Everest Fund L P 10-K/A 5 Apr 18 2017 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017USD ($)shares
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, 2017
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 | $	$ 3,450,393
Entity Common Stock, Shares Outstanding | shares	0
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Equity in broker trading accounts:
Cash	$ 2,663,408	$ 2,445,752
Restricted cash	602,280	603,477
Net unrealized gain on open futures contracts	237,641	109,089
Total cash & equity in broker trading accounts	3,503,329	4,058,318
Other assets:
Cash	9,632	18,714
Other	2,633	1,171
Total Assets	3,515,594	4,078,203
LIABILITIES
Redemptions payable	0	55,511
Management fee payable - General Partner	15,107	18,426
Management fee payable - Advisor	5,760	6,700
Accrued expenses	44,335	40,418
Total Liabilities	65,201	121,055
PARTNERS' CAPITAL
Class A units: 2,137.27 and 2,211.96 units outstanding, respectively	3,450,393	3,957,148
Total Liabilities and Partners’ Capital	$ 3,515,594	$ 4,078,203

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Dec. 31, 2017	Dec. 31, 2016
PARTNERS’ CAPITAL
Limited Partners Class A, units outstanding	2,137.27	2,211.96

Condensed Schedule of Investmen

Condensed Schedule of Investments	Dec. 31, 2017USD ($)Contract	Dec. 31, 2016USD ($)Contract
Unrealized Gain (Loss)	$ 237,641	$ 109,089
Percent of Partners' Capital	6.89%	2.77%
LONG
Unrealized Gain (Loss)	$ 202,189	$ 31,019
Percent of Partners' Capital	5.86%	0.79%
SHORT
Unrealized Gain (Loss)	$ 35,452	$ 78,070
Percent of Partners' Capital	1.02%	1.98%
Futures contracts | LONG | Interest rates
Number of contracts | Contract	118	130
Unrealized Gain (Loss)	$ 15,230	$ 5,868
Percent of Partners' Capital	(0.44%)	0.15%
Futures contracts | LONG | Metals
Number of contracts | Contract	17	23
Unrealized Gain (Loss)	$ 56,308	$ (36,953)
Percent of Partners' Capital	1.63%	(0.93%)
Futures contracts | LONG | Energy
Number of contracts | Contract	22	13
Unrealized Gain (Loss)	$ 62,427	$ 18,357
Percent of Partners' Capital	1.81%	0.46%
Futures contracts | LONG | Agriculture
Number of contracts | Contract	18	41
Unrealized Gain (Loss)	$ 21,620	$ (15,821)
Percent of Partners' Capital	0.63%	(0.40%)
Futures contracts | LONG | Currencies
Number of contracts | Contract	25	2
Unrealized Gain (Loss)	$ 21,173	$ (5,190)
Percent of Partners' Capital	0.61%	(0.13%)
Futures contracts | LONG | Indices
Number of contracts | Contract	31	50
Unrealized Gain (Loss)	$ 55,891	$ 64,758
Percent of Partners' Capital	1.62%	1.64%
Futures contracts | SHORT | Interest rates
Number of contracts | Contract	96	101
Unrealized Gain (Loss)	$ (6,549)	$ (3,256)
Percent of Partners' Capital	(0.19%)	(0.08%)
Futures contracts | SHORT | Metals
Number of contracts | Contract	4	17
Unrealized Gain (Loss)	$ (2,320)	$ 37,786
Percent of Partners' Capital	(0.07%)	0.95%
Futures contracts | SHORT | Energy
Number of contracts | Contract	5
Unrealized Gain (Loss)	$ 3,350
Percent of Partners' Capital	0.10%
Futures contracts | SHORT | Agriculture
Number of contracts | Contract	90	31
Unrealized Gain (Loss)	$ 8,308	$ 30,423
Percent of Partners' Capital	0.24%	0.77%
Futures contracts | SHORT | Currencies
Number of contracts | Contract	89	73
Unrealized Gain (Loss)	$ 20,845	$ 18,818
Percent of Partners' Capital	0.60%	0.48%
Futures contracts | SHORT | Indices
Number of contracts | Contract	11	2
Unrealized Gain (Loss)	$ 11,818	$ (5,701)
Percent of Partners' Capital	0.34%	(0.14%)

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Trading loss:
Net realized loss	$ (143,951)	$ (467,104)
Net change in unrealized gain (loss)	138,092	(51,507)
Brokerage commissions and exchange fees	(26,668)	(29,683)
Net trading loss	(32,527)	(548,294)
Investment income (loss):
Interest income	24,366	9,833
Expenses:
Management fee - General Partner	(193,306)	(270,314)
Management fee - Advisor	(72,802)	(98,490)
Professional fees and other	(112,040)	(96,646)
Total expenses	(378,148)	(465,450)
Net investment loss	(353,782)	(455,617)
Net loss	$ (386,309)	$ (1,003,911)

Statement of Changes in Partner

Statement of Changes in Partners' Capital	Limited PartnersUSD ($)$ / sharesshares
Beginning Partners’ Capital, Unit at Dec. 31, 2015 | shares	2,491.81
Beginning Partners’ Capital, Amount at Dec. 31, 2015	$ 5,629,264
Partners’ Capital Per Unit, Beginning at Dec. 31, 2015 | $ / shares	$ 2,259.11
Redemptions, Unit | shares	(279.85)
Redemptions, Amount	$ (668,205)
Net Loss	$ (1,003,911)
Ending Partners’ Capital, Unit at Dec. 31, 2016 | shares	2,211.96
Ending Partners’ Capital, Amount at Dec. 31, 2016	$ 3,957,148
Partners’ Capital Per Unit, Ending at Dec. 31, 2016 | $ / shares	$ 1,788.98
Redemptions, Unit | shares	(74.69)
Redemptions, Amount	$ (120,446)
Net Loss	$ (386,309)
Ending Partners’ Capital, Unit at Dec. 31, 2017 | shares	2,137.27
Ending Partners’ Capital, Amount at Dec. 31, 2017	$ 3,450,393
Partners’ Capital Per Unit, Ending at Dec. 31, 2017 | $ / shares	$ 1,614.39

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from (for) operating activities
Net loss	$ (386,309)	$ (1,003,911)
Net changes to reconcile net loss to net cash (used) by operating activities:
Unrealized gain (loss) on open contracts	(128,552)	48,496
Interest receivable	(1,462)	(710)
General partner fees payable	(3,319)	(6,509)
Redemptions payable	(55,512)	47,302
Management fees payable	(939)	(2,801)
Accounts payable & accrued expenses	3,916	(2,180)
Net cash (used) by operating activities	(572,177)	(920,313)
Cash flows from (for) financing activities:
Partner additions, net of offering costs	0	0
Redemptions paid	(120,446)	(668,205)
Net cash (used) by financing activities	(120,446)	(668,205)
Net change in cash & cash equivalent position	(692,623)	(1,588,518)
Cash & investments in marketable securities at January 1st	3,967,943	5,556,461
Cash & investments in marketable securities at December 31st	3,275,320	3,967,943
Cash & investment in marketable securities consist of:
Cash at banks	9,632	18,714
Cash in broker trading accounts	3,265,688	3,949,229
Total cash & marketable securities	$ 3,275,320	$ 3,967,943

1. Nature of Business and Signi

1. Nature of Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies	Nature of Operations The Everest Fund, L.P. (the “Partnership”) was organized in June 1988 pursuant to the Iowa Uniform Limited Partnership Act for the purpose of engaging in the speculative trading of futures and forward contracts for commodities, financial instruments, stock indexes and currencies, any rights pertaining thereto and any options thereon or on physical commodities. As part of its objective, the Partnership may also engage in hedge, arbitrage and cash trading of commodities and futures. The Partnership may engage in the foregoing business directly, through investing in other funds and Partnerships and through investing in subsidiary limited partnerships or other limited liability entities. The Partnership clears all of its trades through one clearing broker, RJ O’Brien (the “Clearing Broker”). The Partnership will terminate on December 31, 2020, or upon the occurrence of certain events, as specified in the seventh amended and restated agreement of limited partnership (the “Agreement”). The sole General Partner of the Partnership is Everest Asset Management, Inc. (the “General Partner”). All management and investment decisions are vested in the General Partner. The General Partner is registered with the United States Commodity Futures Trading Commission (CFTC) as a Commodity Pool Operator (“CPO”) and a Commodity Trading Advisor (“CTA”) and is a member of the United States National Futures Association (NFA). The General Partner acts as the Partnership’s sole CPO, and an unrelated party EMC Capital Advisors, LLC (the “Advisor”), acts as the Partnership’s sole CTA, to whom the General Partner has delegated complete trading authority. 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 NAV 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. A summary of the Partnership’s significant accounting polices follows. Basis of Accounting The Partnership follows accounting principles generally accepted in the United States (“U.S. GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition and results of operations. In accordance with FASB Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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 Cash in broker trading accounts is on deposit at the Clearing Broker. The Partnership at times maintains deposits with 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. Margin requirements are satisfied by the deposit of cash with such broker. Restricted Cash Amounts due from broker may be restricted to the extent they serve as deposits for investments sold, not yet purchased and to satisfy margin requirements. At December 31, 2017 and 2016, the amount of restricted cash held by the Partnership for margin requirements was $602,280 and $603,477, respectively. Valuation of Investments Investments consist of open futures contracts. Open futures contracts are reflected in the accompanying statements of financial condition at fair value. The fair value of open futures positions is based upon daily exchange settlement prices. Offsetting of Amounts Related to Certain Contracts When the requirements are met, the Partnership offsets certain fair value amounts recognized for cash collateral receivables or payables against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement. Income Recognition on Investments Income on futures contracts is recorded on a trade date basis. Gains (losses) are realized when contracts are liquidated. Unrealized gains (losses) on open futures contracts are calculated based on the size of a given contract and the difference between the open futures contract closing price and the price at which the contract was initially purchased or sold. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts, if any, is based on third party quoted dealer values on the Inter-bank market. Interest income is recognized on an accrual basis. Brokerage Commissions Brokerage commissions and exchange fees are reflected separately in the statements of operations. Foreign Currency The Partnership has certain investments denominated in foreign currencies. The purchase and sale of investments and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of positions held. Such fluctuations are included with the net realized and unrealized gain or loss on such investments. 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. Income Taxes The Partnership is not subject to federal income taxes, because its income and losses are includable in the tax returns of its partners. The Partnership may be required to file returns and pay tax in various state and local jurisdictions as a result of its operations or the residency of its partners. The Partnership assesses the potential outcome of uncertain tax positions. As of December 31, 2017, management believes the Partnership has no material uncertain tax positions requiring recognition or measurement. The federal and state income tax returns for tax years according to federal and state statutes remain open to examination by taxing authorities through their statutory periods. Statement of Cash Flows The Partnership has elected to provide a statement of cash flows even though it’s permitted by U.S. GAAP not to include, as all of the following conditions have been met: a. During the year, substantially all of the Partnership’s investments were classified as Level 1 instruments within the fair value hierarchy; b. Substantially all of the Partnership’s investments are carried at fair value; c. The Partnership had little or no debt during the year; and d. The Partnership’s financial statements include a statement of changes in partners’ capital (net assets). Subsequent Events The Partnership has evaluated subsequent events for potential recognition and/or disclosure through March 31, 2018, the date the financial statements were issued.

2. Fair Value of Financial Inst

2. Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	The Partnership records its investments at fair value. Fair value is 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 Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. 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 Level 2 Level 3 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The Partnership assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the years ended December 31, 2017 and 2016, there were no such transfers. Exchange-traded futures contracts are typically categorized within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Futures contracts that are not actively traded are valued based on quoted prices in markets or by reference to broker or dealer quotations and are generally classified within Level 2 of the fair value hierarchy. All financial instruments listed in the condensed schedules of investments as of December 31, 2017 and 2016 are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets. Substantially all of the Partnership’s assets and liabilities are considered financial instruments, and are either already reflected at fair value or are short-term or replaceable on demand. Therefore, their carrying amounts approximate their fair values.

3. Derivative Transactions

3. Derivative Transactions	12 Months Ended
	Dec. 31, 2017
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Derivative Transactions	The following table identifies the fair value amounts of derivative contracts by type of risk as of December 31, 2017: Asset Liability Number of Risk Type Derivatives Derivatives Net Contracts Agricultural $ 21,620 $ 8,308 $ 29,928 108 Currencies 21,173 20,845 42,018 114 Energy 62,427 3,350 65,777 27 Indicies 55,891 11,818 67,709 42 Interest rate (15,231 ) (6,549 ) (21,780 ) 214 Metals 56,309 (2,320 ) 53,989 21 $ 202,189 $ 35,452 $ 237,641 526 The following table identifies the fair value amounts of derivative contracts by type of risk as of December 31, 2016: Asset Liability Number of Risk Type Derivatives Derivatives Net Contracts Agricultural $ (15,821 ) $ 30,423 $ 14,602 72 Currencies (5,190 ) 18,818 13,628 75 Energy 18,357 — 18,357 13 Indicies 64,758 (5,701 ) 59,057 52 Interest rate 5,868 (3,256 ) 2,612 231 Metals (36,953 ) 37,786 833 40 $ 31,019 $ 78,070 $ 109,089 483 All of the Partnership’s trading during 2017 and 2016 involved derivative financial instruments. The Partnership does not consider any derivative instruments to be hedging instruments, as those terms are generally understood under U.S. GAAP.

4. Offsetting Assets and Liabil

4. Offsetting Assets and Liabilities	12 Months Ended
	Dec. 31, 2017
Offsetting Assets And Liabilities
Offsetting Assets and Liabilities	As of December 31, 2017 and 2016, the Partnership holds derivative instruments that are eligible for offset in the statements of financial condition and are subject to master netting arrangements. Master netting arrangements allow the counterparty to net applicable collateral held on behalf of the Partnership against applicable liabilities or payment obligations of the Partnership to the counterparty. These arrangements also allow the counterparty to net any of its applicable liabilities or payment obligations it has to the Partnership against any collateral sent to the Partnership. The following tables provide disclosure regarding the potential effect of offsetting of recognized assets presented in the statements of financial condition. Offsetting of Derivative Assets December 31, 2017: Net Amounts of Gross Amounts Unrealized Gain Gross Offset in the Presented in the Amounts of Statements of the Statements of Recognized Financial Financial Description Assets Condition Condition Futures contracts $ 261,741 $ (24,100 ) $ 237,641 December 31, 2016: Net Amounts of Gross Amounts Unrealized Gain Gross Offset in the Presented in the Amounts of Statements of the Statements of Recognized Financial Financial Description Assets Condition Condition Futures contracts $ 176,010 $ (66,921 ) $ 109,089 Derivative Assets and Collateral Received by Counterparty December 31, 2017: Net Amounts of Unrealized Gain Gross Amounts Not Offset in the Statements of Financial Condition Presented in the Statements of Cash Financial Financial Collateral Counterparty Condition Instruments Received Net Amount R.J. O’Brien $ 237,641 $ — $ — $ 237,641 December 31, 2016: Net Amounts of Unrealized Gain Gross Amounts Not Offset in the Statements of Financial Condition Presented in the Statements of Cash Financial Financial Collateral Counterparty Condition Instruments Received Net Amount R.J. O’Brien $ 109,089 $ — $ — $ 109,089

5. Limited Partnership Agreemen

5. Limited Partnership Agreement	12 Months Ended
	Dec. 31, 2017
Limited Partnership Agreement
Limited Partnership Agreement	Pursuant to the terms of the seventh amended and restated agreement of limited partnership (the “Agreement”), dated and effective as of May 1, 2004, net income and losses are allocated to the partners in accordance with each partner’s ownership percentage. Generally, a limited partner may withdraw all or a portion of its capital only as of the close of business on the last day of a fiscal month, provided they have given at least 15 days’ prior written notice, although the General Partner may in its sole discretion accept at other times.

6. Fees and Related-Party Trans

6. Fees and Related-Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Fees and Related-Party Transactions	Pursuant to a speculative managed account agreement dated November 19, 2012, the Partnership switched to its current Advisor, to whom it shall pay a quarterly management fee of 0.50% of each limited partner’s capital balance as of the end of each calendar quarter (2.0% per annum) and a quarterly incentive fee equal to 20% of trading profits, as defined. No incentive fee was earned during 2017 and 2016 because no limited partner capital account balances have reached a new high water mark. The General Partner charges the Partnership a monthly management fee equal to 0.50% (6.0% annually) of the Partnership’s Class A beginning-of-month NAV.

7. Deposits with Brokers

7. Deposits with Brokers	12 Months Ended
	Dec. 31, 2017
Brokers and Dealers [Abstract]
Deposits with Brokers	The Partnership deposits cash with the Clearing Broker subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such broker. The Partnership earns interest income on its cash deposited with the Clearing Broker.

8. Indemnifications

8. Indemnifications	12 Months Ended
	Dec. 31, 2017
Indemnifications
Indemnifications	In the normal course of business, the Partnership enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of future obligation under these indemnifications to be remote.

9. Financial Instruments with O

9. Financial Instruments with Off-Balance-Sheet Risk	12 Months Ended
	Dec. 31, 2017
Financial Instruments With Off-balance-sheet Risk
Financial Instruments with Off-Balance-Sheet Risk	In connection with its trading activities, the Partnership enters into transactions with a variety of derivative financial instruments, including exchange-traded futures contracts. These derivative financial instruments may have market and/or credit risk in excess of the amounts recorded in the statements of financial condition. Market Risk Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded. In many cases, the use of financial instruments serves to modify or offset market risk associated with other transactions and, accordingly, serves to decrease the Partnership’s overall exposure to market risk. The Partnership attempts to control its exposure to market risk through various analytical monitoring techniques. Credit Risk Concentrations of Credit Risk The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The partners bear the risk of loss only to the extent of the market value of their respective investments. Futures Risk

10. Financial Highlights

10. Financial Highlights	12 Months Ended
	Dec. 31, 2017
Financial Highlights
Financial Highlights	The following information presents per unit operating performance data and other supplemental financial data for the Partnership’s Class A units for the years ended December 31, 2017 and 2016: 2017 2016 Per unit operating performance: (for a unit outstanding throughout the entire year) Net asset value per unit at beginning of year $ 1,788.98 $ 2,259.10 Net loss from investment operations: Net realized and unrealized loss on investments (14.70 ) (40.02 ) Net investment loss (159.89 ) (430.10 ) Total net loss from investment operations (174.59 ) (470.12 ) Net asset value per unit at end of year $ 1,614.39 $ 1,788.98 Total return (9.76 )% (20.81 )% Ratios as a percentage of average partners’ capital: Expenses 10.36 % 9.46 % Net investment loss* (9.69 )% (9.26 )% *Net investment loss excludes net realized and change in unrealized gain on investments and the related brokerage commissions and exchange fees. The above ratios have been calculated based upon the unaffiliated average Class A limited partners’ capital for the years ended December 31, 2017 and 2016. Total return is calculated based on the change in value of a unit during the period outstanding. An individual partner’s total return and ratios may vary from the above total return and ratios based on the timing of capital (or unit) transactions. These financial highlights may not be indicative of the future performance of the Partnership.

1. Nature of Business and Sig18

1. Nature of Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting	The Partnership follows accounting principles generally accepted in the United States (“U.S. GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition and results of operations. In accordance with FASB Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP 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	Cash in broker trading accounts is on deposit at the Clearing Broker. The Partnership at times maintains deposits with 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. Margin requirements are satisfied by the deposit of cash with such broker.
Restricted Cash	Amounts due from broker may be restricted to the extent they serve as deposits for investments sold, not yet purchased and to satisfy margin requirements. At December 31, 2017 and 2016, the amount of restricted cash held by the Partnership for margin requirements was $602,280 and $603,477, respectively.
Valuation of Investments	Investments consist of open futures contracts. Open futures contracts are reflected in the accompanying statements of financial condition at fair value. The fair value of open futures positions is based upon daily exchange settlement prices.
Offsetting of Amounts Related to Certain Contracts	When the requirements are met, the Partnership offsets certain fair value amounts recognized for cash collateral receivables or payables against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement.
Income Recognition on Investments	Income on futures contracts is recorded on a trade date basis. Gains (losses) are realized when contracts are liquidated. Unrealized gains (losses) on open futures contracts are calculated based on the size of a given contract and the difference between the open futures contract closing price and the price at which the contract was initially purchased or sold. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts, if any, is based on third party quoted dealer values on the Inter-bank market. Interest income is recognized on an accrual basis.
Brokerage Commissions	Brokerage commissions and exchange fees are reflected separately in the statements of operations.
Foreign Currency	The Partnership has certain investments denominated in foreign currencies. The purchase and sale of investments and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of positions held. Such fluctuations are included with the net realized and unrealized gain or loss on such investments.
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.
Income Taxes	The Partnership is not subject to federal income taxes, because its income and losses are includable in the tax returns of its partners. The Partnership may be required to file returns and pay tax in various state and local jurisdictions as a result of its operations or the residency of its partners. The Partnership assesses the potential outcome of uncertain tax positions. As of December 31, 2017, management believes the Partnership has no material uncertain tax positions requiring recognition or measurement. The federal and state income tax returns for tax years according to federal and state statutes remain open to examination by taxing authorities through their statutory periods.
Statement of Cash Flows	The Partnership has elected to provide a statement of cash flows even though it’s permitted by U.S. GAAP not to include, as all of the following conditions have been met: a. During the year, substantially all of the Partnership’s investments were classified as Level 1 instruments within the fair value hierarchy; b. Substantially all of the Partnership’s investments are carried at fair value; c. The Partnership had little or no debt during the year; and d. The Partnership’s financial statements include a statement of changes in partners’ capital (net assets).
Subsequent Events	The Partnership has evaluated subsequent events for potential recognition and/or disclosure through March 31, 2018, the date the financial statements were issued.

3. Derivative Transactions (Tab

3. Derivative Transactions (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract]
Fair value amounts of derivative contracts	The following table identifies the fair value amounts of derivative contracts by type of risk as of December 31, 2017: Asset Liability Number of Risk Type Derivatives Derivatives Net Contracts Agricultural $ 21,620 $ 8,308 $ 29,928 108 Currencies 21,173 20,845 42,018 114 Energy 62,427 3,350 65,777 27 Indicies 55,891 11,818 67,709 42 Interest rate (15,231 ) (6,549 ) (21,780 ) 214 Metals 56,309 (2,320 ) 53,989 21 $ 202,189 $ 35,452 $ 237,641 526 The following table identifies the fair value amounts of derivative contracts by type of risk as of December 31, 2016: Asset Liability Number of Risk Type Derivatives Derivatives Net Contracts Agricultural $ (15,821 ) $ 30,423 $ 14,602 72 Currencies (5,190 ) 18,818 13,628 75 Energy 18,357 — 18,357 13 Indicies 64,758 (5,701 ) 59,057 52 Interest rate 5,868 (3,256 ) 2,612 231 Metals (36,953 ) 37,786 833 40 $ 31,019 $ 78,070 $ 109,089 483

4. Offsetting Assets and Liab20

4. Offsetting Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Offsetting Assets And Liabilities Tables
Offsetting of derivative assets	Offsetting of Derivative Assets December 31, 2017: Net Amounts of Gross Amounts Unrealized Gain Gross Offset in the Presented in the Amounts of Statements of the Statements of Recognized Financial Financial Description Assets Condition Condition Futures contracts $ 261,741 $ (24,100 ) $ 237,641 December 31, 2016: Net Amounts of Gross Amounts Unrealized Gain Gross Offset in the Presented in the Amounts of Statements of the Statements of Recognized Financial Financial Description Assets Condition Condition Futures contracts $ 176,010 $ (66,921 ) $ 109,089
Derivative assets and collateral received by counterparty	Derivative Assets and Collateral Received by Counterparty December 31, 2017: Net Amounts of Unrealized Gain Gross Amounts Not Offset in the Statements of Financial Condition Presented in the Statements of Cash Financial Financial Collateral Counterparty Condition Instruments Received Net Amount R.J. O’Brien $ 237,641 $ — $ — $ 237,641 December 31, 2016: Net Amounts of Unrealized Gain Gross Amounts Not Offset in the Statements of Financial Condition Presented in the Statements of Cash Financial Financial Collateral Counterparty Condition Instruments Received Net Amount R.J. O’Brien $ 109,089 $ — $ — $ 109,089

10. Financial Highlights (Table

10. Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2017
Financial Highlights Tables
Return summary	2017 2016 Per unit operating performance: (for a unit outstanding throughout the entire year) Net asset value per unit at beginning of year $ 1,788.98 $ 2,259.10 Net loss from investment operations: Net realized and unrealized loss on investments (14.70 ) (40.02 ) Net investment loss (159.89 ) (430.10 ) Total net loss from investment operations (174.59 ) (470.12 ) Net asset value per unit at end of year $ 1,614.39 $ 1,788.98 Total return (9.76 )% (20.81 )% Ratios as a percentage of average partners’ capital: Expenses 10.36 % 9.46 % Net investment loss* (9.69 )% (9.26 )% *Net investment loss excludes net realized and change in unrealized gain on investments and the related brokerage commissions and exchange fees.

1. Nature of Business and Sig22

1. Nature of Business and Significant Accounting Policies (Details Narrative) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash	$ 602,280	$ 603,477

3. Derivative Transactions (Det

3. Derivative Transactions (Details)	Dec. 31, 2017USD ($)Contract	Dec. 31, 2016USD ($)Contract
Asset Derivatives	$ 202,189	$ 31,019
Liability Derivatives	35,452	78,070
Net	$ 237,641	$ 109,089
Number of Contracts | Contract	526	483
Agriculture
Asset Derivatives	$ 21,620	$ (15,821)
Liability Derivatives	8,308	30,423
Net	$ 29,928	$ 14,602
Number of Contracts | Contract	108	72
Currencies
Asset Derivatives	$ 21,173	$ (5,190)
Liability Derivatives	20,845	18,818
Net	$ 42,018	$ 13,628
Number of Contracts | Contract	114	75
Energy
Asset Derivatives	$ 62,427	$ 18,357
Liability Derivatives	3,350	0
Net	$ 65,777	$ 18,357
Number of Contracts | Contract	27	13
Indices
Asset Derivatives	$ 55,891	$ 64,758
Liability Derivatives	11,818	(5,701)
Net	$ 67,709	$ 59,057
Number of Contracts | Contract	42	52
Interest rates
Asset Derivatives	$ (15,231)	$ 5,868
Liability Derivatives	(6,549)	(3,256)
Net	$ (21,780)	$ 2,612
Number of Contracts | Contract	214	231
Metals
Asset Derivatives	$ 56,309	$ (36,953)
Liability Derivatives	(2,320)	37,786
Net	$ 53,989	$ 833
Number of Contracts | Contract	21	40

4. Offsetting Assets and Liab24

4. Offsetting Assets and Liabilities (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition	$ 237,641	$ 109,089
Futures Contracts
Gross Amounts of Recognized Assets	261,741	176,010
Gross Amounts Offset in the Statements of Financial Condition	(24,100)	(66,921)
Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition	$ 237,641	$ 109,089

4. Offsetting Assets and Liab25

4. Offsetting Assets and Liabilities (Details 1) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Net Amounts of Unrealized Gain Presented in the Statements of Financial Position	$ 237,641	$ 109,089
R.J. O’Brien
Net Amounts of Unrealized Gain Presented in the Statements of Financial Position	237,641	109,089
Financial Instruments, Gross Amounts Not Offset in the Statements of Financial Condition	0	0
Cash Collateral Received, Gross Amounts Not Offset in the Statements of Financial Condition	0	0
Net Amount	$ 237,641	$ 109,089

10. Financial Highlights (Detai

10. Financial Highlights (Details) - Class A - $ / shares		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Net asset value per unit at beginning of year		$ 1,788.98	$ 2,259.10
Net realized and unrealized loss on investments		(14.70)	(40.02)
Net investment loss		(159.89)	(430.10)
Total net loss from investment operations		(174.59)	(470.12)
Net asset value per unit at end of year		$ 1,614.39	$ 1,788.98
Total return		(9.76%)	(20.81%)
Ratios as a percentage of average partners’ capital:
Expenses		10.36%	9.46%
Net investment loss	[1]	(9.69%)	(9.26%)
[1]	Net investment loss excludes net realized and change in unrealized gain on investments and the related brokerage commissions and exchange fees.