SECURITIES AND EXCHANGE COMMISSION
                 Washington, D.C.  20549

                       FORM 10K


Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


For the fiscal year ended       Commission File Number
December 31, 2008                               0-17555


                     The Everest Fund, L.P.
(Exact name of registrant as specified in its charter)


                  Iowa                    42-1318186
(State or other jurisdiction of          (I.R.S. Employer
incorporation or organization)       Identification No.)

1100 North 4th Street, Suite 143, Fairfield, Iowa  52556
(Address of principal executive offices)        (Zip Code)

Registrant's telephone number, including area code:
                            (641) 472-5500

Securities registered pursuant to Section 12(b) of the Act:
None

Securities registered pursuant to Section 12(g) of the Act:
Units of Limited Partnership Interest

Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities
Act.
Yes		No  X
Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the
Act.
Yes  X		No
Note  Checking the box above will not relieve any
registrant required to file reports pursuant to Section 13
or 15(d) of the Exchange Act from their obligations under
those Sections.
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes  X        No  __

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation SK is not contained
herein and will not be contained to the best of the
Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of Form
10K or any amendment to this Form 10-K:   [ X ]


Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-
accelerated filer. See definition of accelerated filer and
large accelerated filer in Rule 12b-2 of the Exchange Act.
(Check one): Large accelerated filer		Accelerated
filer		Non-accelerated filer  X

Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Act).
Yes    No  X

State the aggregate market value of the voting and non-
voting common equity held by non-affiliates computed by
reference to the price at which the common equity was last
sold, or the average bid and asked price of such common
equity, as of the last business day of the registrant's
most recently  completed second fiscal quarter.
$15,168,875

Note  If a determination as to whether a particular person
or entity is an affiliate cannot be made without involving
unreasonable effort and expense, the aggregate market value
of the common stock held by non-affiliates may be
calculated on the basis of assumptions reasonable under the
circumstances, provided that the assumptions are set forth
in this Form.

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12,
13 or15(d) of the Securities Exchange Act of 1934
subsequent to the distribution of securities under a plan
confirmed by a court.
Yes 	No

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the
registrant  s classes of common stock, as of the latest
practicable date.

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by
reference and the Part of the Form 10-K (e.g., Part I, Part
II, etc.) into which the document is incorporated: (1) Any
annual report to security holders; (2) Any proxy or
information statement; and (3) Any prospectus filed
pursuant to Rule 424(b) or (c) under the Securities Act of
1933. The listed documents should be clearly described for
identification purposes (e.g., annual report to security
holders for fiscal year ended December 24, 1980).  None






                               Part I
Item 1.  Business

The Everest Fund, L.P. (the "Partnership" or''Everest") is a limited
partnership organized on June 20, 1988 under the Iowa
Uniform Limited Partnership Act.  The business of the
Partnership is the speculative trading of commodity futures
contracts and other commodity interests, including forward
contracts on foreign currencies (Commodity Interests)
either directly or indirectly through other entities,
including subsidiaries, partnerships, Partnerships or other
limited liability entities, which constitute one industry segment.
The Partnership commenced its trading operations on
February 1, 1989.  Its General Partner is Everest Asset
Management, Inc. (the "General Partner") a Delaware
corporation organized in December, 1987.

During its operation, the Partnership has had various
trading advisors.  In December 1990, John W. Henry &
Company, Inc. (JWH) began trading for the Partnership as
one of the Partnership's trading advisors.  In May 1994,
JWH became the sole trading advisor to the Partnership.

On September 13, 1996 the U.S. Securities and Exchange
Commission accepted a voluntary filing by the Partnership
of a Form 10 - General Form for Registration of Securities,
and public reporting of Units of the Partnership sold as a
private placement commenced at that time and has continued
to the present.


 In 2008 the Partnership continued previously offered
Class A Units (retail shares) and charged an initial
1% Offering and Organization fee as a reduction to capital.

In 2008 the Partnership  selected the JWH Global Analytics Program
( JWH GAP )as its sole trading program. As of December 31, 2008
approximately 80% of the Partnership's assets are being traded by
the JWH GAP with the remaining assets not being traded, and
are held in interest bearing accounts. Therefore the Partnership is
underleveraged as of December 31, 2008.

Upon fifteen days written notice, a Class A Limited Partner
may require the Partnership to redeem all or part of his
Units effective as of the close of business (as determined
by the General Partner) on the last day of any month at the
Net Asset Value thereof on such date. Notwithstanding
the above, pursuant to the Amended and Restated Agreement
of Limited Partnership, the General Partner may, in its
sole discretion, and on ten days' notice, require a Limited
Partner to redeem all or part of his Units in the
Partnership as of the end of any month.  There are no
additional charges to the Limited Partner at redemption.
The Partnership's Amended and Restated Agreement of Limited
Partnership contains a full description of redemption and
distribution procedures.

Since commencing trading operations, the Partnership has
engaged in the speculative trading of Commodity Interests
and will continue to do so until its dissolution and
liquidation, which will occur on the earlier of December
31, 2020 or the occurrence of any of the events set forth
in Paragraph 4(a) of the Agreement of Limited Partnership.
Such events are (i) an election to dissolve the Partnership
made by over 50% of the Limited Partnership Units at least
90 days prior to dissolution, (ii) withdrawal, insolvency,
or dissolution of the General Partner (unless a new general
partner is substituted), (iii) decline in the Net Asset
Value of the Partnership at the close of any business day
to less than $300,000, or (iv) any event which will make it
unlawful for the existence of the Partnership to be
continued or requiring termination of the Partnership.

The address of the General Partner and the Partnership is
1100 North 4th Street, Suite 143, Fairfield, Iowa  52556,
and the telephone number at such location is (641) 472-
5500.  The General Partner changed its name as of March 1,
1994 and amended its Certificate of Incorporation, with no
other changes, accordingly.  In accordance with the
provisions of the Commodity Exchange Act and the rules of
the National Futures Association (NFA), the General Partner
is registered as a commodity pool operator and a commodity
trading advisor, JWH is registered as a commodity trading
advisor and the Commodity Broker is registered as a futures
commission merchant, each subject to regulation by the
Commodity Futures Trading Commission (CFTC).  Each is also
a member of the NFA in such capacity.

The General Partner, to the exclusion of the limited
partners of the Partnership (the  Limited Partners ),
manages and conducts the business of the Partnership.  Thus
the General Partner (i) selects and monitors the
independent commodity trading advisor(s) and the Commodity
Broker; (ii) allocates and/or reallocates assets of the
Partnership to or from JWH and/or the advisor(s); (iii)
determines if an advisor or commodity broker should be
removed or replaced; (iv) negotiates management fees,
incentive fees and brokerage commissions; (v) determines
its own compensation with respect to management and
administrative fees; and (vi) performs such other services
as the Partnership may from time to time request, except
that all trading decisions are made by JWH and not the
General Partner. In addition, the General Partner selects
the commodity broker(s) that will clear trades for the
advisor(s). Newedge Financial Inc., part of the Newedge
Group joint venture between Societe Generale and Calyon
currently acts as Everest's commodity broker.


The General Partner is responsible for the preparation of
monthly and annual reports to the Limited Partners; filing
reports required by the CFTC, the NFA, the SEC and any
other federal or state agencies having jurisdiction over
the Partnership's operations; calculation of the Net Asset
Value (meaning the total assets less total liabilities of
the Partnership ( for a more precise definition, see the
Exhibit Form 10 - General Form for Registration of
Securities incorporated by reference hereto ) and
directing payment of the management and incentive fees
payable to JWH  or the advisor(s)under an advisory
agreement(s) entered into with the commodity trading
advisor(s).


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.
The General Partner pays a portion of its fees for actual
commission charges to its Clearing Broker.


In addition, the Partnership reimburses the General Partner
for the actual organization and offering expenses advanced
by it, not to exceed one percent of the Class A Net Asset
Value of Units sold.
Organization and offering expenses shall mean all expenses
incurred by the Partnership or the General Partner in
connection with and in preparation to offer and distribute
the Units to investors, including, but not limited to,
expenses for traveling, printing, engraving, mailing,
salaries of employees while engaged in sales activity,
charges of transfer agents, registrars, trustees, escrow
holder, depositories, experts, expenses of qualification of
the sales of its securities under state law, including
taxes and fees and accountants  and attorneys fees.

Everest pays John W. Henry & Company, Inc., its current
commodity trading advisor, a monthly management fee equal
to 0.167% (approximately 2% annually) of Everest s month-
end Allocated Assets, as defined, and a quarterly incentive
fee equal to 20% of Everest s trading profits allocable to
its trading exclusive of interest income on Allocated
Assets, as defined. The incentive fee is retained by JWH
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
Everest.


The Commodity Broker has agreed to pay Everest interest on
95% of Everest assets (including open trade equity)
deposited with it during a month at the average of 91-day
U.S. Treasury Bills purchased by the Commodity Broker
during each month.  The Commodity Broker will retain all
excess interest, if any, earned on the Everest assets,
above the amount of interest paid to Everest.  The interest
rate to be paid by the Commodity Broker to Everest is a
negotiated rate which has been negotiated between the
Commodity Broker and the General Partner. The actual
interest income on Everest s assets earned by the Commodity
Broker may be greater than or less than the negotiated rate
to be paid by the Commodity Broker to Everest.  The
Commodity Broker will also be responsible for execution and
clearance of futures contracts (and possibly certain other
Commodity Interests).

The Partnership pays no selling commission but does pay an
ongoing compensation fee equal to 3% of the Net Asset Value
of Class A Units sold, unless waived in whole or in part by
the General Partner, to the selling agents in connection
with the sale of the Units.  The General Partner may pay up to
100% of the Partnerships it receives  to the selling agents as additional
selling commission. The Partnership is obligated to pay its
periodic operating expenses and extraordinary expenses.
Although those expenses will vary depending on the
Partnership's size, it is estimated that the periodic
operating expenses will be approximately  $140,000 annually.
Extraordinary expenses for these purposes include expenses
associated with significant non-recurring litigation
including, but not limited to, class action suits and suits
involving the indemnification provisions of the Agreement
of Limited Partnership or any other agreement to which the
Partnership is a party.  By their nature, the dollar amount
of extraordinary expenses cannot be estimated.  All
expenses shall be billed directly and paid for by the
Partnership. The Partnership s operating expenses for the
years 2004-2008 can be found in the table in Item 6 below.

As of December 31, 2008, the General Partner had one
employee. Further, the General Partner, in its capacity as
a CFTC-regulated commodity pool operator, contracts certain
services of research, administration, client support and
management information systems and analysis to Capital
Management Partners, Inc. (Capital). Capital is a CFTC-
regulated introducing broker, and an NFA member.  Capital
is also registered with the Financial Industry Regulatory
Authority, Inc. ( FINRA ) as a broker dealer.  As of
December 31, 2008, Capital had 7 employees.

The Partnership's business constitutes only one segment for
financial reporting purposes; and the purpose of the
Partnership is to trade, buy, sell, spread or otherwise
acquire, hold or dispose of Commodity Interests including
futures contracts, forward contracts, physical commodities
and related options thereon.  The objective of the
Partnership s business is appreciation of its assets
through speculative trading in such Commodity Interests.
Financial information about the Partnership's business, as
of December 31, 2008 is set forth under Items 6 and 7
herein.

For a description of commodity trading and its regulation,
see the Prospectus filed on Form S-18 and the Confidential
Private Placement Memorandum filed as part of the Form 10
and included in the exhibits hereto.

The Current Offering

On July 1, 1995 the Partnership reopened for investment as
a Regulation D, Rule 506 private placement offering an
unlimited amount of limited partnership interests.  On
September 19, 1996 the Commission accepted a Form 10 -
General Form for Registration of Securities submitted by
the Partnership thereby making the Partnership a public
reporting private placement offering.  It also qualified
the Partnership as a  publicly offered security  as defined
in the Employee Retirement Income Security Act of 1974
(ERISA) rules permitting it to accept investment of an
unlimited amount of plan assets as defined in ERISA.
Hitherto, as a private placement the Partnership could
accept ERISA plan assets representing no more than 25% of
the total investment in the Partnership.  The limited
partnership interests are offered by the Selling Agent and
additional selling agents with a Class A minimum
subscription amount of $25,000. (The Class A minimum
subscription amount for employee benefit plans and
individual retirement accounts is $10,000).

Competition

JWH and any other advisor(s) of the Partnership, its or
their respective principals, affiliates and employees are
free to trade for their own accounts and to manage other
commodity accounts during the term of the Advisory
Agreement and to use the same information and trading
strategy which JWH obtains, produces or utilizes in the
performance of services for the Partnership through its
investment in Everest. To the extent that JWH recommends
similar or identical trades to the Partnership and other
accounts which it manages, the Partnership may compete with
those accounts for the execution of the same or similar
trades.

Other trading advisors who are not affiliated with the
Partnership may utilize trading methods which are similar
in some respects to those methods used by JWH, or any other
future Partnership's advisor(s). These other trading
advisors could also be competing with the Partnership for
the same or similar trades as requested by the
Partnership's advisor(s).

Item 1A.	Risk Factors
GENERAL

Trading in Commodity Interests Is Speculative.  Commodity
interest prices are highly volatile.  Price movements for
futures contracts, for example, which may fluctuate
substantially during a short period of time, are influenced
by numerous factors that affect the commodities markets,
including, but not limited to: changing supply and demand
relationships, government programs and policies, national
and international political and economic events, and
changes in interest rates.  See, Risk Factors -- Commodity
Interests Trading May Be Illiquid.

Commodity Interests Trading Is Highly Leveraged.  The low
margin deposits normally required in trading commodity
interests permit an extremely high degree of leverage.
Accordingly, a relatively small price movement in a
commodity interest may result in an immediate and
substantial loss to the investor.  For example, if at the
time of purchase 5% of the price of a futures contract is
deposited as margin, a 5% decrease in the price of the
futures contract would, if the contract were then closed
out, result in a total loss of the margin deposit
(brokerage commission expense would also be incurred).
Like other leveraged investments, any commodity interest
trade may result in losses in excess of the amount
invested.  Although more than the initial margin can be
lost on a trade, the Partnership, and not investors
personally, will be subject to margin calls.

The Partnership's Trading Account May Be Leveraged or de-levereged.
The general partner may, in its sole discretion, periodically adjust the size
of the trading account with JWH by increasing or decreasing
the cash, other assets or notional Partnerships allocated to it
(and thus the amount by which the Partnership's assets are
leveraged).  Because the trading account may be leveraged,
(i) the Partnership may incur greater risk since the
Partnership may experience greater losses, as measured by a
percentage of assets actually allocated to JWH, due to the
notional Partnerships component; (ii) the Partnership's returns
may experience greater volatility compared to the returns
which the Partnership would have achieved on a non-
leveraged basis; and (iii) the Partnership may receive more
frequent and larger margin calls. Because the trading account
may be de-leveraged, the partnership may incur smaller gains
than it would if the JWH trading program had been fully allocated to.

Commodity Interests Trading May Be Illiquid.  Most U.S.
commodity futures exchanges impose daily limits regulating
the maximum amount above or below the previous day's
settlement price which a futures contract price may
fluctuate during a single day.  During a single trading day
no trades may be executed at prices beyond the daily limit.
Once the price of a particular futures contract has
increased or decreased to the limit point, it may be
difficult, costly or impossible to liquidate a position.
Futures prices in particular contracts have occasionally
moved the daily limit for several consecutive days with
little or no trading.  If this occurs, the Partnership
might be prevented from promptly liquidating unfavorable
positions, which could result in substantial losses.  Those
losses could significantly exceed the margin initially
committed to the trades involved.  In addition, even if
prices have not moved the daily limit or there are no
limits for the contracts traded, trades might not be able
to be executed at favorable prices if little trading in the
contracts is taking place.  It is also possible that an
exchange or the Commodity Futures Trading Commission (CFTC)
may suspend trading in a particular contract, order
immediate settlement of a contract, or order the
liquidation of open positions only.

Exchange for Physical.  JWH may make use of a trading
technique referred to as  exchange for physical  in which a
cash or spot market position (which may be a forward
contract) is exchanged, often outside of regular trading
hours, for a comparable futures position.  The CFTC has
released a study of the exchange for physical market that
recommended that a number of new regulatory restrictions be
applied to it.  If these recommendations or restrictions
are adopted, the ability of JWH to use this market may be
curtailed.

Trading Decisions Based on Technical Analysis.  JWH uses
trading programs that employ technical factors in
identifying price moves.  The success of technical analysis
depends upon the occurrence in the future of price
movements.  Technical systems will not be profitable, and
may in fact produce losses, if there are no market moves of
the kind the system seeks to follow.  Any factor that would
make it more difficult to execute the trades identified,
such as a reduction of liquidity, also would reduce
profitability.  There is no assurance that the trading
systems of JWH will generate profits under all or any
market conditions.

Possible Effects of Other Similar Systems.  Commodity
trading systems, which use market data like JWH uses, are
not new.  If many traders follow similar systems, these
systems may generate similar buy and sell orders at the
same time.  Depending on the liquidity of a market, this
could cause difficulty in executing orders.  The General
Partner believes that, although there has been an increase
in the number of trading systems in recent years, there
also has been an increase in the overall trading volume and
liquidity in the futures markets.  Any increase in the
proportion of Partnerships traded using trend-following systems
could alter trading patterns or affect execution of trades
to the detriment of the Partnership.

No Assurance of JWH'S Continued Services.  JWH has
exclusive responsibility for trading commodity interests
allocated to it.  JWH is dependent on the services of
certain key persons.  The loss of the services of such
persons would make it difficult or impossible for JWH to
continue to provide services to the Partnership. In
addition, the advisory contract between the Partnership and
JWH may be terminated by either party on sixty (60) days
written notice.

Changes in Trading Strategies.  The trading strategies of
most trading advisors are continually developing.  JWH is
free to make any changes in trading strategies.  Changes in
commodity interests traded or leverage used are not
considered changes in trading strategy.

Possible Effects of Speculative Position Limits.  The CFTC
and U.S. exchanges have established speculative position
limits.  These limits control the number of net long or
net short speculative futures or options (on futures)
positions any person may hold or control in futures or
options contracts traded on U.S. exchanges.  JWH controls
the commodity trading of other accounts.  All positions and
accounts owned or controlled by JWH and its principals are
combined with the Partnership's positions established by
JWH for position limit purposes.  In order to avoid
exceeding position limits, it is possible that JWH will
have to modify its trading instructions, and that positions
held by the Partnership will have to be liquidated.  That
could have a negative effect on the operations of the
Partnership and its profitability.  See, Risk Factors
Increase in Amount of Partnerships Managed.  In addition, all
commodity accounts of the General Partner and its
affiliates may also be combined with the Partnership for
position limit purposes.

Increase in Amount of Partnerships Managed.  JWH expects to manage
additional Partnerships in the future.  It is not known if
managing additional Partnerships, including Partnerships raised in this
offering, will have any effect on its performance or
trading strategies.  In many cases, the rates of return
achieved by an advisor deteriorate as assets under
management increase.  Increases in Partnerships managed may affect
the number of futures or options positions an advisor would
otherwise hold for each account it manages because of
speculative position limits imposed by U.S. exchanges.
There is no assurance that changes in strategies, if any,
in response to increased Partnerships will be successful.  There
can be no guarantee that the investment results of that
portion of the assets allocated to JWH will be similar to
those achieved by it in the past in its other accounts.

Changes in the Number of Available Futures Contracts and
Related Options.  U.S. and foreign exchanges have
established new futures and options contracts in the past
few years. This trend could continue.  If JWH trades these
contracts in the future, there is no assurance that its
trading strategies will produce profits.

Past Performance Is Not Necessarily Indicative of Future
Results.  Although some of the client accounts of JWH have
been profitable in the past, you should take seriously the
warning the CFTC and the NFA require.  PAST PERFORMANCE IS
NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  AN
INVESTMENT IN THE PARTNERSHIP IS SPECULATIVE AND INVOLVES A
SUBSTANTIAL RISK OF LOSS.

Horizon Cash Management, L.L.C.  Horizon is an Investment
Advisor (IA) with Power of Attorney (POA), to manage Everest
Partnership assets on deposit at Northern Trust through investments in
short term interest bearing instruments. A substantial portion of
the Partnership's assets is held in an omnibus custody
account on behalf of the Partnership at The Northern Trust
Company in the name of the Partnership.  The Partnership
has entered into an advisory contract with Horizon pursuant
to which Horizon manages such assets in an attempt to
maximize their yield through investment in various short-
term interest bearing instruments including U.S. Treasury
Securities, U.S. Government Agencies  Securities, Bankers
Acceptances, Certificates of Deposit, Time Deposits,
Commercial Paper, Loan Participation Notes and Repurchase
Agreements  U.S. Treasury Securities and U.S. Government
Agencies Securities. As a result, the Partnership's assets
managed by Horizon are subject to potential loss resulting
from interest rate fluctuations and default.

JWH PROGRAMS

Effects of Trading Multiple Investment Programs.  JWH makes
trading decisions for each of its investment programs
independently of trading decisions for the other JWH
investment programs.

Mandatory Closing Out of Offsetting Positions. CFTC rules
require offsetting positions taken by JWH for
clients be closed out.


Swap Transactions.  JWH may periodically enter into
transactions which are characterized as swap transactions
and which may involve interest rates, currencies,
securities interests, commodities, and other items.  Swap
contracts are not traded on exchanges and are not regulated
by the CFTC. Swap transactions are individually negotiated,
non-standardized agreements between two parties to exchange
cash flows measured by different interest rates, exchange
rates or prices, with payments calculated by reference to a
principal amount or quantity.  As a result, the Partnership
will not receive the protection afforded by the Commodity
Exchange Act in connection with this trading activity by
JWH. The absence of regulation could expose the Partnership
to significant losses in the event of trading abuses or
financial failure by participants in the swap markets.  JWH
has not previously traded swaps and has no experience in
that market.  Transactions in these markets also present
certain risks similar to those in the futures, forward and
options markets.  Only the accounts of  eligible swap
participants as defined in Part 35 of CFTC Regulations,
may engage in swaps.

Options Transactions.   JWH may engage in the trading of
options (both puts and calls) on futures on behalf of the
Partnership. The value of an option depends largely upon
the likelihood of favorable price movements in the
underlying futures contract in relationship to the exercise
(or strike) price during the life of the option. Therefore
many of the risks applicable to trading the underlying
futures contract are also applicable to options trading. In
addition, there are a number of other risks associated with
the trading of options. For example, the purchaser of an
option runs the risk of loss of his/her entire investment
(the premium he pays). Similarly, the uncovered writer of
an option is subject to an adverse price movement in the
underlying futures position, any such movement may exceed
the premium income from the option transaction. Spread
positions using options are subject to the same risks
involved in the purchase and writing of options. In
addition, in the event the Partnership were to write
uncovered options as one part of a spread position and such
option were exercised by the purchasing party, the
Partnership would be required to purchase and deliver the
underlying futures contract in accordance with the terms of
the option. Finally, an options trader runs the risk of
market illiquidity preventing offsetting positions for any
particular option. (See Commodity Trading May Be Illiquid
above.)

	Business Interruption Risk.  During both 2004 and
2005, the operations of JWH at its Boca Raton, Florida,
offices were disrupted by hurricanes which required
recovery periods to re-establish communications and other
utilities.  JWH continued its trading operations during
those periods without interruption from back up locations.
Any future business interruption events, whether weather-
related or otherwise, that affect the south Florida area
could similarly disrupt the trading operations of JWH,
despite the back up precautions it has established.  JWH
has a business continuity plan, but it cannot guarantee
that business interruption events will not have an impact
on its operations.

Electronic Trading and Order Routing Systems.  JWH may from
time to time trade on electronic trading and order routing
systems which differ from traditional open outcry pit
trading and manual order routing methods.   Transactions
using an electronic system are subject to the rules and
regulations of the exchanges offering the system or listing
the contract.  Characteristics of electronic trading and
order routing systems vary widely among the different
electronic systems with respect to order matching
procedures, opening and closing procedures and prices,
error trade policies and trading limitations or
requirements.  There are also differences regarding
qualifications for access and grounds for termination and
limitations on the types of orders that may be entered into
the system.  Each of these matters may present different
risk factors with respect to the trading on or using a
particular system.  Each system may also present risks
related to system access, varying response times and
security.  In the case of internet-based systems, there may
be additional risks related to service providers and the
receipt and monitoring of electronic mail.

	Trading through an electronic trading or order routing
system is also subject to risks associated with system or
component failure.  In the event of system or component
failure, it is possible that for a certain time period, it
might not be possible to enter new orders, execute existing
orders or modify or cancel  orders that were previously
entered.  System or component failure may also result in
loss of orders or order priority.  Some contracts offered
on an electronic trading system may be traded
electronically and through open outcry during the same
trading hours.  Exchanges offering an electronic trading or
order routing system and listing the contract may have
adopted rules to limit their liability, the liability of
futures brokers and software and communication system
vendors and the amount that may be collected for system
failures and delays.  These limitation of liability
provisions vary among the exchanges.

	Reliance on Timely and Accurate Market Data.  JWH  s
ability to detect market trends and trade them profitably
depends on its access to timely and accurate market price
data throughout the trend identification and trading
processes.  If price data is not available or is delayed,
JWH would be unable to trade for client accounts until
reliable data sources have been restored.  Data
reconciliation procedures are applied each day to confirm
accurate price quotations, and on the subsequent day prices
that were employed in the JWH systems are re-reconciled in
an attempt to identify changes from previously posted
prices.  JWH's traders are required to confirm a price from
multiple sources before executing a trade, and, during
volatile market conditions, traders request confirmation of
high and low prices from the floor before placing a trade.
Inaccurate information may be generated by a data vendor,
or an exchange may transmit inaccurate prices that a vendor
then distributes to JWH, but which are later cancelled or
amended by the exchange.  In addition, JWH may obtain from
third parties, such as clearing firms, information about
price or about contract specifications and changes to them.
Inaccurate price information may cause JWH to enter or
close trades that it would not otherwise have entered or
closed, to trade or fail to trade at times that would have
been indicated by accurate data, or to be completely unable
to place a trade.  Communications or technical failure may
also cause an electronic trading tool to fail, which could
cause JWH to fail to act when a trading stop is reached.
As a result of such potential data problems, client
accounts may be unable to exit positions or miss the
opportunity to establish new positions.  JWH receives price
data electronically. Data providers typically make no
representations or warranties about the accuracy or
timeliness of the data they provide, and assume no
financial liability for lost profits, trading losses or
other consequential damages. Data providers also disclaim
any responsibility for events of force majeure, as well as
for actions (or inaction) of third party information,
hardware and software providers, and for interruption of
means of communication. Because all of the data required
for JWH  s trading is provided from third parties, JWH,
cannot, despite its employment of the precautions described
above, make any assurances that its efforts will detect
erroneous or incomplete data, or prevent client accounts
from incurring losses or missing profit opportunities.

PARTNERSHIP ISSUES

Substantial Charges to Partnership.  The Partnership pays
substantial fees and charges and has substantial operating
costs.  As a result, it must make substantial profits for
your units to increase in value.  These include an
incentive fee to JWH that is based on, among other things,
unrealized appreciation in open commodity interest
positions.  The incentive fee is paid (and retained by JWH)
even if that portion of the Partnership  s assets traded by
it experience subsequent losses or the appreciation is
never realized.  It is therefore possible that the
Partnership may pay an incentive fee in years in which the
Partnership breaks even or experiences losses.

Possible Misallocation of Incentive Fees.  The Partnership
pays quarterly incentive fees on trading profits, if any,
earned by JWH.  Trading profits are calculated on the
overall profits earned by JWH on its allocated assets and
not just on increases in the Net Asset Value of each unit.
As a result, the Partnership might pay incentive fees even
if Partnership units decline in value.  In addition, if, at
the time limited partners purchase units, there is an
accrued incentive fee expense, that accrued expense will
reduce the purchase price of their units.  If the accrual
is reversed because of later losses, the incentive fee will
be misallocated because the reversal of the accrued
incentive fee expense will be allocated equally to all
outstanding units rather than only to those outstanding
during the period when the incentive fee expense accrued.
Similarly, if you buy units after an incentive fee has been
paid and after a later loss attributable to JWH, your units
will not be assessed an incentive fee until there are new
trading profits, even if your units have increased in
value.

There Is No Intrinsic Value to the Partnership's
Investments.  The Partnership must be profitable for it to
provide beneficial diversification to a limited partner's
portfolio.  Trading in commodity interests is a zero-sum
activity in which for every gain there is an equal and
offsetting loss (disregarding transaction costs).  This
differs from a typical securities investment, in which
there is an expectation of consistent yields (in the case
of bonds) or participation over time in general economic
growth (in the case of stocks).  The Partnership could lose
money while stock and bond prices rise.  Stocks and bonds
(except penny stocks) generally have some intrinsic value.
Limited partners generally can realize some value for their
stocks or bonds even if they sell in a down market.  In
trading commodity interests, on the other hand, investors
risk losing all of their investment if prices move against
them.  In general, performance statistics do not reflect
the different risk profiles or tax treatment of traditional
and managed commodity interest investments.  See,  Risk
Factors  Limited Partners Will Be Taxed on Profits whether
or Not Distributed or Realized.

Partnership Trading Is Not Transparent.  JWH makes all of the
trading decisions for the portion of the Partnership's
assets allocated to it.  While the General Partner receives
daily trade confirmations from the commodity broker, only
the monthly performance of the Partnership is reported to
limited partners.  Accordingly, an investment in the
Partnership does not offer limited partners the same
transparency, i.e., an ability to review all investment
positions daily that a personal trading account offers.

Non-Correlated, Not Negatively Correlated, Performance
Objective.  Historically, managed futures have been
generally non-correlated to the performance of other asset
classes such as stocks and bonds.  Non-correlation means
that there is no statistically valid relationship between
the past performance of futures and forward contracts on
the one hand and stocks or bonds on the other hand (as
opposed to negative correlation, where the performance
would be exactly opposite between two asset classes).
Because of this non-correlation, the Partnership cannot be
expected to be automatically profitable during unfavorable
periods for the stock market, or vice versa.  The futures
and forward markets are Partnershipamentally different from the
securities markets in that for every gain in futures and
forward trading, there is an equal and offsetting loss.  If
the Partnership's investments do not perform in a manner
non-correlated with the general financial markets, or do
not perform successfully, limited partners will obtain no
diversification benefits by investing in the units and the
Partnership may have no gains to offset their losses from
other investments.

Limited Partners Will Not Participate in Management.
Limited Partners will not participate in the management of
the Partnership.  Under principles of limited partnership
law, limited partners  participation in the Partnership's
management could result in unlimited liability for them.
The limited partnership agreement provides that certain
actions may be taken, or approved, by the vote of limited
partners owning more than 50% of the units, but their role
in the Partnership is passive and the profitability of
their investment depends entirely on the efforts of others.

Indemnification of Partnership by Limited Partners.  If
someone signs the subscription agreement and the General
Partner accepts their subscription, they will become a
limited partner.  Under the agreement, they will be
required to indemnify the Partnership for any liability
that it incurs as a result of their actions.

LIQUIDITY

Limited Ability to Liquidate Investment in Units.  Limited
partners cannot immediately liquidate their units.  There
is no market for the units and none is likely to develop.
They may, however, redeem their Class A units, without
penalty, on the last day of any month on fifteen (15) days
prior written notice to the General Partner or such lesser
time as is acceptable to the General Partner Because of
the time delay between your Class A notice to the General
Partner and the end of the month  when their investment is
redeemed, the value of their investment on the date of
redemption may be substantially less than at the time they
notify the General Partner of their request to redeem.

Possible Effect of Redemptions on Unit Values.  The
Partnership will lose money if it has to sell positions at
a loss in order to raise capital so that the Partnership
can pay substantial redemptions.  If a large number of
redemptions occur simultaneously, the need to liquidate
positions could continue even after the redemption date.
The Partnership would have fewer assets to trade after a
high level of redemptions.  This might make it more
difficult for it to recover losses or generate trading
profits.  Market illiquidity could make it difficult to
liquidate positions on favorable terms, and may also result
in losses and thus a decline in the value of Partnership
units.

Automatic Trading Suspension.  Limited Partners should buy
units only if you are looking for a long-term investment.
If the net asset value per unit declines as of the close of
business on any day to a trading suspension level (50% of
the highest prior month-end net asset value per unit, after
adjustment for prior distributions), the Partnership will
liquidate its open positions and notify limited partners.
The Partnership cannot assure limited partners that it can
liquidate its investments without incurring substantial
additional losses or that limited partner will receive any
specific value for the units they own.  See,  Risk Factors
 Commodity Interest Trading May Be Illiquid.

Counterparty Creditworthiness -- U.S. Markets.  Commodity
exchanges provide centralized market facilities for trading
in futures contracts relating to specified commodities.
Each of the commodity exchanges in the United States has an
associated  clearinghouse.  Once trades made between
members of an exchange have been confirmed, the clearing
house becomes substituted for the clearing member acting on
behalf of each buyer and each seller of contracts traded on
the exchange and in effect becomes the other party to the
trade.  Thereafter, each clearing member firm party to the
trade looks only to the clearinghouse for performance.
Clearinghouses do not deal with customers, but only with
member firms, and the  guarantee  of performance under open
positions provided by the clearinghouse does not run to
customers.  If a customer's commodity broker becomes
bankrupt or insolvent, or otherwise defaults on such
broker's obligations to such customer, the customer in
question may not receive all amounts owing to such customer
in respect of his or her trading, despite the clearing
house fully discharging all of its obligations.

A substantial portion of the Partnership's assets are held
in a custodial account and managed by Horizon.  Failure of
this firm might result in losses to the Partnership.

FOREIGN INSTRUMENTS

Counterparty Creditworthiness -- Non-U.S. Markets.  JWH may
trade commodity interests on foreign exchanges and in the
over-the-counter markets.  Unlike U.S. exchange traded
futures contracts where the exchange clearing corporation
acts as the counterparty to each customer transaction, the
over-the-counter markets and some foreign markets are
principals   markets.  This means that the performance of
the contract is the responsibility only of the individual
firm or member on the other side of the trade and not of
any exchange or clearing corporation.  In those
transactions, the Partnership will be subject to the risk
of the inability of, or refusal by, the counterparty to
perform.

Trading on Foreign Exchanges and Currency Exchange Rate
Fluctuations.  Neither existing CFTC regulations nor
regulations of any other U.S. governmental agency apply to
transactions on foreign markets.  If a foreign
clearinghouse default or bankruptcy occurs, the
Partnership  s rights and responsibilities are likely to
differ from those existing on U.S. exchanges.  The
Partnership is at risk for fluctuations in the exchange
rate between the currencies in which the commodity interest
is traded and U.S. dollars.  It also is possible that in
the future, U.S. or foreign governments could impose
exchange controls.  There is no restriction on how much of
the Partnership's trading can be conducted on foreign
markets.  The Partnership may pay brokerage commissions in
foreign currencies.  If the exchange rate of those
currencies and the U.S. dollar fluctuates, the commission
rate paid for those trades might increase (decrease).

Possibility of Forward and Cash Trading.  The Partnership
might make spot and forward contracts for certain
commodities, primarily currencies with U.S. or foreign
banks or dealers.  A forward contract is a contractual
right to purchase or sell a commodity, such as a currency,
at or before a specific date in the future at a specific
price.  Because forward contracts are not traded on
exchanges, there is no regulatory protection provided by
any exchange or the CFTC.  There is no limit on daily price
moves for forward contracts.  Banks and dealers are not
required to continue to make markets in any commodity.  In
the past, there have been times when certain banks have
refused to quote prices for forward contracts or have
quoted prices with an unusually wide spread between the
price at which the bank is prepared to buy and that at
which it is prepared to sell. There is a risk that the
banks or dealers through which the Partnership trades could
fail or refuse to perform.

The CFTC is studying questions about the regulation of
 off-exchange instruments such as forward contracts.  A
number of the major U.S. commodity exchanges have also
expressed concerns about these instruments.  The CFTC has
indicated that it would regard marketing of forward
contracts on a retail basis to the U.S. public at large as
a violation of the CEAct.  The CFTC might, in the future,
prohibit the Partnership from trading in the forward
markets.

TAX AND REGULATORY ISSUES

Possibility of Taxation as a Corporation.  General Partner believes
that under current federal income tax law and regulations
the Partnership will be classified as a partnership and not
as an association taxable as a corporation.  The General
Partner will not obtain a ruling from the Internal Revenue
Service (IRS) or an opinion of counsel to confirm its
belief.  If the Partnership is taxed as a corporation for
federal income tax purposes in any taxable year, its income
or losses will not be passed through to you, and the
Partnership will be subject to tax on its income at the
corporate tax rate.  In addition, any distributions made to
you could be taxable to you as dividend or capital gain
income, and those distributions will not be deductible in
computing taxable income.

Possible Legislative Tax Changes.  All of the statements in
this Memorandum about taxes are based upon the current
Internal Revenue Code (the Code).  Congress and the IRS
regularly revise the Code and the regulations.  Those
revisions could materially affect you and the Partnership.

Unrelated Business Taxable Income (UBTI) for Employee
Benefit Plans.  If the Partnership were a publicly-traded
partnership and limited partners are a tax-exempt entity,
or if they are a tax-exempt entity and debt finance their
investment, their share of gross income less Partnership
deductions is treated as UBTI, and subject to tax.  The
General Partner does not believe that the Partnership is
publicly-traded for this purpose.  However, if it were
decided that the Partnership is publicly-traded, it may not
be an appropriate investment for employee benefit plans,
including individual retirement accounts (IRAs).  In
addition, if investing in commodity interests results in
UBTI, each partner that is a tax-exempt entity would take
into account its share of the Partnership  s UBTI and the
deductions attributable to that income (including a $1,000
deduction against UBTI which is generally available to all
tax-exempt entities) in computing its tax liability.
Benefit plan investors should consult with their own legal
and financial advisers about the tax consequences of plan
investments in the Partnership.

Limited Partners Will Be Taxed on Profits whether or Not
Distributed or Realized.  The Partnership is not required,
and the General Partner does not intend, to distribute
profits.  If the Partnership has taxable income for a
fiscal year, the income will be taxable to them based on
their distributive share of Partnership profit even if no
profits have been distributed.  As a result, limited
partners might owe taxes on undistributed profits.  It is
also possible that those profits could be lost by the
Partnership after the end of its fiscal year, so that
limited partners might never receive the profits on which
they are taxed.  However, they may redeem units to pay
taxes, but this would result in a reduction in their
interest in the Partnership  s future profits (if any).

Foreign Limited Partners.  If limited partners are not
citizens or residents of the U.S. and are not otherwise
engaged in a trade or business in the U.S., they will
generally not be required to pay U.S. income tax on capital
gains from commodity interest trading.  Interest income
will be taxable to them, if they are a foreign investor,
unless there is an exemption from tax in an appropriate tax
treaty.  If the law requires the General Partner to
withhold a portion of the income they earn because they are
a foreign limited partner, the General Partner may redeem
their units to pay the U.S. Department of Treasury taxes
they owe.  If a limited partner believes amounts were
improperly withheld, they must deal directly with the U.S.
Department of Treasury.

Failure of Commodity Brokerage Firms.  Futures commission
merchants must maintain the Partnership  s assets in a
segregated account.  If the Partnership's futures clearing broker
Newedge becomes bankrupt, the Partnership could lose money.  In
addition, even if Newedge adequately segregates the assets of
the Partnership, the Partnership may be able to recover only a
pro rata share of the property available for distribution to all of
Newedge's customers.

 Forex Trading Counterparty Creditworthiness.  The
Partnership will enter into an agreement with an equity in
the Newedge Group which will result in such entity acting
as the counter-party to the Partnership  s foreign currency
transactions.  That is, the counterparty will be the seller
of all forex instruments purchased by the Partnership and
the buyer of all forex instruments sold by the Partnership.
The counterparty's financial benefit from entering into
these transactions with the Partnership is derived from its
ability to participate in the foreign exchange interbank
markets, which are only available to large institutional
investors.  The counterparty's compensation will be derived
from a mark-up on the bid/ask spread price quoted to the
Partnership on each transaction, and the counterparty's
ability to offset these transactions in the foreign
exchange interbank market.  In the event that the
counterparty is unable to successfully participate in this
market, the ability of the counterparty to enter into
transactions with the Partnership may be interrupted.  In
addition, the counterparty has entered into similar
agreements with other persons, and thus acts as the
counter-party in transactions effected by these other
persons.  Because the counterparty acts as counter-party in
these transactions, the Partnership is subject to the
additional risk that the counterparty will be unable to
fulfill its obligations to the Partnership.  Moreover, in
the event of a bankruptcy of the counterparty, the
Partnership may be unable to recover assets held at the
counterparty, even if such assets are directly traceable to
the Partnership.  In the event of the counterparty  s
bankruptcy, there is no equivalent of the Securities
Investors Protection Corporation insurance as applicable in
the case of securities broker dealers   bankruptcies.

A substantial portion of the Partnership  s assets are held
in a custodial account and managed by Horizon.  Failure of
this firm might result in losses to the Partnership.

Possibility of Tax Audit.  The IRS might audit the tax
returns of the Partnership, or adjustments to its returns
might be made as a result of an audit.  Uncertainty
regarding the federal income tax treatment of certain
management and incentive fees paid by the Partnership, or
ongoing fees paid to others, may increase the likelihood of
an audit.  If an audit results in an adjustment, limited
partners may be required to pay additional taxes, interest
and penalties and may be subject to audit.  The IRS is
currently authorized to impose an interest penalty on tax
deficiencies based on prevailing private sector interest
rates.

Risk that Units Will Not Be Considered Publicly-Offered
Securities under the Employee Retirement Income Security
Act of 1974 (ERISA).  The General Partner believes that it
is reasonable to take the position that the units qualify
as publicly-offered securities under Title I of ERISA,
and that the underlying assets of the Partnership will
therefore not be considered for any purposes of ERISA or
Section 4975 of the Code to be assets of employee benefit
plans and IRAs that purchase units.  However, this position
is not binding on the Department of Labor (DOL) and,
therefore, there is no certainty that the units qualify.
If the units are determined not to qualify as such
publicly-offered securities, the General Partner intends
to redeem units held by certain limited partners that are
employee benefit plans or IRAs to the extent necessary to
prevent the underlying assets of the Partnership from
thereafter being considered for purposes of Title I of
ERISA or Section 4975 of the Code to be assets of such
employee benefit plans or IRAs.  However, for any period
that the underlying assets of the Partnership are
considered to be assets of employee benefit plans or IRAs,
the provisions of Title I of ERISA and Section 4975 of the
Code would apply to the operation of the Partnership and
could adversely affect the Partnership's investments and
activities.

Absence of Regulation Applicable to Investment Companies.
The Partnership is not registered as an investment company
or mutual Partnership.  Therefore, the SEC does not regulate it
under the Investment Company Act of 1940 (the 1940 Act).
Although the Partnership has the right to invest in
securities, limited partners are not protected by the 1940
Act.  The General Partner is, however, registered with the
CFTC as commodity pool operator (CPO), JWH is registered
with the CFTC as a CTA and Newedge Financial Inc. is
registered with the CFTC as a futures commission merchant
(FCM).

Item 1B. N/A

Item 2.	Properties

The Partnership does not utilize any physical properties in
the conduct of its business.  The General Partner uses its
offices to perform its administrative functions.


The address of the General Partner and the Partnership is
1100 North 4th Street, Suite 143, Fairfield, Iowa  52556,
and the telephone number at such location is (641) 472-
5500.



Item 3.	Legal Proceedings

   Neither the Partnership, nor the General Partner, is party
    to any pending material legal proceeding.


In October 2000, there was a discrepancy between the
performance of the Barclay Futures Index Program (BFIP) as
traded for the Partnership and the Barclay Futures Index
(BFI). The General Partner believes that certain transactions
executed by Trilogy Capital Management, LLC, (a Delaware
corporation, CFTC registered CTA and NFA member) were
not executed in accordance with the provisions of BFIP and
demanded that Trilogy reimburse the Partnership for losses.
The general Partner does not believe at this time that any of
the losses will be recovered. The general Partner has negotiated
a settlement with Mr. Alan R.Kaufman, President and principle
of Trilogy, that would free the General Partner to
distribute the withheld fees to the Limited Partners who
were in the Partnership in October 2000. This matter was brought
to a conclusion in the 1st quarter of 2008, and checks were
sent to all investors who were in the Partnership in October 2000
representing their pro rata share of the withheld fees that
remained in the account.

Item 4.	Submission of Matters to a Vote of Security
Holders                None
                             PART II

Item 5.	Market for Registrant s Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity
Securities.

        (a) There is no established public market for the
Units and none is expected to develop.

        (b) As of December 31, 2008, there were 4,940.650
Class A Units held by Limited Partners. A total of 1,173.08
Class A units were purchased by Limited Partners during 2008.
A total of 1,026.04 Units were redeemed by Class A Limited
Partners during 2008.




RECENT SALES OF UNREGISTERED SECURITIES IN 2008 A UNITS
<TABLE>
  2008                       1st quarter   2nd quarter   3rd quarter   4th quarter
<S>                             <C>           <C>           <C>           <C>

Units Sold                       0           752.77        406.73         13.57

Value of Units Sold              0         $ 2,178,218    $1,096,049     $82,743

</TABLE>

SALES OF SECURITIES IN 2007 A UNITS
<TABLE>

  2007                       1st quarter   2nd quarter     3rd quarter    4th quarter
<S>                             <C>           <C>            <C>              <C>
Units Sold                     25.51          0               0                0

Value of Units Sold          $50,000          0               0                0

</TABLE>

1% of the proceeds from the above sales were used to pay the
Partnership's Organization and Offering charge. The remaining 99%
was invested in the Partnership.

The Seventh Amended and Restated Agreement of Limited
 Partnership for the Partnership contains a full description
of redemption and distribution procedures.

The Agreement of Limited Partnership does not provide for
regular or periodic cash distributions, but gives the
General Partner sole discretion in determining what
distributions, if any, the Partnership will make to its
partners.  The General Partner has not declared any such
distributions to date, and does not currently intend to
declare any such distributions.

 Item 6.	Selected Financial Data

<TABLE>
                                2004        2005        2006        2007       2008
                               -------      -------     -------    -------    -----
                                         (In thousands, except amounts per Unit)
<S>                             <C>         <C>         <C>         <C>         <C>
1. Net trading Gain*            $5,098      $165      $-1,117       $2,438     $9,192
2. Interest and other income    $461        $988      $940          $2,323     $453
3. Expenses                     $2,632      $2,466    $6,089        $995       $2,849
4. Net Income                    2,466      -2,302    -7,206        3,766       6,796
5. Income (Loss)
   Per Unit: A Shares           175.60      -193.95   -321.57       522.26    1,348.35
             I Shares           365.10      -122.38   -270.57       630.86        0.00
            AA Shares             0.00        -7.77   -1,342.5      2,703.69      0.00
            II Shares             0.00        -8.08   -1,396.40     2,812.13      0.00
6. Total Assets                 37,126       33,192   19,769        11,976      19,945
7. Long Term Obligations          0            0        0                0          0
8. Cash Dividend per Unit         0            0        0                0          0
9. Total partners capital       36,309       32,539    18,711       11,693      18,713
10. Increase/decrease in NAV     2,848       -3,770   -13,828       -7,018       7,020

* Certain prior year amounts have been reclassified to conform to the
current year presentation.


</TABLE>


Item 7. Management's Discussion and Analysis of Financial
        Condition and Results of Operations.

Liquidity and Capital Resources


We receive our capital resources from investor's contributions.

Net Asset Value of an interest is defined in the Partnership
Agreement to mean the Net Assets allocated to the capital
account represented by such interest on the date of calculation
and includes that interest's pro-rata share of all assets attributable
 to that Class of units less all liabilities attributable to that Class
 of units determined in accordance with the principles specified
 in the Partnership Agreement or, where no principle is specified,
 in accordance with U.S. generally accepted accounting principles
 consistently applied under the accrual basis of accounting

Past performance is not necessarily indicative of future results.
An investment in the partnership is speculative and involves a
substantial Risk of loss.

Off-Balance Sheet Risk

The term''off-balance sheet risk" refers to an unrecorded
potential liability that, even though it does not appear on the
balance sheet, may result in future obligation or loss.  The Partnership
trades in futures and forward contracts and is therefore a party
to financial instruments with elements of off-balance sheet market
 and credit risk.  In entering into these contracts there exists a risk
 to the Partnership, market risk, that such contracts may be significantly
influenced by market conditions, such as interest rate volatility,
resulting in such contracts being less valuable.  If the markets
should move against all of the futures interests positions of the
Partnership at the same time, and if the commodity trading advisors were
unable to offset futures interest positions of the Partnership, the Partnership
could lose all of its assets and the Limited Partners would realize
a 100% loss.  Everest Asset Management, Inc., the General Partner,
 minimizes market risk through diversification of the portfolio
allocations to JWH,  which in turn trades a diversified portfolio,
and maintenance of a margin-to-equity ratio that rarely exceeds 30%.

In addition to market risk, in entering into futures and forward
contracts there is a risk that the counterparty will not be able to
meet its obligations to the Partnership.  The counterparty for futures
contracts traded in the United States and on most foreign
exchanges is the clearinghouse associated with such exchange.
In general, clearinghouses are backed by the corporate members
of the clearinghouse who are required to share any financial
burden resulting from the non-performance by one of their
members and, as such, should significantly reduce this risk.  In
cases where the clearinghouse is not backed by the clearing
members, like some foreign exchanges, it is normally backed
by a consortium of banks or other financial institutions.

In the case of forward contracts, which are traded on the
inter-bank market rather than on exchanges, the counterparty
is generally a single bank or other financial institution, rather
than a group of financial institutions; thus there may be a
greater counterparty risk. Everest Asset Management, Inc.
utilizes only those counterparties that it believes to be
creditworthy for the Partnership.  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.

The Partnership will utilize high grade short-term commercial
paper, which is an unsecured, short-term debt instrument
issued by a corporation with maturities rarely longer than
365 days.  Commercial paper is not usually backed by any
form of collateral, so only firms with high-quality debt
rating will be used.  As commercial paper is not backed by
the full faith and credit of the U.S. Government, if the
issuing corporation defaults on their obligations to the Partnership,
the Partnership bears the risk of loss of the amount expected to be
received.

The Partnership has no Contractual Obligations.

Most U.S. commodity exchanges limit by regulations the
amount of fluctuation in commodity futures contract prices
during a single trading day.  These regulations specify
what are referred to as "daily price fluctuation limits" or
"daily limits".  The daily limits establish the maximum
amount the price of a futures contract may vary either up
or down from the previous day's settlement price at the end
of a trading session.  Once the daily limit has been
reached in a particular commodity, no trades may be made at
a price beyond the limit.  Positions in the commodity could
then be taken or liquidated only if traders are willing to
effect trades at or within the limit during the period from
trading on such day.  Because the "daily limit" rule only
governs price movement for a particular trading day, it
does not limit losses.  In the past, futures prices have
moved the daily limit for numerous consecutive trading days
and thereby prevented prompt liquidation of futures
positions on one side of the market, subjecting commodity
futures traders holding such positions to substantial
losses for those days.

It is also possible for an exchange or the CFTC to suspend
trading in a particular contract, order immediate
settlement of a particular contract, or direct that trading
in a particular contract be for liquidation only.

For the year ended December 31, 2008, Limited Partners
redeemed a total of 1,026.04 Class A Units for $3,099,704.
..
During 2008, investors purchased 1,173.08 Class A Units
for $3,356,910.


The Partnership trades on recognized global futures
exchanges. In addition, the Partnership trades over the
counter contracts in the form of forward foreign currency
transactions.


See Footnote 4 of the 2008 Financial Statements for procedures
established by the General Partner to monitor and minimize
market and credit risks for the Partnership.  The General
Partner of the Partnership reviews on a daily basis reports
of the performance of the Partnership, including monitoring
the daily net asset value of the Partnership. The financial
situation of the Commodity Broker is monitored on a monthly
basis to monitor specific credit risks.  The Commodity
Broker does not engage in proprietary trading and thus has
no direct market exposure which provides the General
Partner with assurance that the Partnership, will not
suffer trading losses through the Commodity Broker.



Results of Operations

Calendar Year 2008


At December 31, 2008 the Partnership had approximately
$18.7 million in Class A assets .The JWH allocation was
approximately $ 14.7 million. The balance was being held
in interest-bearing accounts in anticipation of future
allocations to JWH or other traders.

The Partnership recorded a gain of $6,796,320 or $1,348.35 per
Class A unit, for the year 2008. That represents a gain of
55.28% for the year.


The Partnership continued to employ John W. Henry &
Company, Inc.  s (JWH) GlobalAnalyticsR Family of Programs.


Class A Units were positive 8.62% in January 2008 resulting in
a Net Asset Value per unit of $2,649.47 as of January 31, 2008.

The Partnership experienced strong positive performance for the
month of January.Fear returned to the markets as the December
holiday season proved to be just a brief respite from the
turbulence of last quarter. An important shift in the markets
focus seemed to be emerging at the start of 2008.Last year the
global economy was relatively strong. The market consternation
was idiosyncratic and related to specific issues affecting the housing
and credit markets in the U.S. In January, the concern was more
generalized, as the market began to adjust for the possibility of a
U.S. recession and a significant slowdown in global growth.

The Partnership was able to provide clients with a strong positive,
uncorrelated return during a difficult month for traditional investments.


Class A Units were positive 10.18% in February 2008 resulting in
a Net Asset Value per unit of $2,919.21 as of February 28, 2009.

Trading performance for the Partnership in February was exceptional. The data
released during the month continues to point to a weakening in the
U.S. economy.  As the severity of the credit crisis and its ramifications
become more apparent, numerous remedies have been enacted or proposed.
Pessimism about the deteriorating state of the economy was often met
with optimism about the prospects of official forms of economic stimulus,
creating an interesting trading dynamic during the month.  Some sectors
were confined to broad ranges, while others experienced explosive moves.
The Partnership benefited from historic movement in the price of many
commodities as energies, grains, metals and soft commodities all contributed
positively to the Partnerships performance.

As global demand pushed commodity prices to historic levels, the
commodity markets generated the majority of the Partnerships February returns.
While all commodity sectors were profitable, the greatest profits came
from the agriculture markets, particularly from grains and soft
commodities.

The energy sector was also profitable as crude oil surged above $100
per barrel; this indicates the drop in prices at the start of the
year was simply a stall on the way to continued new highs. In addition
to the old themes of strong demand and dollar weakness, the
perception in the market that OPEC would defend levels below $90
per barrel helped to support prices. Natural gas was a significant
contributor to the sectors profits during the month as it rallied
in response to colder weather across much of the country.

Performance from the metals sector was positive for the month.
Februarys return continued the strong performance for
the Partnership since September of 2007 with six consecutive
positive months, four of which returned in excess of 10 percent.
The Partnership benefited from powerful moves in the commodity markets
and also benefited from strong performance from many other parts
of the portfolio.

Class A Units were positive 0.36% in March 2008 resulting in
a Net Asset Value per unit of $2,929.86 as of March 31, 2008.


Currencies were the most profitable sector this month as interest
rate differentials between the U.S. and Europe widened further,
providing a fresh incentive to sell the U.S. dollar. The interest
rate sector was once again at the center of the storm in March as
the U.S Federal Reserve was active in its effort to restore
confidence in the markets. Performance from this sector was
slightly positive as gains from early March eroded as trends
corrected later in the month. Positions in U.S. and Japanese interest
rates outperformed positions in European rates.

In general, price action in the precious metals keyed off of developments
in the financial markets. Gold soared to record highs above $1,000 per
ounce early in the month as it enjoyed its status as a safe haven and
store of value.  When the markets staged their recovery, gold sold off
sharply. Positions In both precious and base metals were unprofitable
for the month. While crude oil prices forged new ground above $100 per
barrel in March, it was natural gas that supplied a majority of the
profits in the sector. Natural gas rallied more than 7% during the
month as colder-than-expected temperatures and increased demand
are expected to slow the build in natural gas inventories. Positions
in London gas oil were also profitable. Crude oil prices rallied during
the first half of the month only to give back gains at the end of March
as the dollar recovered and forecasts for global growth were revised
lower. The agricultural sector was a significant drag on performance
in March as trading in all component markets was negative. Trading
and price action in the grain markets was largely independent from the
moves in the financial markets and the dollar. Most grain prices were
enjoying a remarkable bull market heading into March and arguably
due for a correction.

While the month contained significant reversals in some trends that
resulted in performance finishing March below the inter-month peak,
the Partnership was pleased with the continued positive results for
the month and the quarter. JWH models performed as expected, given
the volatile price action across multiple market sectors.


Class A Units were negative 5.45 % in April 2008 resulting in
a Net Asset Value per unit of $ 2,770.30  as of April 30, 2008.

The Partnership's performance was negative in April as many of the long-
term trends that have contributed to the positive year-to-date performance
were interrupted or came to an end. In retrospect, the actions taken
by the Federal Reserve Board(the Fed) in the second half of March to
bail out Bear Stearns and add liquidity to the financial system marked
an intermediate turning point in many markets. As volatility subsided
and sentiment improved into April, long held positions were unwound.
The performance of the Partnership during the month was attributable to
widespread trend reversals in most market sectors, including
positions in global equity indices, interest rates, currencies, and
precious metals. Performance in agricultural commodities was mixed
for the month. Price action was relatively tame when compared to the
extreme volatility of the first quarter. The Partnership's performance in
the energy sector was positive in April. Crude oil continued its
march higher bolstered by the positive Partnershipament backdrop of strong
demand and tight supplies, which advanced crude oil prices more than 12
percent for the month.

While the performance of the Partnership was negative in April, it was not
unusual given the significant moves of the last 7 months. Positive
performance from the energy sector served to partially offset significant
reversals in most of the financial markets during April.


Class A Units were positive 4.45% in May 2008 resulting in
a Net Asset Value per unit of $2,893.59 as of May 31, 2008.

The Partnership bounced back in May to produce positive performance for
the month.The majority of the markets traded were relatively quiet and
directionless with the exception of the energy sector which was the main
driver of monthly trading profits. In the most notable market activity,
crude traded above $135 per barrel, gasoline topped $4.00 at the pump in
the U.S. and natural gas rallied more than 11 percent during the month.
The Partnership's trading in energies was profitable and accounted for a
majority of the Partnership's gains for the month.

Outside of the energy markets, the interest rate sector also contributed
to the monthly gains, as the prospect for higher inflation globally and
more stable financial markets outweighed concerns over slowing economic
activity in the U.S. and other developed nations. Global equity markets,
on the surface, were stable in May.  The ranges were relatively tight
and offered few opportunities for trend-followers. The currency markets
were also quiet in May. Trading in the metals markets was also calm in
May as price action was directionless. Trading in the agricultural markets
was mixed and largely uneventful in May.

Overall, the Partnership is pleased with the positive performance achieved
in May. The portfolio's diversification and balance provided the Partnership
the ability to minimize losses in sectors that are not trending while
capitalizing on markets that are trending which is the foundation of the
Partnership's trend following philosophy.


Class A Units were positive 1.34 % in June 2008 resulting in
a Net Asset Value per unit of $2,932.49 as of June 30, 2008.

The Partnership was positive in June marking the ninth month in the past
ten of positive performance. The majority of the gains for the
Partnership came from the commodity markets where the global
demand for energy continues to push prices higher at the same
time major flooding in the Midwest was impacting the outlook for
the future supply of grain. The Partnership's long-term perspective has
allowed it to continue to benefit from the extended bull market in
commodities even as the currency and bond portions of the Partnership
struggle to find clear trends amidst a seemingly ever changing
outlook for both growth and inflation.

June's market headlines were dramatic and spoke to the very real
issues of declining global stock markets, floods, strains in the
financial system and a global energy crisis. The long running
trends in commodity prices once again generated gains for
the Partnership while the turmoil in the world economy had the
effect of disrupting price action in the financial markets
which created challenges for other parts of the Partnership's portfolio.

Class A Units were negative 14.06% in July 2008 resulting in
a Net Asset Value per unit of $2,520.23 as of July 31, 2008.

July was a difficult month for the Partnership as many global markets
experienced abrupt reversals in trend. The Partnership experienced losses
in every market sector it trades. The largest losses came from the interest
rate sector as the markets struggled to find direction amidst the conflicting
effects of both inflationary and deflationary forces. Losses were also incurred
in the energy sector resulting from dramatic falls in the price of both
natural gas and crude oil during the month. The weakness in the energy
markets spilled into other commodity markets possibly as a function of
asset allocation shifts out of commodities in general. Trading in
currencies was also unprofitable as the dollar responded to the headlines
of the month in a manner similar to the global bond market.

The combination of abrupt price reversals in many major market
sectors and the absence of sustained trends made it a difficult
environment for products employing a long-term trend following
strategy.


Class A Units were positive 7.47% in August 2008 resulting in
a Net Asset Value per unit of $2,708.54 as of August 31, 2008.

The Partnership's performance was positive for the month of August.  A number
of major market moves that began last month and contributed negatively to
July's performance followed through in August to serve as a major source of
the Partnership's returns as the portfolio shifted to reflect new trends in
energy, metals and the U.S. dollar.

The Partnership's repositioning after the sharp reversals experienced in many
markets sectors last month led to the significant recovery in August. The market
action and intensity was varied throughout the many sectors traded as
commodities and currencies experienced sharp moves and increased volatility
while other major market sectors, including equities and bonds, traded quietly
through the turmoil. The JWH GlobalAnalytics program ability to utilize multiple
position signals that vary timing from very short-term to very long-term allowed
for a quick recovery of a good portion of July's losses.


Class A Units were positive 14.25 % in September 2008 resulting in
a Net Asset Value per unit of $3,094.59  as of September 30, 2008.

September was one of the most unstable and volatile periods in the history
of the U.S. financial markets. During the month, the world's credit markets
virtually seized up, commodity prices plunged, some major stock indices
declined by more than 10 percent, while some of the largest U.S. financial
institutions were pushed to extinction. High volatility across most market
sectors was a manifestation of investor fears and anxiety. The lingering
but still powerful effect of the housing and sub-prime credit crisis
continued to wreak havoc on Wall Street, while at the same time generating
social and political acrimony across the U.S. as the nation debated the
cost and merit of the government's policy response. Amidst this backdrop,
the Partnership thrived while generating a double-digit return for the month.



Class A Units were a positive 13.62% in October 2008 resulting in
a Net Asset Value of $3,516.01 as of October 31, 2008.

The Partnership's performance was exceptionally strong in October.
The Partnership gained in excess of 13 percent for the month and was
able to navigate through extreme volatility and capitalize on
market moves of historic proportions. Continued weakness in the
credit markets and a global decline in equity prices were themes
that have been in place for much of the summer.

Currency trading was positive during the month as the foreign
exchange markets were roiled by the worldwide financial crisis.
The dollar, reasserting its status as the world's reserve currency,
strengthened appreciably as investors sought a haven from
plunging emerging market stocks, bonds and currencies. Arguably,
the center of the storm shifted from the credit markets to the
equity markets during October as stock prices across the globe
reeled amidst unprecedented volatility. The Partnership's positions in
European, Japanese and U.S. equity index futures were all
profitable in October. Trading in interest rates was slightly
unprofitable in October. The multitude of cross currents that passed
through the markets during the month affected interest rate trends
 and led to mixed performance in specific markets across this
part of the Partnership's portfolio. The Partnership's trading in commodities
 in general was profitable in October as many markets suffered
 record declines. In addition to poor returns and credit concerns,
 investors in long-only commodity indices may be further
disheartened by the rise in commodity correlation with other
assets and their failure to provide much needed diversification.
The energy markets in particular made significant contributions
to the Partnership's performance for the second month running as the
prices of energy of all kinds continue to freefall. The benchmark
crude oil contract dropped 36 percent during the month.
Energies were the best performing sector for the Partnership with all
positions producing positive performance.

Trading in the precious metals markets was mixed in October.
The Partnership's trading in gold was slightly unprofitable during
the month. Silver on the other hand did produce profits for the
Partnership during October as it fell along with other commodities,
unabated by any safe haven flows. Agricultural markets, like
most commodities, also declined in October while generating
profits for the Partnership.


Class A Units were a positive 4.53% in November 2008
resulting in a Net Asset Value of $3,675.46 as of November
30, 2008.

The Partnership's run of strong performance continued in November
as many of the themes that were behind the Partnership's outstanding
October results remain in place. Most trading sectors contributed
positively to performance during the month as the global
economy and world markets remained under pressure.
In November, interest rates were the best-performing sector for
the month as the market began to price in the next phase of the
"less conventional" Federal Reserve Board (the Fed) policy.
Currency trading continued to contribute to the positive returns
with positions in the Japanese yen among the most profitable
in the group. The metals sector was the only unprofitable sector
as precious metals traded in an uneven fashion during the month.
Class A Units were a positive 3.05% in December 2008
resulting in a Net Asset Value of $3,787.64 as of December
31, 2008.

The performance of the Partnership was positive during this period,
even as certain long-running trends came to an end or were
correcting. The interest rate sector was the best-performing
element of the portfolio this month and was responsible for
more than half of the Partnership's gain. Trading in the currency
sector was slightly profitable. A continuation in the trend
toward a stronger Japanese yen was positive for the Partnership as
well as the continued decline in the value of the British pound.
Trading in the energy sector was also profitable as crude oil
continued its fall for most of the month. Trading performance
from the metals sector was relatively tame in December
with small gains attributable to profits from positions in
precious metals. Erratic price action in gold and silver for an
extended period of time left the Partnership with underweighted
positions or on the sideline for much of the month.
Trading in agricultural commodities was not noteworthy.


Calendar Year 2007

At December 31, 2007 the Partnership had approximately
$11.7 million in Class A assets and no Class I assets. The
JWH allocation was approximately $7.7 million. The balance
was being held in interest-bearing accounts in anticipation
of future allocations to JWH or other traders.

The Partnership recorded a gain of $1,997,816 or $522.26 per
Class A unit, for the year 2007. That represents a gain of
27.24% for the year. The Partnership recorded a gain
of $630.86 per Class I Unit, which represents a gain of
30.46% through November 30, 2007 when all Class I shares
were redeemed, and the share class was closed out.

3 months ended March 31, 2007

The Partnership recorded a loss of $1,723,314 or $214.58
per Unit of Class A Units ( $216.69 for Class I Units, a
gain of $1.43 for Class AA Units and a gain of $1.49 for
Class II Units ) for the fiscal quarter ended March 31, 2007.
This compares to a loss of $ 767,181 or $70.29 per
Unit of Class A Units ($55.42 for Class I Units, a gain of
$2.03 for Class AA Units and a gain of $2.11 for Class II
Units) for the fiscal quarter ended March 31, 2006.  The
quarter ended March 31, 2007 showed a loss of 11.19%
(total return) for the Class A Units of the Partnership ( 10.46%
for the Class I Units, a gain of 0.14% for Class AA Units
and a gain of 0.14% for Class II Units).

The Partnership continued to employ John W. Henry &
Company, Inc.  s (JWH) GlobalAnalyticsR Family of Programs.


Class A Units were positive 1.24% in January 2007 resulting
in a Net Asset Value per unit of $ 1,940.87 as of January 31, 2007.

Class I Units were positive 1.51% resulting in a Net Asset
Value of $2,102.21 as of January 31, 2007.

The Partnership's performance was positive for the month of January.
The interest rate sector led performance with strong gains as the
program  s systematic trend following approach enabled it to
profit from a weakening trend in European and U.S. fixed income
markets.  The Partnership's disciplined systematic investment style was
able to profit despite short-term market moving events that caused
spikes in volatility resulting in strong reversals. This type of activity
diminished the Partnerships returns as the currency sector experienced
losses due to a continuation of the reversal in the U.S. dollar's
weakening trend (which started in December) against major European
currencies.



Class A Units were negative 4.77% in February 2007 resulting in
a Net Asset Value per unit of $1,848.37 as of February 28, 2007.

Class I Units were negative 4.50% resulting in a Net Asset Value
of  $2,007.54 as of February 28, 2007.

The Partnership's performance was negative for the month of February.
This negative performance was a direct result of the explosion in
volatility accompanying the last week of the month.  Trading up
to that point was positive for the month, but the events of the
week reverberated throughout global markets and reversed what
few trends had been evident earlier in the month. The events
were primarily portrayed in the U.S. media as a stock market
decline, but the issues were far broader than that.  Whether pundits
cared to lay the blame on the Chinese stock market or the trouble
in the sub-prime loan sector, global markets awoke to a measure
of short-term volatility not seen for many months which was not
confined simply to the equities markets.  As an example, the
gold market hovered around the high $690s, a level not seen
since May of last year.  Similarly, the wheat, corn and soybean
markets were hitting full-year highs as the last week of February
opened.  All of these markets suffered sharp declines during the
last week, which translated to losses for the Partnership.

Class A Units were negative 7.89% in March 2007 resulting in a
Net Asset Value per unit of $1,702.45 as of March 31, 2007.

Class I Units were negative 7.63% resulting in a Net Asset
Value per unit of $1,854.33 as of March 31, 2007.

The Partnership experienced losses in March as the explosion in
volatility that occurred at the end of February continued into
early March.  On February 27th, the largest drop in China's
stock market in a decade and the global sell-off that followed
seemed to shift market sentiment towards fears about the
slowdown in the U.S. housing market and the overall health
of the U.S. economy.

Update on the RCM recovery effort

Second Refco Distribution (Not applicable to investors who
came into the Partnership after October 2005).

On March 29 2007, The Everest Partnership, L.P. received the second
in a series of anticipated distributions in the Refco matter in
the amount of $368,878.96. Of the approximately $7,500,000
that became inaccessible in October 2005, the Partnership has now
received $1,743,404.47. That represented an amount equal to
approximately 23% of the frozen assets.   The Partnership
increased the Class A units for each investor in the Partnership by
their pro rata share of the distribution. Checks were mailed
for the benefit of any investors who had redeemed.


3 months ended June 30, 2007

The Partnership recorded a gain of $ 1,255,628 or $195.27
per Unit of Class A Units ($ 228.44 for Class I Units, a loss
of $8.39 for Class AA Units and a loss of $8.72 for Class II Units)
for the fiscal quarter ended June 30, 2007. This compares to a
loss of $420,650 or $77.87 per Unit of Class A Units ($64.19 for
Class I Units, .80 for Class AA Units and .84 for Class II Units)
for the fiscal quarter ended June 30, 2006.  The quarter ended
June 30, 2007 showed a gain  of 11.47%( total return) for the
Class A Units of the Partnership (12.32% for the Class I Units,
-0.83% for Class AA Units and -0.83% for Class II Units).


Class A Units were negative  -0.06 % in April 2007
resulting in a Net Asset Value per unit of $ 1,701.514
as of April 30, 2007.

Class I Units were positive 0.21 % resulting in a Net Asset
Value per unit of $1,858.17  as of April 30, 2007.

The Partnership's performance was essentially even for the month
of April.The Partnership's disciplined systematic trading approach took
advantage of opportunities that emerged as global financial
markets recovered from the explosion in volatility that occurred
at the end of February and continued into March.  The temporary
dislocation of the financial markets appears to have laid the
foundation for a major shift in trends.  The currency, indices and
agriculture sectors all achieved gains as various components of
each sector developed and sustained profitable trends. The currency
 sector was the Partnership's best performer as various previously
range-bound currencies set historic highs and lows.

      Trading Allocation

At the end of May 2007 the Partnership redeemed it's allocation
to the World Wide Bond Program and is invested 100% in the
Global Analytics Program (JWH GAP).

Class A Units were positive 0.60 % in May 2007 resulting in
a Net Asset Value per unit of $1,711.64 as of May 31, 2007.

Class I Units were positive 0.86% resulting in a Net Asset
Value per unit of $1,874.11  as of May 31, 2007.

The Partnership's performance was positive for the month of May.
The interest rate sector drove performance with strong gains as the
Partnership's disciplined systematic trend-following approach
enabled it to profit from falling bond markets in the U.S. and
Europe.  The stock indices sector also added to positive
performance as better-than-expected earnings and
stronger-than-expected economic growth sent equity indexes
across the globe to new highs. The currency sector
was slightly positive for the month also as the dollar
strengthened against the Japanese yen.

Class A Units were positive 10.87 % in June 2007 resulting
in a Net Asset Value per unit of $1,897.72 as of June 30, 2007.

Class I Units were positive 11.13 % resulting in a Net
Asset Value per unit of $2,082.77  as of June 30, 2007.

The Partnership's performance was positive for the month of June.
Despite potentially market-dislocating events, including terrorism
incidents in the United Kingdom and the sub prime mortgage
problems in the United States, the Partnership was able to profit as its
long-term trend-following approach excelled, holding profitable
positions through the market turmoil.  The Partnership s systematic
approach has profited over the past few months since the equity
induced dislocation of financial markets that occurred towards
the end of the 1st  quarter, which we suggested might be a
precursor for a major shift in market trends.


Update on the RCM recovery efforts (For those investors in
the Partnership in October 2005)

On June 28th, 2007 Everest received a third distribution
From Refco in the amount of $668,172.21. That amount was
equal to approximately 9 cents on the dollar of the original
amount that was frozen in October 2005. This, in addition
to the other distributions, brought the recovery to approximately
32 cents on the dollar as of the end of June 2007.
The Partnership increased the Class A units for each investor
in the Partnership by their pro rata share of the distribution. Checks
were mailed for the benefit of any investors who have
redeemed.


3 months ended September 30, 2007


 The Partnership recorded a gain of $453,710 or $ 82.25
per Unit of Class A Units $107.27 (for Class I Units, loss
of $7.51  for Class AA Units and loss of $7.81 for Class
 II Units) for the fiscal quarter ended September 30, 2007.
 This compares to a loss of $ 4,750,979or $(26.08) per
Unit of Class A Units $(10.28) for Class I Units),
$1,340.82 for Class AA Units and $1,394.52 for Class II
Units for the fiscal quarter ended September 30, 2006.
 The   quarter ended September 30, 2007 showed a gain
of  4.33%( total return) for the Class A Units of the
Partnership (a gain of 5.15% for the Class I Units, a loss of
0.75% for Class AA Units and  a loss of 0.75% for
Class II Units).


Class A Units were negative 1.78% in July 2007 resulting
in a Net Asset Value per unit of $1,863.90 as of
July 31, 2007.

Class I Units were negative 1.52% resulting in a Net Asset
Value of $2,051.12 as of July 31, 2007.

After a positive 10.87 performance in June, the Partnership
declined in July as many of the financial market trends
that contributed to the Partnership's second quarter gains
were significantly disrupted or ended during the
month. Although the Partnership was down for the month, JWH  gave
back  less of the June gains than many of their peers in the
managed futures industry. Some of the largest managers in the
industry had losses greater than 10% in July, and even large
Partnerships with multiple advisors had similar declines.


Clearing Broker News

The Partnerships futures clearing broker, Calyon Financial, Inc.
 announced plans to merge with the clearing broker
Fimat, a subsidiary of Societe Generale. The Merger will
create a new firm to be known as Newedge and should be
completed sometime in the 1st quarter of 2008.

Class A Units were negative 8.25% in August 2007 resulting
in a Net Asset Value per unit of $1,710.05 as of August 31, 2007.

Class I Units were negative 7.99% resulting in a Net Asset
Value of $1,887.20 as of August 31, 2007.

Partnership's performance was impacted as the crisis that began
in the sub-prime mortgage market continued spreading
globally, undermining demand for corporate bonds, equities
and commercial paper.The spread of the U.S. contagion
produced short-lived, sharp and unusually well correlated
spikes in volatility throughout global financial markets.
As a result, the Partnership  s long-term diversified trend-
following methodology suffered losses as the market
dislocations forced the exiting of positions.


Auditors

Spicer Jeffries LLP ceased to serve the Partnership as
accountants effective September 17, 2007. The Sarbanes-
Oxley Act of 2002 has mandatory rules on partner rotation
 in order for auditors to be considered independent, and
those rules have forced this decision.


Class A Units were positive 15.78 % in September 2007
resulting in a Net Asset Value per unit of $1,979.97  as
of September 30, 2007.

Class I Units were positive 16.05% resulting in a Net Asset
Value of $2,190.04 as of September 30, 2007.

The Partnership posted significant gains in excess of 15% for the
month of September as the U.S. Federal Reserve Board
(the Fed) cut its benchmark rate on September 18th by
50 basis points to 4.75 percent in an attempt to shore up
an economy threatened by a housing recession.  The rate cut
sparked concerns about inflation as some investors bought
commoditiesto hedge against rising consumer prices. The
falling U.S. dollar made raw materials priced in dollars
cheaper for buyers holding foreign currencies.The Partnership
gained for a second quarter in a row, as its systematic
trend-following approach capitalized on the dollar's
plunge and also benefited from the enhanced appeal of
energies, grains and precious metals.

The agriculture sector was the Partnership  s strongest performer
for the month as the slumping dollar, which enhanced the
appeal of grains as an inflation hedge, and a global grain
shortfall drove wheat and soybean prices to record highs.
The currency sector was positive for the month as the U.S.
dollar hit record lows in the wake of the larger-than-
expected interest rate cut by the Fed.

Refco Distribution (For those investors in the Partnership in
October 2005)

On September 20, 2007 Everest received another
Distribution from Refco in the amount of $342,699.06.
That amount was equal to approximately 4.55 cents on
the dollar of the original amount that was frozen in
October 2005. This, in addition to the other distributions,
brought the recovery to approximately 36.55 cents on the
dollar so far. The Partnership  increased the Class A units
for each investor in the Partnership by their pro rata share of
the distribution. Checks were mailed for the benefit
of any investors who had redeemed. These changes did not
apply those who have come into the Partnership after October 2005.


During the reporting period, fiscal quarter ended September
30, 2007, additional Units sold consisted of zero limited
partnership Units; there were zero general partnership
Units sold during the period. Additional Units sold during
the period represented a total of $ zero. Investors redeemed
a total of  1630.38 Units during the period and the General
Partner redeemed zero Units. At the end of the period
there were  5,298.499 Units outstanding (including zero
Units owned by the General Partner). As of September 30, 2007
the estimated Class AA NAV per unit was $989.27 and
Class II NAV per unit was $1,028.94.

During the fiscal quarter ended September 30, 2007, the
Partnership was exposed to credit risk in connection with
the bankruptcy filing by RCM, the Partnership ' s former
foreign currency broker.


3 months ended December 31, 2007


The Partnership recorded a gain of $3,779,436 or $459.32
per Unit of Class A Units ($   $511.84 for Class I Units),
$2,718.15 for Class AA Units and $2,827.17 for Class II
Units) for the fiscal quarter ended December 31, 2007. This
compares to a loss of $1,267,541 or $146.82 per Unit of
Class A Units ($140.68 for Class I Units), $3.03 for Class
AA Units and $3.15 for Class II Units) for the fiscal
quarter ended December 31, 2006.

Class A Units were a positive 8.19% in October 2007
resulting in a Net Asset Value of $2,142.08.

Class I Units were a positive 8.45% resulting in a Net
Asset Value of $2,375.10 as of October 31, 2007.

The Partnership's performance was positive for the month of
October. Apprehension returned to the financial markets
resulting from speculation that credit market losses could
potentially further hurt the broader U.S. economy.  The
resulting increase in market volatility benefited the
Partnership's disciplined, long-term systematic trading approach
as energy and metals markets surged as the dollar continued
its plunge and as the Federal Reserve Board (the Fed)
lowered its benchmark rate by 25 basis points to 4.5
percent in the hopes of keeping the U.S. economy from
stalling.

The energy sector was the Partnership's strongest performer for
the month as crude oil led petroleum products higher.
The metals and stock indices sectors were both positive for
the month after the economy expanded more-than-forecasted
and the Fed cut its benchmark rate.  U.S. stocks rose for
the third straight month and gold reached its highest price
in 27 years.

Class A Units showed a gain of 13.50% in November 2007
resulting in a Net Asset Value of $2,431.19. The year-to-
date return for 2007 was +26.82% for the Class A Units.


The interest rate sector was the Partnership's best performer in
November as global interest rates continued their move
lower. The decline in interest rates in November had an
impact on currency exchange rates. The dollar dropped
precipitously against a number of the world's major
currencies. The sharp decline in the value of the dollar
against some of the world's major currencies impacted other
markets and contributed to profits in other sectors of the
portfolio.


Auditors

The Partnership has selected the Chicago firm of Ryan & Juraska,
Certified Public Accountants (R&J), to conduct the 2007
audit and tax work. R&J specialize in Broker-Dealers,
Commodity Pool Operators, Commodity Trading Advisors and
Hedge Partnerships.



Class A Units showed a gain of 0.33% in December 2007,
resulting in a Net Asset Value of $2,439.29. The year-to-
date return for 2007 was +27.24% for the Class A Units.

Everest held on to its investment with JWH while two of the
nation's top 5 broker-dealers either pulled out of all JWH
investments (Merrill Lynch) or issued a sell signal for JWH
managed Partnerships with a white paper to back up their
conclusions. Although I understand their frustration, the fact
is that each of these firms acted at almost the exact
bottom of JWH's performance cycle for our Partnership,
recommending a pull out at almost the exact wrong time.
Long term trend following requires a lot of patience. We
appreciate the discipline of every investor and broker who
has remained with the Partnership, and we are making efforts to
create a better investor experience.


Refco


            On December 14, 2007 Partnership received
$1,912,484 upon the sale of the remaining Refco receivable.
This brought the recovery from 36.69 cents on the dollar to
62.25 cents on the dollar and ended the Refco recovery
effort. The Partnership increased the class A units for each
investor in the Partnership by their pro-rate share, and mailed
checks for the benefit of those who have redeemed. These
changes did not apply those who have come into the Partnership
after October 2005.


During the reporting period, fiscal quarter ended December
31, 2007, no additional Units were sold by the limited
partnership; there were no general partnership Units sold
during the period.  Additional Units sold during the period
represented a total of $0.00 . Investors redeemed a total
of 145.20299 Class A Units, 351.88382 Class AA Units,
48.14901 Class I Units and 58.95415 Class II Units during
the period. Additionally, there were 191.014 Units
transferred from Class AA to Class A 0.00 Units transferred
from Class II to Class I. At the end of the period there
were 4793.61 Units outstanding (including no Units owned by
the General Partner).

See Footnote 7 of the Financial Statements for 2007 procedures
established by the General Partner to monitor and minimize
market and credit risks for the Partnership.  In addition
to the procedures set out in Footnote 7, the General
Partner reviews on a daily basis reports of the
Partnership's performance, including monitoring of the
daily net asset value of the Partnership.  The General
Partner also reviews the financial situation of the
Partnership's Clearing Broker on a monthly basis.  The
General Partner relies on the policies of the Clearing
Broker to monitor specific credit risks.  The Clearing
Broker does not engage in proprietary trading and thus has
no direct market exposure, which provides the General
Partner assurance that the Partnership will not suffer
trading losses through the Clearing Broker.

During the fiscal quarter ended December 31, 2007, the
Partnership was exposed to credit risk in connection with
the bankruptcy filing by RCM, the Partnership's former
foreign currency broker. See Items 1 and 3 above for
additional information.


Inflation

Inflation does have an effect on commodity prices and the
volatility of commodity markets; however, inflation is not
expected to have an adverse effect on the Partnership's
operations or assets.


Calendar Year 2006

At December 31, 2006 the Partnership had approximately
$14.8 million in Class A assets and approximately $1.9
million in Class I assets. The JWH allocation was
approximately $18.0 million which includes $ 1.3 million of
notional Partnershiping.

The Partnership recorded a loss of $7,206,352 or $321.07
per Class A unit, for the year 2006. That represents a loss
of 14.35% for the year. The Partnership recorded a loss of
$270.57 per Class I Unit, which represents a loss of 11.56%
for the year.

First Quarter 2006

The Partnership recorded a loss of $767,181 or $70.29 per
Unit of Class A Units ($55.42 for Class I Units, $2.03 for
Class AA Units and $2.11 for Class II Units) for the fiscal
quarter ended March 31, 2006. This compares to a loss of
$3,249,420 or $218.23 per Unit of Class A Units ($202.84
for Class I Units) for the fiscal quarter ended March 31,
2005.  The quarter ended March 31, 2006 showed a loss of
3.14% (total return) for the Class A Units of the Partnership (-
2.37% for the Class I Units, 0.09% for Class AA Units and
0.09% for Class II Units).


The Partnership continued to employ John W. Henry &

Company, Inc.'s (JWH) GlobalAnalyticsR Family of Programs,
Worldwide Bond Program and Currency Strategic Allocation
Program.

Class A Units were negative 2.71% in January 2006 resulting
in a Net Asset Value per unit of $2,177.48 as of January
31, 2006.

Class I Units were negative 2.45% resulting in a Net Asset
Value of $2,284.32 as of January 31, 2006.



Update on the RCM recovery efforts

The Official Committee of Creditors in the Refco case
posted a website for information and updates. It has a
summary of events in October, November and December 05; a
calendar of events for January and February of 06; a
bankruptcy basics primer; FAQs; and a section to ask
questions. The site is at: www.refcocommittee.com.

Everest Asset Management, Inc. remained
available to answer any questions specific to the Everest
Partnership. The Partnership's offering documents were updated and
the Partnership received new investments in January and February.

Class A Units were negative 5.91% in February 2006
resulting in a Net Asset Value per unit of $2,048.72 as of
February 28, 2006.

Class I Units were negative 5.65% resulting in a Net Asset
Value of $2,155.24 as of February 28, 2006.

Class A Units were positive 5.81% in March 2006 resulting
in a Net Asset Value per unit of $2,167.80 as of March 31,
2006.

Class I Units were positive 6.08% resulting in a Net Asset
Value per unit of $2,286.17 as of March 31, 2006.



During the reporting period, fiscal quarter ended March 31,
2006, additional Units sold consisted of 264.9 limited
partnership Units; there were zero general partnership
Units sold during the period. Additional Units sold during
the period represented a total of $575,000.  Investors
redeemed a total of 637.11 Units during the period and the
General Partner redeemed zero Units. At the end of the
period there were 13,940.87 Units outstanding (including
zero Units owned by the General Partner).

As of March 31, 2006 the estimated Class AA NAV per unit
was $2,348.31 and Class II NAV per unit was $2,442.49.

During the fiscal quarter ended March 31, 2006, the
Partnership was exposed to credit risk in connection with
the bankruptcy filing by RCM, the Partnership  s former
foreign currency broker.  See Note 1 of the Notes to
Financial Statements above for additional information.


Second Quarter 2006

The Partnership recorded a loss of $420,650 or $77.87 per
Unit of Class A Units ($64.19 for Class I Units, $0.80 for
Class AA Units and $0.84 for Class II Units) for the fiscal
quarter ended June 30, 2006. This compares to a gain of
$1,781,153 or $113.12 per Unit of Class A Units ($134.00
for Class I Units) for the fiscal quarter ended June 30,
2005.  The   quarter ended June 30, 2006 showed a loss of
3.59%( total return) for the Class A Units of the Partnership
(2.81% for the Class I Units, 0.03% for Class AA Units and
0.03% for Class II Units).


The Partnership continued to employ John W. Henry &
Company, Inc.'s (JWH) GlobalAnalyticsR Family of Programs,
Worldwide Bond Program and Currency Strategic Allocation
Program.


Class A Units were positive 13.63% in April 2006 resulting
in a Net Asset Value per unit of $2,463.35 as of April 30,
2006.

Class I Units were positive 13.50% resulting in a Net Asset
Value of $2,594.70 as of April 30, 2006.




Update on the RCM recovery efforts


The Committee has been successful in bringing money into
the various Refco estates during the last month, with two
legal actions settled or pending settlement.  In addition,
on May 2nd, the Judge in the case granted the two RCM
groups two more weeks to work out a consensual plan which
would allow the case to remain in a Chapter 11.  The
general partner remains available to answer any questions
specific to the Everest Partnership.

Class A Units were negative 3.85% in May 2006 resulting in
a Net Asset Value per unit of $2,368.52 as of May 31, 2006.

Class I Units were negative 3.24% resulting in a Net Asset
Value of $2,510.69 as of May 31, 2006.


Update on the RCM recovery efforts

* The ongoing dispute at the Refco Capital Markets (RCM)
between the securities customers and the FX customers
(Everest) has been resolved after much negotiation.  This
should greatly facilitate the distribution of assets at
hand and the distribution of future recoveries.  This
agreement should avoid much costly litigation and time
delays.

* The 'bar date' for the filing of all claims against RCM
has been set for July 17th.  Everest has already filed it's
claim.  It may take six to eight weeks to process and
verify all claims.  Although there could be further delays,
it is possible that we will see a distribution of the
assets on hand at RCM by the fourth quarter of this year,
maybe as early as October.

Class A Units were negative 11.76% in June 2006 resulting
in a Net Asset Value per unit of $2,089.94 as of June 30,
2006.

Class I Units were negative 11.50% resulting in a Net Asset
Value of $2,221.98 as of June 30, 2006.


Update on the RCM recovery efforts

An agreement among securities customers and general
unsecured creditors of RCM was filed with the courts on
June 30.  A motion was filed seeking bankruptcy court
approval of the agreement. The terms of the agreement are
complex, to say the least.  It is a settlement between
certain parties claiming to be 'securities' customers of
RCM and certain parties purporting to be foreign exchange
customers/general unsecured creditors of RCM.  Everest
would fall into the latter camp.


During the reporting period, fiscal quarter ended June 30,
2006, additional Units sold consisted of 156.72 limited
partnership Units; there were zero general partnership
units sold during the period. Additional Units
sold during the period represented a total of $350,495.
Investors redeemed a total of 1,550.34 Units during the
period and the General Partner redeemed zero Units. At the
end of the period there were 12,547.25 Units outstanding
(including zero Units owned by the General Partner).

As of June 30, 2006 the estimated Class AA NAV per unit was
$2,347.50 and Class II NAV per unit was $2,441.65.


During the fiscal quarter ended June 30, 2006, the
Partnership was exposed to credit risk in connection with
the bankruptcy filing by RCM, the Partnership ' s former
foreign currency broker.  See Note 1 of the Notes to
Financial Statements above for additional information.

Third Quarter 2006

The Partnership recorded a loss of $4,750,979 or $ (26.08)
per Unit of Class A Units ($ (10.28) for Class I Units,
$1,340.82  for Class AA Units and $1,394.52 for Class II
Units) for the fiscal quarter ended September 30, 2006.
This compares to a gain of $801,389 or $49.22 per Unit of
Class A Units ($69.81 for Class I Units) for the fiscal
quarter ended September 30, 2005.  The   quarter ended
September 30, 2006 showed a loss of 1.25 %( total return)
for the Class A Units of the Partnership (a loss of 0.46% for the
Class I Units, 57.09% for Class AA Units and  57.09% for
Class II Units).


The Partnership continued to employ John W. Henry &
Company, Inc.'s (JWH) GlobalAnalyticsR Family of Programs,
Worldwide Bond Program and Currency Strategic Allocation
Program.
Class A Units were negative  11.06% in July 2006 resulting
in a Net Asset Value per unit of $1,858.73 as of July 31,
2006.

Class I Units were negative 10.80% resulting in a Net Asset
Value of $1,982.00 as of July 31, 2006.

Class A Units were positive 7.63% in August 2006 resulting
in a Net Asset Value per unit of $2,000.56 as of August 31,
2006.

Class I Units were positive 7.89% resulting in a Net Asset
Value of $2,138.44 as of August 31, 2006.


Update on the RCM recovery efforts

There has been a substantial development in the Refco case.
After weeks of intensive efforts, on September 14, 2006
Refco, Inc. and all of its subsidiaries and affiliates who
are the Debtors, filed a plan of Chapter 11 ( the Plan )
and a Disclosure Document with the bankruptcy Court.  The
Plan has the support of the Creditor Committees, the
Debtors, the RCM Trustee and has signatures of a
'supermajority' of creditors at the RCM level.A hearing for
approval of the Disclosure Statement is scheduled for
October 16, 2006, at which time any objections will be
heard.  It cannot be determined in advance whether any
objections will become an obstacle, or whether the Court
will approve the Plan.  If it moves forward, the Plan is
slated to be confirmed by the Court on or before December
15, 2006, and it should become effective on or before
December 31, 2006 (Effective Date).


During the reporting period, fiscal quarter ended September
30, 2006, additional Units sold consisted of 70.08 limited
partnership Units; there were zero general partnership
Units sold during the period. Additional Units sold during
the period represented a total of $150,505. Investors
redeemed a total of 374.02 Units during the period and the
General Partner redeemed zero Units. At the end of the
period there were 12,243.312 Units outstanding (including
zero Units owned by the General Partner).

As of September 30, 2006 the estimated Class AA NAV per
unit was $1,006.76 and Class II NAV per unit was $1,047.13.

During the fiscal quarter ended September 30, 2006, the
Partnership was exposed to credit risk in connection with
the bankruptcy filing by RCM, the Partnership ' s former
foreign currency broker.  See Note 1 of the Notes to
Financial Statements above for additional information.


Fourth Quarter 2006

The Partnership recorded a loss of $1,267,541 or $ 146.82
per Unit of Class A Units ($140.68 for Class I Units),
$3.03 for Class AA Units and $ 3.15 for Class II Units) for
the fiscal quarter ended December 31, 2006. This compares
to a loss of $1,634,747 or $138.06 per Class A Unit for the
fiscal quarter ending December 31, 2005, ($123.35 for Class
I Units).  The quarter ended December 31, 2006 showed a
loss of 7.11% (total return) for the Class A Units of the
Partnership; a loss of 6.36% (total return) for the Class I Units,
and    0.01% for Class AA and II Units.

Class A Units were a negative 5.53% in October 2006
resulting in a Net Asset Value of $1,949.77.

Class I Units were a negative 5.27% resulting in a Net
Asset Value of $2095.25 as of October 31, 2006.

Update on the RCM Recovery Efforts / Write Down of RCM
Receivable

Refco, Inc. filed a plan under Chapter 11 (the 'Plan') and
a Disclosure Document with the Bankruptcy Court.  The Plan
was confirmed by the Bankruptcy Court and became effective
December 26, 2006.
Based on the estimated recovery amounts contained in the
schedules of the Plan and Disclosure Document which the
Bankruptcy Court is being asked to approve in the Refco
case, the General Partner as of October 31, 2006 (but
effective September 30, 2006) reduced the value of the
Class AA and Class II assets to 40% of the amounts at which
such assets held at Refco were valued as of October 17,
2005. As of October 17, 2005 the assets were valued at
$7,482,332. The adjustment is $4,489,399 with a remaining
asset balance of $2,992,933.

In accordance with Generally Accepted Accounting Principles
the write down was reflected in the statement of operations
at September 30, 2006.  The estimate was determined after
the issuance of our September 30, 2006 investor account
statements, and therefore the October investor statements
that were issued in November reflected the revised Net
Asset Values for September 30, 2006.

Class A Units showed a gain of  6.38% in November 2006
resulting in a Net Asset Value of $  2074.23.

Class I Units showed a gain of 6.65% resulting in a Net
Asset Value of $ 2234.50.



Class A Units showed a loss of 7.58% in December 2006,
resulting in a Net Asset Value of $ 1,917.03.

Class I Units showed a loss of  7.32% resulting in a Net
Asset Value of $ 2071.02.
Refco Summary for Investors in the Partnership October 2005

On December 28, 2006, The Everest Partnership, L.P. received the
first in a series of anticipated distributions in the Refco
matter. Of the approximately $7,500,000 that became
inaccessible in October 2005, the Partnership received
$1,365,525.51. That represented an amount equal to
approximately 18% of the frozen assets. The Partnership increased
the Class A units for each investor in the Partnership by their
pro rata share of the distribution, and lowered the Class
'AA' units.  This was reflected as an increase in the Class
'A' (or Class 'I') units on the December 2006 client
statements and a decrease in the Class 'AA' (or Class II
units).  Checks were mailed in the middle of January 2007
for the benefit of any investors who had redeemed.


During the reporting period, fiscal quarter ended December
31, 2006, additional Units sold consisted of 113.61 limited
partnership Units; there were no      general partnership
Units sold during the period.  Additional Units sold during
the period represented a total of $ 238,000. Investors
redeemed a total of      824.27 Class A Units, 460.17 Class
AA Units and 36.73 Class II Units during the period.
Additionally, there were 762.22 Units transferred from
Class AA to Class A 96.01 Units transferred from Class II
to Class I.  At the end of the period there were 10,625.001
Units outstanding (including no Units owned by the General
Partner).

As of December 31, 2006 the estimated Class AA NAV was
$1,003.73 and the estimated Class II NAV was $1,043.98.

See Footnote 4 of the Financial Statements for procedures
established by the General Partner to monitor and minimize
market and credit risks for the Partnership.  In addition
to the procedures set out in Footnote 4, the General
Partner reviews on a daily basis reports of the
Partnership's performance, including monitoring of the
daily net asset value of the Partnership.  The General
Partner also reviews the financial situation of the
Partnership's Clearing Broker on a monthly basis.  The

General Partner relies on the policies of the Clearing
Broker to monitor specific credit risks.  The Clearing
Broker does not engage in proprietary trading and thus has
no direct market exposure, which provides the General
Partner assurance that the Partnership will not suffer
trading losses through the Clearing Broker.

During the fiscal quarter ended December 31, 2006, the
Partnership was exposed to credit risk in connection with
the bankruptcy filing by RCM, the Partnership's former

foreign currency broker. See Items 1 and 3 above for
additional information.

Inflation

Inflation does have an effect on commodity prices and the
volatility of commodity markets; however, inflation is not
expected to have an adverse effect on the Partnership's
operations or assets.



Item 7A.  Quantitative and Qualitative Disclosures About
Market Risk

Introduction

Past Results Are Not Necessarily Indicative of Future
Performance

The Partnership is a speculative commodity pool.  The
market sensitive instruments held by it are acquired for
speculative trading purposes, and all or substantially all
of the Partnership's assets are subject to the risk of
trading loss.  Unlike an operating company, the risk of
market sensitive instruments is integral, not incidental,
to the main line of business of the Partnership.

Market movements result in frequent changes in the fair
market value of the open positions of the Partnership and,
consequently, in its earnings and cash flow.  The market
risk of the Partnership is influenced by a wide variety of
factors, including the level and volatility of interest
rates, exchange rates, equity price levels, the market
value of financial instruments, the diversification effects
among the open positions of the Partnership and the
liquidity of the markets in which it trades.

The Partnership can acquire and/or liquidate both long and
short positions in a wide range of different financial and
metals markets.  Consequently, it is not possible to
predict how a particular future market scenario will affect
performance, and the past performance of the Partnership is
not necessarily indicative of its future results.

Value at Risk is a measure of the maximum amount which the
Partnership could reasonably be expected to lose in a given
market sector.  However, the inherent uncertainty of the
Partnership's speculative trading and the recurrence in the
markets traded by the Partnership of market movements far
exceeding expectations could result in actual trading or
non-trading losses far beyond the indicated Value at Risk
or the experience of the Partnership to date (i.e., "risk
of ruin").  In light of the foregoing as well as the risks
and uncertainties intrinsic to all future projections, the
inclusion of the quantification included in this section
should not be considered to constitute any assurance or
representation that the losses of the Partnership in any
market sector will be limited to Value at Risk or by the
attempts of the Partnership to manage its market risk.

Standard of Materiality
Materiality as used in this section, "Qualitative and
Quantitative Disclosures About Market Risk," is based on an
assessment of reasonably possible market movements and the
potential losses caused by such movements, taking into
account the leverage, optionality and multiplier features
of the market sensitive instruments of the Partnership.

Quantifying the Trading Value at Risk of the Partnership

Qualitative Forward-Looking Statements

The following quantitative disclosures regarding the market
risk exposures of the Partnership contain "forward-looking
statements" within the meaning of the safe harbor from
civil liability provided for such statements by the Private
Securities Litigation Reform Act of 1995 (set forth in
Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934). All quantitative
disclosures in this section are deemed to be forward-
looking statements for purposes of the safe harbor, except
for statements of historical fact.

The risk exposure of the Partnership in the various market
sectors traded by the commodity trading advisor is
quantified below in terms of Value at Risk.  Due to the
mark-to-market accounting of the Partnership, any loss in
the fair value of the Partnership's open positions is
directly reflected in the earnings (realized or unrealized)
of the Partnership and cash flow (at least in the case of
exchange-traded contracts in which profits and losses on
open positions are settled daily through variation margin).

Exchange maintenance margin requirements have been used by
the Partnership as the measure of its Value at Risk.
Maintenance margin requirements are set by exchanges to
equal or exceed the maximum losses reasonably expected to
be incurred in the fair value of any given contract in 95%-
99% of any one-day intervals. The maintenance margin levels
are established by dealers and exchanges using historical
price studies as well as an assessment of current market
volatility (including the implied volatility of the options
on a given futures contract) and economic Partnershipamentals to
provide a probabilistic estimate of the maximum expected
near-term one-day price fluctuation.  Maintenance margin
has been used rather than the more generally available
initial margin, because initial margin includes a credit
risk component which is not relevant to Value at Risk.

In the case of market sensitive instruments which are not
exchange traded (almost exclusively currencies in the case
of the Partnership), the margin requirements for the
equivalent futures positions have been used as Value at
Risk.  In those rare cases in which a futures-equivalent
margin is not available, margins of the dealers have been
used.

In quantifying the Value at Risk of the Partnership, 100%
positive correlation in the different positions held in
each market risk category has been assumed.  Consequently,
the margin requirements applicable to the open contracts
have simply been aggregated to determine the aggregate
Value at Risk for each trading category.  The
diversification effects resulting from the fact that the
positions of the Partnership are rarely, if ever, 100%
positively correlated have not been reflected.

The Trading Value at Risk in Different Market Sectors of
the Partnership

The following table indicates the trading Value at Risk
associated with the open positions of the Partnership by
market category as of December 31, 2008. All open position
trading risk exposures of the Partnership have been
included in calculating the figures set forth below. As of
December 31, 2008, the total capitalization of the
Partnership was approximately $18,713,395, all in Class A
shares.       .

<TABLE>
December 31, 2008
<S>

of Total
Market Sector               Value at Risk          %
Capitalization
                                <C>               <C>

Commodities		        0.18  	         0.96%
Energies			0.22	         1.19%
Financial Stock Indices         0.007            0.04%

Interest Rates		        0.22		 1.19%
Metals			        0.025	         0.14%
Currencies			0.32	         1.69%
Total		                0.97 million     5.20%

</TABLE>

<TABLE>
December 31, 2007
<S>
of Total
Market Sector                Value at Risk            %
Capitalization
                               <C>                   <C>
Commodities		      0.16                  1.39%
Energies	              0.32                  2.73%
Financial Stock Indices       0.03                  0.28%
Interest Rates		      0.17                  1.45%
Metals			      0.04	            0.37%
Currencies	              0.14	            1.23%
Total		              0.87 million          7.43%

</TABLE>



Material Limitations on Value at Risk as an Assessment of
Market Risk



The face value of the market sector instruments held by the
Partnership is typically many times the applicable
maintenance margin requirement (maintenance margin
requirements generally ranging between approximately 1% and
10% of contract face value) as well as many times the
capitalization of the Partnership.  The magnitude of the
open positions of the Partnership creates a "risk of ruin"
not typically found in most other investment vehicles.
Because of the size of its positions, certain market
conditions that are unusual, but historically recurring
from time to time, could cause the Partnership to incur
severe losses over a short period of time.  The foregoing
Value at Risk table, as well as the past performance of the
Partnership, give no indication of this "risk of ruin."

Non-Trading Risk

The Partnership has non-trading market risk on its foreign
cash balances not needed for margin.  However, these
balances (as well as any market risk they represent) are
immaterial.

The Partnership holds a portion of its assets in cash on
deposit with Newedge Financial Inc. ("Newedge") with
substantially all of the remainder on deposit with Horizon
Cash Management, LLC. (Horizon) in short term, highly
liquid investments. The Partnership has cash flow risk on
these cash deposits because if interest rates decline, so will
the interest paid out by Newedge at the 91-day
Treasury bill rate.  In addition, should short term
interest rates decline, so will the interest earnings for
assets on deposit with Horizon.  The Partnership assets
managed by Horizon are deposited in an account in the
custodial department of the Northern Trust Company, and
invested in U.S. government securities and other interest-
bearing obligations at the direction of Horizon.  Horizon
is responsible for the investment management of the assets
of the Partnership not deposited with Newedge as margin
monies or held in Partnership operating accounts.  Horizon
is registered with the Securities and Exchange Commission
(SEC) as an investment adviser.  Horizon may invest in U.S.
government securities and other instruments as permitted by
the agreement with the Partnership.  Horizon receives an
annual fee of 0.25% payable monthly on the assets it
manages.  However, Horizon only receives its service fee if
the accrued monthly interest income earned on the assets of
the Partnership managed by Horizon exceeds the 91-day U.S.
Treasury Bill rate. As of December 31, 2008, the
Partnership had approximately $19.2 million in cash
on deposit with Newedge and Horizon.

Qualitative Disclosures Regarding Primary Trading Risk
Exposures

The following qualitative disclosures regarding the market
risk exposures of the Partnership, except for (i) those
disclosures that are statements of historical fact and (ii)
the descriptions of how the Partnership and the Trading
Advisor manage the primary market risk exposures of the
Partnership, constitute forward-looking statements within
the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act.  The primary
market risk exposures of the Partnership as well as the
strategies used and to be used by the Trading Advisor for
managing such exposures are subject to numerous
uncertainties, contingencies and risks, any one of which
could cause the actual results of the risk controls of the
Partnership to differ materially from the objectives of
such strategies.  Government interventions, defaults and
expropriations, illiquid markets, the emergence of dominant
Partnershipamental factors, political upheavals, changes in
historical price relationships, an influx of new market
participants, increased regulation and many other factors
could result in material losses as well as in material
changes to the risk exposures and the risk management
strategies of the Partnership. There can be no assurance
that the current market exposure and/or risk management
strategies of the Partnership will not change materially or
that any such strategies will be effective in either the
short- or long-term.  Investors must be prepared to lose
all or substantially all of their investment in the
Partnership.

The following were the primary trading risk exposures of
the Partnership as of December 31,2008, by market sector.

Interest Rates.  Interest rate risk is a major market
exposure of the Partnership.  Interest rate movements
directly affect the price of the sovereign bond positions
held by the Partnership and indirectly the value of its
stock index and currency positions.  Interest rate
movements in one country as well as relative interest rate
movements between countries materially impact the
profitability of the Partnership.  The primary interest
rate exposure of the Partnership is to interest rate
fluctuations in the United States and the other G-7
countries.  However, the Partnership also takes positions
in the government debt of smaller nations - e.g.,
Australia.  The General Partner anticipates that G-7
interest rates will remain the primary market exposure of
the Partnership for the foreseeable future.  The changes in
interest rates which have the most effect on the
Partnership are changes in long-term, as opposed to short-
term, rates.  Most of the speculative positions held by the
Partnership are in medium to long-term instruments.
However, since February 2000, the JWH program added a
European short rate, the Euribor, which is closely tied to
the actions of the European Central Bank.  This was done to
add short term interest rate diversification.

Currencies.  The currency exposure of the Partnership is to
exchange rate fluctuations, primarily fluctuations which
disrupt historical pricing relationships between different
currencies and currency pairs.  These fluctuations are
influenced by interest rate changes as well as political
and general economic conditions.  The Partnership trades in
a large number of currencies, including cross-rates - i.e.,
positions between two currencies other than the U.S.
dollar.  However, the Partnership's major exposures have
typically been in the dollar/yen, dollar/Euro, dollar/Swiss
franc, dollar/Australian dollar and dollar/pound positions.
The General Partner does not anticipate that the risk
profile of the Partnership's currency sector will change
significantly in the future.  The currency trading Value at
Risk figure includes foreign margin amounts converted into
U.S. dollars with an incremental adjustment to reflect the
exchange rate risk inherent to the dollar-based Partnership
in expressing Value at Risk in a functional currency other
than dollars.

Stock Indices.  The primary equity exposure of the
Partnership is to equity price risk in the G-7 countries.
The stock index futures traded by the Partnership are by
law limited to futures on broadly based indices. Ordinarily
the primary exposures are in the FTSE (England), Nikkei
(Japan) and All Ordinaries (Australia) stock indices.
However, in February 2000, the JWH firm added the German
DAX Index Futures.  The General Partner anticipates little
trading in non-G-7 stock indices.  The Partnership is
primarily exposed to the risk of adverse price trends or
static markets in the major U.S., European and Japanese
indices.  (Static markets would not cause major market
changes but would make it difficult for the Partnership to
avoid being "whipsawed" into numerous small losses.)

Metals.  The metals market exposure of the Partnership is
to fluctuations in the price of gold and silver (precious
metals) and the base metals of copper, aluminum, zinc, and
nickel at JWH.

Commodities.  The exposure to commodities of the
Partnership from JWH GAP includes corn, soybeans, soybean
meal, soybean oil, wheat, and the softs of coffee, cotton,
and sugar, as well as a full complement of other
agricultural commodities.

Energy.  The exposure of the Partnership to energy
contracts in the JWH GAP is heating oil, unleaded gasoline,
crude oil natural gas and others.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only non-trading risk exposures of
the Partnership as of December 31, 2008.

Foreign Currency Balances.  The primary foreign currency
balances of the Partnership are in Japanese yen, Euros,
British pounds and Australian dollars. The Partnership
controls the non-trading risk of these balances by
regularly converting these balances back into dollars (no
less frequently than twice a month).

Cash Position.  The Partnership holds a portion of its
assets in cash at Newedge Financial Inc  and Newedge SNC.
95% of these assets earn interest at the average rate paid
on 91-day U.S. Treasury Bills purchased during the month.
Substantially all of remainder is held at Horizon in short
term liquid investments.

Qualitative Disclosures Regarding Means of Managing Risk
Exposure

The General Partner monitors the performance of the
Partnership and the concentration of its open positions,
and consults with the commodity trading advisor concerning
the overall risk profile of the Partnership.  If the
General Partner felt it necessary to do so, the General
Partner could require the commodity trading advisor to
close out individual positions as well as entire programs
traded on behalf of the Partnership.  However, any such
intervention would be a highly unusual event.  The General
Partner primarily relies on the commodity trading advisor's
own risk control policies while maintaining a general
supervisory overview of the Partnership's market risk
exposures.

Risk Management

JWH attempts to control risk in all aspects of the
investment Process - from confirmation of a trend to
determining the optimal exposure in a given market, and to
money management issues such as the startup or upgrade of
investor accounts.  JWH double checks the accuracy of
market data, and will not trade a market without multiple
price sources for analytical input.  In constructing a
portfolio, JWH seeks to control overall risk as well as the
risk of any one position, and JWH trades only markets that
have been identified as having positive performance
characteristics.  Trading discipline requires plans for the
exit of a market as well as for entry.  JWH factors the
point of exit into the decision to enter (stop loss).  The
size of the JWH positions in a particular market is not a
matter of how large a return can be generated but of how
much risk it is willing to take relative to that expected
return.

To attempt to reduce the risk of volatility while
maintaining the potential for excellent performance,
proprietary research is conducted on an ongoing basis to
refine the JWH investment strategies.  Research may suggest
substitution of alternative investment methodologies with
respect to particular contracts; this may occur, for
example, when the testing of a new methodology has
indicated that its use might have resulted in different
historical performance.  In addition, risk management
research and analysis may suggest modifications regarding
the relative weighting among various contracts, the
addition or deletion of particular contracts from a
program, or a change in position size in relation to
account equity.  The weighting of capital committed to
various markets in the investment programs is dynamic, and
JWH may vary the weighting at its discretion as market
conditions, liquidity, position limit considerations and
other factors warrant.

JWH may determine that risks arise when markets are
illiquid or erratic, such as may occur cyclically during
holiday seasons, or on the basis of irregularly occurring
market events.  In such cases, JWH at its sole discretion
may override computer-generated signals and may at times
use discretion in the application of its quantitative
models, which may affect performance positively or
negatively.

Adjustments in position size in relation to account equity
have been and continue to be an integral part of the JWH
investment strategy.  At its discretion, JWH may adjust the
size of a position in relation to equity in certain markets
or entire programs.  Such adjustments may be made at
certain times for some programs but not for others.
Factors which may affect the decision to adjust the size of
a position in relation to account equity include ongoing
research, program volatility, assessments of current market
volatility and risk exposure, subjective judgment, and
evaluation of these and other general market conditions.

Item 8.	Financial Statements and Supplementary Data

Reference is made to the financial statements and the notes
thereto attached to this report.




THE EVEREST FUND, LIMITED PARTNERSHIP
Supplementary Summarized Quarterly Data
For the four Quarters for 2008 and 2007

<TABLE>

         March 31,2008     June 30,2008  September 30,2008  December 31,2008
            Class A          Class A        Class A           Class A
        --------------    -------------  ---------------   --------------
<S>           <C>               <C>           <C>              <C>

Net Income  $2,343,822       $32,626       $864,739          $3,555,133

Increase in Net Asset Value
Per Unit    $490.57          $2.63         $162.10           $693.05

Net Asset Value
Per Unit    $2,929.82        $2,932.49     $3,094.59         $3,787.64

Ending Net Asset
Value       $13,292,071      $15,168,875   $16,157,162       $18,713,395

</TABLE>


<TABLE>

         March 31,2007     June 30,2007  September 30,2007   December 31,2007
           Class A           Class A         Class A           Class A
        --------------     -----------   -----------------   --------------
<S>             <C>           <C>             <C>               <C>

Net Income  $-1,723,615     $1,254,082     $354,753            $2,112,595

Increase in Net Asset Value
Per Unit    $-214.58        $195.27        $82.25              $459.32

Net Asset Value
Per Unit    $1,702.45       $1,897.72      $1,979.97           $2,439.29

Ending Net Asset
Value       $11,243,513     $9,591,967     $9,203,910          $11,693,007


</TABLE>





Item 9.	Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure

During fiscal year 2008 The Partnership has selected the firm
of McGladrey & Pullen, LLP Independent Registered Public
Accountant, to conduct the 2008 audit and tax work and the
2007 audit work related to the 2007 financial statements to be
included in the 2007 amended Form 10-K filing with the SEC.
 The former auditor of the Partnership, Ryan & Juraska, was
dismissed by the Partnership on December 31, 2008 and such
dismissal was approved by the audit committee.  The audit
report issued by Ryan & Juraska on the 2007 financial
statements contained an unqualified opinion on those financial
statements.  During the two most recent fiscal years and any
subsequent period preceding the dismissal of Ryan & Juraska
as auditors of the Partnership, there were no disagreements
with Ryan & Juraska.

During fiscal year 2007, The Partnership selected the Chicago
firm of Ryan & Juraska, Certified Public Accountants, to
conduct the 2007 audit and tax work The former auditor of the
Partnership, Spicer Jefferies, LLP, was dismissed by the
Partnership on September 17, 2007 and such dismissal was
approved by the audit committee.  The audit report issued by
Spicer Jefferies, LLP on the 2006 financial statements
contained an unqualified opinion on those financial statements.
During the two most recent fiscal years and any subsequent
period preceding the dismissal of Spicer Jefferies, LLP as
auditors of the Partnership, there were no disagreements
with Spicer Jefferies, LLP.

Item 9A(T).	Controls and Procedures


Evaluation of Disclosure Controls and
                    Procedures

The General Partner carried out an evaluation, under the
supervision and with the participation of the General
Partner's management, including its principal executive
Officer, Peter Lamoureux, and financial officer, Peter Ecob,
of the effectiveness of the design and operation of the
Partnership's disclosure controls and procedures as contemplated
by Rule 13(a)-15(e) of the Securities Exchange Act of 1934,
as amended. Any control system, no matter how well designed
and operated, can provide only reasonable (not absolute)
assurance that its objectives will be met.
Furthermore, no evaluation of controls can provide absolute
assurance that all control issues and instances of fraud, if any,
have been detected. Based on their evaluation as of December 31, 2008,
the General Partner's principal executive officer and principal
financial officer concluded that the Partnership's disclosure controls
and procedures were effective.


Changes In Internal Control Over Financial Reporting

There was no change in the Partnership's internal control
over financial reporting in the 12 months ended December
31, 2008 that has materially affected, or is reasonably
likely to materially affect, the Partnership's internal
control over financial reporting.


The General Partner's management has conducted the evaluation
of the internal control over financial reporting, as required
by Exchange Act Rules 13a-15 and 15d-15.


Report on Management's Assessment of Internal Control
                     Over Financial Reporting

The management of the General Partner is responsible for
establishing and maintaining adequate internal control over
financial reporting by the Partnership.

      The General Partner's internal control over financial reporting
is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with accounting
principles generally accepted in the United States. The Partnership's
internal control over financial reporting includes those policies and
procedures that (i) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Partnership; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with accounting
principles generally accepted in the United States, and that receipts
and expenditures of the Partnership are being made only in accordance
with authorizations of management of the Partnership; and (iii) provide
reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the Partnership's
assets that could have a material effect on the financial statements.

      Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. All
internal control systems, no matter how well designed, have inherent
limitations, including the possibility of human error and the
circumvention of overriding controls. Accordingly, even effective
internal control over financial reporting can provide only reasonable
assurance with respect to financial statement preparation. Also,
projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

      Management assessed the effectiveness of the Partnership's internal
control over financial reporting , based on the framework set forth by
the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) in Internal Control-Integrated Framework.
Based on that assessment, management concluded that, as of
December 31, 2008, the Partnership's internal control over financial
reporting was effective based on the criteria established in
Internal Control-Integrated Framework.

      This annual report does not include an attestation report of
the Partnership's registered public accounting firm regarding
internal control over financial reporting. Management's report
was not subject to attestation by the company's registered public
accounting firm pursuant to temporary rules of the Securities and
Exchange Commission that permit the company to provide only
management's report in this annual report.


Item 9B.	Other Information.

None

                         Part III

Item 10.	Director and Executive Officer of the
Registrant.

The General Partner, Everest Asset Management, Inc., is the
sole General Partner and commodity pool operator of the
Partnership.  It is a Delaware corporation incorporated in
1987, is and has been registered with the CFTC as a
commodity pool operator since July 1, 1988 and is and has
been a member of the National Futures Association since
that date.  Its address is 1100 North 4th Street, Suite 143,
Fairfield, Iowa  52556 and its telephone number at such
location is (641) 472-5500.

The officer and director of the General Partner as of
December 31, 2008 is listed below:

Peter Lamoureux.     Mr. Lamoureux, (born in 1950), has
been President, Treasurer and Secretary of the General
Partner since November 1996.  He joined the General Partner
and Capital Management Partners, Inc., a selling agent and
affiliate of the Partnership at that time, in 1991 and has
had primary responsibility for Partnership syndication
since October 1994.  Prior to joining the General Partner,
Mr. Lamoureux was Manager of Refined Products with United
Fuels International, Inc., an energy brokerage firm in
Waltham, Massachusetts.  He received his B.S. in Education
from Rhode Island College, R.I.

Financial Officer of the Registrant. Peter Ecob is the financial
officer of the General Partner.
Peter Ecob.  Mr. Ecob (born in 1949) has been Financial Officer
of the General Partner since May 2002.  Prior to joining the
General Partner, Mr. Ecob was Controller of Sea Mar Community
Health Centers, a non-profit health care provider in Washington State.
He received his B.A. and M.B.A. from the University of Washington
in Seattle, Washington.


The General Partner does not trade commodities for its own
account but its principals may.  Because of their
confidential nature, records of such trading will not be
available to Limited Partners for inspection.

There have been no material criminal, civil or
administrative actions during the preceding five years or
ever against the General Partner or its principal.

Audit Committee Financial Expert

The Board of Directors of Everest Asset Management, Inc.
has determined that Peter Lamoureux, President, Treasurer
and Secretary of the General Partner, qualifies as an audit
committee financial expert in accordance with the
applicable rules and regulations of the U.S. Securities and
Exchange Commission.  Mr. Lamoureux is not "independent" as
that term is defined in Item 7(a)(3)(iv) of Schedule 14A
under the Exchange Act.

Code of Ethics

The General Partner has adopted a code of ethics for its
chief executive officer and persons performing similar
functions.  A copy of the General Partner's code of ethics
may be obtained at no charge by written request to Everest
Asset Management, Inc., 1100 North 4th Street, Suite 143,
Fairfield, Iowa 52356 or by calling 641-472-5500.


Item 11.  Executive Compensation.

The Partnership has no directors or executive officers.  As
a limited partnership, the business of the Partnership is
managed by its General Partner which is responsible for the
administration of the business affairs of the Partnership
and receives the compensation described in Item 1
"Business" hereof. The officers and directors of the
General Partner receive no compensation from the
Partnership for acting in their respective capacities with
the General Partner.

The General Partner is the manager of the Partnership. General Partner
receives .05% management fees monthly.

Item 12.  Security Ownership of Certain Owners and
Management and Related Stockholder Matters.

          (a)  As of December 31, 2008 there were two partners
known to the Partnership to own beneficially more than 5%
of the outstanding Units:
RBRF Limited Partnership  5.24%
Alan L Schoolcraft  15.14%

          (b) As of December 31, 2008, management ownership
was:  by  Peter Lamoureux  with 45.69336 class A units. This
represents 0.9248% of class A units of the Partnership.

        (c) As of December 31, 2008, no arrangements were
known to the Partnership, including no pledge by any person
of Units of the Partnership or shares of the General
Partner or the affiliates of the General Partners, such
that a change in control of the Partnership may occur at a
subsequent date.

Item 13.  Certain Relationships and Related Transactions.

          (a)    None other than the compensation
arrangements described herein.

          (b)    None.

             (c)    None.

The Partnership filed Registration Statements on Form S-18
and Form 10, therefore this information is not required to
be included.

Item 14.  Principal Accounting Fees and Services

Audit Fees

For the year ended December 31,2008 the aggregate fee
billed by McGladrey and Pullen, LLP, Independent
Registered Public Accountant, for professional services
rendered for the audit of the financial statements included
in this annual report was $55,000.
                                  .
For the year ended December 31,2007 the aggregate fee
billed by McGladrey and Pullen, LLP, Independent
Registered Public Accountant, for professional services
rendered for the audit of the financial statements included
in this annual report was $20,000.                                     .


For the year ended December 31,2007 the aggregate fee
billed by Ryan and Juraska, Certified Public accountants,
for professional services rendered for the audit of the
financial statements included in this annual report was
$17,500.        .


Audit Related Fees

 None.

Tax Fees


The audit committee pre-approved all fees for the
Everest Partnership, L.P. for fiscal year 2008 and 2007.

For the year ended December 31, 2008, the aggregate fees
billed by RSM McGladrey, Inc.( an associated entity of
McGladrey & Pullen, LLP) for federal and state tax return
preparation totaled $20,000.

For the year ended December 31, 2007 the aggregate fees
billed by Ryan and Juraska, Certified Public accountants,
for federal and state tax return preparation totaled
$20,000.


All Other Fees

None.




Part IV


Item 15.  Exhibits, Financial Statement, Schedules.

     (a) The following documents are included herein:

         (1)     Financial Statements:

                 	a. Report of Independent Registered
Public Accounting Firm:
McGladrey & Pullen for 2008 and 2007
Spicer Jeffries for 2006

b. Statements of Financial Condition, December 31, 2008,
2007 and  2006.

c. Schedule of Investments, December 31, 2008

d. Schedule of Investments, December 31, 2007

e. Statements of Operations, Years Ended December 31, 2008
2007 and 2006.

f. Statements of Changes in Partners' Capital, Years Ended
December 31, 2008, 2007 and 2006 .

g. Statements of Cash Flows, Years Ended December 31, 2008,
2007 and 2006.

Notes to Financial Statements.

Acknowledgment


  (2)  All financial statement schedules have been omitted
because the information required by the schedules is not
applicable, or because the information required is
contained in the financial statements included herein or
the notes thereto.

        (3)  Exhibits:

                See the Index to Exhibits annexed hereto.

See form 8-K


Exhibits:

		    See The Index to Exhibits annexed hereto.

	(c)	Financial Statement Schedules

		None.

                        SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Partnership has duly
caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Date:	 April 15, 2009		The Everest Fund, L.P.


                              By:  Everest Asset Management, Inc.
                                        (General Partner)
                              By:  /s/ Peter Lamoureux
                              Peter Lamoureux, President
                              Secretary, Treasurer, and Director

Pursuant to the requirements of the Securities Exchange Act
of 1934, this report has been signed below by the following
persons on behalf of the Partnership and in the capacities
and on the date indicated.

Date:	April 15, 2009

                            By:  /s/ Peter Lamoureux
                            Peter Lamoureux, President,
                            Secretary, Treasurer, and
Director
                           Index to Exhibits:

Exhibit
No.             Description



3.4      Amended and Restated Agreement of Limited
Partnership dated as of May 1, 1995.

Advisory Contract between the Partnership, the General
         Partner and John W. Henry & Company, Inc. dated
         December 1, 1990.

10.6	   Amendment to Advisory Contract between the
Partnership, the General Partner and John W. Henry &
Company, Inc. dated April 1, 1995.

10.9	   Certificate of Limited Partnership for Everest
Futures Fund II L.P. dated March 15, 1996.


 Limited Partnership Agreement for Everest Futures Fund
         II L.P. dated as of March 29, 1996.

Confidential Private Placement Memorandum and Disclosure
         Document dated August 21, 1996.



Notes to the Exhibits:

Exhibits 3.4, 10.5, 10.6, 10.9, 10.10 and 28.1 are
incorporated by reference to the Partnership's Form 10
accepted on September 19, 1996.

The Exhibits referenced above bear the exhibit numbers
corresponding to those indicated in the Partnership's
Registration Statements.

Number of Attached Exhibits

None.


Yours truly,


Peter Lamoureux
President


39

73

EVEREST FUND, L.P.
 (An Iowa Limited Partnership)

ACKNOWLEDGEMENT
119







                      THE EVEREST FUND, L.P.
                 (an Iowa Limited Partnership)

                      TABLE OF CONTENTS
             Years Ended December 31, 2008 and 2007
                   ______________________________



                                                  Page(s)


Report of Independent Registered Public Accounting Firm
			                                2

Financial Statements

  Statements of Financial Condition
							 3

  Condensed Schedules of Investments
						        4-5

  Statements of Operations
							6

  Statements of Changes in Partners' Capital
					                7-8

  Statements of Cash Flows
						        9

  Notes to Financial Statements
							10-21






  REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




To the General Partner of
The Everest Fund, L.P.


We have audited the accompanying statements of financial condition,
including the condensed schedules of investments, of The Everest
Fund, L.P. (the "Partnership") as of December  31, 2008 and 2007,
and the related statements of operations, changes in partners'
capital (net asset value) and cash flows for each of the two years
in the period ended December 31, 2008. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States).  Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of The
Everest Fund, L.P. as of December 31, 2008 and 2007, and the
results of its operations, its cash flows and changes in its
partners' capital (net asset value) for each of the two years in
the period ended December 31, 2008, in conformity with U.S.
generally accepted accounting principles.

We were not engaged to examine management's assessment of the
effectiveness of The Everest Fund, L.P. internal control over
financial reporting as of December 31, 2008, included in the
accompanying Management's Annual Report on Internal Control over
Financial Reporting and, accordingly,  we do not express an
opinion thereon.


/S/ McGladrey & Pullen, LLP


Chicago, Illinois
March 30, 2009





                       THE EVEREST FUND, L.P.
                   (an Iowa Limited Partnership)

                 STATEMENTS OF FINANCIAL CONDITION
                    December 31, 2008 and 2007
                   ______________________________


                                  ASSETS


 	                                    2008	2007
Equity in broker trading accounts
Cash and cash equivalents		$19,223,344   $10,886,787
Net unrealized gain on open contracts	    659,646	  282,372
			                -----------   -----------
	                                 19,882,990    11,169,159

Cash and cash equivalents	             42,444	  761,476
Interest receivable		             19,985	   45,406
			                -----------   -----------
Total assets                            $19,945,419   $11,976,041
                                        ===========   ===========




LIABILITIES AND PARTNERS' CAPITAL (NET ASSETS)

Liabilities
  Management fees payable                    26,278        13,855
  Advisor Incentive fees payable            885,100
  Brokerage commissions and fees payable     87,955        50,840
  Accounts payable and accrued expenses      99,809        93,067
  Redemptions payable                       132,882       125,272
                                          ----------   -----------
                                          1,232,024       283,034
                                          ----------   -----------

Partners' Capital (Net Assets)

Limited partners, A shares -4,940.65 and
4,793.61 units outstanding, respectively  18,713,395    11,693,007
                                          ----------   -----------


Total liabilities and partners'
capital (net assets)m                    $19,945,419   $11,976,041
                                         ===========   ===========







The accompanying notes are an integral part of these financial statements.


                     THE EVEREST FUND, L.P.
                  (an Iowa Limited Partnership)

                CONDENSED SCHEDULE OF INVESTMENTS
                      December 31, 2008
                  _____________________________


                                                                  Unrealized
                                                    Percent of    Gain (Loss)
                         Expiration  Number         Partners'     On Open
                         Date        of Contracts   Capital       Contracts
                        ___________  ____________  ____________   __________
Long U.S. Futures Contracts
  Interest rates            Mar09 - Sept09    135      2.73 %        $513,553
  Metals                       Feb 09         6        0.13            23,440
  Agriculture                  Mar 09         6        0.00 %           (475)
  Currencies                Mar 09 - Dec 09   79       0.20 %          36,638
                                                      ----------   ----------
    Total Long Futures Contracts                       3.06 %         573,156
                                                      ----------   ----------


Short U.S. Futures Contracts
   Interest rates              Mar 09         4         (0.01)%       (1,563)
   Energy                   Mar09 - April09   48         0.26          48,923
   Agriculture                 Mar 09         56         0.15 %        28,206
   Currencies                  Mar 09         16         0.06 %        10,800
   Indices                     Mar 09         1          0.00 %           124
                                                       ---------   -----------
     Total Short Futures Contracts                       0.46 %        86,490
                                                       ---------   -----------


Total Futures Contracts                                  3.52 %       $659,646
                                                       ==========  ============



The accompanying notes are an integral part of these financial statements.

















                   THE EVEREST FUND, L.P.
                 (an Iowa Limited Partnership)

                CONDENSED SCHEDULE OF INVESTMENTS
                     December 31, 2007
                   __________________________


                                                                    Unrealized
                                                     Percent of     Gain (Loss)
                          Expiration   Number        Partners'      On Open
                          Date         of Contracts  Capital        Contracts
                         ___________  ____________   ___________    ___________
Long U.S. Futures Contracts
     Currency                  Dec 08        30         0.22 %      $26,250
     Agriculture               Mar 08        189        1.65 %      192,168
     Interest Rates            Mar 08        59        (0.46)%      (53,980)
     Metals                  Feb08-Mar08     22         0.03 %        4,000
     Energy                  Mar08-Apr08     50         1.58 %      184,569
                                                      --------     ---------
       Total Long Futures Contracts                     3.02 %        353,007
                                                      ---------    ---------
Short U.S. Futures Contracts
   Interest Rates            Mar08-Sep08              (0.19)%      (22,448)
   Petroleum                   Mar 08                   .08 %        9,250
                                                      ---------    ---------
      Total Short Futures Contracts                   (0.11)%      (13,198)
                                                      ---------    ---------
      Total Futures Contracts                          2.91 %      339,809
                                                      ---------    ---------


Long U.S. Forward Contracts
   Currency                    Mar 08                  0.46 %       53,396
                                                      ---------    ---------
     Total Long Forward Contracts                      0.46 %       53,396
                                                      ---------    ---------


Short U.S. Forward Contracts
   Currency                    Mar 08                 (0.95)%     (110,833)
                                                      ---------    ---------
    Total Short Forward Contracts                     (0.95)%     (110,833)
                                                      ---------    ---------
    Total Forward Contracts                           (0.49)%      (57,437)
                                                      ---------    ---------
Total Futures and Forward Contracts                    2.42 %     $282,372
                                                      ---------    ---------







The accompanying notes are an integral part of these financial statements.











               THE EVEREST FUND, L.P.
            (an Iowa Limited Partnership)

              STATEMENTS OF OPERATIONS
          Years Ended December 31, 2008 and 2007
               ________________________



                                      2008		2007
                                   -----------        -----------
Trading gains (losses)

  Net gain (loss) from trading
  Realized                         $8,926,247         $2,590,992
  Change in unrealized                377,274            (46,282)
  Foreign currency translation        (65,372)            18,975
                                   -----------        -----------
                                    9,238,149          2,563,685
Less:brokerage commissions and fees   (46,283)          (126,081)
Net trading gain                    9,191,866          2,437,604
                                   -----------        -----------




Net Investment Income (loss)

Income
   Interest income                   448,528            628,662
   Dividend income                       876             29,098
   Gain on sale of Refco receivable      -            1,664,824
   Other income                        3,845               -
                                    ---------         -----------
                                     453,249          2,322,584
                                    ---------         -----------
Expenses
  General Partner management fees    820,394            548,389
  Advisor management fees            231,992            255,844
  Advisor incentive fees           1,651,810                -
  Professional fees                  111,284            156,857
  Administrative expenses             33,315             33,620
                                   ----------         -----------
   Total expenses                  2,848,795            994,710
                                   ----------         -----------

Net investment income (loss)      (2,395,546)         1,327,874
                                   ----------         -----------
Net Income                        $6,796,320         $3,765,478
                                   ----------         -----------


Net income per unit of partnership interest
outstanding for the entire year:
  Class A Units                    $1,348.35           $522.26
  Class I Units                        -               $630.86
  Class AA Units                       -             $2,703.69
  Class II Units                       -             $2,812.13
                                   -----------       ------------












The accompanying notes are an integral part of these financial statements.



               THE EVEREST FUND, L.P.
             (an Iowa Limited Partnership)

  STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSETS)

              Year Ended December 31, 2008
                _________________________



                                     Number of                  Net Asset
                                     Units          Amount      Value Per
      Class A Units                                             Unit
      ---------------
Partners' Capital,December 31,2007   4,793.61     $11,693,007

   Additions                         1,173.08       3,356,910
   Redemptions                      (1,026.04)     (3,099,704)
   Offering costs                        -            (33,138)
   Net income                            -          6,796,320
                                    -----------   ------------
Partners' Capital,December 31,2008   4,940.65     $18,713,395   $3,787.64
                                    -----------   ------------  ----------
























The accompanying notes are an integral part of these financial statements.




               THE EVEREST FUND, L.P.
             (an Iowa Limited Partnership)

   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSETS)

             Year ended December 31, 2007
               ________________________


                                     Number of                  Net Asset
                                     Units          Amount      Value Per
      Class A Units                                             Unit
      ---------------
Partners' Capital,December 31,2006    7,712.69     $14,785,460
    Additions                            25.51          50,000
    Redemptions                      (3,520.97)     (6,375,499)
    Transfers between classes           576.38       1,235,725
    Offering costs                        -              (495)
    Net income                            -          1,997,816
                                     -----------   ------------
Partners' Capital,December 31,2007    4,793.61     $11,693,007   $2,439.29
                                     -----------   ------------  ---------
     Class I Units
     ---------------
Partners' Capital,December 31,2006      932.14      $1,930,473
    Additions                            23.78          50,000
    Redemptions                        (993.87)     (2,197,979)
    Transfers between classes            37.95          75,760
    Offering costs                         -            (1,448)
    Net income                             -           143,194
                                     -----------   ------------
Partners' Capital,December 31,2007         -            $-            $-
                                     -----------   ------------   --------
   Class AA Units
   ---------------
Partners' Capital,December 31,2006    1,786.21      $1,792,866
   Redemptions                       (1,066.54)     (2,016,751)
   Transfers between classes           (719.67)     (1,235,725)
   Net income                              -         1,459,610
                                     ------------  -------------
Partners' Capital,December 31,2007         -            $-            $-
                                     ------------  -------------  --------
   Class II Units
   ---------------
Partners' Capital,December 31,2006      193.97        $202,499
   Redemptions                         (121.11)       (291,597)
   Transfers between classes            (72.86)        (75,760)
   Net income                                          164,858
                                     ------------  -------------
Partners' Capital,December 31,2007         -            $-            $-
                                     ------------  -------------  --------
   Total - All Units
   ------------------
Partners' Capital,December 31,2006    10,625.01      $18,711,298
   Additions                              49.29          100,000
   Redemptions                        (5,702.49)     (10,881,826)
   Transfers between classes            (178.20)          -
   Offering costs                                         (1,943)
   Net income                             -            3,765,478
                                      -----------  -------------
Partners' Capital, December 31, 2007    4,793.61     $11,693,007   $2,439.29
                                      -----------  -------------  ----------

The accompanying notes are an integral part of these financial statements.







          THE EVEREST FUND, L.P.
        (an Iowa Limited Partnership)

          STATEMENTS OF CASH FLOWS
    Year ended December 31, 2008 and 2007
        ________________________________





                                           2008        2007
                                        ----------  ----------
Operating activities
  Net income                            $6,796,320   $3,765,478
   Adjustments to reconcile net income
   to net cash provided by operating
   activities:
    Net change in unrealized gain (loss)
     on open contracts                   (377,274)      46,282

    Decrease in receivable from Refco
       Capital Markets, Ltd.                          1,627,407
    Decrease in interest receivable        25,421        48,680
    Increase in incentive fees payable    885,100          -
    Increase in brokerage commissions
       and fees payable                    37,115        50,840
    Increase (Decrease) in management
        fees payable                       12,423       (17,431)
   (Decrease) in payable to the General
        Partner                              -          (72,484)
    Increase in accounts payable and
        accrued expenses                    7,080        37,305
                                         ----------   ------------
  Net cash provided by operating
        activities                       7,386,185     5,486,077
                                         ----------   ------------

Financing activities
   Partner additions of units, net
       offering cost                     3,323,772         98,057
   Redemptions                          (3,092,432)   (11,654,482)
                                        -----------   ------------
Net cash provided by (used in) financing
     activities                            231,340    (11,556,425)
                                        -----------   ------------

Net increase (decrease) in cash and
    cash equivalents                     7,617,525     (6,070,348)
                                        -----------   ------------

Cash and cash equivalents
   Beginning of year                    11,648,263     17,718,611
                                        -----------   ------------
   End of year                          19,265,788     11,648,263
                                        ===========   ============

End of year cash and cash equivalents consist of:
   Cash in broker trading accounts      19,223,344     10,886,787
   Cash and cash equivalents                42,444        761,476
                                        -----------   ------------
Cash and cash equivalents, end of year $19,265,788    $11,648,263
                                       ============  ==============

Supplemental schedule of noncash investing
 and financing activities
    Redemptions payable	                  $132,882       $125,610








The accompanying notes are an integral part of these financial statements.


               THE EVEREST FUND, L.P.
            (an Iowa Limited Partnership)

             NOTES TO FINANCIAL STATEMENTS
          Years Ended December 31, 2008 and 2007
          _____________________________________



1.	Organization and Business

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.

Effective June 4, 2004, the Partnership introduced a new share category,
Class I Units or Institutional Units which have an ongoing Offering and
Organization fee of 1/12 of 0.10% of the NAV per unit (as defined) per
month. The private placement offering is continuing at a gross
subscription price per unit equal to net asset value per unit, plus an
organization and offering cost reimbursement to the General Partner,
and an on going compensation fee equal to 1% of the net asset value of
Class I Units sold.  Effective December 31, 2007, Class I Units were
terminated.

Pursuant to the discussion in Note 4, the Partnership had Class AA and
II Units which are fully redeemed and terminated as of December 31, 2007.

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
toss, 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.



                THE EVEREST FUND, L.P.
             (an Iowa Limited Partnership)

              NOTES TO FINANCIAL STATEMENTS
           Years Ended December 31, 2008 and 2007
                 _______________________


2.	Summary of Significant Accounting Policies, continued

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 Statement of Financial Accounting Standards
No. 150, Accounting for Certain Financial Instruments with Characteristics
of both Liabilities and Equity ("SFAS 150"), 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.

Reclassifications
Certain amounts in the 2007 financial statements have been reclassified
to conform to the 2008 year classifications.

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
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.  The 2005 through
2008 tax years generally remain subject to examination by U.S. federal
and most state tax authorities.


              THE EVEREST FUND, L.P.
          (an Iowa Limited Partnership)

          NOTES TO FINANCIAL STATEMENTS
      Years Ended December 31, 2008 and 2007
         ________________________________


2.	Summary of Significant Accounting Policies, continued

Recently adopted accounting pronouncements
In April 2007 the FASB issued Interpretation No. 39-1, Amendment of FASB
Interpretation No. 39 ("FIN 39-1").  FIN 39-1 defines "right of setoff"
and specifies what conditions must be met for a derivative contract to
qualify for this right of setoff. It also addresses the applicability of
a right of setoff to derivative instruments and clarifies the circumstances
in which it is appropriate to offset amounts recognized for multiple
derivative instruments executed with the same counterparty under a master
netting arrangement and fair value amounts recognized for the right to
reclaim cash collateral (a receivable) or the obligation to return cash
collateral (a payable) arising from the same master netting arrangement
as the derivative instruments. This interpretation is effective for fiscal
years beginning after November 15, 2007. The adoption of FIN 39-1 did not
have a material impact on the Partnership's financial statements.

In January 2007, the Partnership adopted the Financial Accounting Standards
Board Interpretation No No. 48, Accounting for Uncertainty in Income Taxes
(FIN 48).  FIN 48 clarifies the accounting for uncertainty in income taxes
recognized in an enterprise's financial statements in accordance with
Statement No. 109, Accounting for Income Taxes.  FIN 48 prescribes a
recognition threshold and measurement attribute for the financial statement
recognition and measurement of a tax position taken or expected to be taken
in a tax return.  FIN 48 also provides guidance on derecognition of tax
benefits, classification on the balance sheet, interest and penalties,
accounting in interim periods, disclosure, and transition. Adoption of FIN
48 did not have a material effect on the Partnership's financial position
or results of operations.

Recent accounting pronouncements
In March 2008, the FASB issued SFAS No. 161, Disclosure about Derivative
Instruments and Hedging Activities, an Amendment of FASB Statement No. 133
("SFAS No. 161"). SFAS No. 161 is intended to improve transparency in
financial reporting by requiring enhanced disclosures of an entity's
derivative instruments and hedging activities and their effects on the
entity's financial position, financial performance, and cash flows. SFAS No.
161 applies to all derivative instruments within the scope of SFAS No. 133.
It also applies to non-derivative hedging instruments and all hedged items
designated and qualifying as hedges under SFAS No. 133. SFAS No. 161 amends
the current qualitative and quantitative disclosure requirements for
derivative instruments and hedging activities set forth in SFAS No. 133
and generally increases the level of disaggregation that will be required in
an entity's financial statements. SFAS No. 161 requires qualitative
disclosures about objectives and strategies for using derivatives,
quantitative disclosures about fair value amounts of gains and losses on
derivative instruments, and disclosures about credit-risk related contingent
features in derivative agreements. SFAS No. 161 is effective prospectively
for financial statements issued for fiscal years and interim periods beginning
after November 15, 2008.


              THE EVEREST FUND, L.P.
         (an Iowa Limited Partnership)

          NOTES TO FINANCIAL STATEMENTS
      Years Ended December 31, 2008 and 2007
      ____________________________________

3.	Fair Value of Financial Instruments

Effective January 1, 2008, the Partnership adopted Statement of Financial
Accounting Standard No. 157, Fair Value Measurement (SFAS 157), issued by
the FASB.  SFAS No. 157 defines fair value 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 and sets
out a fair value hierarchy.  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).  Inputs are broadly defined under SFAS 157 as assumptions
market participants would use in pricing an asset or liability. The three
levels of the fair value hierarchy under SFAS 157 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 following section describes the valuation techniques used by the
Partnership to measure different financial instruments at fair value and
includes the level within the fair value hierarchy in which the financial
instrument is categorized. 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. These
financial instruments are classified in Level 1 of the fair value hierarchy.



           THE EVEREST FUND, L.P.
        (an Iowa Limited Partnership)

        NOTES TO FINANCIAL STATEMENTS
       Years Ended December 31, 2008 and 2007
        ________________________________


3.	Fair Value of Financial Instruments, continued

The following table presents the Partnership's fair value hierarchy for those
assets and liabilities measured at fair value on a recurring basis as of
December 31, 2008:




                                    Fair Value Measurements Using
                                     -----------------------------
                               Quoted Prices in    Significant     Significant
                               Active Markets for  Other           Unobservable
                               Identical Assets   Observable Inputs  Inputs
                       Total    (Level I)           (Level II)      (Level III)
                     --------- ----------------  ----------------   ----------
Assets
 Cash and equivalents   $18,547,687  $  18,547,687      $      -      $   -
                       ------------  --------------

Investments
  Long Futures
    Contracts               573,156        573,156

  Short Futures
    Contracts                86,490         86,490
                       ------------  --------------
                            659,646        659,646         -             -
                       ------------  --------------  -------------  -----------

Total assets at fair
value                  $ 19,207,333    $19,207,333         $  -        $   -
                       ------------  --------------  -------------  -----------


4.	Receivable from Refco Capital Markets, Ltd.

On October 13, 2005, Refco, Inc. ("Refco'') announced that liquidity within
one of its operating subsidiaries, Refco Capital Markets, Ltd. ("RCM''), was
no longer sufficient to continue operations and that RCM was imposing a
fifteen day moratorium on all of its activities in an attempt to protect the
value of that business. RCM acted as the Partnership's foreign currency
broker at that time and at such date, approximately 20% of the Partnership's
assets were held on deposit in accounts at RCM.

On October 17, 2005, Refco and certain subsidiaries filed a bankruptcy
petition in New York seeking protection from creditors under Chapter 11 of
the United States Bankruptcy Code.  RCM was included in this filing and as a
result, all of the dealings with RCM are subject to control by the Bankruptcy
Court.  In connection with the bankruptcy, the president of the General
Partner was appointed to the Official Creditors Committee on October 28, 2005.
Based on information provided to the Partnership by RCM, the Partnership had
cash and open trade equity in neutral currency positions of approximately
$7,500,000 remaining at RCM at October 31, 2005.




         THE EVEREST FUND, L.P.
      (an Iowa Limited Partnership)

      NOTES TO FINANCIAL STATEMENTS
  Years Ended December 31, 2008 and 2007
        __________________________


4.	Receivable from Refco Capital Markets, Ltd., continued

Due to the above, effective October 31, 2005, the Partnership has created
Classes AA and  II of shares and transferred to such classes the value of
Partnership assets held at RCM as of October 17, 2005, together with a
reserve for the estimated expenses of collection and related matters.
The amount of such assets which will become available to the Partnership,
if any, is dependent on several matters associated with the bankruptcy
of RCM.  Depending on the disposition of these matters, the final net
asset value may differ materially from the preliminary amounts which the
Partnership has published since October 31, 2005.  Redemptions of Classes
AA and II are restricted until the final net asset value can be determined.
Subsequent to October 31, 2005, redemptions and certain fees were
calculated and paid on the net asset value of Class A and Class I units
only, thus segregating the assets held by RCM and the reserve established
in connection with the RCM legal proceedings.

On September 30, 2006 the Partnership reduced the value of the Class AA
and Class III assets to 40% of the amounts of assets held at RCM,
resulting in a remaining balance of $2,992,933.  On December 28, 2006,
the Partnership received the first in a series of anticipated distributions
in the RCM bankruptcy of $1,365,526, representing  approximately 18% and
46% of the original and reduced frozen asset balances, respectively.
Checks were mailed for the benefit of any investors who had redeemed
prior to the distribution receipt.

During the year ended December 31, 2007, the Partnership received an
additional anticipated distribution in the Refco matter in the amount
of $1,379,747, representing approximately 18% and 46% of the original
and reduced frozen asset balances, respectively, in October 2005.
On December 14, 2007, the Partnership sold its claim of the remaining
Refco receivable and received an additional sum of $1,912,484, and
recognized a realized gain of $1,664,824 on the sale. This brings the
total recovery from 36.69% to 62.25% of the original frozen asset
balance, and ends the Refco recovery effort.  Upon the final sale of
the Refco receivable, Class AA and II Units were terminated.

5.	Limited Partnership 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 6).




           THE EVEREST FUND, L.P.
         (an Iowa Limited Partnership)

         NOTES TO FINANCIAL STATEMENTS
     Years Ended December 31, 2008 and 2007
       _________________________________



5.	Limited Partnership Agreement, continued

Subject to restrictions on the redemption of Series AA and Series II units
by existing investors as mentioned above, 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
Partnership, (for Class I Units, as of the end of any quarter on forty-five
days' notice), or such lesser period as is acceptable to the Partnership.
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.

As of December 31, 2008, the Partnership did not have any Series AA, Series
I and Series II units outstanding.

6.	Agreements and Related Party Transactions

John W. Henry & Company, Inc. (JWH) serves as the Partnership's commodity
trading advisor.  JWH 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 JWH 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.

Effective June 2004, the General Partner charges the Partnership a monthly
management fee equal to 0.229% of the Partnership's Class I 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 EVEREST FUND, L.P.
          (an Iowa Limited Partnership)

           NOTES TO FINANCIAL STATEMENTS
      Years Ended December 31, 2008 and 2007
           _____________________________



6.	Agreements and Related Party Transactions, continued

Beginning in mid-October 2005, the Partnership engaged Calyon Financial, Inc.
("CFI'') as the Partnership's futures and options on futures broker, and
engaged, Calyon Financial, SNC ("CFS'') as the Partnership's foreign currency
or forwards currency broker, (collectively referred to as the "Clearing
Brokers'').  On January 2, 2008 Calyon Financial, Inc. and SNC changed
their company title to Newedge Financial, Inc. Newedge Financial, Inc. further
changed their name to Newedge USA, LLC, as a result of a merger on September
1, 2008 between Newedge Financial, Inc. and Newedge USA, LLC. The agreements
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 NFA 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 Brokers at a rate equal to the average
91-day Treasury Bill rate for US Treasury Bills issued during that month.

The Partnership has also entered into an investment advisory agreement with
Horizon Cash Management L.L.C. ("HCM'').  At December 31, 2008 and 2007
approximately 93% and 89%, respectively of the partnership's capital were
funds deposited with a commercial bank and invested under the direction of
HCM. HCM receives a monthly cash management fee equal to 1/12 of .25%
(.25% annually) of the average daily assets under management if the accrued
monthly interest income earned on the Partnership's assets managed by HCM
exceeds the 91-day U.S. Treasury bill rate.




           THE EVEREST FUND, L.P.
         (an Iowa Limited Partnership)

         NOTES TO FINANCIAL STATEMENTS
     Years Ended December 31, 2008 and 2007
       __________________________________



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.




          THE EVEREST FUND, L.P.
        (an Iowa Limited Partnership)

         NOTES TO FINANCIAL STATEMENTS
     Years Ended December 31, 2008 and 2007
       ________________________________



7.	Financial Instruments, Off-Balance Sheet Risks and Contingencies,
continued

The unrealized gain (loss) on open futures and forward contracts
is comprised of the following:




                                                    2008
                                       --------------------------------------
                                            Futures       Forwards     Total
                                       ---------------  -------------  --------
Gross unrealized gains                    $573,631        $88,053      $661,684
Gross unrealized losses                       (475)        (1,563)       (2,038)
                                       ---------------  -------------  ---------
Net unrealized gains (losses)             $573,156        $86,490      $659,646


                                                    2007
                                       ---------------------------------------
                                            Futures       Forwards     Total
                                       ---------------  -------------  --------

Gross unrealized gains                     $416,237       $53,396      $469,633
Gross unrealized losses                     (76,428)      (110,833)    (187,261)
                                       ---------------  -------------  ---------
Net unrealized gains (losses)              $339,809       $(57,437)    $282,372
                                       ===============  =============  =========

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 clearing
broker 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.




         THE EVEREST FUND, L.P.
       (an Iowa Limited Partnership)

        NOTES TO FINANCIAL STATEMENTS
          __________________________



8.	Financial Highlights

The following financial highlights show the Partnership's financial
performance for the years ended December 31, 2008 and 2007.



                                            2007
                                    -------------------------------------------
                                   Class A     Class I    Class AA    Class II
                                 -----------  ----------  ---------   ---------
Total return before distributions*  27.24 %     30.46%      269.37%    269.37%
                                 =========== ===========  ==========  =========
Ratio to average net assets:
   Net investment income             4.76 %      5.50%      142.18%    137.56%
                                 =========== ===========  ==========  ========
   Management fees                   7.24 %      2.32%        0.00%      0.00%
   Other expenses                    1.94 %      1.13%        5.83%      5.64%
                                 ----------- -----------  ----------  --------
   Total expenses                    9.18 %      5.21%        5.83%      5.64%



                                      2008
                                   ---------------
                                     Class A
                                   ---------------
Total return before distributions*    55.28 %
                                   ===============
Ratio to average net assets:
      Net investment loss            (17.72)%
                                   ===============
      Management fees                  5.75 %
      Incentive fees                  11.58 %
      Other expenses                   2.64 %
                                   ---------------
      Total expenses                  19.97 %
                                   ===============


(*)	Total return is calculated for all shareholders throughout the year.
An individual shareholder's return may vary from these returns based on the
timing of share transactions.



               THE EVEREST FUND, L.P.
           (an Iowa Limited Partnership)

             NOTES TO FINANCIAL STATEMENTS
                ________________________



8.	Financial Highlights, continued

Per Unit Performance:
(for unites outstanding through the entire period)


                                  Class A     Class I     Class AA    Class II
                                 ----------- -----------  ----------  ---------
Net asset value - December 31,2006 $1,917.03   $2,071.02   $1,003.73  $1,043.98
                                 ----------- -----------  ----------  ---------
  Total income                        669.70       719.70   2,784.72   2,896.41
  Total expenses                     (147.44)      (88.84)   (81.03)    (84.28)
                                 ----------- -----------  ----------  ---------
Increase in net assets                522.26       630.86   2,703.69   2,812.13
                                 ----------- -----------  ----------  ---------


Net asset value - December 31,2007
    (before final redemptions)**   $2,439.29   $2,701.88  $3,707.42   $3,856.11
                                 ===========  ==========  ========== ==========

Net asset value - December 31,2007  $2,439.29
                                   -----------
   Total income                      1,911.61
   Total expenses                     (563.26)
                                   -----------
Increase in net assets                1,348.35
                                   -----------
Net asset value - December 31, 2008
    (before final redemptions)**     $3,787.64
                                   ===========

















(**)	Total return is calculated for all shareholders throughout the year.
An individual shareholder's return may vary from these returns based on the
timing of share transactions.







		21










                                    EVEREST FUND, L.P.
                          (An Iowa Limited Partnership)
                              FINANCIAL STATEMENTS

                         YEARS ENDED DECEMBER 31, 2006,
                                  2005 AND 2004

<PAGE>

                               EVEREST FUND, L.P.
                          (An Iowa Limited Partnership)

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                            Page
                                                                            ----
<S>                                                                         <C>
Report of Independent Registered Public Accounting Firm                        2

Financial Statements and Schedules:
   Statements of Financial Condition, December 31, 2006 and 2005               3
   Condensed Schedule of Investments, December 31, 2006                        4
   Condensed Schedule of Investments, December 31, 2005                        5
   Statements of Operations, Years Ended December 31, 2006, 2005 and 2004      6
   Statements of Changes in Partners' Capital, Years Ended December
      31, 2006, 2005 and 2004                                                  7
   Statements of Cash flows, Years Ended December 31, 2006, 2005 and 2004      8

Notes to Financial Statements                                               9-15

Acknowledgement                                                               16
</TABLE>



<PAGE>

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Partners of Everest Fund, L.P.

We have audited the accompanying statements of financial condition, including
the condensed schedules of investments, of Everest Fund, L.P.
 (An Iowa Limited Partnership), ( the Partnership ) as of December
31 2006 and 2005 and the related statements of
operations,  changes in partners    capital and cash
flows for the years ended December 31, 2006, 2005 and 2004. These financial
 statements are the responsibility of the Partnership    s management. Our
responsibility is to express an opinion on these financial statements
based on our audits.

We conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that
 we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
 estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present
 fairly, in all material respects, the financial position of the
 Everest Fund, L.P. (An Iowa Limited Partnership) as of December
31 2006 and  2005  and the results of its operations and its
cash flows for the years ended December 31, 2006,  2005 and  2004,
 in conformity with accounting principles generally accepted in
 the United States of America.

         /s/ SPICER JEFFRIES LLP

Greenwood Village, Colorado
March 15, 2007


<PAGE>

                               EVEREST FUND, L.P.
                          (An Iowa Limited Partnership)

                        STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                                 DECEMBER 31, 2006   DECEMBER 31, 2005
                                                                 -----------------   -----------------
<S>                                                              <C>                 <C>
                            ASSETS
Cash and cash equivalents                                           $13,513,720         $21,483,743
Equity in commodity trading accounts:
   Cash                                                               4,204,891           4,102,121
   Net unrealized trading gains on open contracts                       328,654              31,920
Receivable from Refco Capital Markets, Ltd. (Note 1)                  1,627,407           7,482,332
Interest receivable                                                      94,086              92,364
                                                                    -----------         -----------
      TOTAL ASSETS                                                  $19,768,758         $33,192,480
                                                                    ===========         ===========
               LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
   Redemptions payable                                              $   898,266         $   426,556
   General partner management fee payable                                72,484             120,693
   Advisor's management fee payable                                      31,286              48,461
   Accrued expenses                                                      55,424              57,519
                                                                    -----------         -----------
      TOTAL LIABILITIES                                               1,057,460             653,229
                                                                    -----------         -----------
PARTNERS' CAPITAL
   Limited partners, A Shares (7,712.69 and 9,879.80 units
      outstanding)                                                   14,785,460          22,111,952
   Limited partners, I Shares (932.14 and 1,097.97 units
      outstanding)                                                    1,930,473           2,570,984
   Limited partners, AA Shares (1,786.21 and 3,008.60 units
      outstanding)                                                    1,792,866           7,059,021
   Limited partners, II Shares (193.97 and 326.71 units
      outstanding)                                                      202,499             797,294
                                                                    -----------         -----------
      TOTAL PARTNERS' CAPITAL                                        18,711,298          32,539,251
                                                                    -----------         -----------
      TOTAL LIABILITIES AND PARTNERS'
         CAPITAL                                                    $19,768,758         $33,192,480
                                                                    ===========         ===========
</TABLE>

The accompanying notes are an integral part of these statements.


                                                                               3
<PAGE>

                               EVEREST FUND, L.P.
                          (AN IOWA LIMITED PARTNERSHIP)

                        CONDENSED SCHEDULE OF INVESTMENTS
                                DECEMBER 31, 2006

<TABLE>
<CAPTION>
                                                                NUMBER OF   MARKET VALUE   % OF PARTNERS'
                                             EXPIRATION DATES   CONTRACTS       (OTE)          CAPITAL
                                             ----------------   ---------   ------------   --------------
<S>                                          <C>                <C>         <C>            <C>
LONG POSITIONS:
FUTURES POSITIONS
Interest rates                                Mar 07               307      $  (446,882)       -2.39%
Agriculture                                   Mar 07               123          148,138         0.79%
Currencies                                    Dec 07                66          (24,750)       -0.13%
Indices                                       Mar 07                56          108,409         0.58%
                                                                            -----------        -----
                                                                               (215,085)       -1.15%
FORWARD POSITIONS
Currencies                                    Mar 07                             54,606         0.29%
                                                                            -----------        -----
   Total long positions                                                        (160,479)       -0.86%
                                                                            -----------        -----
SHORT POSITIONS:
FUTURES POSITIONS
Interest rates                                Mar 07               332          111,773         0.60%
Metals                                        Feb 07 -Mar 07        67          (84,040)       -0.45%
Energy                                        Mar 07 - Apr 07       79          349,382         1.87%
Agriculture                                   Mar 07                65           11,887         0.06%
                                                                            -----------        -----
                                                                               389,002          2.08%
FORWARD POSITIONS
Currencies                                    Mar 07                            100,131         0.54%
                                                                            -----------        -----
   Total short positions                                                        489,133         2.62%
                                                                            -----------        -----
TOTAL OPEN CONTRACTS                                                            328,654         1.56%

CASH AND CASH EQUIVALENTS                                                    13,513,720        72.22%
CASH ON DEPOSIT WITH BROKERS                                                  4,204,891        22.47%
OTHER ASSETS IN EXCESS OF LIABILITIES                                           664,033         3.55%
                                                                            -----------        -----
NET ASSETS                                                                  $18,711,298         100%
                                                                            ===========        =====
</TABLE>

The accompanying notes are an integral part of this statement.
4



<PAGE>

                               EVEREST FUND, L.P.
                          (AN IOWA LIMITED PARTNERSHIP)

                        CONDENSED SCHEDULE OF INVESTMENTS
                                DECEMBER 31, 2005

<TABLE>
<CAPTION>
                                                                NUMBER OF   MARKET VALUE   % OF PARTNERS'
                                             EXPIRATION DATES   CONTRACTS       (OTE)          CAPITAL
                                             ----------------   ---------   ------------   --------------
<S>                                          <C>                <C>         <C>            <C>
LONG POSITIONS:
FUTURES POSITIONS
Interest rates                                Mar 06                40      $   113,116         0.35%
Metals                                        Feb 06 - Jun 06      136          377,690         1.16%
Energy                                        Mar 06                30         (768,992)       -2.36%
Agriculture                                   Mar 06               150          300,388         0.92%
Indices                                       Mar 06                30           25,020         0.08%
                                                                            -----------        -----
                                                                                 47,222         0.15%
FORWARD POSITIONS
Currencies                                    Mar 06                           (230,040)       -0.71%
                                                                            -----------        -----
   Total long positions                                                        (182,818)       -0.56%
                                                                            -----------        -----
SHORT POSITIONS:
FUTURES POSITIONS
Interest rates                                Mar 06 - Sep 06      315           25,628         0.08%
Energy                                        Mar 06                18           29,700         0.09%
Agriculture                                   Mar 06               284         (174,678)       -0.54%
Currencies                                    Dec 06                27            2,700         0.01%
Indices                                       Mar 06 - Sep 06      203         (102,822)       -0.32%
                                                                            -----------        -----
                                                                               (219,472)       -0.67%
FORWARD POSITIONS
Currencies                                    Mar 06                            434,210         1.33%
                                                                            -----------        -----
   Total short positions                                                        214,738         0.66%
                                                                            -----------        -----
TOTAL OPEN CONTRACTS                                                             31,920         0.10%

CASH AND CASH EQUIVALENTS                                                    21,483,743        66.02%
CASH ON DEPOSIT WITH BROKERS                                                  4,102,121        12.61%
OTHER ASSETS IN EXCESS OF LIABILITIES                                         6,921,467        21.27%
                                                                            -----------        -----
NET ASSETS                                                                  $32,539,251          100%
                                                                            ===========        =====
</TABLE>

The accompanying notes are an integral part of this statement.





                                                                               5
<PAGE>

                               EVEREST FUND, L.P.
                          (AN IOWA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
                    YEARS ENDED DECEMBER 31, 2006, 2005 AND 2004

<TABLE>
<CAPTION>
                                                         2006         2005          2004
                                                     -----------   ----------   -----------
<S>                                                  <C>           <C>          <C>
TRADING INCOME (LOSS)
Net realized trading gain (loss)
   on closed contracts                               $(2,229,567)  $ 1,646,959   $4,432,830
Change in net unrealized trading gain
  (loss) on open contracts                              296,734    (2,154,977)      492,388
Net foreign currency translation gain (loss)            18,636        (73,598)     (24,707)
Brokerage Commissions                                  (142,742)     (241,988)    (263,488)
                                                     -----------   ----------   -----------
   NET TRADING INCOME (LOSS)                          (2,056,939)    (823,604)    4,637,023

Interest income, net of cash management fees           939,630        988,314       461,372
                                                     -----------   ----------   -----------
   TOTAL INCOME                                       (1,117,309)     164,710     5,098,395
                                                     -----------   ----------   -----------

EXPENSES:
   General partner management fees                      1,026,037   1,686,472    1,664,314
   Advisor Management fees                                468,353     684,696      655,104
   Advisor Incentive fees                                      --          --      240,161
   Administrative expenses                                105,253      95,167       72,775
   Bad debt expense                                     4,489,400          --           --
                                                     ------------   ----------   -----------
   TOTAL EXPENSES                                    $ 6,089,043   $2,466,335   $ 2,632,354
                                                     -----------   ----------   -----------
NET INCOME                                           $(7,206,352) $(2,301,625)   $2,466,041
                                                     ===========   ==========   ===========

NET INCOME (LOSS) PER UNIT OF PARTNERSHIP INTEREST
   A SHARES, OUTSTANDING ENTIRE PERIOD                 $(321,07)   $(193.95)       $175.60
                                                     ===========   ==========   ===========

NET INCOME (LOSS) PER UNIT OF PARTNERSHIP INTEREST       Since Inception (June 4, 2004)
   I SHARES, OUTSTANDING ENTIRE PERIOD               $  (270.57)  $ (122.38 )      $365.10
                                                     ===========   ==========   ===========

NET LOSS PER UNIT OF PARTNERSHIP INTEREST
   AA SHARES, OUTSTANDING SINCE OCTOBER 31, 2005     $(1,342.55)    $(7.77)
                                                     ===========   =========

NET LOSS PER UNIT OF PARTNERSHIP INTEREST
   II SHARES, OUTSTANDING SINCE OCTOBER 31, 2005     $(1,396.40)    $(8.08)
                                                     ===========   =========
</TABLE>

The accompanying notes are an integral part of these statements.


                                                                               6

<PAGE>

                               EVEREST FUND, L.P.
                          (An Iowa Limited Partnership)

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                    YEARS ENDED DECEMBER 31, 2006, 2005, 2004

<TABLE>
<CAPTION>
                                                             GENERAL                LIMITED     GENERAL
                                   UNITS     LIMITED PTRS      PTR       UNITS       PTRS         PTR
                                 A SHARES      A SHARES     A SHARES   I SHARES    I SHARES    I SHARES
                                ----------   ------------   --------   --------   ----------   --------

BALANCES, December 31, 2003      14,828.99     33,459,902        938         --           --         --
Additional Units Sold             3,252.34      7,327,540         --      35.73       50,000     25,000
Redemptions                      (3,190.62)    (7,020,090)        --         --           --         --
Transfers Between Classes        (1,175.29)    (2,870,615)    (1,012)  1,162.53    2,870,615      1,012
Less Offering Costs                     --             --         --         --        (266)       (13)
Net Income                              --      2,459,839         74         --        1,767      4,361
                                ----------   ------------   --------   --------   ----------   --------
BALANCES, December 31, 2004      13,715.42     33,356,576         --   1,198.26    2,922,116     30,360
Additional Units Sold             2,232.26      5,071,517         --      18.31       41,315         --
Redemptions                      (2,722.22)    (6,248,050)        --    (117.93)    (252,522)   (27,328)
Transfers Between Classes        (3,345.66)    (7,869,117)        --      (0.67)     (13,214)        --
Less Offering Costs                     --        (50,213)        --         --       (2,891)        (5)
Net Loss                                --     (2,148,761)        --         --     (123,820)    (3,027)
                                ----------   ------------   --------   --------   ----------   --------
BALANCES, December 31, 2005       9,879.80   $ 22,111,952         --   1,097.97   $2,570,984         --
                                ==========   ============   ========   ========   ==========   ========
Additional Units Sold               573.14      1,239,000         --      32.17       75,000         --
Redemptions                      (3,139.34)    (6,866,488)        --    (246.40)    (554,414)        --
Transfers Between Classes           399.09        765,060        --      48.40       100,236         --
Less Offering Costs                     --        (12,268)        --         --       (2,202)        --
Net profit (loss)                       --     (2,451,796)        --         --     (259,131)        --
                                ----------   ------------   --------   --------   ----------   --------
BALANCES, December 31, 2006       7,712.69   $ 14,785,460         --     932.14   $1,930,473         --
                                ==========   ============   ========   ========   ==========   ========

Net asset value per unit,
   January 1, 2006                            $   2,238.10                         $ 2,341.59
Net profit (loss) per unit                        (321.07)                           (270.57)
                                             ------------                         ----------
Net asset value per unit
   December 31, 2006                         $    1,917.03                         $ 2,071.02
                                             =============                         ==========

<CAPTION>
                                  UNITS      LIMITED     UNITS    LIMITED
                                   AA        PTRS AA      II      PTRS II
                                 SHARES      SHARES     SHARES     SHARES        TOTAL
                                --------   ----------   ------   ---------   ------------
<S>                             <C>        <C>          <C>      <C>         <C>

BALANCES, December 31, 2003           --           --       --          --     33,460,840
                                      --           --       --          --      7,402,540
Additional Units Sold                 --           --       --          --     (7,020,090)
Redemptions                           --           --       --          --             --
Transfers Between Classes             --           --       --          --           (279)
Less Offering Costs                   --           --       --          --      2,466,041
Net Income                      --------   ----------   ------   ---------   ------------
                                      --           --       --          --     36,309,052
BALANCES, December 31, 2004           --           --       --          --      5,112,832
Additional Units Sold                 --           --       --          --     (6,527,899)
Redemptions                     3,008.60    7,082,398   326.71     799,934             --
Transfers Between Classes             --           --       --          --        (53,109)
Less Offering Costs                   --      (23,377)      --      (2,640)    (2,301,625)
Net Loss                        --------   ----------   ------   ---------   ------------

BALANCES, December 31, 2005     3,008.60   $7,059,021   326.71   $ 797,294   $ 32,539,251

Additional Units Sold                 --           --       --          --      1,314,000
Redemptions                      (460.01)    (461,886)   (36.73)   (38,343)   (7,921,131)
Transfers Between Classes        (762.22)    (765,060)   (96.01)  (100,236)            --
Less Offering Costs                   --           --       --          --       (14,470)
Net Loss                              --   (4,039,209)      --    (456,216)   (7,206,352)
                                 --------   ----------   ------   ---------   ------------

BALANCES, December 31, 2006     1,786.21   $1,792,866   193.97   $ 202,499   $ 18,711,298
                                ========   ==========   ======   =========   ============



Net asset value per unit,
   January 1, 2006                         $ 2,346.28            $2,440.38
Net profit (loss) per unit                 (1,342.55)           (1,396.40)
                                           ----------            ---------
Net asset value per unit
   December 31, 2006                       $ 1,003.73            $1,043.98
                                           ==========            =========
</TABLE>

The accompanying notes are an integral part of these statements.


                                                                               7
<PAGE>



                                  EVEREST FUND, L.P.
                          (An Iowa Limited Partnership)

                            STATEMENTS OF CASH FLOWS
                    YEARS ENDED DECEMBER 31, 2006, 2005, AND 2004

<TABLE>
<CAPTION>
                                                                        JANUARY 1, 2006    JANUARY 1, 2005   JANUARY 1, 2004
                                                                             THROUGH             THROUGH           THROUGH
                                                                      DECEMBER 31, 2006  DECEMBER 31, 2005  DECEMBER 31,2004
                                                                      -----------------   ----------------- ----------------
<S>                                                                      <C>                 <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                                     $ (7,206,352)      $  (2,301,625)      $  2,466,041
   Adjustments to reconcile net income (loss) to net cash
      (used in) operating activities:
      Bad debt expense                                                     4,489,400                 --                --
      Cash                                                                 (102,770)          5,788,203       (5,409, 641)
      Unrealized gain or loss on open commodity futures contracts          (296,734)          2,181,509          (543,274)
      Decrease (increase) in interest receivable                             (1,722)             30,495           (78,392)
      Increase in receivable from Refco Capital Markets, Ltd.              1,365,526         (7,482,332)               --
      (Decrease) increase in incentive fees payable                               --            (85,111)           85,111
      (Decrease) increase in management fees payable                        (17,175)            (10,684)            2,962
      Decrease in General partner management fees payable                   (48,209)            (20,758)           (1,868)
      (Decrease) increase in other accrued expenses                          (2,097)             10,200            16,615
                                                                        ------------        ------------      ------------
         NET CASH USED IN OPERATING ACTIVITIES                          (1,820,133)          (1,890,103)       (3,462,446)
                                                                        ------------        ------------      ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Redemption of partnership units                                       (7,449,420)          (6,584,843)      (7,435,360)

   Sale of partnership units, net                                         1,299,530            5,059,723        7,402,260
         NET CASH USED IN  FINANCING ACTIVITIES                          (6,149,890)         (1,525,120)         (33,100)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                     (7,970,023)         (3,415,223)      (3,495,546)
CASH AND CASH EQUIVALENTS, AT BEGINNING OF YEAR                          21,483,743          24,898,966         28,394,512
CASH AND CASH EQUIVALENTS, AT END OF YEAR                               $13,513,720        $ 21,483,743        $24,898,966
</TABLE>

The accompanying notes are an integral part of these statements


                                                                               8
<PAGE>




ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

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 on going 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.

Effective June 4, 2004, the Partnership introduced a new share
category, Class I Units or Institutional Units which have an
ongoing Offering and Organization fee of 1/12 of 0.10% of the
NAV per unit (as defined) per month. The private placement
offering is continuing at a gross subscription price per unit
 equal to net asset value per unit, plus an organization and
offering cost reimbursement to the General Partner, and an
on going compensation fee equal to 1% of the net asset value
 of Class I Units sold.

Receivable from Refco Capital Markets, Ltd.

On October 13, 2005, Refco, Inc. ( Refco ) announced that
liquidity within one of its operating subsidiaries, Refco
 Capital Markets, Ltd. ( RCM ), was no longer sufficient to
 continue operations and that RCM was imposing a fifteen
day moratorium on all of its activities in an attempt to
 protect the value of that business. RCM acted as the
Partnership s foreign currency broker at that time
and as of such date, approximately 20% of the
Partnership  s assets were held on deposit in accounts
at RCM.

On October 17, 2005, Refco and certain subsidiaries filed
a bankruptcy petition in New York seeking protection from
creditors under Chapter 11 of the United States Bankruptcy
 Code.  RCM was included in this filing and as a result,
 all of the dealings with RCM are subject to control by
the Bankruptcy Court.  In connection with the bankruptcy,
the president of the General Partner was appointed to the
Official Creditors Committee on October 28, 2005.  Based
on information provided to the Partnership by RCM, the
Partnership has cash and open trade equity in neutral
currency positions of approximately $7,500,000 remaining at RCM.

Due to the above, effective October 31, 2005, the Partnership
 has created  Classes AA and  II of shares and transferred to
such classes the value of Partnership assets held in RCM as
of October 17, 2005, together with a reserve for the estimated
 expenses of collection and related matters.  The amount of such
 assets which will become available to the Partnership, if any,
 is dependent on several matters associated with the bankruptcy
of RCM.  Depending on the disposition of these matters, the
final net asset value may differ materially from the preliminary
 amounts which the Partnership has published since October
31, 2005.  Redemptions of Classes AA and II are restricted
until the final net asset value can be determined. Subsequent
 to October 31, 2005, redemptions and certain fees will only
 be calculated and paid on the net asset value of Class A and
 Class I units, thus segregating the assets held by RCM and
the reserve established in connection with the RCM legal proceedings.

Based on the estimated recovery amounts which the Bankruptcy
 Court is being asked to approve, the General Partner as of
October 31, 2006 has reduced the value of the Class AA and
Class II assets to 40% of the amounts at which such assets
being held at Refco were valued as of October 17, 2005.
 This write down of $4,489,400 is a preliminary adjustment.
 The estimate could also be adjusted depending upon the
outcome of the processing of valid claims in the bankruptcy
litigation. Beyond the initial recovery estimate, there are
expected to be efforts at further recoveries through litigation
against certain parties who have been identified by the
Litigation Trust Committee.  No assurance can be made that
the claims processing will not result in a decrease or that
 the litigation efforts will result in an increase in the
Class AA and Class II asset values.


NOTE 1-	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
		(continued)

Receivable from Refco Capital Markets, Ltd. (concluded)

On December 28, 2006, The Everest Fund, L.P. received the
first in a series of anticipated distributions in the Refco
matter. Of the approximately $7,500,000 that became
inaccessible in October 2005, the Partnership has
 received $1,365,526. That represents an amount equal to
 approximately 18% of the frozen assets.   The Fund
has increased the Class A units for each investor in the Fund
 by their pro rata share of the distribution. Checks
 have been mailed for the benefit of any investors who
 have redeemed.  Based on the estimated recovery amounts that
have been put in front of the Bankruptcy Court, the
partnership   s management believes that we will receive
additional distributions in 2007.

Cash and Cash Equivalents

Cash equivalents represent short-term highly liquid investments
 with maturities of 90 days or less and include money market
 accounts, securities purchased under agreements to resell,
 commercial paper, and U.S. Government and agency
obligations with variable rate and demand features that
qualify them as cash equivalents. These cash
equivalents, with the exception of securities purchased under agreement to
resell, are stated at amortized cost, which approximates
 fair value. Securities purchased under agreements
to resell, with overnight maturity, are collateralized by U.S.
 Government and agency obligations, and are carried
 at the amounts at which the securities will subsequently
 be resold plus accrued interest.

Reclassifications

Certain prior year amounts have been reclassified
to conform to the current year classifications.

Revenue Recognition

Commodity futures contracts, forward contracts, physical
commodities, and related options are recorded on the
trade-date basis. All such transactions are recorded on
 the identified cost basis and marked to market daily.
Unrealized gains and losses on open contracts reflected
 in the statements of financial condition represent the
difference between original contract amount and market value
(as determined by exchange settlement prices for
futures contracts and related options and cash dealer
 prices at a predetermined time for forward contracts, physical
commodities, and their related options) as of the
 last business day of the year or as of the last date
 of the financial statements.

Net Income Per Unit of Partnership Interest

Net income per unit of partnership interest is the
difference between the net asset value per unit at
the beginning and end of each period.

Fair Value of Financial Instruments

The financial instruments held by the Company are reported
in the statements of financial condition at market or fair
 value, or at carrying amounts that approximate fair value,
due to their highly liquid nature and short-term
 maturity.  Commodity futures contracts, forward contracts,
physical commodities,
and related options are valued as described above.
  The receivable from RCM is valued at management  s
best estimate as described above.

Foreign Currency Translation

Assets and liabilities denominated in foreign currencies
 are translated at the prevailing exchange rates as of
 the valuation date. 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.
10
NOTE 1-	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
		(concluded)

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.

Use of Estimates

The preparation of financial statements in conformity
with accounting principles generally accepted in the United States
of America 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.


NOTE 2-	LIMITED PARTNERSHIP 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 3.
Subject to restrictions on the redemption of Series AA
and Series II units by existing investors as mentioned
above, 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 Partnership, (for Class I Units,
as of the end of any quarter on forty-five days  notice),
or such lesser period as is acceptable to
the Partnership.
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 Decemeber 31,  2020 or upon the
occurrence of certain events, as specified in
 the Limited Partnership agreement.


NOTE 3-	CONTRACTS AND AGREEMENTS

John W. Henry & Company, Inc. (JWH) began trading its
 Strategic Allocation Program with a trading
allocation of $40 million on July 1, 2001.
  JWH 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 JWH 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.

Beginning in June 2003, JWH began trading JWH Global
Analytics Program ( GAP ); Currency Strategic
Allocation Program ( CSAP ) and Worldwide
 Bond Program ( WBP ) with a trading allocatio
n of $27 million.

Net brokerage commissions are recorded in the
statements of operations as a reduction of trading income.
11

NOTE 3-	CONTRACTS AND AGREEMENTS
		(concluded)

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 May
 2002 through October 2003, the
General Partner charged the Partnership a monthly
management fee of either 0.5104% or
0.5156%, depending on the total amount which the
 Partnership had allocated to trading,
including notional funding.  Prior to May 2002,
the General Partner charged the Partnership
a monthly management fee equal to 0.5052% of the
 Partnership beginning-of-month net
asset value, as defined.  Effective June 2004,
the General Partner charges the Partnership
a monthly management fee equal to 0.229% of the
 Partnership  s Class I
 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.

As of December 31, 2006 and 2005, JWH  s
allocation
was approximately $18 and $28.2 million
(including approximately $1.3 million of
notional funding), respectively.  The
General Partner may replace or add trading
advisors at any time.

Brokerage Agreement

The Partnership, through August 31, 2005, cleared
all of its futures trades through Cargill
Investor Services, Inc. ( CIS ) and all
of its foreign currency trading activity
through CIS Financial Services, Inc. ( CISFS ),
 an affiliate of CIS.

In September 2005, Refco Group Ltd. a
cquired CIS
 and CISFS and the clearing and related
services previously performed by CIS were
performed by REFCO, LLC and the foreign
currency trading previously performed by CISFS was
provided by Refco Capital Markets, Ltd.
 Beginning in mid-October 2005, the
Partnership engaged Calyon Financial, Inc.
( CFI ) as the Partnership  s futures and options
 on futures broker, and engaged and Calyon
Financial, SNC ( CFS ) as the Partnership  s
foreign currency or forwards currency broker,
(collectively referred to as the
Clearing Brokers ).  The agreements 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 NFA
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 Brokers at a rate equal to
the average 91-day Treasury Bill rate for US
Treasury Bills issued during that month.

Excluding amounts held at RCM, approximately 87%
and 98%, respectively of cash and cash
equivalents at December 31, 2006 and 2005 are
funds deposited with a commercial bank and
invested under the direction of Horizon Cash
 Management, Inc. (Horizon). Horizon receives
 a monthly cash management fee equal
to 1/12 of .25% (.25% annually) of the average
daily assets under management if the
accrued monthly interest income earned on the
 Partnership  s assets managed by Horizon
exceeds the 91-day U.S. Treasury bill rate.

NOTE 4-	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 ( The CEAct ) requires
 an FCM to segregate all customer
transactions and assets from the FCM    s
proprietary activities.
 12
NOTE 4-	FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES
		(concluded)

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.

The Partnership has cash and open positions on
deposit in the amount of $2,402,303 as of December
31, 2006 with an interbank market maker
 in connection with its trading of forward
 contracts. In the event of the interbank
market maker's insolvency, recovery of the
Partnership assets on deposit may be subject
to forfeiture.  In the normal course of business,
 the Partnership does not require collateral
 from such interbank market maker. Because
forward contracts are traded in
unregulated markets between principals, the
 Partnership assumes credit risk on its entire
amount on deposit from counter party non-performance.

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.

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 clearing
broker 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.


The Partnership receivable from RCM of $1,627,407
 represents the Partnership  s receivable from RCM,
 who is currently in bankruptcy.
  These funds are unavailable to the Partnership
until the bankruptcy proceedings are finalized.


NOTE 5-	TRADING DISCREPANCY

Effective August 1,  2000 Trilogy Capital Management,
LLC ( Trilogy ) was added as a trading advisor.
Trilogy was terminated effective June
 30, 2001. Trilogy received a monthly management
 fee of 0.075% (0.9% annually) of
 the Partnership  s month-end allocated assets as
defined and did not receive an
 incentive fee.

In October 2000, there was a discrepancy between
the
performance of the Barclay Futures Index Program
( BFIP ) as traded for the Partnership
and the Barclay Futures Index (BFI). Certain
transactions executed by Trilogy on
 behalf of the Partnership resulted in a loss
of approximately $520,000 that was recorded
 in the statement of operations. The General
Partner believes that these transactions
were not executed in accordance with the
 provisions of BFIP and has demanded that Trilogy
reimburse the Partnership for the loss.
 The parties are currently attempting to
resolve the issue.

Until a final resolution is reached, the parties
have agreed that the management fees otherwise
 payable to Trilogy under its advisory
contract would be applied as a credit to offset
 the losses. The offset is not in settlement,
 partial settlement, or indemnification of any
 kind and is without prejudice
 to any rights or claims by either side.
Beginning in November 2000, and until
approximately July 1, 2001, at which time
Trilogy was terminated, all of the management
fees that would otherwise be paid to Trilogy
 were deposited into a separate account
for the benefit of those limited partners that
 were limited partners
on November 1, 2000 and to cover the expenses
associated with the collection of the losses.
 The separate account is not included in
 the financial statements of the Partnership.
After its termination, Trilogy
demanded that such fees be returned to it.
 The General Partner rejected Trilogy  s demand
and is assessing its options for collection.
 13
NOTE 5-	TRADING DISCREPANCY
		(concluded)

A demand for arbitration was filed with the NFA
on October 3, 2002.  Trilogy has responded to the
 demand for arbitration and has
counterclaimed for the amount of $130,210, together
 with attorney  s fees, interest
 and costs of suit.  That figure represents the
amount of management fees, otherwise
 payable to Trilogy under its advisory contract,
that both parties agreed would
be held as a credit to the Partnership to offset
the losses.  The General Partner has a
letter to that effect which was signed by the
 president of Trilogy on January 29, 2001.

The General Partner anticipates a hearing in front
of an NFA arbitration panel, but no date has been
 set for the hearing.  At the present
time, the General Partner is unable to determine
whether any of the losses will be recovered.


NOTE 6-	FINANCIAL HIGHLIGHTS

The following financial highlights show the
Partnership   s financial performance for
the years ended December 31, 2006, 2005, and 2004.
This information has been derived from information
 presented in the financial statements.


<TABLE>
<CAPTION>
                                            I SHARES     A SHARES    II SHARES    AA SHARES
                                              2006         2006         2006         2006
                                           ---------    ---------    ---------    ---------
<S>                                        <C>          <C>          <C>          <C>
PER UNIT OPERATING PERFORMANCE (1)
   Total income                            $ (162.05)   $ (151.93)   $    5.97    $    5.75
   Total expenses                            (108.52)     (169.14)   (1,402.37)   (1,348.30)
                                           ---------    ---------    ---------    ---------
      Net increase in net asset value        (270.57)     (321.07)   (1,396.40)   (1,342.55)
      Net asset value, beginning of year
         (inception for AA,I,II shares)     2,341.59     2,238.10     2,440.38     2,346.28
                                           ---------    ---------    ---------    ---------
      Net asset value, end of year         $2,071.02    $1,917.03    $1,043.98    $1,003.73
                                           =========    =========    =========    =========
SELECTED FINANCIAL STATISTICS AND RATIOS:
Total return (2) (4)                        (11.55%)      (14.35%)    (57.22%)     (57.22%)
                                           =========    =========    =========    =========
Ratio to average net assets:
Trading Income                               (7.12%)      (5.39%)       0.30%        0.30%
Expenses, not including incentive fees       (4.85%)      (8.09%)     (70.85%)      (4.85%)
Incentive fees (3)                            0.00%        0.00%        0.00%        0.00%
Total expenses                               (4.85%)      (8.09%)     (70.85%)      (4.85%)
Net income                                  (11.97%)     (13.48%)     (70.55%)      (4.55%)
</TABLE>
14

<TABLE>
<CAPTION>
                                            I SHARES     A SHARES    II SHARES    AA SHARES     I SHARES    A SHARES      SHARES
                                              2005         2005         2005         2005         2004         2004
                                           ---------    ---------    ---------    ---------    ---------    ---------
<S>                                        <C>          <C>          <C>          <C>          <C>          <C>
PER UNIT OPERATING PERFORMANCE (1)
   Total income                            $  (66.82)   $ (142.31)   $      --    $      --    $  407.73    $  240.93
   Total expenses                             (55.56)      (51.64)       (8.08)       (7.77)      (42.63)      (65.33)
                                           ---------    ---------    ---------    ---------    ---------    ---------
      Net increase in net asset value        (122.38)     (193.95)       (8.08)       (7.77)      365.10       175.60
      Net asset value, beginning of year
         (inception for I shares)           2,463.97     2,432.05     2,448.46     2,354.05     2,098.87     2,265.45
                                           ---------    ---------    ---------    ---------    ---------    ---------
      Net asset value, end of year         $2,341.59    $2,238.10    $2,440.38    $2,346.28    $2,463.97    $2,432.05
                                           =========    =========    =========    =========    =========    =========
SELECTED FINANCIAL STATISTICS AND RATIOS:
Total return (2) (4)                           (4.97%)      (7.97%)      (0.33%)      (0.33%)      10.05%        7.78%
                                           =========    =========    =========    =========    =========    =========
Ratio to average net assets:
Trading Income                                 (2.15%)      (4.84%)       0.00%        0.00%        2.16%       10.64%
Expenses, not including incentive fees         (2.37%)      (2.28%)      (0.33%)      (0.33%)      (1.40%)      (2.24%)
Incentive fees (3)                              0.00%        0.00%        0.00%        0.00%        0.44%       (0.75%)
Total expenses                                 (2.37%)      (2.28%)      (0.33%)      (0.33%)      (0.96%)      (2.99%)
Net income                                     (4.52%)      (7.13%)      (0.33%)      (0.33%)       1.20%        7.64%
</TABLE>
(3)Selected data for a unit of beneficial interest
 outstanding throughout the year, or since inception
for I  shares.
(2) An individual partner  s total returns and ratios
 may vary from the above returns based on the timing
 of contributions and   withdrawals.
(3) Incentive fees accrued on units held as A shares
 were reversed due to losses after those units were
 transferred to I shares, resulting
in a negative incentive fee for I shares.
(4) I Shares have been annualized for the period
 ending December 31, 2004.
15


             Acknowledgement
To the best of my knowledge and belief, the information
 contained here is accurate and complete.



/s/Peter Lamoureux
President
Everest Asset Management, Inc.
General Partner of Everest Fund, L.P.


16