FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2017

The following table summarizes the valuation of BNO’s securities at March 31, 2017 using the fair value hierarchy:

At March 31, 2017	Total		Level I		Level II		Level III
Short-Term Investments	$	95,889,751	$	95,889,751	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		3,999,260		3,999,260		—		—

During the three months ended March 31, 2017, there were no transfers between Level I and Level II.

The following table summarizes the valuation of BNO’s securities at December 31, 2016 using the fair value hierarchy:

At December 31, 2016	Total		Level I		Level II		Level III
Short-Term Investments	$	96,899,767	$	96,899,767	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		2,332,880		2,332,880		—		—

Fair Value of Derivative Instruments

Derivatives not Accounted for as Hedging Instruments		Condensed Statements of Financial Condition Location		Fair Value At March 31, 2017			Fair Value At December 31, 2016
Futures - Commodity Contracts		Assets		$	3,999,260		$	2,332,880

The Effect of Derivative Instruments on the Condensed Statements of Operations

		For the three months ended March 31, 2017				For the three months ended March 31, 2016
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	$	(10,110,040)			$	4,200,809

	Change in unrealized gain (loss) on open positions			$	1,666,380			$	2,346,110