Fair Value Of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

The following table summarizes the valuation of BNO’s securities at December 31, 2013 using the fair value hierarchy:

At December 31, 2013	Total		Level I		Level II		Level III

Short-Term Investments	$	12,010,110	$	12,010,110	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		28,670		28,670		—		—

The following table summarizes the valuation of BNO’s securities at December 31, 2012 using the fair value hierarchy:

At December 31, 2012	Total		Level I		Level II		Level III

Short-Term Investments	$	40,715,676	$	40,715,676	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		739,330		739,330		—		—

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments	Statements of Financial Condition Location	Fair Value At December 31, 2013		Fair Value At December 31, 2012

Futures - Commodity Contracts	Assets	$	28,670	$	739,330

The Effect of Derivative Instruments on the Statements of Operations

		For the year ended December 31, 2013				For the year ended December 31, 2012				For the year ended December 31, 2011
Derivatives not Accounted for as Hedging Instruments	Location of Gain or (Loss) on Derivatives Recognized in Income	Realized Gain or (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income		Realized Gain or (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income		Realized Gain or (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain or (Loss) on Derivatives Recognized in Income

Futures -Commodity Contracts	Realized gain (loss) on closed positions	$	3,338,310			$	3,239,910			$	8,052,950

	Change in unrealized gain (loss) on open positions			$	(710,660)			$	1,655,900			$	(1,239,230)