Everest Fund L P 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Document And Entity Information
Entity Registrant Name	EVEREST FUND L P
Entity Central Index Key	837,919
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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	Q2
Document Fiscal Year Focus	2,015

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Equity in broker trading accounts:
Cash and investments in marketable securities	$ 15,276	$ 15,571
Cash in broker trading accounts	5,988,848	6,565,795
Net unrealized gain (loss) on open contracts	(63,491)	316,358
Total cash & equity in broker trading accounts	5,940,632	6,897,724
Other assets:
Interest receivable	0	96
Total Assets	5,940,632	6,897,820
LIABILITIES
Management fees payable	9,803	11,369
General partner fees payable	27,604	30,640
Redemptions payable	89,207	0
Incentive fee payable	0	0
Accounts payable & accrued expenses	31,289	45,604
Total Liabilities	157,903	87,613
PARTNERS' CAPITAL (Net Assets)
Limited partners, A shares: (2,504.98163 and 2,797.98423 units outstanding)	5,782,729	6,810,207
Total Partners' Capital	5,782,729	6,810,207
Total Liabilities & Partners' Capital	$ 5,940,632	$ 6,897,820

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Jun. 30, 2015	Dec. 31, 2014
Partners Capital
Limited Partners Class A, units outstanding	2,504.98163	2,797.98423

CONDENSED SCHEDULES OF INVESTME

CONDENSED SCHEDULES OF INVESTMENTS (Unaudited)	Jun. 30, 2015USD ($)Integer	Dec. 31, 2014USD ($)Integer
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		$ 140,869
% of Partners' Capital		2.07%
Futures contracts
Market value	$ (63,491)	$ 316,358
% of Partners' Capital	(1.10%)	4.65%
Futures contracts | LONG
Market value	$ (52,125)	$ 117,539
% of Partners' Capital	(0.09%)	1.73%
Futures contracts | LONG | Interest rates
Number of contracts | Integer	228	213
Market value	$ (12,375)	$ 92,900
% of Partners' Capital	(0.21%)	1.36%
Futures contracts | LONG | Energy
Number of contracts | Integer	1
Market value	$ (1,928)
% of Partners' Capital	(0.03%)
Futures contracts | LONG | Agriculture
Number of contracts | Integer	41	12
Market value	$ 13,218	$ (4,130)
% of Partners' Capital	0.23%	(0.06%)
Futures contracts | LONG | Currencies
Number of contracts | Integer	6
Market value	$ (1,069)
% of Partners' Capital	(0.02%)
Futures contracts | LONG | Indices [Member]
Number of contracts | Integer	18	56
Market value	$ (49,971)	$ 36,019
% of Partners' Capital	(0.86%)	0.53%
Futures contracts | LONG | Metals [Member]
Number of contracts | Integer		2
Market value		$ (7,250)
% of Partners' Capital		(0.11%)
Futures contracts | SHORT
Market value	$ (11,367)	$ 155,789
% of Partners' Capital	(0.20%)	2.29%
Futures contracts | SHORT | Interest rates
Number of contracts | Integer	5
Market value	$ 2,695
% of Partners' Capital	0.05%
Futures contracts | SHORT | Agriculture
Number of contracts | Integer	26	34
Market value	$ (7,002)	$ 21,018
% of Partners' Capital	(0.12%)	0.31%
Futures contracts | SHORT | Currencies
Number of contracts | Integer	50	48
Market value	$ (20,429)	$ 32,489
% of Partners' Capital	(0.35%)	0.48%
Futures contracts | SHORT | Indices [Member]
Number of contracts | Integer	14	3
Market value	$ (4,630)	$ (9,554)
% of Partners' Capital	(0.08%)	(0.14%)
Futures contracts | SHORT | Metals [Member]
Number of contracts | Integer	32	12
Market value	$ 18,000	$ 28,422
% of Partners' Capital	0.31%	0.42%
Futures contracts | SHORT | Energy [Member]
Number of contracts | Integer		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		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net realized trading gain (loss)	$ (5,424)	$ 119,480	$ 357,667	$ (508,551)
Change in net unrealized trading gain(loss)	(217,071)	297,151	(370,136)	153,029
Net foreign currency translation loss	1,115	817	10,985	34,540
Brokerage commissions	(6,602)	14,174	(10,932)	(27,027)
NET TRADING INCOME (LOSS)	(227,982)	164,313	(12,417)	(348,009)
Interest income, net of cash management fees	89	229	223	402
Total income	(227,893)	164,542	(12,194)	(347,607)
EXPENSES:
General partner management fees	89,792	69,851	188,901	148,438
Advisor Management fees	31,553	28,136	66,195	57,608
Incentive fees	0	0	0	0
Professional fees	25,008	16,249	43,192	29,642
Administrative expenses	4,148	1,594	5,242	2,331
TOTAL EXPENSES	150,501	115,830	303,530	238,019
Net income	$ (378,394)	$ 48,712	$ (315,724)	$ (585,626)
Net income (loss) per unit of partner interest	$ (151.06)	$ 17.04	$ (126.04)	$ (204.89)

STATEMENTS OF CHANGES IN PARTNE

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
Net Asset Value Per Unit, beginning at Dec. 31, 2013	$ 2,060.97
Additions, unit	0	0	0
Redemptions, unit	(214.03)	(400,730)	(400,730)
Offering costs		$ 0	$ 0
Net income (loss)		$ (585,625)	$ (585,626)
ENDING PARTNERS' CAPITAL,Unit at Jun. 30, 2014	2,858.17	5,345,365	5,345,365
Net Asset Value Per Unit, ending at Jun. 30, 2014	$ 1,870.20
BEGINNING PARTNERS' CAPITAL,Unit at Dec. 31, 2014	2,797.98	6,810,207	6,810,207
Net Asset Value Per Unit, beginning at Dec. 31, 2014	$ 2,433.97
Additions, amount	$ 0	$ 0	$ 0
Redemptions, unit	(293)	(711,755)	(711,755)
Offering costs		$ 0	$ 0
Net income (loss)		$ (315,724)	$ (315,724)
ENDING PARTNERS' CAPITAL,Unit at Jun. 30, 2015	2,504.98	5,782,729	5,782,729
Net Asset Value Per Unit, ending at Jun. 30, 2015	$ 2,308.49

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cash flows from (for) operating activities
Net income (loss)	$ (378,394)	$ 48,712	$ (315,724)	$ (585,626)
Net changes to reconcile net income (loss) to net cash provided (used) by operating activities:
Unrealized gain (loss) on open contracts			379,849	(106,813)
Interest receivable			96	0
Incentive fees payable			0	0
General partner fees payable			(3,035)	(4,572)
Redemption payable			89,207	(182,537)
Management fees payable			(1,566)	(1,952)
Accounts payable & accrued expenses			(14,315)	(25,319)
Net cash provided (used) in operating activities			134,512	(906,819)
Cash flows from (for) financing activities:
Cash Redemptions paid			(711,755)	(400,730)
Partner addition of units, net of offering costs			0	0
Net cash provided (used) by financing activities			(711,755)	(400,730)
Net increase (decrease) in cash and cash equivalents			(577,243)	(1,307,549)
Cash and cash equivalents Beginning of period			6,581,366	6,445,086
Cash and cash equivalents End of period	6,004,123	5,137,537	6,004,123	5,137,537
Cash & investment in marketable securities consist of:
Cash in banks	15,276	15,755	15,276	15,755
Cash in broker trading accounts	5,988,848	1,756,875	5,988,848	1,756,875
Cash and cash equivalents	0	3,364,907	0	3,364,907
Cash and cash equivalents End of period	$ 6,004,123	$ 5,137,537	$ 6,004,123	$ 5,137,537

1. GENERAL INFORMATION AND SUMM

1. GENERAL INFORMATION AND SUMMARY	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2015 and June 30, 2014: Level 1 Level 2 Level 3 Assets at June 30, 2015: Open positions in futures and option contracts $ -63,491 Total assets at fair value $ -63,491 $ 0 $ 0 Level 1 Level 2 Level 3 Assets at June 30, 2014: Open positions in futures and option contracts $ 537,894 Total assets at fair value $ 537,894 $ 0 $ 0

4. Limited Partner Agreement

4. Limited Partner Agreement	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 at 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	6 Months Ended
	Jun. 30, 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 $ -63,491 $ 537,894 2015 2014 Speculative Instruments Location- Statement of Operations Fair Value Fair Value Futures Contracts Net realized trading gains(losses) $ 357,667 $ -508,551 Futures Contracts Change in unrealized gains(losses) $ -370,136 $ 153,029 Asset Derivatives Balance Sheet Location Fair Value #of contracts Agricultural Net unrealized trading gains on open contracts 13,218 41 Currencies Net unrealized trading gains on open contracts -1,069 6 Energy Net unrealized trading gains on open contracts -1,928 1 Interest rates Net unrealized trading gains on open contracts -12,375 228 Indices Net unrealized trading gains on open contracts -49,971 18 -52,125 294 Liability Derivatives Balance Sheet Location Fair Value #of contracts Net Agricultural Net unrealized trading gains on open contracts -7,002 26 6,216 Currencies Net unrealized trading gains on open contracts -20,429 50 -21,498 Energy Net unrealized trading gains on open contracts 0 0 -1,928 Metals Net unrealized trading gains on open contracts 18,000 32 18,000 Interest rates Net unrealized trading gains on open contracts 2,695 5 -9,680 Indices Net unrealized trading gains on open contracts -4,630 14 -54,601 -11,367 127 -63,491 Trading Revenue for the Six Months Ended June 30, 2015 Line Item in Income Statement Realized $ 357,720 Change in unrealized $ -370,136 $ -12,417 Includes net foreign currency translation gain (loss) Trading Revenue for the Six Months Ended June 30, 2014 Line Item in Income Statement Realized $ -501,038 Change in unrealized $ 153,029 $ -348,009 Includes net foreign currency translation gain (loss) Total average of futures contracts bought and sold Six months ended June 30, 2015 Total $ 357,720 6 month average $ 59,620 Total average of futures contracts bought and sold Six months ended June 30, 2014 Total $ -501,038 6 month average $ -167,013 For the six months ended June 30, 2015, the monthly average of futures contracts bought and sold was approximately $119,240.

7. FINANCIAL INSTRUMENTS, OFF-B

7. FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
8. Financial Highlights	The following financial highlights show the Partnership’s financial performance for the six months ended June 30, 2015 and June 30, 2014. June 30, 2015 June 30, 2014 Class A Class A Total return before distributions* -5.16 % -9.26 % Ratio to average net assets: Net investment Income (loss)** -9.77 % -8.23 % Management fees 5.78 % 5.14 % Incentive fees 0.00 % 0.00 % Other expenses 3.51 % 3.10 % Total expenses** 9.29 % 8.24 % *Not annualized **Annualized Interim Financial Statements The statements of financial condition, including the consolidated schedule of investments, as of June 30, 2015, the statements of operations for the three and six months ended June 30, 2015 and 2014, the statements of cash flows and changes in partners’ capital (net asset value) for the six months ended June 30, 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 June 30, 2015, results of operations for the six months ended June 30, 2015 and 2014, cash flows and changes in partners’ capital (net asset value) for the three months ended June 30, 2015 and 2014. The results of operations for the full six months ended June 30, 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 Acc16

2. Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 In17

3. Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Of Financial Instruments Tables
Fair Value Measurement	Level 1 Level 2 Level 3 Assets at June 30, 2015: Open positions in futures and option contracts $ -63,491 Total assets at fair value $ -63,491 $ 0 $ 0 Level 1 Level 2 Level 3 Assets at June 30, 2014: Open positions in futures and option contracts $ 537,894 Total assets at fair value $ 537,894 $ 0 $ 0

6. DERIVATIVE INSTRUMENTS (Tabl

6. DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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 $ -63,491 $ 537,894 2015 2014 Speculative Instruments Location- Statement of Operations Fair Value Fair Value Futures Contracts Net realized trading gains(losses) $ 357,667 $ -508,551 Futures Contracts Change in unrealized gains(losses) $ -370,136 $ 153,029 Asset Derivatives Balance Sheet Location Fair Value #of contracts Agricultural Net unrealized trading gains on open contracts 13,218 41 Currencies Net unrealized trading gains on open contracts -1,069 6 Energy Net unrealized trading gains on open contracts -1,928 1 Interest rates Net unrealized trading gains on open contracts -12,375 228 Indices Net unrealized trading gains on open contracts -49,971 18 -52,125 294 Liability Derivatives Balance Sheet Location Fair Value #of contracts Net Agricultural Net unrealized trading gains on open contracts -7,002 26 6,216 Currencies Net unrealized trading gains on open contracts -20,429 50 -21,498 Energy Net unrealized trading gains on open contracts 0 0 -1,928 Metals Net unrealized trading gains on open contracts 18,000 32 18,000 Interest rates Net unrealized trading gains on open contracts 2,695 5 -9,680 Indices Net unrealized trading gains on open contracts -4,630 14 -54,601 -11,367 127 -63,491
Trading Revenue	Trading Revenue for the Six Months Ended June 30, 2014 Line Item in Income Statement Realized $ -501,038 Change in unrealized $ 153,029 $ -348,009 Includes net foreign currency translation gain (loss) Total average of futures contracts bought and sold Six months ended June 30, 2015 Total $ 357,720 6 month average $ 59,620 Total average of futures contracts bought and sold Six months ended June 30, 2014 Total $ -501,038 6 month average $ -167,013

8. Financial Highlights (Tables

8. Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Return summary	June 30, 2015 June 30, 2014 Class A Class A Total return before distributions* -5.16 % -9.26 % Ratio to average net assets: Net investment Income (loss)** -9.77 % -8.23 % Management fees 5.78 % 5.14 % Incentive fees 0.00 % 0.00 % Other expenses 3.51 % 3.10 % Total expenses** 9.29 % 8.24 % *Not annualized **Annualized

3. Fair Value of Financial In20

3. Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Level 1
Assets	$ (63,491)	$ 537,894
Level 1 | Open positions in futures and option contracts
Assets	(63,491)	537,894
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 (Deta

6. DERIVATIVE INSTRUMENTS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Net unrealized gain (loss) on open contracts	$ (63,491)		$ (63,491)		$ 316,358
Net realized trading gains (losses)	(5,424)	$ 119,480	357,667	$ (508,551)
Change in unrealized gains (losses)	(217,071)	297,151	(370,136)	153,029
Futures Contracts
Net unrealized gain (loss) on open contracts	$ (63,491)	$ 537,894	(63,491)	537,894
Net realized trading gains (losses)			357,667	(508,551)
Change in unrealized gains (losses)			$ (370,136)	$ 153,029

6. Derivative Instruments (De22

6. Derivative Instruments (Details 1) - Jun. 30, 2015	USD ($)Integer
Net unrealized trading gains on open contracts, asset derivative, fair value	$ (52,125)
Number of contracts | Integer	294
Net unrealized trading gains on open contracts, liability derivative, fair value	$ (11,367)
Net unrealized trading gains on open contracts, liability derivative, net	(63,491)
Agricultural
Net unrealized trading gains on open contracts, asset derivative, fair value	$ 13,218
Number of contracts | Integer	41
Net unrealized trading gains on open contracts, liability derivative, fair value	$ (7,007)
Net unrealized trading gains on open contracts, liability derivative, net	6,216
Currencies
Net unrealized trading gains on open contracts, asset derivative, fair value	$ (1,069)
Number of contracts | Integer	6
Net unrealized trading gains on open contracts, liability derivative, fair value	$ (20,419)
Net unrealized trading gains on open contracts, liability derivative, net	(21,498)
Energy [Member]
Net unrealized trading gains on open contracts, asset derivative, fair value	$ (1,928)
Number of contracts | Integer	1
Net unrealized trading gains on open contracts, liability derivative, fair value	$ 0
Net unrealized trading gains on open contracts, liability derivative, net	(1,928)
Metals
Net unrealized trading gains on open contracts, liability derivative, fair value	18,000
Net unrealized trading gains on open contracts, liability derivative, net	18,000
Interest rates
Net unrealized trading gains on open contracts, asset derivative, fair value	$ (12,375)
Number of contracts | Integer	228
Net unrealized trading gains on open contracts, liability derivative, fair value	$ 2,695
Net unrealized trading gains on open contracts, liability derivative, net	(9,680)
Indices
Net unrealized trading gains on open contracts, asset derivative, fair value	$ (49,971)
Number of contracts | Integer	18
Net unrealized trading gains on open contracts, liability derivative, fair value	$ (4,630)
Net unrealized trading gains on open contracts, liability derivative, net	$ (54,601)

6. DERIVATIVE INSTRUMENTS (De23

6. DERIVATIVE INSTRUMENTS (Details 2) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments Details 2
Trading Revenue Realized	$ 357,720	$ (501,038)
Trading Revenue Change in unrealized	(370,136)	153,029
Trading Revenue	(12,417)	(348,009)
Total	357,720	(501,038)
Total average of futures contracts bought and sold	$ 59,620	$ (167,013)

8. Financial Highlights (Detail

8. Financial Highlights (Details) - Class A	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Total return before distributions	(5.16%)	(9.26%)
Ratio to average net assets:
Net investment Income (loss)	(9.77%)	(8.23%)
Management fees	5.78%	5.14%
Incentive fees	0.00%	0.00%
Other expenses	3.51%	3.10%
Total expenses	9.29%	8.24%