FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2016

The following table summarizes the valuation of BNO’s securities at September 30, 2016 using the fair value hierarchy:

At September 30, 2016	Total		Level I		Level II		Level III
Short-Term Investments	$	97,939,316	$	97,939,316	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		8,453,250		8,453,250		—		—

During the nine months ended September 30, 2016, there were no transfers between Level I and Level II.

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

At December 31, 2015	Total		Level I		Level II		Level III
Short-Term Investments	$	64,945,289	$	64,945,289	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		(7,442,340)		(7,442,340)		—		—

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At September 30, 2016			Fair Value At December 31, 2015
Futures - Commodity Contracts		Assets		$	8,453,250		$	(7,442,340)

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the nine months ended September 30, 2016				For the nine months ended September 30, 2015
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	$	12,222,290			$	(21,353,500)

	Change in unrealized gain (loss) on open positions			$	15,895,590			$	1,982,630