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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value Disclosures [Abstract]

Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of BNO’s securities at March 31, 2015 using the fair value hierarchy:

At March 31, 2015		Total			Level I			Level II			Level III
Short-Term Investments		$	60,987,238		$	60,987,238		$	—		$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(10,535,860)			(10,535,860)			—			—

During the three months ended March 31, 2015, there were no transfers between Level I and Level II.

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

At December 31, 2014		Total			Level I			Level II			Level III
Short-Term Investments		$	24,995,470		$	24,995,470		$	—		$	—
Exchange-Traded Futures Contracts
Foreign Contracts		$	(6,347,090)			(6,347,090)			—			—

Fair Value of Derivative Instruments

BNO has adopted the provisions of Accounting Standards Codification 815 – 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.

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At March 31, 2015			Fair Value At December 31, 2014
Futures - Commodity Contracts		Assets		$	(10,535,860)		$	(6,347,090)

Effect of Derivative Instruments on Condensed Statements of Operations

The Effect of Derivative Instruments on the Condensed Statements of Operations

				For the three months ended March 31, 2015						For the three months ended March 31, 2014
Derivatives not Accounted for as Hedging Instruments		Location of Gain (Loss)on Derivatives Recognized in Income		Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Gain (Loss) on Derivatives Recognized in Income			Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Futures – Commodity Contracts		Realized gain (loss) on closed positions		$	1,725,380					$	(98,080)
		Change in unrealized gain (loss) on open positions					$	(4,188,770)					$	(276,270)

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The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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