XML 50 R20.htm IDEA: XBRL DOCUMENT v3.2.0.727

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Valuation of Securities Using Fair Value Hierarchy

The following table summarizes the valuation of BNO’s securities at June 30, 2015 using the fair value hierarchy:

At June 30, 2015		Total			Level I			Level II			Level III
Short-Term Investments		$	79,986,888		$	79,986,888		$	—		$	—
Exchange-Traded Futures Contracts
Foreign Contracts			(1,877,272)			(1,877,272)			—			—

During the six months ended June 30, 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		Condensed Statements
Accounted for as		of Financial Condition		Fair Value			Fair Value
Hedging Instruments		Location		At June 30, 2015			At December 31, 2014
Futures - Commodity Contracts		Assets		$	(1,877,272)		$	(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 six months ended

For the six months ended

June 30, 2015

June 30, 2014

Change in

Change in

Realized

Unrealized

Realized

Unrealized

Derivatives not

Gain (Loss) on

Gain (Loss) on

Gain (Loss) on

Gain (Loss) on

Accounted for as

Derivatives

Derivatives

Derivatives

Derivatives

Hedging

Location of Gain (Loss) on

Recognized

Recognized in

Recognized

Recognized in

Instruments

Derivatives Recognized in Income

in Income

Income

in Income

Income

Futures – Commodity Contracts

Realized gain (loss) on closed positions

$

5,265,672

$

(7,660)

Change in unrealized gain (loss) on open positions

$

4,469,818

$

1,670,430

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 2



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258



Reference 3: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

+ Details

Name:	us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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



-Publisher FASB



-Name Accounting Standards Codification



-Topic 815



-SubTopic 10



-Section 50



-Paragraph 4C



-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 815



-SubTopic 10



-Section 50



-Paragraph 4A



-Subparagraph (b)



-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5618551-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

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



-Publisher FASB



-Name Accounting Standards Codification



-Topic 815



-SubTopic 10



-Section 50



-Paragraph 4B



-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration