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Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015
Gain (loss) on trading of commodity futures contracts: |  |  |  |
Realized gain (loss) on closed futures contracts | $ (916,739) | $ (2,118,314) | $ (2,576,807) | $ (4,399,140)
Change in unrealized gain (loss) on open futures contracts | 3,565,429 | 2,783,384 | 3,879,007 | 3,758,409
Dividend income | 1,587 | 724 | 4,179 | 1,440
Interest income | 9,076 | 587 | 14,927 | 1,222
ETF transaction fees | 350 | 2,450 | 1,050 | 4,550
Total income (loss) | 2,659,703 | 668,831 | 1,322,356 | (633,519)
Expenses |  |  |  |
General Partner management fees (Note 3) | 24,275 | 33,596 | 46,820 | 66,039
Professional fees | 26,135 | 26,936 | 52,270 | 48,202
Brokerage commissions | 872 | 2,149 | 1,830 | 3,744
Directors' fees and insurance | 1,528 | 746 | 2,058 | 1,778
License fees | 485 | 672 | 936 | 1,321
Total expenses | 53,295 | 64,099 | 103,914 | 121,084
Expense waiver (Note 3) | (24,115) | (23,928) | (47,731) | (41,763)
Net expenses | 29,180 | 40,171 | 56,183 | 79,321
Net income (loss) | $ 2,630,523 | $ 628,660 | $ 1,266,173 | $ (712,840)
Net income (loss) per limited partnership share | $ 1.9 | $ 0.22 | $ 0.92 | $ (0.87)
Net income (loss) per weighted average limited partnership share | $ 1.91 | $ 0.45 | $ 0.93 | $ (0.52)
Weighted average limited partnership shares outstanding | 1,374,725 | 1,408,242 | 1,367,582 | 1,363,260

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