, diesel-heating oil, gasoline, natural gas and other petroleum-based fuels
that are traded on the ICE Futures, the New York Mercantile Exchange (the &ldquo;NYMEX&rdquo;), or other U.S. and foreign exchanges
(collectively, &ldquo;Futures Contracts&rdquo;), and other crude oil-related investments such as cash-settled options on Futures
Contracts, forward contracts for crude oil, cleared swap contracts and over-the-counter (&ldquo;OTC&rdquo;) transactions that are
based on the price of crude oil and other petroleum-based fuels, Futures Contracts and indices based on the foregoing (collectively,
&ldquo;Other Crude Oil-Related Investments&rdquo;). As of December 31, 2019, BNO held 1,283 Futures Contracts for Brent crude oil
traded on the ICE Futures Europe and did not hold any Futures Contracts for Brent crude oil traded on the NYMEX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO commenced investment operations
on June 2, 2010 and has a fiscal year ending on December 31. USCF is responsible for the management of BNO. USCF is a member of
the National Futures Association (the &ldquo;NFA&rdquo;) and became registered as a commodity pool operator with the Commodity
Futures Trading Commission (the &ldquo;CFTC&rdquo;) effective December 1, 2005 and a swaps firm on August 8, 2013. USCF is also
the general partner of the United States Oil Fund, LP (&ldquo;USO&rdquo;), the United States Natural Gas Fund, LP (&ldquo;UNG&rdquo;),
the United States 12 Month Oil Fund, LP (&ldquo;USL&rdquo;) and the United States Gasoline Fund, LP (&ldquo;UGA&rdquo;), which
listed their limited partnership shares on the American Stock Exchange (the &ldquo;AMEX&rdquo;) under the ticker symbols &ldquo;USO&rdquo;
on April 10, 2006, &ldquo;UNG&rdquo; on April 18, 2007, &ldquo;USL&rdquo; on December 6, 2007 and &ldquo;UGA&rdquo; on February
26, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO&rsquo;s, UNG&rsquo;s, USL&rsquo;s
and UGA&rsquo;s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United
States 12 Month Natural Gas Fund, LP (&ldquo;UNL&rdquo;), which listed their limited partnership shares on the NYSE Arca under
the ticker symbols &ldquo;UNL&rdquo; on November 18, 2009. USCF previously served as the general partner for the United States
Short Oil Fund, LP (&ldquo;DNO&rdquo;) and the United States Diesel-Heating Oil Fund, LP (&ldquo;UHN&rdquo;), both of which were
liquidated in 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">USCF is also the sponsor of the United
States Commodity Index Fund (&ldquo;USCI&rdquo;), the United States Copper Index Fund (&ldquo;CPER&rdquo;) and the USCF Crescent
Crypto Index Fund (&ldquo;XBET&rdquo;), each a series of the United States Commodity Index Funds Trust (&ldquo;USCIFT&rdquo;).
USCF previously served as the sponsor for the United States Agricultural Index Fund (&ldquo;USAG&rdquo;) a series of USCIFT which
was liquidated in 2018. XBET is currently in registration and has not commenced operations. USCI and CPER listed their shares on
the NYSE Arca under the ticker symbols &ldquo;USCI&rdquo; on August 10, 2010 and &ldquo;CPER&rdquo; on November 15, 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">In addition, USCF is the sponsor of
the USCF Funds Trust, a Delaware statutory trust, and each of its series, the United States 3x Oil Fund (&ldquo;USOU&rdquo;) and
the United States 3x Short Oil Fund (&ldquo;USOD&rdquo;), which listed their shares on the NYSE Arca on July 20, 2017 under the
ticker symbols &ldquo;USOU&rdquo; and &ldquo;USOD&rdquo;, respectively. Each of USOU and USOD liquidated all of its assets and
distributed cash pro rata to all remaining shareholders in December 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">USO, UNG, UGA, UNL, USL, BNO, USCI and
CPER are referred to collectively herein as the &ldquo;Related Public Funds.&rdquo;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">BNO issues shares to certain authorized
purchasers (&ldquo;Authorized Participants&rdquo;) by offering baskets consisting of 50,000 shares (&ldquo;Creation Baskets&rdquo;)
through ALPS Distributors, Inc., as the marketing agent (the &ldquo;Marketing Agent&rdquo;). The purchase price for a Creation
Basket is based upon the NAV of a share calculated shortly after the close of the core trading session on the NYSE Arca on the
day the order to create the basket is properly received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">Authorized Participants pay BNO a $350
transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more baskets (&ldquo;Redemption
Baskets&rdquo;), consisting of 50,000 shares. Shares may be purchased or sold on a nationally recognized securities exchange in
smaller increments than a Creation Basket or Redemption Basket. Shares purchased or sold on a nationally recognized securities
exchange are not purchased or sold at the per share NAV of BNO but rather at market prices quoted on such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">In May 2010, BNO initially registered
50,000,000 shares on Form S-1 with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;). On June 2, 2010, BNO listed
its shares on the NYSE Arca under the ticker symbol &ldquo;BNO&rdquo;. BNO established its&rsquo; initial per share NAV by setting
the price at $50.00 and issued 200,000 shares in exchange for $10,000,000. BNO also commenced investment operations on June 2,
2010, by purchasing Futures Contracts traded on the ICE Futures Europe based on Brent crude oil. As of December 31, 2019, BNO had
registered a total of 50,000,000 shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>Basis of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">The financial statements have been prepared
in conformity with accounting principles generally accepted in the United States of America (&ldquo;U.S. GAAP&rdquo;) as detailed
in the Financial Accounting Standards Board&rsquo;s (&ldquo;FASB&rdquo;) Accounting Standards Codification. BNO is an investment
company and follows the accounting and reporting guidance in FASB Topic 946.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>Revenue Recognition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">Commodity futures contracts, forward
contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified
cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial
condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement
prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical
commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements.
Changes in the unrealized gains or losses between periods are reflected in the statements of operations. BNO earns income on funds
held at the custodian or a futures commission merchant (&ldquo;FCM&rdquo;) at prevailing market rates earned on such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>Brokerage Commissions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">Brokerage commissions on all open commodity
futures contracts are accrued on a full-turn basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify"><B>Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">BNO is not subject to federal income
taxes; each partner reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 9pt; text-align: justify">In accordance with U.S. GAAP, BNO is
required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing
authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position.
BNO files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. BNO is
not subject to income tax return examinations by major taxing authorities for years before 2016. The tax benefit recognized is
measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement.
De-recognition of a tax benefit previously recognized results in BNO recording a tax liability that reduces net assets. However,
BNO&rsquo;s conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including,
but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. BNO recognizes interest
accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if
assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Creations and Redemptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Authorized Participants may purchase
Creation Baskets or redeem Redemption Baskets only in blocks of 50,000 shares at a price equal to the NAV of the shares calculated
shortly after the close of the core trading session on the NYSE Arca on the day the order is placed.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO receives or pays the proceeds from
shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized
Participants are reflected in BNO&rsquo;s statements of financial condition as receivable for shares sold and amounts payable to
Authorized Participants upon redemption are reflected as payable for shares redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Authorized Participants pay BNO a $350
transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Partnership Capital and Allocation
of Partnership Income and Losses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Profit or loss shall be allocated among
the partners of BNO in proportion to the number of shares each partner holds as of the close of each month. USCF may revise, alter
or otherwise modify this method of allocation as described in the LP Agreement<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Calculation of Per Share NAV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO&rsquo;s per share NAV is calculated
on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing
that amount by the total number of shares outstanding. BNO uses the closing price for the contracts on the relevant exchange on
that day to determine the value of contracts held on such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Net Income (Loss) Per Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Net income (loss) per share is the difference
between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares
outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are
equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based
on the amount of time the shares were outstanding during such period. There were no shares held by USCF at December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Offering Costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Offering costs incurred in connection
with the registration of additional shares after the initial registration of shares are borne by BNO. These costs include registration
fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. These costs
are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter
period if warranted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Cash equivalents include money market
funds and overnight deposits or time deposits with original maturity dates of six months or less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Reclassification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Certain amounts in the accompanying
financial statements were reclassified to conform to the current presentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The preparation of financial statements
in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue
and expenses during the reporting period. Actual results may differ from those estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOTE 3 &mdash; FEES PAID BY THE FUND
AND RELATED PARTY TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>USCF Management Fee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Under the LP Agreement, USCF is responsible
for investing the assets of BNO in accordance with the objectives and policies of BNO. In addition, USCF has arranged for one or
more third parties to provide administrative, custody, accounting, transfer agency and other necessary services to BNO. For these
services, BNO is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.75% per annum of average daily total
net assets.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Ongoing Registration Fees and Other
Offering Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">BNO pays all costs and expenses associated
with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees
paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses
associated with such offer and sale. For the years ended December 31, 2019, 2018 and 2017, BNO did not incur registration fees
and other offering expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Independent Directors&rsquo; and Officers&rsquo;
Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">BNO is responsible for paying its portion
of the directors&rsquo; and officers&rsquo; liability insurance for BNO and the Related Public Funds and the fees and expenses
of the independent directors who also serve as audit committee members of BNO and the Related Public Funds. BNO shares the fees
and expenses on a pro rata basis with each Related Public Fund, as described above, based on the relative assets of each Related
Public Fund computed on a daily basis. These fees and expenses for the year ended December 31, 2019 were $556,951 for BNO and the
Related Public Funds. BNO&rsquo;s portion of such fees and expenses for the year ended December 31, 2019 was $19,301. For the year
ended December 31, 2018, these fees and expenses were $521,689 for BNO and the Related Public Funds. BNO&rsquo;s portion of such
fees and expenses for the year ended December 31, 2018 was $15,970. For the year ended December 31, 2017, these fees and expenses
were $536,375 for BNO and the Related Public Funds. BNO&rsquo;s portion of such fees and expenses for the year ended December 31,
2017 was $13,325.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Investor Tax Reporting Cost</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The fees and expenses associated with
BNO&rsquo;s audit expenses and tax accounting and reporting requirements are paid by BNO. These costs were approximately $90,200
for the year ended December 31, 2019, approximately $111,000 for the year ended December 31, 2018 and approximately $190,000 for
the year ended December 31, 2017. Tax reporting costs fluctuate between years due to the number of shareholders during any given
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Other Expenses and Fees and Expense
Waivers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">In addition to the fees described above,
BNO pays all brokerage fees and other expenses in connection with the operation of BNO, excluding costs and expenses paid by USCF
as outlined in <I>Note 4 &ndash; Contracts and Agreements</I> below. USCF paid certain expenses on a discretionary basis typically
borne by BNO, where expenses exceed 0.15% (15 basis points) of BNO&rsquo;s NAV, on an annualized basis. USCF has no obligation
to continue such payments into subsequent periods. For the year ended December 31, 2019, USCF waived $80,032 of BNO&rsquo;s expenses.
This voluntary expense waiver is in addition to those amounts USCF is contractually obligated to pay as described in <I>Note 4
&ndash; Contracts and Agreements</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>NOTE 4 &mdash; CONTRACTS AND AGREEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Marketing Agent Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">BNO is party to a marketing agent agreement,
dated as of March 31, 2010, as amended from time to time, with the Marketing Agent and USCF, whereby the Marketing Agent provides
certain marketing services for BNO as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal
to 0.06% on BNO&rsquo;s assets up to $3 billion and 0.04% on BNO&rsquo;s assets in excess of $3 billion. In no event may the aggregate
compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services exceed 10% of the gross proceeds
of BNO&rsquo;s offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">The above fee does not include website
construction and development, which are also borne by USCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><B>Brown Brothers Harriman &amp; Co.
Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">BNO is also party to a custodian agreement,
dated February 8, 2010, as amended from time to time, with Brown Brothers Harriman &amp; Co. (&ldquo;BBH&amp;Co.&rdquo;) and USCF,
whereby BBH&amp;Co. holds investments on behalf of BNO. USCF pays the fees of the custodian, which are determined by the parties
from time to time. In addition, BNO is party to an administrative agency agreement, dated February 8, 2010, as amended from time
to time, with USCF and BBH&amp;Co., whereby BBH&amp;Co. acts as the administrative agent, transfer agent and registrar for BNO.
USCF also pays the fees of BBH&amp;Co. for its services under such agreement and such fees are determined by the parties from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Currently, USCF pays BBH&amp;Co. for
its services, in the foregoing capacities, a minimum amount of $75,000 annually for its custody, fund accounting and fund administration
services rendered to BNO and each of the Related Public Funds, as well as a $20,000 annual fee for its transfer agency services.
In addition, USCF pays BBH&amp;Co. an asset-based charge of (a) 0.06% for the first $500 million of the Related Public Funds&rsquo;
combined net assets, (b) 0.0465% for the Related Public Funds&rsquo; combined net assets greater than $500 million but less than
$1 billion, and (c) 0.035% once the Related Public Funds&rsquo; combined net assets exceed $1 billion. The annual minimum amount
will not apply if the asset-based charge for all accounts in the aggregate exceeds $75,000. USCF also pays BBH&amp;Co. transaction
fees ranging from $7 to $15 per transaction.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>Brokerage and Futures Commission
Merchant Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 8, 2013, BNO entered into a brokerage
agreement with RBC to serve as BNO&rsquo;s FCM effective October 10, 2013. The agreement with RBC requires it to provide services
to BNO in connection with the purchase and sale of Futures Contracts and Other Crude Oil-Related Investments that may be purchased
and sold by or through RBC for BNO&rsquo;s account. In accordance with the agreement, RBC charges BNO commissions of approximately
$7 to $8 per round-turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures
Contracts. Such fees include those incurred when purchasing Futures Contracts and options on Futures Contracts when BNO issues
shares as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts
when BNO redeems shares as a result of a Redemption Basket. Such fees are also incurred when Futures Contracts and options on Futures
Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. BNO also incurs commissions to brokers for the
purchase and sale of Futures Contracts, Other Crude Oil-Related Investments or short-term obligations of the United States of two
years or less (&ldquo;Treasuries&rdquo;).</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 51%; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>For the Year </b></font><br>
<font style="font-size: 8pt"><b>Ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>For the Year </b></font><br>
<font style="font-size: 8pt"><b>Ended </b></font><br>
<font style="font-size: 8pt"><b>December 31, </b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>For the Year </b></font><br>
<font style="font-size: 8pt"><b>Ended </b></font><br>
<font style="font-size: 8pt"><b>December 31, </b></font><br>
<font style="font-size: 8pt"><b>2017</b></font></td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 2pt; padding-left: 8.65pt; text-indent: -8.65pt">Total commissions accrued to brokers&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <TD STYLE="text-align: right">101,742</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">98,880</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">132,707</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-top: 2pt; padding-left: 8.65pt; text-indent: -8.65pt">Total commissions as annualized percentage of average total net assets&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">0.12</td>
    <td>%</td>
    <td>&nbsp;</td>
    <td style="text-align: right">0.10</td>
    <td>%</td>
    <td>&nbsp;</td>
    <td style="text-align: right">0.13</td>
    <td>%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-top: 2pt; padding-left: 8.65pt; text-indent: -8.65pt">Commissions accrued as a result of rebalancing&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">99,885</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">95,188</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">127,847</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-top: 2pt; padding-left: 8.65pt; text-indent: -8.65pt">Percentage of commissions accrued as a result of rebalancing&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">98.17</td>
    <td>%</td>
    <td>&nbsp;</td>
    <td style="text-align: right">96.27</td>
    <td>%</td>
    <td>&nbsp;</td>
    <td style="text-align: right">96.34</td>
    <td>%</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Commissions accrued as a result of creation and redemption activity&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">1,857</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">3,692</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">4,860</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Percentage of commissions accrued as a result of creation and redemption activity&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1.83</td>
    <td>%</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3.73</td>
    <td>%</td>
    <td>&nbsp;</td>
    <td style="text-align: right">3.66</td>
    <td>%</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The increase in total commissions accrued
to brokers for the year ended December 31, 2019, compared to the year ended December 31, 2018, was due primarily to a higher number
of Brent crude oil futures contracts being held and traded. The decrease in total commissions accrued to brokers for the year ended
December 31, 2018, compared to the year ended December 31, 2017, was due primarily to lower number of futures contracts being held
and traded. However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses
to rise in future quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOTE 5 &mdash; FINANCIAL INSTRUMENTS,
OFF-BALANCE SHEET RISKS AND CONTINGENCIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO may engage in the trading of futures
contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, &ldquo;derivatives&rdquo;). BNO is exposed
to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the
risk of failure by another party to perform according to the terms of a contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO may enter into futures contracts,
options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract
obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity
at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in
cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the
underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange
before the designated date of delivery. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g.,
ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures
contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The purchase and sale of futures contracts,
options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits may be necessary for any
loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM&rsquo;s
proprietary activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Futures contracts, options on futures
contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure
to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure BNO
has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation
between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of
an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing
or selling futures contracts.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">All of the futures contracts held by
BNO through December 31, 2019 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived
to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual
counterparties. However, in the future, if BNO were to enter into non-exchange traded contracts, it would be subject to the credit
risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments
is the net unrealized gain, if any, on the transaction. BNO has credit risk under its futures contracts since the sole counterparty
to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded.
In addition, BNO bears the risk of financial failure by the clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO&rsquo;s cash and other property,
such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCM&rsquo;s segregation
requirements. In the event of an FCM&rsquo;s insolvency, recovery may be limited to a pro rata share of segregated funds available.
It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an
FCM could result in the complete loss of BNO&rsquo;s assets posted with that FCM; however, the majority of BNO&rsquo;s assets are
held in investments in Treasuries, cash and/or cash equivalents with BNO&rsquo;s custodian and would not be impacted by the insolvency
of an FCM. The failure or insolvency of BNO&rsquo;s custodian, however, could result in a substantial loss of BNO&rsquo;s assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">USCF invests a portion of BNO&rsquo;s
cash in money market funds that seek to maintain a stable per share NAV. BNO is exposed to any risk of loss associated with an
investment in such money market funds. As of December 31, 2019 and December 31, 2018, BNO held investments in money market funds
in the amounts of $23,000,000 and $5,950,000, respectively. BNO also holds cash deposits with its custodian. Pursuant to a written
agreement with BBH&amp;Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks
located in Toronto, Canada; London, United Kingdom; Grand Cayman, Cayman Islands; and Nassau, Bahamas; which are subject to U.S.
regulation and regulatory oversight. As of December 31, 2019 and December 31, 2018, BNO held cash deposits and investments in Treasuries
in the amounts of $60,603,440 and $74,107,642, respectively, with the custodian and FCM. Some or all of these amounts may be subject
to loss should BNO&rsquo;s custodian and/or FCM cease operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">For derivatives, risks arise from changes
in the market value of the contracts. Theoretically, BNO is exposed to market risk equal to the value of futures contracts purchased
and unlimited liability on such contracts sold short. As both a buyer and a seller of options, BNO pays or receives a premium at
the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO&rsquo;s policy is to continuously
monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting
controls and procedures. In addition, BNO has a policy of requiring review of the credit standing of each broker or counterparty
with which it conducts business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The financial instruments held by BNO
are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value,
because of their highly liquid nature and short-term maturity.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOTE 6 &mdash; FINANCIAL HIGHLIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents per share performance
data and other supplemental financial data for the years ended December 31, 2019, 2018 and 2017 for the shareholders. This information
has been derived from information presented in the financial statements.</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 52%">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <TD NOWRAP STYLE="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="width: 2%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Year ended </b></font><br>
<font style="font-size: 8pt"><b>December 31,</b></font><br>
<font style="font-size: 8pt"><b>2017</b></font></td>
    <TD NOWRAP>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><b><u>Per Share Operating Performance:</u></b></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <TD NOWRAP>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <TD NOWRAP>&nbsp;</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom">Net asset value, beginning of year&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">$</td>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right">15.18</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">$</td>
    <td style="vertical-align: top; text-align: right">18.18</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">$</td>
    <td style="vertical-align: top; text-align: right">15.70</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom">Total income (loss)&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right">5.90</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">(2.82</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">2.61</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom">Net expenses&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">(0.17</td>
    <td style="vertical-align: bottom">)</td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">(0.18</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)</td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">(0.13</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; padding-left: 17.3pt; text-indent: -8.65pt">Net increase (decrease) in net asset value&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">5.73</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">(3.00</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)</td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 1pt solid; text-align: right">2.48</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom">Net asset value, end of year&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">$</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">20.91</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">$</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">15.18</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">$</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">18.18</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td></tr>
<TR>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom"><b>Total Return</b>&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">37.75</td>
    <td style="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">(16.50</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">15.80</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td></tr>
<TR>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom"><b>Ratios to Average Net Assets</b></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top; text-align: right">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom">Total income (loss)&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">31.50</td>
    <td style="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">(14.88</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">16.22</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom">Management fees&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.75</td>
    <td style="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.75</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.75</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom">Total expenses excluding management fees&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.24</td>
    <td style="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.23</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.48</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom">Expenses waived&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">(0.09</td>
    <td style="vertical-align: bottom">)%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">(0.08</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">(0.33</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)%</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom">Net expenses excluding management fees&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.15</td>
    <td style="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.15</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">0.15</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom">Net income (loss)&#9;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">30.60</td>
    <td style="vertical-align: bottom">%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">(15.78</td>
    <TD NOWRAP STYLE="vertical-align: bottom">)%</td>
    <td style="vertical-align: bottom; border-bottom: Black 2.5pt double">&nbsp;</td>
    <td style="vertical-align: top; border-bottom: Black 2.5pt double; text-align: right">15.32</td>
    <TD NOWRAP STYLE="vertical-align: bottom">%</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <TD NOWRAP STYLE="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <TD NOWRAP>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <TD NOWRAP>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Total returns are calculated based on
the change in value during the period. An individual shareholder&rsquo;s total return and ratio may vary from the above total returns
and ratios based on the timing of contributions to and withdrawals from BNO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOTE 7 &mdash; QUARTERLY FINANCIAL
DATA (Unaudited)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The following summarized (unaudited)
quarterly financial information presents the results of operations and other data for three-month periods ended March 31, June
30, September 30 and December 31, 2019 and 2018.</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>First </b></font><br>
<font style="font-size: 8pt"><b>Quarter</b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Second </b></font><br>
<font style="font-size: 8pt"><b>Quarter</b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Third</b></font><br>
<font style="font-size: 8pt"><b>Quarter</b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Fourth</b></font><br>
<font style="font-size: 8pt"><b>Quarter</b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; padding-left: 8.65pt; text-indent: -8.65pt">Total Income (Loss)&#9;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%; border-bottom: Black 1pt solid">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: right">20,095,714</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%; border-bottom: Black 1pt solid">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: right">246,345</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%; border-bottom: Black 1pt solid">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: right">(4,665,987</td>
    <td style="width: 3%">)</td>
    <td style="width: 2%; border-bottom: Black 1pt solid">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; width: 11%; text-align: right">11,874,459</td>
    <td style="width: 1%">&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Total Expenses&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">205,258</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">213,774</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">230,753</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">217,511</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Expense Waivers&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(6,004</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(3,391</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(35,357</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(35,280</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Net Expenses&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">199,254</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">210,383</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">195,396</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">182,231</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Net Income (Loss)&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">19,896,460</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">35,962</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(4,861,383</td>
    <td>)</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">11,692,228</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Net Income (Loss) per Share&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4.04</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(0.09</td>
    <td>)</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(1.04</td>
    <td>)</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">2.82</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>First </b></font><br>
<font style="font-size: 8pt"><b>Quarter</b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Second </b></font><br>
<font style="font-size: 8pt"><b>Quarter</b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Third</b></font><br>
<font style="font-size: 8pt"><b>Quarter</b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Fourth</b></font><br>
<font style="font-size: 8pt"><b>Quarter</b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Total Income (Loss)&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,772,682</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,513,797</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,932,679</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">$</td>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">(38,543,348</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Total Expenses&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">269,461</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">237,273</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">227,009</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">214,103</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Expense Waivers&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(59,168</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(18,291</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(599</td>
    <td>)</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">(3,584</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Net Expenses&#9;&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">210,293</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">218,982</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">226,410</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid">&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; text-align: right">210,519</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Net Income (Loss)&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,562,389</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">14,294,815</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">4,706,269</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(38,753,867</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 8.65pt; text-indent: -8.65pt">Net Income (Loss) per Share&#9;</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">0.95</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">3.08</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">1.07</td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 2.5pt double">$</td>
    <td style="border-bottom: Black 2.5pt double; text-align: right">(8.10</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOTE 8 &mdash; FAIR VALUE OF FINANCIAL
INSTRUMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO values its investments in accordance
with Accounting Standards Codification 820 &ndash; Fair Value Measurements and Disclosures (&ldquo;ASC 820&rdquo;). ASC 820 defines
fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures
about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of
fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes
a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from
sources independent of BNO (observable inputs) and (2) BNO&rsquo;s own assumptions about market participant assumptions developed
based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820
hierarchy are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Level I &ndash; Quoted prices (unadjusted)
in active markets for <I>identical </I>assets or liabilities that the reporting entity has the ability to access at the measurement
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Level II &ndash; Inputs other than quoted
prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include
the following: quoted prices for <I>similar </I>assets or liabilities in active markets, quoted prices for identical or similar
assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability,
and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated
inputs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Level III &ndash; Unobservable pricing
input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent
that observable inputs are not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">In some instances, the inputs used to
measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within
which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant
to the fair value measurement in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the valuation of BNO&rsquo;s securities
at December 31, 2019 using the fair value hierarchy:</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 35%">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: justify"><font style="font-size: 8pt"><b>At December 31, 2019</b></font></td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Level I</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Level II</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Level III</b></font></td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Short-Term Investments&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <TD STYLE="text-align: right">78,785,251</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">78,785,251</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>Exchange-Traded Futures Contracts</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Foreign Contracts&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,161,610</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">1,161,610</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">During the year ended December 31, 2019, there were no transfers
between Level I and Level II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the valuation
of BNO&rsquo;s securities at December 31, 2018 using the fair value hierarchy:</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 35%">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 3%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 11%; text-align: right">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: justify"><font style="font-size: 8pt"><b>At December 31, 2018</b></font></td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Total</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Level I</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Level II</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Level III</b></font></td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Short-Term Investments&#9;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <TD STYLE="text-align: right">67,609,727</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">67,609,727</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td>Exchange-Traded Futures Contracts</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 17.3pt; text-indent: -8.65pt">Foreign Contracts&#9;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(6,289,510</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">(6,289,510</td>
    <td>)</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&mdash;</td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">During the year ended December 31, 2018, there were no transfers
between Level I and Level II.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Effective January 1, 2009, BNO has adopted
the provisions of Accounting Standards Codification 815 &ndash; Derivatives and Hedging, which require presentation of qualitative
disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains
and losses on derivatives.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Fair Value of Derivative Instruments</B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 52%">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 17%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 10%; text-align: right">&nbsp;</td>
    <td style="width: 2%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 8pt"><font style="font-size: 8pt"><b>Derivatives not </b></font><br>
<font style="font-size: 8pt"><b>Accounted for</b></font><br>
<font style="font-size: 8pt"><b>as Hedging </b></font><br>
<font style="font-size: 8pt"><b>Instruments</b></font></td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Statements of Financial</b></font><br>
<font style="font-size: 8pt"><b>Condition Location</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Fair Value</b></font><br>
<font style="font-size: 8pt"><b>At <BR>
December 31, </b></font><br>
<font style="font-size: 8pt"><b>2019</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Fair Value</b></font><br>
<font style="font-size: 8pt"><b>At <BR>
December 31, </b></font><br>
<font style="font-size: 8pt"><b>2018</b></font></td>
    <td>&nbsp;</td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><b>Futures - Commodity Contracts</b>&#9;</td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center">Assets</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">1,161,610</td>
    <td>&nbsp;</td>
    <td>$</td>
    <td style="text-align: right">(6,289,510</td>
    <td>)</td></tr>
<TR STYLE="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td>
    <td>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>The Effect of Derivative Instruments on the Statements of Operations</B></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr>
    <td style="vertical-align: bottom; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="5" style="vertical-align: top; text-align: center">&nbsp;</td>
    <td style="vertical-align: top; text-align: center">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: center">&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding-left: 8.65pt; text-indent: -8.65pt">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="5" style="vertical-align: top; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>For the year ended</b></font><br>
<font style="font-size: 8pt"><b>December 31, 2019</b></font></td>
    <td style="vertical-align: top; text-align: center">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>For the year ended</b></font><br>
<font style="font-size: 8pt"><b>December 31, 2018</b></font></td>
    <td style="vertical-align: bottom; text-align: center">&nbsp;</td>
    <td colspan="5" style="vertical-align: bottom; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>For the year ended</b></font><br>
<font style="font-size: 8pt"><b>December 31, 2017</b></font></td>
    <td style="vertical-align: bottom; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 8pt"><font style="font-size: 8pt"><b>Derivatives not</b></font><br>
<font style="font-size: 8pt"><b>Accounted for</b></font><br>
<font style="font-size: 8pt"><b>as Hedging</b></font><br>
<font style="font-size: 8pt"><b>Instruments</b></font></td>
    <td>&nbsp;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 8pt"><FONT STYLE="font-size: 8pt"><B>Location of</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Gain (Loss) on Derivatives Recognized in Income</B></FONT></td>
    <td>&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Realized</b></font><br>
<font style="font-size: 8pt"><b>Gain (Loss)</b></font><br>
<font style="font-size: 8pt"><b>on Derivatives</b></font><br>
<font style="font-size: 8pt"><b>Recognized in</b></font><br>
<font style="font-size: 8pt"><b>Income</b></font></td>
    <td style="border-top: Black 1pt solid; text-align: center">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Change in</b></font><br>
<font style="font-size: 8pt"><b>Unrealized</b></font><br>
<font style="font-size: 8pt"><b>Gain (Loss) on</b></font><br>
<font style="font-size: 8pt"><b>Derivatives</b></font><br>
<font style="font-size: 8pt"><b>Recognized in</b></font><br>
<font style="font-size: 8pt"><b>Income</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Realized</b></font><br>
<font style="font-size: 8pt"><b>Gain (Loss)</b></font><br>
<font style="font-size: 8pt"><b>on Derivatives</b></font><br>
<font style="font-size: 8pt"><b>Recognized in</b></font><br>
<font style="font-size: 8pt"><b>Income</b></font></td>
    <td style="border-top: Black 1pt solid; text-align: center">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Change in</b></font><br>
<font style="font-size: 8pt"><b>Unrealized</b></font><br>
<font style="font-size: 8pt"><b>Gain (Loss) on</b></font><br>
<font style="font-size: 8pt"><b>Derivatives</b></font><br>
<font style="font-size: 8pt"><b>Recognized in</b></font><br>
<font style="font-size: 8pt"><b>Income</b></font></td>
    <td style="text-align: center">&nbsp;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Realized</b></font><br>
<font style="font-size: 8pt"><b>Gain (Loss)</b></font><br>
<font style="font-size: 8pt"><b>on Derivatives</b></font><br>
<font style="font-size: 8pt"><b>Recognized in</b></font><br>
<font style="font-size: 8pt"><b>Income</b></font></td>
    <td style="border-top: Black 1pt solid; text-align: center">&nbsp;</td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 8pt; text-align: center"><font style="font-size: 8pt"><b>Change in</b></font><br>
<font style="font-size: 8pt"><b>Unrealized</b></font><br>
<font style="font-size: 8pt"><b>Gain (Loss) on</b></font><br>
<font style="font-size: 8pt"><b>Derivatives</b></font><br>
<font style="font-size: 8pt"><b>Recognized in</b></font><br>
<font style="font-size: 8pt"><b>Income</b></font></td>
    <td style="text-align: center">&nbsp;</td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 15%; font-size: 8pt; vertical-align: top"><font style="font-size: 8pt"><b>Futures - Commodity Contracts</b>&#9;</font></td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 11%; font-size: 8pt"><FONT STYLE="font-size: 8pt">Realized gain (loss) on closed
positions</FONT></td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; font-size: 8pt"><font style="font-size: 8pt">$</font></td>
    <TD STYLE="vertical-align: bottom; width: 10%; font-size: 8pt; text-align: right"><font style="font-size: 8pt">18,175,420</font></td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</td>
    <td style="vertical-align: top; width: 1%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; border-top: Black 1pt solid; font-size: 8pt"><font style="font-size: 8pt">$</font></td>
    <td style="vertical-align: bottom; width: 10%; border-top: Black 1pt solid; font-size: 8pt; text-align: right"><font style="font-size: 8pt">(4,153,140</font></td>
    <td style="vertical-align: bottom; width: 1%; font-size: 8pt"><font style="font-size: 8pt">)</font></td>
    <td style="vertical-align: bottom; width: 1%; border-top: Black 1pt solid; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom; width: 10%; border-top: Black 1pt solid; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%; font-size: 8pt"><font style="font-size: 8pt">$</font></td>
    <TD STYLE="vertical-align: bottom; width: 10%; font-size: 8pt; text-align: right"><font style="font-size: 8pt">12,264,400</font></td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 10%; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom; width: 1%">&nbsp;</td></tr>
<TR>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 8pt"><font style="font-size: 8pt">Change in unrealized</font><br>
<font style="font-size: 8pt">gain (loss)</font><br>
<font style="font-size: 8pt">on open</font><br>
<font style="font-size: 8pt">positions</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 8pt"><font style="font-size: 8pt">$</font></td>
    <td style="vertical-align: bottom; font-size: 8pt; text-align: right"><font style="font-size: 8pt">7,451,120</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 8pt"><font style="font-size: 8pt">$</font></td>
    <td style="vertical-align: bottom; font-size: 8pt; text-align: right"><font style="font-size: 8pt">(11,877,420</font></td>
    <td style="vertical-align: bottom; font-size: 8pt"><font style="font-size: 8pt">)</font></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; font-size: 8pt"><font style="font-size: 8pt">$</font></td>
    <td style="vertical-align: bottom; font-size: 8pt; text-align: right"><font style="font-size: 8pt">3,255,030</font></td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
<TR>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: top">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom; text-align: right">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOTE 9 &mdash; RECENT ACCOUNTING
PRONOUNCEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">In August 2018, the FASB issued Accounting
Standards Update (&ldquo;ASU&rdquo;) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new
ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers
between Level 1 and Level 2 of the fair value hierarchy, and the Funds&rsquo; policy for the timing of transfers between levels.
The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods
within those fiscal years. The Fund has evaluated the implications of certain provisions of the ASU and has determined that there
will be no material impacts to the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>NOTE 10 &mdash; SUBSEQUENT EVENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">BNO has performed an evaluation of subsequent
events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated
disclosures and/or adjustments.</P>


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