FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2014

The following table summarizes the valuation of BNO’s securities at June 30, 2014 using the fair value hierarchy:

At June 30, 2014	Total		Level I		Level II		Level III
Short-Term Investments	$	26,008,078	$	26,008,078	$	—	$	—
Exchange-Traded Futures Contracts Foreign Contracts		1,699,100		1,699,100		—		—

During the six months ended June 30, 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 June 30, 2014			Fair Value At December 31, 2013
Futures - Commodity Contracts		Assets		$	1,699,100		$	28,670

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the six months ended June 30, 2014				For the six months ended June 30, 2013
Derivatives not Accounted for as Hedging Instruments	Location of Gain or (Loss)on Derivatives Recognized in Income	Realized Loss on Derivatives Recognized in Income		Change in Unrealized Gain on Derivatives Recognized in Income		Realized Loss on Derivatives Recognized in Income		Change in Unrealized Loss on Derivatives Recognized in Income
Futures – Commodity Contracts	Realized loss on closed positions	$	(7,660)			$	(1,556,990)
	Change in unrealized gain (loss) on open positions			$	1,670,430			$	(547,240)