Everest Fund L P 10-K 30 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 24, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	EVEREST FUND L P
Entity Central Index Key	837,919
Document Type	10-K
Document Period End Date	Dec. 31, 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 Public Float			$ 5,629,265
Entity Common Stock, Shares Outstanding		0
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Equity in broker trading accounts:
Cash and investments in marketable securities	$ 13,442	$ 15,571
Cash in broker trading accounts	5,543,019	6,565,795
Net unrealized gain (loss) on open contracts	157,585	316,358
Total cash & equity in broker trading accounts	5,714,046	6,897,724
Other assets:
Interest receivable	461	96
Total Assets	5,714,507	6,897,820
LIABILITIES
Management fees payable	9,501	11,369
General partner fees payable	24,935	30,640
Redemptions payable	8,209	0
Accounts payable & accrued expenses	42,598	45,604
Total Liabilities	85,243	87,613
Limited partners, Class A shares: 2,491.81 and 2,797.98 units outstanding	5,629,264	6,810,207
Total Liabilities & Partners' Capital	$ 5,714,507	$ 6,897,820

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Dec. 31, 2015	Dec. 31, 2014
Partners Capital
Limited Partners Class A, units outstanding	2,491.81	2,797.98

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Trading gains (losses):
Net realized trading gains (losses)	$ 303,901	$ 1,624,496
Change in unrealized gains (losses)	(153,576)	(81,567)
Brokerage commissions & fees	(26,970)	(42,826)
Net gain (loss) from trading	123,355	1,500,103
Net investment income:
Interest income	1,113	675
Total income	1,113	675
EXPENSES:
Management fees- general partner	348,459	312,359
Management fees- advisors	124,621	120,264
Advisor incentive fees	0	0
Professional fees	80,419	63,117
Administrative expenses	9,066	4,087
Total administrative expenses	562,565	499,827
Net investment income (loss)	(561,452)	(499,152)
Net income (loss)	$ (438,097)	$ 1,000,951
Net income (loss) per unit of partner interest	$ (165.64)	$ 341.03

Statement of Changes in Partner

Statement of Changes in Partners' Capital - USD ($)	Partners Equity	Total
BEGINNING PARTNERS' CAPITAL,Unit at Dec. 31, 2013	3,072.20
BEGINNING PARTNERS' CAPITAL,Amount at Dec. 31, 2013	$ 6,331,720
Net Asset Value Per Unit, beginning at Dec. 31, 2013	$ 2,060.97
Additions, unit	51.36
Additions, amount	$ 101,836
Redemptions, unit	(325.58)
Redemptions, amount	$ (624,300)
Offering costs	0
Net income (loss)	$ 1,000,951	$ 1,000,951
ENDING PARTNERS' CAPITAL,Unit at Dec. 31, 2014	2,797.98
ENDING PARTNERS' CAPITAL,Amount at Dec. 31, 2014	$ 6,810,207
Net Asset Value Per Unit, ending at Dec. 31, 2014	$ 2,433.97
Redemptions, unit	(306.17)
Redemptions, amount	$ (742,846)
Net income (loss)	$ (438,097)	$ (438,097)
ENDING PARTNERS' CAPITAL,Unit at Dec. 31, 2015	2,491.81
ENDING PARTNERS' CAPITAL,Amount at Dec. 31, 2015	$ 5,629,264
Net Asset Value Per Unit, ending at Dec. 31, 2015	$ 2,259.11

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from (for) operating activities
Net income (loss)	$ (438,097)	$ 1,000,951
Net changes to reconcile net income (loss) to net cash provided (used) by operating activities:
Unrealized gain (loss) on open contracts	158,773	114,723
Interest receivable	(365)	(76)
General partner fees payable	(5,705)	4,775
Redemptions payable	8,209	(442,723)
Management fees payable	(1,868)	59
Accounts payable & accrued expenses	(3,006)	(18,965)
Net cash provided (used) by operating activities	(282,059)	658,744
Cash flows from (for) financing activities:
Partner additions, net of offering costs	0	101,836
Redemptions paid	(742,846)	(624,300)
Net cash provided (used) by financing activities	(742,846)	(522,464)
Net change in cash & cash equivalent position	(1,024,905)	136,280
Cash & investments in marketable securities at January 1st	6,581,366	6,445,086
Cash & investments in marketable securities at December 31st	5,556,461	6,581,366
Cash & investment in marketable securities consist of:
Cash at banks	13,442	15,571
Cash in broker trading accounts	5,543,019	6,565,795
Total cash & marketable securities	$ 5,556,461	$ 6,581,366

1. Organization and Business

1. Organization and Business	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
1. Organization and Business	The Everest Fund, L.P., (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.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
2. Summary of Significant Accounting Policies	Basis of Presentation The financial statements have been prepared in conformity with accounting principles generally accepted in the United States as detailed in the Financial Accounting Standards Board’s Accounting Standards Codification (ASC). 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. 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 Inter-bank 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. Redemptions Payable 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 statements of financial condition. Gains and losses on investment activity are translated at the prevailing exchange rate on the date of each respective transaction while year-end balances are translated at the year-end currency rates. Realized and unrealized foreign exchange gains or losses are included in trading income 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. Recently Issued Accounting Pronouncements There have been no recently issued accounting pronouncements that materially affect the Partnership’s financial statements.

3. Fair Value of Financial Inst

3. Fair Value of Financial Instruments	12 Months Ended
	Dec. 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. In determining fair value, the Partnership uses various valuation approaches. ASC 820, “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Partnership. Unobservable inputs reflect the Partnership’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows. Level 1 Level 2 Level 3 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 December 31, 2015 and December 31, 2014: Fair Value Measurement of Assets Level 1 Level 2 Level 3 Assets at December 31, 2015: Open positions in futures and forward contracts $157,585 $0 $0 Total assets at fair value $157,585 $0 $0 Level 1 Level 2 Level 3 Assets at December 31, 2014: Open positions in futures and forward contracts $316,358 $0 $0 Total assets at fair value $316,358 $0 $0

4. Principle Risks Associated W

4. Principle Risks Associated With Derivative Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
4. Principle Risks Associated With 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 $157,585 $316,358 2015 2014 Speculative Instruments Location- Statement of Operations Fair Value Fair Value Futures Contracts Net realized trading gains (losses) $303,901 $1,624,496 Futures Contracts Change in unrealized gains (losses) -$153,576 -$81,567 Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Partnership is subject to these risks in the normal course of its investment objectives. The Partnership uses futures and option contracts to gain exposure to, or hedge against, changes in the value of commodities, interest rates, stock indices, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Option contracts entered into give the Partnership the right, but not the obligation, to buy or sell within a limited period of time, a futures contract at a contracted price. The success of any investment activity is influenced by general economic conditions that may affect the level of volatility of commodity prices, credit spreads, interest rates, and equity prices. Unexpected volatility or illiquidity in the markets in which the Partnership directly or indirectly holds positions could impair its ability to carry out its business and could result in losses. See below for detailed description of selected risks. Market Risk- Liquidity Risk- Interest Rate Risk- Currency Risk This is the risk that the value of the Partnership’s investments, which are denominated in the currency of the country where the investment was entered into, may fluctuate as result of changes in the country’s foreign currency rate. The Partnership is subject to the risk that those foreign currency exchange rates mat decline in value relative to the U.S. dollar.

5. Limited Partner Agreement

5. Limited Partner Agreement	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
5. 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. 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). Limited Partners may cause any or all of their Class A units to be redeemed as of the end of any month at the month end net asset value on fifteen days’ prior written notice to the general partner, or such lesser period as is acceptable to the Partnership. Although the Partnership 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 Partnership agreement.

6. Agreements and Related Party

6. Agreements and Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
6. Agreements and Related Party Transactions	EMC Capital Advisors, LLC. (EMC) serves as the Partnership’s commodity trading advisor. 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, as defined. 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% (6% annually) of the Partnership’s Class A beginning-of-month net asset value. The Partnership’s clearing FCM is R.J. O’Brien, a company headquartered in Chicago, Illinois and an FCM registered with the Commodity Futures Trading Commission (CFTC). R.J. O’Brien charges the Partnership a brokerage commission rate per round-turn trade, plus applicable exchange fees, give up fees and other fees for futures contracts and options contracts executed on registered domestic and foreign exchanges. For trades on certain foreign exchanges, the rates may be higher. The Partnership earns interest on 95% of the Partnership's average monthly cash balance on deposit with R.J. O’Brien at a rate equal to the average 91-day Treasury Bill rate for US Treasury Bills issued during that month. The Partnership has funds deposited at a separate cash account at R.J. O’Brien. At December 31, 2015 approximately 78% of the Partnership’s capital funds were deposited at the cash account at RJO. The Partnership receives 90% of the 30-day rate on 91-day U.S. Treasury bill rate.

7. Financial Instruments, Off-B

7. Financial Instruments, Off-Balance Sheet Risks and Contingencies	12 Months Ended
	Dec. 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 requires margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value the Partnership holds. 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 an FCM 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 a counterparty will be able to meet its obligations to the Partnership. The Partnership’s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting and control procedures. In addition, the Partnership has a policy of reviewing the credit standing of each FCM or counter party with which it conducts business. The limited partners bear the risk of loss only to the extent of the net asset value of their Partnership units.

8. Financial Highlights

8. Financial Highlights	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
8. Financial Highlights	The following financial highlights show the Partnership’s financial performance for the years ended December 31, 2015 and December 31, 2014. 2015 2014 Class A Class A Total return before distributions -7.18% 18.1% Ratio to average net assets: Management fees 5.61% 5.22% Incentive fees 0.00% 0.00% Other expenses 3.45% 3.13% Total expenses 9.06% 8.35% Total return is calculated for all partners throughout the year. An individual partner’s return may vary from these Partnership returns based on the timing of unit transactions.

9. Concentrations of Credit

9. Concentrations of Credit	12 Months Ended
	Dec. 31, 2015
Risks and Uncertainties [Abstract]
9. Concentrations of Credit	The Partnership has a significant amount of its assets on deposit with the clearing FCM, which are not insured. In the event of the insolvency of the clearing FCM, recovery of the Partnership’s assets may be limited to a pro rata share of available funds. The Partnership may, from time to time, have deposits at banks that are in excess of insured amounts.

10. Subsequent Events

10. Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
10. Subsequent Events	The Partnership has made a review of material subsequent events from December 31, 2015 through the date of this report and found no material subsequent events reportable during this period.

2. Summary of Significant Acc17

2. Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 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. 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 Inter-bank 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.
Redemptions Payable	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 statements of financial condition. Gains and losses on investment activity are translated at the prevailing exchange rate on the date of each respective transaction while year-end balances are translated at the year-end currency rates. Realized and unrealized foreign exchange gains or losses are included in trading income 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.
Recently Issued Accounting Pronouncements	There have been no recently issued accounting pronouncements that materially affect the Partnership’s financial statements.

3. Fair Value of Financial In18

3. Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Of Financial Instruments Tables
Fair Value Measurement	Fair Value Measurement of Assets Level 1 Level 2 Level 3 Assets at December 31, 2015: Open positions in futures and forward contracts $157,585 $0 $0 Total assets at fair value $157,585 $0 $0 Level 1 Level 2 Level 3 Assets at December 31, 2014: Open positions in futures and forward contracts $316,358 $0 $0 Total assets at fair value $316,358 $0 $0

4. Principle Risks Associated19

4. Principle Risks Associated With Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	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 $157,585 $316,358 2015 2014 Speculative Instruments Location- Statement of Operations Fair Value Fair Value Futures Contracts Net realized trading gains (losses) $303,901 $1,624,496 Futures Contracts Change in unrealized gains (losses) -$153,576 -$81,567

8. Financial Highlights (Tables

8. Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Return summary	2015 2014 Class A Class A Total return before distributions -7.18% 18.1% Ratio to average net assets: Management fees 5.61% 5.22% Incentive fees 0.00% 0.00% Other expenses 3.45% 3.13% Total expenses 9.06% 8.35%

3. Fair Value of Financial In21

3. Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Level 1
Assets	$ 157,585	$ 316,358
Level 1 | Futures and forward contracts
Assets	157,585	316,358
Level 2
Assets	0	0
Level 2 | Futures and forward contracts
Assets	0	0
Level 3
Assets	0	0
Level 3 | Futures and forward contracts
Assets	$ 0	$ 0

4. Principle Risks Associated22

4. Principle Risks Associated With Derivative Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net unrealized gain (loss) on open contracts	$ 157,585	$ 316,358
Net realized trading gains (losses)	303,901	1,624,496
Change in unrealized gains (losses)	(153,576)	(81,567)
Futures Contracts
Net unrealized gain (loss) on open contracts	157,585	316,358
Net realized trading gains (losses)	303,901	1,624,496
Change in unrealized gains (losses)	$ (153,576)	$ (81,567)

6. Agreements and Related Par23

6. Agreements and Related Party Transactions (Details Narrative)	12 Months Ended
	Dec. 31, 2015
EMC Capital Advisors
Monthly management fee	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, as defined.
General Partner
Monthly management fee	the General Partner charges the Partnership a monthly management fee equal to 0.50% (6% annually) of the Partnership’s Class A beginning-of-month net asset value.
R.J. O Brien
Monthly management fee	R.J. O’Brien charges the Partnership a brokerage commission rate per round-turn trade, plus applicable exchange fees, give up fees and other fees for futures contracts and options contracts executed on registered domestic and foreign exchanges. For trades on certain foreign exchanges, the rates may be higher.

8. Financial Highlights (Detail

8. Financial Highlights (Details) - Class A	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Total return before distributions	(7.18%)	18.10%
Ratio to average net assets:
Management fees	5.61%	5.22%
Incentive fees	0.00%	0.00%
Other expenses	3.45%	3.13%
Total expenses	9.06%	8.35%