Everest Fund L P 10-Q/A 22 May 15 2015 Q1 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	13-May-15
Document And Entity Information
Entity Registrant Name	EVEREST FUND L P
Entity Central Index Key	837919
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		0
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2015

Statements_of_Financial_Condit

Statements of Financial Condition (USD $)	Mar. 31, 2015	Dec. 31, 2014
Equity in broker trading accounts:
Cash and investments in marketable securities	$17,868	$15,571
Cash in broker trading accounts	6,736,357	6,565,795
Net unrealized gain (loss) on open contracts	159,314	316,358
Total cash & equity in broker trading accounts	6,913,539	6,897,724
Other assets:
Investments in marketable securities	0	0
Interest receivable	3	96
Total Assets	6,913,542	6,897,820
LIABILITIES
Management fees payable	11,395	11,369
General partner fees payable	32,092	30,640
Redemptions payable	246,051	0
Incentive fee payable	0	0
Accounts payable & accrued expenses	44,637	45,604
Total Liabilities	334,175	87,613
Limited partners, A shares: 2,797.98 and 3,072.20 units outstanding	6,579,367	6,810,207
Total Partners' Capital	6,579,367	6,810,207
Total Liabilities & Partners' Capital	$6,913,542	$6,897,820

Statements_of_Financial_Condit1

Statements of Financial Condition (Parenthetical)	Mar. 31, 2015	Dec. 31, 2014
Partners Capital
Limited Partners Class A, units outstanding	2,675.52	2,797.98

CONDENSED_SCHEDULES_OF_INVESTM

CONDENSED SCHEDULES OF INVESTMENTS (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Currencies | Forward positions
Market value		$57,949
% of Partners' Capital		0.85%
LONG
Market value		175,489
% of Partners' Capital		2.58%
SHORT
Market value		316,358
% of Partners' Capital		4.65%
Futures contracts
% of Partners' Capital	2.42%
Futures contracts | LONG
Market value	128,104	117,539
% of Partners' Capital	1.95%	1.73%
Futures contracts | LONG | Interest rates
Number of contracts	318	213
Market value	122,262	92,900
% of Partners' Capital	1.86%	1.36%
Futures contracts | LONG | Metals [Member]
Number of contracts	2	2
Market value	7,388	-7,250
% of Partners' Capital	0.11%	-0.11%
Futures contracts | LONG | Agriculture
Number of contracts	1	12
Market value	-2,040	-4,130
% of Partners' Capital	-0.03%	-0.06%
Futures contracts | LONG | Currencies
Number of contracts	29
Market value	0
% of Partners' Capital	0.00%
Futures contracts | LONG | Indices [Member]
Number of contracts	54	56
Market value	494	36,019
% of Partners' Capital	0.01%	0.53%
Futures contracts | SHORT
Market value	31,210	155,789
% of Partners' Capital	0.47%	2.29%
Futures contracts | SHORT | Metals [Member]
Number of contracts	25	12
Market value	-23,389	28,422
% of Partners' Capital	-0.36%	0.42%
Futures contracts | SHORT | Agriculture
Number of contracts	31	34
Market value	36,171	21,018
% of Partners' Capital	0.55%	0.31%
Futures contracts | SHORT | Currencies
Number of contracts	26	48
Market value	18,428	32,489
% of Partners' Capital	0.28%	0.48%
Futures contracts | SHORT | Indices [Member]
Number of contracts		3
Market value		-9,554
% of Partners' Capital		-0.14%
Futures contracts | SHORT | Energy [Member]
Number of contracts		12
Market value		83,414
% of Partners' Capital		1.22%
Forward positions | SHORT | Currencies [Member]
Market value		($14,919)
% of Partners' Capital		-0.22%

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Net realized trading gains (loss)	$372,961	($355,348)
Change in unrealized gain (loss)	-153,066	-144,122
Brokerage commissions	-4,330	-12,853
NET TRADING INCOME (LOSS)	215,565	-512,322
Interest income, net of cash management fees	134	173
Total income	215,699	-512,149
General partner management fees	99,109	78,587
Advisor Management fees	34,642	29,472
Incentive fees	0	0
Professional fees	18,184	13,393
Administrative expenses	1,094	737
TOTAL EXPENSES	153,029	122,189
Net income	$62,670	($634,338)
Net income (loss) per unit of partner interest	$23.40	($208.96)

STATEMENTS_OF_CHANGES_IN_PARTN

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (USD $)	Unit A Shares	Limited Ptrs A Shares	Total
BEGINNING PARTNERS' CAPITAL,Unit at Dec. 31, 2013	3,072.20	6,331,720	6,331,720
Additions, unit	0	0	0
Redemptions, unit	-36.47	-69,351	-69,351
Offering costs		$0	$0
Net income (loss)		-634,338	-634,338
ENDING PARTNERS' CAPITAL,Unit at Mar. 31, 2014	3,035.73	5,628,031	5,628,031
BEGINNING PARTNERS' CAPITAL,Unit at Dec. 31, 2014	2,797.98	6,810,207	6,810,207
Additions, unit	0	0	0
Redemptions, unit	-119.469	-293,510	-293,510
Offering costs		0	0
Net income (loss)		$62,670	$62,670
ENDING PARTNERS' CAPITAL,Unit at Mar. 31, 2015	2,678.52	6,579,367	6,579,367

STATEMENTS_OF_CHANGES_IN_PARTN1

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Net Asset Value Per Unit
Class A	$2,456.35	$2,433.97
Net profit (loss) per unit	$22.38

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from (for) operating activities
Net income (loss)	$62,670	($634,338)
Net changes to reconcile net income (loss) to net cash provided (used) by operating activities:
Unrealized gain (loss) on open contracts	157,043	189,625
Interest receivable	93	-23
Incentive fees payable	0	0
General partner fees payable	1,452	-805
Redemption payable	246,051	-383,717
Management fees payable	25	-1,843
Accounts payable & accrued expenses	-967	-22,097
Net cash provided (used) in operating activities	466,367	-853,198
Cash flows from (for) financing activities:
Redemptions paid	-293,510	-69,351
Partner additions, net of offering costs	0	0
Net cash provided (used) by financing activities	-293,510	-69,351
Net increase (decrease) in cash and cash equivalents	172,857	-922,549
Cash and cash equivalents Beginning of period	6,581,368	6,445,086
Cash & investment in marketable securities consist of:
Cash in banks	17,868	21,603
Cash in broker trading accounts	6,736,357	1,517,175
Cash and cash equivalents	0	3,983,759
Cash and cash equivalents End of period	$6,754,225	$5,522,537

1_GENERAL_INFORMATION_AND_SUMM

1. GENERAL INFORMATION AND SUMMARY	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
1. GENERAL INFORMATION AND SUMMARY	The Everest Fund, L.P., formerly Everest Futures Fund, L.P. (an Iowa Limited Partnership), (the “Partnership”) is a limited partnership organized in June 1988, under the Iowa Uniform Limited Partnership Act (the “Act”) for the purpose of engaging in the speculative trading of commodity futures and options thereon and forward contracts (collectively referred to as “Commodity Interests”). The sole General Partner of the Partnership is Everest Asset Management, Inc. (the “General Partner”).
	On July 1, 1995, the Partnership recommenced its offering under a Regulation D, Rule 506 private placement. The private placement offering is continuing at a gross subscription price per unit equal to net asset value (NAV) per unit, plus an organization and offering cost reimbursement fee payable to the General Partner, and an ongoing compensation fee equal to 3% of the net asset value of Class A Units sold. The Class A Units (retail shares) continue to be charged an initial 1% Offering and Organization fee as a reduction to capital.
	Currently, R.J. O’Brien and Associates, LLC (“RJO”), 222 South Riverside Plaza, Suite 900, Chicago, Illinois 60606, serves as the Fund’s clearing broker to execute and clear Fund’s futures and equities transactions and provide other brokerage-related services. RJO Professional FX is a division of RJO. RJO Professional FX may execute foreign exchange or other over the counter transaction with the Fund as principal. RJO is a subsidiary of R.J. O’Brien Holdings Corporation. RJO is registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a Futures Commission Merchant (“FCM”) and is a member of the National Futures Association (“NFA”) in several capacities, including as a Forex Dealer Member (“FDM”) and is a member of certain principal U.S. contracts markets. RJO is a full clearing member of the CME Group, the Intercontinental Exchange, NYSE Liffe U.C., and the CBOE Futures Exchange (“CFE”).

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
2. Summary of Significant Accounting Policies	Revenue Recognition
	Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade-date basis and realized gains or losses are recognized when contracts are liquidated. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statement of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with the Financial Accounting Standards Board Interpretation No. 39 - “Offsetting of Amounts Related to Certain Contracts.” Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices.
	Fair value of non-exchange-traded contracts is based on third party quoted dealer values on the Interbank market.
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents represent short-term highly liquid investments with maturities of 90 days or less at the date of acquisition. The Partnership maintains deposits with high quality financial institutions in amounts that are in excess of federally insured limits; however, the Partnership does not believe it is exposed to any significant credit risk.
	Redemptions Payable
	Pursuant to the provisions of FASB ASC 480, Distinguishing Liabilities from Equity, redemptions approved by the General Partner prior to month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end.
	Fair Value of Financial Instruments
	The financial instruments held by the Company are reported in the statements of financial condition at fair value, or at carrying amounts that approximate fair value, due to their highly liquid nature and short-term maturity.
	Foreign Currency Translation The Partnership’s functional currency is the U.S. dollar, however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates as of the date of the statement of financial conditions. Gains and losses on investment activity are translated at the prevailing exchange rate on the date of each respective transaction while period end balances are translated at the period end currency rates. Realized and unrealized foreign exchange gains or losses are included in trading income or loss in the statements of operations.
	Income Taxes
	No provision for income taxes has been made in the accompanying financial statements as each partner is responsible for reporting income (loss) based upon the pro rata share of the profits or losses of the Partnership.
	The Partnership files U.S. federal and state tax returns.

3_Fair_Value_of_Financial_Inst

3. Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
3. Fair Value of Financial Instruments	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Financial Accounting Standards Board has defined a hierarchy for fair value measurements. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
	Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
	Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement.
	Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation.
	The table below demonstrates the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and March 31, 2014:
		Level 1		Level 2		Level 3
	Assets at March 31, 2015:
	Open positions in futures and option contracts	$	159,314
	Total assets at fair value	$	159,314	$	0	$	0
		Level 1		Level 2		Level 3
	Assets at March 31, 2014:
	Open positions in futures and option contracts	$	241,456
	Total assets at fair value	$	241,456	$	0	$	0

4_Limited_Partner_Agreement

4. Limited Partner Agreement	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
4. Limited Partner Agreement	The Limited Partners and General Partner share in the profits and losses of the Partnership in proportion to the number of units or unit equivalents held by each. However, no Limited Partner is liable for obligations of the Partnership in excess of their capital contribution and profits, if any, and such other amounts as they may be liable for pursuant to the Act. Distributions of profits are made solely at the discretion of the General Partner.
	Responsibility for managing the Partnership is vested solely in the General Partner. The General Partner has delegated complete trading authority to an unrelated party (see Note 5).
	Although the Agreement does not permit redemptions for the first six months following a Limited Partner’s admission to the Partnership, the Agreement does permit the Partnership to declare additional regular redemption dates.
	The Partnership will be dissolved on December 31, 2020, or upon the occurrence of certain events, as specified in the Limited Partnership agreement.

5_Agreements_and_Related_Party

5. Agreements and Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
5. Agreements and Related Party Transactions	EMC Capital Management, Inc. (EMC), 2201 Waukegan Road, Suite West 240, Bannockburn, IL 60015; telephone: 847-267-8700, serves as the Partnership’s Commodity Trading Advisor (CTA).
	EMC receives a monthly management fee equal to 0.167% (2% annually) of the Partnership’s month-end net asset value, (as defined),and a quarterly incentive fee of 20% of the Partnership’s new net trading profits. The incentive fee is retained by EMC even though trading losses may occur in subsequent quarters; however, no further incentive fees are payable until any such trading losses (other than losses attributable to redeemed units and losses attributable to assets reallocated to another advisor) are recouped by the Partnership.
	Effective November 2003, the General Partner charges the Partnership a monthly management fee equal to 0.50% of the Partnership’s Class A beginning-of-month net asset value.
	From the monthly management fee the General Partner deducts the round turn trading costs and related exchange fees (between $5.80 to $10.70 per round turn trade on domestic exchanges, and higher for foreign exchanges) and pays the selling agents and certain other parties, if any, up to 50% of the fee retained by the General Partner. The General Partner may replace or add trading advisors at any time.
	The clearing agreements with the clearing brokers provide that the clearing brokers charge the Partnership brokerage commissions at the rate of between $5.80 to $10.70 per round-turn trade, plus applicable exchange, give up fees and National Futures Association fees for futures contracts and options on futures contracts executed on domestic exchanges and over the counter markets. For trades on certain foreign exchanges, the rates may be higher.
	The Partnership also reimburses the clearing brokers for all delivery, insurance, storage or other charges incidental to trading and paid to third parties.
	The Partnership earns interest on 95% of the Partnership’s average monthly cash balance on deposit with its clearing brokers at a rate equal to the average 91-day Treasury Bill rate during that month.
	A substantial portion of the Partnership’s assets are held in a cash account a Everest’s futures broker R.J. O’Brien, the FCM. As is standard in the industry Everest receives 90% of the 3 month T-bill rate on its cash that is unused for trading. The Partnership’s assets at RJO cash account are subject to potential loss resulting from interest rate fluctuations and default.

6_DERIVATIVE_INSTRUMENTS

6. DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
Derivative Instruments
6. DERIVATIVE INSTRUMENTS	In the normal course of business, the Partnership engages in trading derivatives by purchasing and selling futures contracts and options on future contracts for its own account. All such trading is effectuated as speculative as opposed to hedging. Effective January 1, 2009, the Partnership adopted the provisions of Accounting Standards Codification 815, Derivatives & Hedging, which requires enhanced disclosures about the objectives and strategies for using derivatives and quantitative disclosures about the fair value amounts, and gains and losses on derivatives.
	See below for such disclosures.
	Fair Value of Derivative Instruments
				2015				2014
	Speculative Instruments	Location- Statement of Financial Condition		Fair Value				Fair Value
	Futures Contracts	Net unrealized gain (loss) on open contracts		$	159,314			$	241,456
				2015				2014
	Speculative Instruments	Location- Statement of Operations		Fair Value				Fair Value
	Futures Contracts	Net realized trading gains (losses)		$	368,631			$	-368,201
	Futures Contracts	Change in unrealized gains (losses)		$	-153,066			$	-144,122
	Asset Derivatives
	Balance Sheet Location	Fair Value				#of contracts
	Agricultural
	Net unrealized trading gains on open contracts		-2,040				1
	Currencies
	Net unrealized trading gains on open contracts		0				29
	Metals
	Net unrealized trading gains on open contracts		7,388				2
	Interest rates
	Net unrealized trading gains on open contracts		122,262				318
	Indices
	Net unrealized trading gains on open contracts		494				54
			128,104				404
	Liability Derivatives
	Balance Sheet Location	Fair Value				#of contracts				Net
	Agricultural
	Net unrealized trading gains on open contracts		36,171				31				34,131
	Currencies
	Net unrealized trading gains on open contracts		18,428				26				18,428
	Energy
	Net unrealized trading gains on open contracts		0				0				0
	Metals
	Net unrealized trading gains on open contracts		-23,389				25				-16,001
	Interest rates
	Net unrealized trading gains on open contracts		0				0				122,262
	Indices
	Net unrealized trading gains on open contracts		0				0				494
			31,210				82				159,314
	Trading Revenue for the Three Months Ended March 31, 2015
	Line Item in Income Statement
	Realized	$	368,631
	Change in unrealized	$	-153,066
		$	215,565
	Includes net foreign currency translation gain (loss)
	Trading Revenue for the Three Months Ended March 31, 2014
	Line Item in Income Statement
	Realized	$	-368,201
	Change in unrealized	$	-144,122
		$	-512,322
	Includes net foreign currency translation gain (loss)
	Total average of futures contracts bought and sold
	Three months ended March 31, 2015
	Total	$	215,565
	3 month average	$	122,877
	Total average of futures contracts bought and sold
	Three months ended March 31, 2014
	Total	$	-368,201
	3 month average	$	-122,734
	For the three months ended March 31, 2015, the monthly average of futures contracts bought and sold was approximately $122,877.

7_FINANCIAL_INSTRUMENTS_OFFBAL

7. FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
7. FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	The Partnership engages in the speculative trading of U.S. and foreign futures contracts, options on U.S. and foreign futures contracts, and forward contracts (“collectively derivatives”). These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy. The Partnership is exposed to both market risk, the risk arising from changes in the market value of the contracts; and credit risk, the risk of failure by another party to perform according to the terms of a contract.
	The purchase and sale of futures and options on futures contracts requires margin deposits with a Futures Commission Merchant (“FCM”). Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited.
	For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Partnership is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option.
	In the case of forward contracts, over-the-counter options contracts or swap contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus, there likely will be greater counterparty credit risk. The Partnership trades only with those counterparties that it believes to be creditworthy. All positions of the Partnership are valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Partnership.

8_Financial_Highlights

8. Financial Highlights	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
8. Financial Highlights	The following financial highlights show the Partnership’s financial performance for the three months ended March 31, 2015 and March 31, 2014.
		31-Mar-15			31-Mar-14
		Class A			Class A
	Total return before distributions*		0.92	%		-10.05	%
	Ratio to average net assets:
	Net investment Income (loss)**		-8.97	%		-8.16	%
	Management fees		5.82	%		5.25	%
	Incentive fees		0	%		0	%
	Other expenses		3.16	%		2.92	%
	Total expenses**		8.98	%		8.17	%
	*Not annualized
	**Annualized
	Interim Financial Statements
	The statements of financial condition, including the consolidated schedule of investments, as of March 31, 2015, the statements of operations for the three months ended March 31, 2015 and 2014, the statements of cash flows and changes in partners’ capital (net asset value) for the three months ended March 31, 2015 and 2014 and the accompanying notes to the financial statements are unaudited.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of March 31, 2015, results of operations for the three months ended March 31, 2015 and 2014, cash flows and changes in partners’ capital (net asset value) for the three months ended March 31, 2015 and 2014. The results of operations for the full three months ended March 31, 2015 and 2014 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in our form 10-k as filed with the Securities and Exchange Commission.

2_Summary_of_Significant_Accou1

2. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Revenue Recognition	Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade-date basis and realized gains or losses are recognized when contracts are liquidated. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statement of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with the Financial Accounting Standards Board Interpretation No. 39 - “Offsetting of Amounts Related to Certain Contracts.” Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices.
	Fair value of non-exchange-traded contracts is based on third party quoted dealer values on the Interbank market.
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents represent short-term highly liquid investments with maturities of 90 days or less at the date of acquisition. The Partnership maintains deposits with high quality financial institutions in amounts that are in excess of federally insured limits; however, the Partnership does not believe it is exposed to any significant credit risk.
Redemptions Payable	Pursuant to the provisions of FASB ASC 480, Distinguishing Liabilities from Equity, redemptions approved by the General Partner prior to month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end.
Fair Value of Financial Instruments	The financial instruments held by the Company are reported in the statements of financial condition at fair value, or at carrying amounts that approximate fair value, due to their highly liquid nature and short-term maturity.
Foreign Currency Translation	The Partnership’s functional currency is the U.S. dollar, however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates as of the date of the statement of financial conditions. Gains and losses on investment activity are translated at the prevailing exchange rate on the date of each respective transaction while period end balances are translated at the period end currency rates. Realized and unrealized foreign exchange gains or losses are included in trading income or loss in the statements of operations.
Income Taxes	No provision for income taxes has been made in the accompanying financial statements as each partner is responsible for reporting income (loss) based upon the pro rata share of the profits or losses of the Partnership.
	The Partnership files U.S. federal and state tax returns.

3_Fair_Value_of_Financial_Inst1

3. Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Of Financial Instruments Tables
Fair Value Measurement	The table below demonstrates the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and March 31, 2014:
		Level 1		Level 2		Level 3
	Assets at March 31, 2015:
	Open positions in futures and option contracts	$	159,314
	Total assets at fair value	$	159,314	$	0	$	0
		Level 1		Level 2		Level 3
	Assets at March 31, 2014:
	Open positions in futures and option contracts	$	241,456
	Total assets at fair value	$	241,456	$	0	$	0

6_DERIVATIVE_INSTRUMENTS_Table

6. DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
Derivative Instruments Tables
Fair Value of Derivative Instruments	Fair Value of Derivative Instruments
				2015				2014
	Speculative Instruments	Location- Statement of Financial Condition		Fair Value				Fair Value
	Futures Contracts	Net unrealized gain (loss) on open contracts		$	159,314			$	241,456
				2015				2014
	Speculative Instruments	Location- Statement of Operations		Fair Value				Fair Value
	Futures Contracts	Net realized trading gains (losses)		$	368,631			$	-368,201
	Futures Contracts	Change in unrealized gains (losses)		$	-153,066			$	-144,122
	Asset Derivatives
	Balance Sheet Location	Fair Value				#of contracts
	Agricultural
	Net unrealized trading gains on open contracts		-2,040				1
	Currencies
	Net unrealized trading gains on open contracts		0				29
	Metals
	Net unrealized trading gains on open contracts		7,388				2
	Interest rates
	Net unrealized trading gains on open contracts		122,262				318
	Indices
	Net unrealized trading gains on open contracts		494				54
			128,104				404
	Liability Derivatives
	Balance Sheet Location	Fair Value				#of contracts				Net
	Agricultural
	Net unrealized trading gains on open contracts		36,171				31				34,131
	Currencies
	Net unrealized trading gains on open contracts		18,428				26				18,428
	Energy
	Net unrealized trading gains on open contracts		0				0				0
	Metals
	Net unrealized trading gains on open contracts		-23,389				25				-16,001
	Interest rates
	Net unrealized trading gains on open contracts		0				0				122,262
	Indices
	Net unrealized trading gains on open contracts		0				0				494
			31,210				82				159,314
	Trading Revenue for the Three Months Ended March 31, 2015
	Line Item in Income Statement
	Realized	$	368,631
	Change in unrealized	$	-153,066
		$	215,565
	Includes net foreign currency translation gain (loss)
	Trading Revenue for the Three Months Ended March 31, 2014
	Line Item in Income Statement
	Realized	$	-368,201
	Change in unrealized	$	-144,122
		$	-512,322
	Includes net foreign currency translation gain (loss)
	Total average of futures contracts bought and sold
	Three months ended March 31, 2015
	Total	$	215,565
	3 month average	$	122,877
	Total average of futures contracts bought and sold
	Three months ended March 31, 2014
	Total	$	-368,201
	3 month average	$	-122,734

8_Financial_Highlights_Tables

8. Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Return summary	The following financial highlights show the Partnership’s financial performance for the three months ended March 31, 2015 and March 31, 2014.
		31-Mar-15			31-Mar-14
		Class A			Class A
	Total return before distributions*		0.92	%		-10.05	%
	Ratio to average net assets:
	Net investment Income (loss)**		-8.97	%		-8.16	%
	Management fees		5.82	%		5.25	%
	Incentive fees		0	%		0	%
	Other expenses		3.16	%		2.92	%
	Total expenses**		8.98	%		8.17	%
	*Not annualized
	**Annualized

3_Fair_Value_of_Financial_Inst2

3. Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Level 1
Assets	$159,314	$241,456
Level 1 | Open positions in futures and option contracts
Assets	159,314	241,456
Level 2
Assets	0	0
Level 2 | Open positions in futures and option contracts
Assets	0	0
Level 3
Assets	0	0
Level 3 | Open positions in futures and option contracts
Assets	$0	$0

6_DERIVATIVE_INSTRUMENTS_Detai

6. DERIVATIVE INSTRUMENTS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Net unrealized gain (loss) on open contracts	$159,314		$316,358
Net realized trading gains (losses)	372,961	-355,348
Change in unrealized gains (losses)	-153,066	-144,122
Futures Contracts
Net unrealized gain (loss) on open contracts	159,314		241,456
Net realized trading gains (losses)	368,631	-368,201
Change in unrealized gains (losses)	($153,066)	($144,122)

Recovered_Sheet1

6. Derivative Instruments (Details 1) (USD $)	Mar. 31, 2015
	Integer
Net unrealized trading gains on open contracts, asset derivative, fair value	$128,104
Number of contracts	404
Net unrealized trading gains on open contracts, liability derivative, fair value	31,210
Net unrealized trading gains on open contracts, liability derivative, net	159,314
Agricultural
Net unrealized trading gains on open contracts, asset derivative, fair value	-2,040
Number of contracts	1
Net unrealized trading gains on open contracts, liability derivative, fair value	36,171
Net unrealized trading gains on open contracts, liability derivative, net	34,131
Currencies
Net unrealized trading gains on open contracts, asset derivative, fair value	0
Number of contracts	29
Net unrealized trading gains on open contracts, liability derivative, fair value	18,428
Net unrealized trading gains on open contracts, liability derivative, net	18,428
Energy [Member]
Net unrealized trading gains on open contracts, liability derivative, fair value	0
Net unrealized trading gains on open contracts, liability derivative, net	0
Metals
Net unrealized trading gains on open contracts, asset derivative, fair value	7,388
Number of contracts	2
Net unrealized trading gains on open contracts, liability derivative, fair value	-23,389
Net unrealized trading gains on open contracts, liability derivative, net	-16,001
Interest rates
Net unrealized trading gains on open contracts, asset derivative, fair value	122,262
Number of contracts	318
Net unrealized trading gains on open contracts, liability derivative, fair value	0
Net unrealized trading gains on open contracts, liability derivative, net	122,262
Indices
Net unrealized trading gains on open contracts, asset derivative, fair value	494
Number of contracts	54
Net unrealized trading gains on open contracts, liability derivative, fair value	0
Net unrealized trading gains on open contracts, liability derivative, net	$494

6_DERIVATIVE_INSTRUMENTS_Detai1

6. DERIVATIVE INSTRUMENTS (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Derivative Instruments Details 2
Trading Revenue Realized	$368,631	($368,201)
Trading Revenue Change in unrealized	-153,066	-144,122
Trading Revenue	215,565	-512,322
Total	215,565	-368,201
Total average of futures contracts bought and sold	$122,877	($122,734)

8_Financial_Highlights_Details

8. Financial Highlights (Details) (Class A)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Class A
Total return before distributions	0.92%	-10.05%
Ratio to average net assets:
Net investment Income (loss)	-8.97%	-8.16%
Management fees	5.82%	5.25%
Incentive fees	0.00%	0.00%
Other expenses	3.16%	2.92%
Total expenses	8.98%	8.17%