<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

            Quarterly report pursuant to Section 12(b) or (g) of the
                         Securities Exchange Act of 1934

                  For the quarterly period ended June 30, 2004

                         Commission File Number 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

                                 Not Applicable
              (Former name, former address and former fiscal year,
                         if changed since last report.)

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




<PAGE>
Part I.  Financial Information


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ending June 30, 2004



<TABLE>
<CAPTION>
                                   Fiscal Quarter      Year to Date       Fiscal Year          Fiscal Quarter       Year to Date
                                   Ended 6/30/04       to 6/30/04         Ended 12/31/03       Ended 6/30/03        to 6/30/03
                                   ---------------     ---------------    ---------------      ---------------      ---------------
<S>                                <C>                 <C>                <C>                  <C>                  <C>
Statement of
Financial Condition                X                                      X

Statement of
Operations                         X                   X                                       X                    X

Statement of Changes
in Partners' Capital                                   X

Schedule of Investments                                X

Notes to Financial
Statements                         X
</TABLE>


<PAGE>
                              THE EVEREST FUND, L.P.
                              (An Iowa Limited Partnership)
                              STATEMENT OF FINANCIAL CONDITION
                              UNAUDITED


<TABLE>
<CAPTION>
                                                                June 30, 2004         Dec 31, 2003
                                                                -------------         ------------
<S>                                                             <C>                   <C>
ASSETS
Cash and cash equivalents                                          26,411,393           17,674,473
Equity in commodity trading accounts:
   Cash on deposit with brokers                                     3,903,895            4,480,683
   Net unrealized trading gains on open contracts                    (292,431)           1,670,155
Investments, at fair value                                                  0           10,720,039
Interest receivable                                                    91,090               44,466
                                                                -------------         ------------
      Total assets                                                 30,113,947           34,589,817
                                                                =============         ============

LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accrued expenses                                                     7,035               26,280
   Commissions payable                                                121,885              143,319
   Advisor's management fee payable                                    49,203               56,183
   Advisor's incentive fee payable                                          0                    0
   Redemptions payable                                                890,281              898,770
   Pending Partner additions                                                0                    0
   Selling and Offering Expenses Payable                                4,494                4,425
                                                                -------------         ------------
      Total liabilities                                             1,072,899            1,128,977


Partners' Capital:
   Limited partners, A Shares (14806.49 and 14828.57 units
     outstanding at 6/30/04 and 12/31/03, respectively)            28,970,157           33,459,902

   Limited partners, I Shares (35.73 units
     outstanding at 6/30/04 )                                          46,718                    0

   General partners, A shares (0.42 units outstanding)                    814                  938

   General partners, I shares (11.91 units outstanding)                23,359
                                                                -------------         ------------
      Total partners' capital                                      29,041,048           33,460,840
                                                                -------------         ------------
      Total liabilities
        and partners' capital                                    $ 30,113,947         $ 34,589,817
                                                                =============         ============

Net asset value per outstanding unit of Partnership
  interest, A Shares                                             $   1,956.59         $   2,256.45
                                                                =============         ============
Net asset value per outstanding unit of Partnership                                At inception)6/30/04)
  interest, I Shares                                             $   1,961.12         $   2,098.87
                                                                =============         ============
</TABLE>



See accompanying notes to financial statements.
<PAGE>
THE EVEREST FUND, L.P.
                                                   (An Iowa Limited Partnership)
STATEMENTS OF OPERATIONS
For the period January 1, 2004 through June 30, 2004

UNAUDITED


<TABLE>
<CAPTION>
                                                                April 1, 2004    Jan 1, 2004      April 1, 2003     Jan 1, 2003
                                                                through          through          through           through
                                                                June 30, 2004    June 30, 2004    June 30, 2003     June 30, 2003
                                                                -------------    -------------    -------------     -------------
<S>                                                             <C>              <C>              <C>               <C>
REVENUES

Gains on trading of commodity futures and forwards
  contracts, physical commodities and related options:
  Realized gain (loss) on closed positions                         (3,621,424)      (1,288,476)        (319,397)       14,655,438
   Change in unrealized trading gain (loss)
     on open contracts                                             (2,487,856)      (2,026,376)       1,185,063        (5,963,488)
   Net foreign currency translation gain (loss)                        (9,828)          24,937           78,156            95,413
   Brokerage Commissions                                             (498,467)        (997,258)        (440,017)       (1,191,986)
                                                                -------------    -------------    -------------     -------------
 Total trading income (loss)                                       (6,617,575)      (4,287,174)         503,805         7,595,377

    Interest income, net of cash management fees                      109,207          208,693          109,820           273,415
                                                                -------------    -------------    -------------     -------------
 Total income (loss)                                               (6,508,368)      (4,078,480)         613,625         7,868,792

General and administrative expenses
    Advisor's management fees                                         155,297          329,248          179,033           483,685
    Advisor's incentive fees                                                0          155,050          193,488           712,054
    Organizational & Offering Cost, I Shares                                5                5                0                 0
    Administrative expenses                                            16,667           30,084           10,161            21,358
                                                                -------------    -------------    -------------     -------------
  Total general and administrative expenses                           171,969          514,387          382,682         1,217,097


Net income (loss)                                                  (6,680,337)      (4,592,868)         230,943         6,651,695
                                                                =============    =============    =============     =============

PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST, A SHARES                                     ($443.36)        ($299.86)     $     18.77       $    330.28
                                                                =============    =============    =============     =============

PROFIT (LOSS) PER UNIT OF PARTNERSHIP
  INTEREST, I SHARES (JUNE 4 - JUNE 30, 2004)                        ($137.75)
                                                                =============
</TABLE>



See accompanying notes to financial statements.
<PAGE>
                                      THE EVEREST FUND, L.P.
                                      (An Iowa Limited Partnership)



STATEMENT OF CHANGES IN PARTNERS' CAPITAL
For the period January 1, 2004 through
June 30, 2004
UNAUDITED


<TABLE>
<CAPTION>
                                                     Limited Ptrs     Limited Ptrs      General Ptr    General Ptr
                                          Units        A Shares         I Shares          A Shares       I Shares         Total
                                        ---------    ------------     ------------      -----------    -----------    ------------
<S>                                     <C>          <C>              <C>               <C>            <C>            <C>
Partners' capital at Jan 1, 2004        14,828.99      33,459,902                        $      938     $        0    $ 33,460,840

Net profit (loss)                                      (4,587,821)          (3,282)            (125)        (1,641)     (4,592,868)

Additional Units Sold                    1,986.68       4,347,793           50,000                          25,000       4,422,793

Redemptions                             (1,973.04)     (4,249,717)                                                      (4,249,717)
                                        ---------    ------------     ------------      -----------    -----------    ------------
Partners' capital at June 30, 2004      14,842.64     $28,970,157     $     46,718       $      814     $   23,359    $ 29,041,048
                                        =========    ============     ============      ===========    ===========    ============


Net asset value per unit
   January 1, 2004 (June 4, 2004
     for I shares)                                       2,256.45         2,098.87         2,256.45       2,098.87

Net profit (loss) per unit                                (299.86)         (137.75)         (299.86)       (137.75)
                                                     ------------     ------------      -----------    -----------
Net asset value per unit
June 30, 2004                                         $  1,956.59     $   1,961.12        $1,956.59      $1,961.12
</TABLE>



See accompanying notes to financial statements.
<PAGE>
                             THE EVEREST FUND, L.P.
                             (An Iowa Limited Partnership)
                             Schedule of Investments
                             June 30, 2004


<TABLE>
<CAPTION>
                                                                                 Carrying
                                                             Number               Value/
                                                               of                 Value
                                                            contracts             (OTE)
                                                            ---------         ------------

<S>                                                        <C>                   <C>
Long positions:
Futures positions (-0.04%)
Interest rates                                                    261              (35,060)
Metals                                                             --                    0
Energy                                                            135              (20,334)
Agriculture                                                       190              (59,530)
Currencies                                                         --                    0
Indices                                                            81              102,617
                                                                              ------------
                                                                                   (12,308)
Forward positions (0.36%)
Currencies                                                                         105,238
                                                                              ------------
   Total long positions                                                             92,930
                                                                              ============
Short positions:
Futures positions (0.33%)
Interest rates                                                    566             (224,136)
Metals                                                             60               37,500
Energy                                                             --                    0
Agriculture                                                       352              356,257
Currencies                                                        140              (73,100)
Indices                                                            --                    0
                                                                              ------------
                                                                                    96,521
Forward positions (-1.66%)
Currencies                                                                        (481,882)
                                                                              ------------
  Total short positions                                                           (385,361)
                                                                              ============
Total open contracts (-1.01%)                                                 $   (292,431)

Cash and cash equivalents (90.95%)                                              26,411,393
Cash on deposit with brokers (13.44%)                                            3,903,895
Less liabilities in excess of other assets (-3.38%)                               (981,809)
                                                                              ------------
Net assets (100.0%)                                                           $ 29,041,049
                                                                              ============
</TABLE>

<PAGE>


                               EVEREST FUND, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 2004


(1)  GENERAL INFORMATION AND SUMMARY

Everest Futures Fund, L.P. (the "Partnership") is a limited partnership
organized on June 20, 1988 under the Iowa Uniform Limited Partnership Act (the
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 through investing
in other, including subsidiary, partnerships, funds or other limited liability
entities. The Partnership commenced its trading operations on February 1, 1989
and its general partner is Everest Asset Management, Inc. (the "General
Partner") a Delaware corporation organized in December 1987.

The Partnership was initially organized on June 20, 1988 under the name Everest
Energy Futures Fund, L.P. and its initial business was the speculative trading
of Commodity Interests, with a particular emphasis on the trading of
energy-related commodity interests. However, effective September 12, 1991, the
Partnership changed its name to "Everest Futures Fund, L.P." and at the same
time eliminated its energy concentration trading policy. The Partnership
thereafter has traded futures contracts and options on futures contracts on a
diversified portfolio of financial instruments and precious metals and trades
forward contracts on currencies. In November 2003 the Partnership changed its
name to its present form.

The initial public offering of the Partnership's units of limited partnership
interest ("Units") commenced on or about December 6, 1988. On February 1, 1989,
the initial offering period for the Partnership was terminated, by which time
the Net Asset Value of the Partnership was $2,140,315.74. Beginning February 2,
1989, an extended offering period commenced which terminated on July 31, 1989,
by which time a total of 5,065.681 Units of Limited Partnership Interest were
sold. Effective May 1995 the Partnership ceased to report as a public offering.
On July 1, 1995 the Partnership recommenced the offering of its Units as a
Regulation D, Rule 506 private placement, which continues to the present with a
total of $106,765,885 for 56,433.75 Units of Class A Units sold July 1, 1995
through June 30, 2004 and a total of $75,000 for 35.73 Units of Class I Units
sold June 4, 2004 through June 30, 2004. On March 29, 1996, the Partnership
transferred all of its assets to, and became the sole limited partner of,
Everest Futures Fund II, L.P. (Everest II). In July 2000, the Partnership
redeemed approximately 50% of its assets from Everest II. Effective as of the
close of business August 31, 2000, the Partnership liquidated its remaining
investment in Everest II. 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 per month.
The Class A Units,


<PAGE>

(retail shares) continue to be charged an initial 1% Offering and Organization
fee as a reduction to capital.

The Partnership clears all of its futures and options on futures trades through
Cargill Investor Services, Inc. (CIS), its clearing broker, and all of its cash
trading through CIS Financial Services, Inc. (CISFS), an affiliate of CIS.

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

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

Cash equivalents represent short-term highly liquid investments with remaining
maturities of three months 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.

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.

The Partnership earns interest on 100% of the Partnership's average monthly cash
balance on deposit with the Brokers at a rate equal to the average 91-day
Treasury bill rate for U. S. Treasury bills issued during that month.

Net income (loss) 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



<PAGE>

carrying amounts that approximate fair value, because of their highly liquid
nature and short-term maturity.

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 (loss) in the statements of operations.

Income Taxes

No provision for income taxes has been made in the accompanying financial
statements as each partner is responsible for reporting income (loss) based upon
the pro rata share of the profits or losses of the Partnership.

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.

(3) THE 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 (note 4).

Class A Limited Partners may cause any or all of their Units to be redeemed as
of the end of any month at net asset value on fifteen days' prior written notice
to the Partnership, 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. Class I
Limited Partners may cause any or all of their Units to be redeemed as of the
end of any quarter on 45 days' prior written notice to the Partnership or such
lesser period as is acceptable to the Partnership. The Partnership will be
dissolved at December 31, 2020, or upon the


<PAGE>

occurrence of certain events, as specified in the Limited Partnership Agreement.

(4)  CONTRACTS AND AGREEMENTS

Prior to August 1, 2000, the Partnership's trading advisor was John W. Henry &
Company, Inc. (JWH). Beginning July 1, 2001 JWH began trading its Strategic
Allocation Program with a trading allocation of $40 million. Previously JWH
traded its Financial and Metals program. 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 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.

Effective September 1, 2001, Mount Lucas Management Corporation ("MLM") was
added as a trading advisor with an initial allocation of $10 million. This
allocation represented notional funding for the Partnership. MLM receives a
monthly management fee of 0.0625% (0.75% annually) of the Partnership's
month-end allocated assets as defined. Effective February 2003, the management
fee was reduced to 0.04167% (0.50% annually). As MLM uses the MLM Index -
Unleveraged, they do not receive an incentive fee. MLM was terminated effective
October 31, 2003.

Beginning in June 2003, John W. Henry & Company, Inc. ("JWH") began trading JWH
Global Analytics Program ("GAP"); Currency Strategic Allocation Program ("CSAP")
and Worldwide Bond Program ("WBP") with a trading allocation of $27 million.

Effective November 2003, CIS charges the Partnership monthly brokerage
commissions equal to 0.50% of the Partnership's Class A beginning-of-month net
asset value. From May 2002 through October 2003, CIS charged the Partnership
monthly brokerage commissions 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, CIS charged the Partnership monthly brokerage
commissions equal to 0.5052% of the Partnership beginning-of-month net asset
value, as defined. Prior to September 1, 2001, the monthly brokerage commission
was 0.5%. The General Partner receives a management fee of approximately 83% of
the brokerage commission charged by CIS. Effective June 2004, CIS charges the
Partnership monthly brokerage commissions equal to 0.229% of the Partnership's
Class I beginning-of-month net asset value. Net brokerage commissions are
recorded in the statements of operations as a reduction of trading income and
the amounts paid to the General Partner are recorded as management fees.



<PAGE>

As of June 30, 2004, the Partnership had approximately $29.0 million in net
assets. As of June 30, 2004 JWH's allocation was approximately $29.0 million.
The General Partner may replace or add trading advisors at any time.

A portion of assets are deposited with a commercial bank and invested under the
direction of Horizon Cash Management, Inc. (Horizon). Horizon will receive 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.

(5) TRADING ACTIVITIES AND RELATED RISKS

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
(CEAct) 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.

The Partnership has cash on deposit with an interbank market maker in connection
with its trading of forward contracts. In the event of interbank market maker's
insolvency, recovery of the Partnership assets on deposit may be limited to
account insurance or other protection afforded such deposits. 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 also assumes a credit risk, the risk
of loss 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.


Net trading results from derivatives for the periods presented are reflected in
the statement of operations and equal gains (losses) from



<PAGE>

trading less brokerage commissions. Such trading results reflect the net gain
arising from the Partnership's speculative trading of futures contracts, options
on futures contracts, and forward contracts.

The Limited Partners bear the risk of loss only to the extent of the net asset
value of their Partnership units.

(6) FINANCIAL HIGHLIGHTS

The following financial highlights show the Partnership's financial performance
for the six months ended June 30, 2004. Total return is calculated as the change
in a theoretical limited partner's investment over the entire period. An
individual partner's total returns and ratios may vary from the total return
based on the timing of contributions and withdrawals.

<TABLE>
<S>                          <C>                                <C>
Total return:                A shares                           -13.29%
                   I shares (since inception)                   - 6.56%

Ratio to average net assets (total):
                  Net income                                    -13.93%

General and administrative expenses (total):
                  Expenses                                        1.09%

                  Incentive fees                                  0.47%

Total general and
  Administrative expenses                                         1.56%

</TABLE>

The net investment income and general and administrative expenses ratios are
computed based upon the weighted average net assets for the Partnership for the
period ended June 30, 2004.

(7) FINANCIAL STATEMENT PREPARATION

The interim financial statements are unaudited but reflect all adjustments that
are, in the opinion of management, necessary for a fair statement of the results
for the interim periods presented. These adjustments consist primarily of normal
recurring accruals. These interim financial statements should be read in
conjunction with the audited financial statements of the Partnership for the
year ended December 31, 2003, as filed with the Securities and Exchange
Commission on March 30, 2004, as part of its Annual Report on Form 10-K.

The results of operations for interim periods are not necessarily indicative of
the operating results to be expected for the fiscal year.


<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATION

                       FISCAL QUARTER ENDED JUNE 30, 2004

The Partnership recorded a loss of $6,680,337 or $443.36 per Unit of Class A
Units ($137.75 for Class I Units) for the second quarter of 2004. This compares
to a gain of $230,943 or $18.77 per Unit for the second quarter of 2003. The
second quarter 2004 showed a loss of 18.47% for the fund.

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

The Everest Fund, L.P. experienced a loss of 10.26% during April, resulting in a
Net Asset Value per Unit of $2,153.78 as of April 30, 2004. There were two main
themes dominating the financial markets in April. First of all, the emerging
strength of the US economy has led to market speculation that the Federal
Reserve will switch from a neutral stance on interest rates and begin raising
interest rates in the near term. The effects of this have been far reaching
through the financial markets resulting in the strengthening of the US dollar,
rising interest rates and providing tepid support to global equity indices.
Secondly, the country with the fastest growing economy, China, has decided to
rein in growth to avoid creating potentially dangerous financial bubbles like
the ones it faced a decade ago. The China State Council, the highest level of
government in China, has given a mandate to the Peoples Bank of China, the
Chinese Central Bank, to start limiting available credit and raising domestic
interest rates. The result has been a reduced consumption of basic commodities
which has diminished the recent vigor in the base metals and grain markets.

Energies were profitable with the agricultural, fixed-income, currency, stock
indices and metals sectors negative for the month.

The Everest Fund, L.P. experienced a loss of 5.06% during May, resulting in a
Net Asset Value per Unit of $2,044.83 as of May 31, 2004. Overall, the fund was
down for the month of May. May's performance can best be described as a
transition period with the greatest influences coming from the same spheres as
the previous month. Improving global economies, particularly the US economy,
have created expectations of central banks embarking on a campaign to raise
interest rates to moderate growth and curtail a possible increase in inflation.
Additionally, the Chinese government continues to try to rein in growth of the
world's fastest growing economy by reducing available domestic credit and money
supply, hoping to gradually cool its overheated economy. These factors have
created sufficient uncertainty in the financial markets, and have prevented
strong trends from emerging. The exceptions are the energy markets which
continue to climb higher due to increased global demand and heightened
geopolitical risks. Once again, the energy sector was positive with the
currency, fixed-income, stock indices, agricultural and metals sectors being
negative.

The Everest Fund, L.P. Class A experienced a loss of 4.32% during June,
resulting in a Net Asset Value per Unit of $1,956.59 as of June 30, 2004.
Overall, the Fund was negative for the month of June. The


<PAGE>
second quarter of 2004 has not produced any meaningful trends with the possible
exception of the energy markets. However, even the energy markets have struggled
of late, needing the full cooperation of OPEC members to increase their
production levels to near capacity to temporarily reverse the upward trend in
crude oil prices. The lack of price trends in other markets is a result of the
confusion in financial markets as analysts attempt to anticipate the major
central banks' exit strategy, from their highly accommodative monetary policy of
the past two years, and the effects on economic growth. Additionally, Chinese
government authorities have been faced with the challenge of slowing the world's
fastest growing economy while avoiding a hard economic landing, which would send
shock waves throughout the world.

The only positive results were posted in the metals and stock indices. The
losses came in the fixed-income, currency, energy and agricultural sectors.

The Everest Fund, L.P. Class I experienced a loss of 6.56% during June,
resulting in a Net Asset Value per Unit of $1,961.12 as of June 30, 2004. The
fund introduced a new share category in June 2004. The Class I Units or
Institutional Units are intended for entities who are capable of investing $5
million minimum, subject to the discretion of the general partner to accept
less. The Units were funded by the general partner and its president and trading
began on June 7, 2004. The Class I trading strategy will be materially the same
as that for the Class A Units, although the Class I Units have generally lower
fees.

During the quarter, additional Units sold consisted of 1,050.59 limited
partnership Units; there were 11.91 general partnership Units sold during the
quarter. Additional Units sold during the quarter represented a total of $
2,221,077. Investors redeemed a total of 1,146.35 Units during the quarter and
the General Partner redeemed zero Units. At the end of the quarter there were
14,842.64 Units outstanding (including 12.33 Units owned by the general
partner).

During the fiscal quarter ended June 30, 2004, the Partnership had no credit
exposure to a counterparty, which is a foreign commodities exchange, or to any
counter party dealing in over the counter contracts, which was material.

See Note 5 of the Notes to 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 Note 5, 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.


<PAGE>
                       FISCAL QUARTER ENDED JUNE 30, 2003

The Partnership recorded a gain of $230,943 or $18.77 per Unit for the second
quarter of 2003. This compares to a gain of $10,469,356 or $456.94 per Unit for
the second quarter of 2002.

The Partnership continued to employ John W. Henry & Company, Inc. (JWH) as its
core manager, and Mount Lucas Management Corporation's MLM Index (Unleveraged)
(MLM) for an overlay program. In April the fund gained 1.67%. JWH was up 2.41%,
while MLM lost 0.73%. For JWH, energies were the best performing sector as the
end of the war in Iraq put considerable downside pressure on the price per
barrel. Currencies, fixed income and stock indices were also profitable.
Agriculturals were down slightly. The initial enthusiasm for the U.S. Dollar
after the war was short-lived, bond prices continued higher. Most equity markets
rallied around the world, encouraged by the swift victory by coalition forces in
Iraq. The exception was the NIKKEI 225 in Japan, which succumbed to continuing
Japanese domestic problems. The MLM Index Program (Unleveraged) had losses in
energy and softs, which were only partially offset by gains in currencies,
grains and livestock. The Partnership posted a gain of $572,164.00 or $39.80 per
Unit in April.

In May the Partnership gained 5.30%. JWH had a gain of 5.61% with fixed income
being the best performing sector. Yields continued to trend lower in Japan and
the U.S. Currencies were positive with the U.S. Dollar still weakening. JWH had
losses in stock indices, energies and metals. The MLM Index Program
(Unleveraged) was essentially flat for the month, down .25 basis points. The
Partnership posted a gain of $1,259,525 or $128.52 per Unit in May.

In June the Fund had a loss of 5.86%. In mid June the General Partner effected a
re-allocation within the JWH investment. The Partnership withdrew from the JWH
SAP Program and allocated approximately 55% to the JWH GlobalAnlaytics Program,
23% to the JWH Currency Strategic Allocation Program, and 22% to the JWH
Worldwide Bond Program.

The month started out promising for JWH but turned abruptly negative during the
last two weeks of the month. Two trends that were re-established after the
war--a weakening dollar and falling global interest rates--reversed course
sharply as hints of improving economic times forced liquidation of large
positions in fixed income and currency markets. JWH lost in fixed income,
energies, currencies, metals, and agriculturals. MLM lost approximately 1.32%
for the Fund in June. Gains in energy and grain sectors were not enough to
overcome losses in currencies, financials, metals and softs. The Partnership
posted a loss of $1,600,746.00 or $149.55 per Unit in June.

During the quarter, additional Units sold consisted of 3,511.51 limited
partnership units; there were no general partnership units sold during the
quarter. Additional Units sold during the quarter represented a total of
$8,606,645. Investors redeemed a total of 5,723.74 Units during the quarter and
the General Partner redeemed zero Units. At the end of the quarter there were
12,162.13 Units outstanding (including 0.42 Units owned by the General Partner).
During the second quarter 2003, Randy Kelsey, branch manager of the




                                       7
<PAGE>
Minneapolis office was terminated. His duties have been taken over by Everest
Asset Management president, Peter Lamoureux.

During the fiscal quarter ended June 30, 2003, the Partnership had no credit
exposure to a counterparty, which is a foreign commodities exchange, or to any
counter party dealing in over the counter contracts, which was material.


                       FISCAL QUARTER ENDED MARCH 31, 2004

The Partnership recorded a gain of $2,087,470 or $143.50 per Unit for the first
quarter of 2004. This compares to a gain of $6,420,752 or $311.51 per Unit for
the first quarter of 2003. The first quarter 2004 showed a gain of 6.36% for the
fund.

The Partnership continued to employ John W. Henry & Company, Inc.'s (JWH)
GlobalAnalytics(R) Family of Programs, Worldwide Bond Program and Currency
Strategic Allocation Program. The Everest Fund, L.P. experienced a gain of 0.54%
during January, resulting in a Net Asset Value per Unit of $2,268.719 as of
January 31, 2004.

In January the JWH programs had gains in the fixed income sector, as the world-
wide trend of interest rates continued to move lower. The currency sector was
positive, with the US dollar trend continuing downward against most major
currencies in the first half of the month, then swiftly strengthening against
most currencies later in the month. The agricultural sector was also positive
primarily on the performance of corn, soybeans and New York coffee. Stock
indices were unprofitable as Europe, the US and Japan maintained their upward
trend for most of the month on positive economic growth and a favorable interest
rate environment. The energy sector was also down for the month, especially from
the position in London gas oil. Finally, the metals sector was also down, from
losses in gold.

The Everest Fund, L.P. experienced a gain of 6.32% during February, resulting in
a Net Asset Value per Unit of $2,412.208 as of February 29, 2004.

In February JWH had a gain of +6.32%. Interest rates continued to move lower in
G7 nations due to benign inflationary pressures. Energies, with the exception of
natural gas, remained on an upward trend because of supply concerns. The US
dollar, which had been weakening against most major currencies, found strength
mid-month and reversed its five-month downtrend. Base metals continued the
strong move upward due to low inventory levels, while precious metals followed
currencies and reversed course during the month. Despite exhibiting a degree of
volatility on an intra-month basis, most equity indices ended the month close to
unchanged. Profits came from the fixed income sector, agriculturals, energies,
and metals in that order. Currencies were unprofitable.

The Everest Fund, L.P. experienced a loss of 0.51% during March, resulting in a
Net Asset Value per Unit of $2,399.95 as of March 31, 2004.


<PAGE>

JWH had a loss of 0.51% in March for the fund. The month was dominated by
increased geopolitical risks, which led to a reduction in the market positions.
In March, the most influential market factors for the fund were the effects of
Japan's fiscal year end. The Bank of Japan, through intervention in foreign
exchange markets, bolstered the US dollar against the Japanese yen, which in
turn propelled Japanese equities and interest rates.

The largest gains came from the agricultural sector with gains in the fall of
cotton prices and gains from the rising prices of grains. The metals sector was
the second most profitable sector with silver and gold moving higher despite the
US dollar strengthening. Energies were also profitable in March with
geopolitical risks and OPEC's policies helping crude oil and related products
maintain lofty price levels. Global stock indices were also positive as most
global indices went down in the first half of the month but recovered in the
later half in reaction to favorable economic data. Profits were posted in the
fixed income sector as well, as employment data sent bond prices higher (and
rates lower), with the exception of Japan. The currency sector was unprofitable
with action dominated by the action in the Japanese yen, orchestrated by the
Bank of Japan. March is the Japanese fiscal year end and the Bank of Japan
intervened in the foreign exchange market by buying over $40 billion US dollars
and selling Japanese yen in an effort to allow Japanese exporters to hedge their
US dollar profits at favorable rates for year end considerations. Most other
major currencies traded in a sideways fashion. The largest losses came in the
Japanese yen, the British Pound and the euro.

During the quarter, additional Units sold consisted of 924.18 limited
partnership units; there were no general partnership units sold during the
quarter. Additional Units sold during the quarter represented a total of
$2,201,716. Investors redeemed a total of 826.69 Units during the quarter and
the General Partner redeemed zero Units. At the end of the quarter there were
14,926.48 Units outstanding (including 0.42 Units owned by the General Partner).

During the fiscal quarter ended March 31, 2004, the Partnership had no credit
exposure to a counterparty, which is a foreign commodities exchange, or to any
counter party dealing in over the counter contracts, which was material.


                       FISCAL QUARTER ENDED MARCH 31, 2003

The Partnership recorded a gain of $6,420,752 or $311.51 per Unit for the first
quarter of 2003. This compares to a loss of $5,278,393 or $212.95 per Unit for
the first quarter of 2002.

The Partnership continued to employ John W. Henry & Company, Inc.'s Strategic
Allocation Program (JWH SAP) as its core manager, and Mount Lucas Management
Corporation's MLM Index (Unleveraged) (MLM) for an overlay program. In January
the fund gained 16.02%. JWH was up 14.43%, with MLM adding 1.55%. JWH's
investment style took advantage of uncertainty in the energy markets, a
weakening dollar, and a poor global economic outlook. All sectors of the program
made a positive contribution in January. MLM had profits in energies primarily,
followed by financials and currencies. Although the media had focused



<PAGE>
on the impending war with Iraq and the strike in Venezuela and the effect these
events were having on crude oil prices, the best performing part of the energy
sector was natural gas. The Partnership posted a gain of $6,842,542 or $331.95
per Unit in January.

In February the Partnership gained 8.56%. JWH had a gain of 7.45% as the program
continued to profit from long term trends, primarily in the energy and fixed
income markets. The impending war with Iraq, slowing global economies, weaker US
dollar and high energy prices are the factors that propelled market prices in
the Fund's favor.

MLM had a profit of approximately 1%, and as was the case in January, the
positive performance was driven by the energy sector. Gains were also seen in
the currencies, financials and grains with smaller overall losses in meats,
metals and softs. The Partnership posted a gain of $4,252,181 or $205.92 per
Unit in February.

In March the Fund had a loss of 8.67%. JWH was down 6.81% for March with the
US-led coalition's war on Iraq taking center stage in financial and energy
markets. A week before the actual war started, the markets anticipated a quick
victory. The US dollar strengthened, interest rates rose, and energy markets
collapsed. The quick change in direction of the markets resulted in negative
performance for the month of March.

MLM lost approximately 2% for the Fund in March, not surprisingly driven by
market reaction to the war. The largest losses came in the energy sector
followed by metals, softs and financials. Grains were positive. The Partnership
posted a loss of $4,673,971 or $226.36 per Unit in March.

During the quarter, additional Units sold consisted of 1,955.36 limited
partnership units; there were no general partnership units sold during the
quarter. Additional Units sold during the quarter represented a total of
$4,857,896. Investors redeemed a total of 8,173.04 Units during the quarter and
the General Partner redeemed 21.65 Units. At the end of the quarter there were
14,374.35 Units outstanding (including 0.42 Units owned by the General Partner).

Effective February 1, 2003, Peter Lamoureux, President of Everest Asset
Management, Inc. (EAM) became the majority shareholder and sole director of EAM.
Steven Foster and Steven Rubin are no longer principals, directors or
shareholders.

Effective March 7, 2003, EAM dismissed KPMG LLP as certifying accountant for the
Partnership. Spicer, Jeffries, & Co. was engaged as the Registrant's independent
accountant effective March 10, 2003.

During the fiscal quarter ended March 31, 2002, the Partnership had no credit
exposure to a counterparty, which is a foreign commodities exchange, or to any
counter party dealing in over the counter contracts, which was material.

<PAGE>


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There has been no material change with respect to market risk since the
"Quantitative and Qualitative Disclosures About Market Risk" was made in the
Form 10K of the Partnership dated December 31, 2003.

                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings

        The Partnership and its affiliates are from time to time parties to
various legal actions arising in the normal course of business. The General
Partner believes that there are no proceedings threatened or pending against the
Partnership or any of its affiliates which, if determined adversely, would have
a material adverse effect on the financial condition or results of operations of
the Partnership.

Item 2.  Changes in Securities

                     None

Item 3.  Defaults Upon Senior Securities

                     None

Item 4.  Submission of Matters to a Vote of Security Holders

                     None

Item 5. Other Information

                     None

Item 6. Exhibits and Reports on Form 8-K

                  a) Exhibits

                     None

                  b) Reports on Form 8-K

                     None


<PAGE>
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned and thereunto duly authorized.



                                      EVEREST FUND, L.P.

Date: August 13, 2004                 By:  Everest Asset Management, Inc.,
                                           its General Partner



                                      By:  /s/ Peter Lamoureux
                                           -------------------------------------
                                           Peter Lamoureux
                                           President



<PAGE>

                                  EXHIBIT INDEX


<TABLE>
<CAPTION>
Exhibit Number       Description of Document                                    Page Number
--------------       -----------------------                                    -----------
<S>                  <C>                                                        <C>
     31              Certification by Chief Executive Officer and Chief
                     Financial Officer Pursuant to Section 302 of the
                     Sarbanes-Oxley Act of 2002                                     E-1-2

     32              Certification by Chief Executive Officer and Chief
                     Financial Officer Pursuant to Section 906 of the
                     Sarbanes-Oxley Act of 2002                                     E-3
</TABLE>