FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2014

The following table summarizes the valuation of BNO’s securities at March 31, 2014 using the fair value hierarchy:

At March 31, 2014	Total		Level I		Level II		Level III
Short-Term Investments	$	11,010,647	$	11,010,647	$	—	$	—
Exchange-Traded Futures Contracts Foreign Contracts		(247,600)		(247,600)		—		—

During the three months ended March 31, 2014, there were no transfers between Level I and Level II.

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		—		—

During the year ended December 31, 2013, there were no transfers between Level I and Level II.

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At March 31, 2014			Fair Value At December 31, 2013
Futures - Commodity Contracts		Assets		$	(247,600)		$	28,670

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the three months ended March 31, 2014				For the three months ended March 31, 2013
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
Futures – Commodity
Contracts	Realized gain (loss) on closed positions	$	(98,080)			$	1,440,840
	Change in unrealized loss on open positions			$	(276,270)			$	(662,270)