<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, 2000

                    Commission File Number 0-17555

                       EVEREST FUTURES 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.)

        2280 West Tyler Stree, Suite 105, Fairfield, Iowa             52556
        (Address of principal executive offices)                    (Zip Code)

        Registrant's telephone number, including area code:   (515) 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>

                            EVEREST FUTURES FUND, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 2000


(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
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.

The 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 $70,939,633 for 40,017.34 Units sold July 1, 1995
through June 30, 2000.

On February 29, 1996, the Partnership amended its Agreement of Limited
Partnership permitting the Partnership to conduct its trading business by
investing in other partnerships and funds and in subsidiary partnerships or
other limited liability entities. Effective the close of business on March 29,
1996, the Partnership invested all of its assets in another limited
partnership, Everest Futures Fund II L.P. ("Everest II" or the "Trading
Partnership"), a Delaware limited partnership in which the Partnership is the
sole limited partner. As a result, the Partnership does not currently invest
directly in Commodity Interests. Instead, the Partnership transferred all of
its assets to Everest II in return for its Everest II limited partnership
interest. Everest II invests directly in Commodity Interests through John W.
Henry & Company, Inc. ("JWH"), an independent commodity trading advisor which
had hitherto been the advisor to the Partnership.

<PAGE>

Everest II has two general partners, Everest Asset Management, Inc., the
current General Partner of the Partnership and CIS Investments, Inc. ("CISI"),
which is a wholly-owned subsidiary of Cargill Investor Services, Inc., the
former clearing broker of the Partnership and now the clearing broker for
Everest II (the "Clearing Broker"). CIS Financial Services, Inc. ("CISFS"), an
affiliate of the Clearing Broker, acts as the Partnership's currency dealer.
CISI and the General Partner are both registered with the CFTC as commodity
pool operators and are members of the NFA in such capacity.

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

Basis of Presentation

The accompanying financial statements are prepared on a combined basis and
include the accounts of Everest Futures Fund, L.P. and Everest Futures Fund
II, L.P. All significant intercompany transactions and balances have been
eliminated in the accompanying combined financial statements.

Cash Equivalents

Cash equivalents represent short-term highly liquid investments with remaining
maturities of 60 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. For purposes of the
statements of cash flows, cash and cash equivalents includes cash and cash
equivalents and cash on deposit with Brokers in the equity in commodity
futures trading accounts.

Fair Value of Financial Instruments

The financial instruments held by the Company are reported in the statement of
financial condition at market or fair value, or at carrying amounts which
approximate fair value, because of their highly liquid nature and short-term
maturity.

Revenue Recognition

Commodity futures contracts, forward contracts, physical commodities, and
related options are recorded on the trade date. 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

<PAGE>

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.

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.

Income Taxes

Income taxes are not provided for by the Partnership because taxable income of
the Partnership is includable in the income tax returns of the partners.

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 increase and decrease in net assets from operations
during the period. Actual results could differ from those estimates.

Reclassifications

Certain reclassifications of prior year amounts have been made to conform with
the current year presentation.

Minority Interest

Minority interest represents CISI's interest in the Trading Partnership.

(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 his or her capital contribution and profits, if any,
and such other amounts as he may be liable for pursuant to the Iowa Uniform
Limited Partnership 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; however, the General Partner has delegated complete trading authority
to an unrelated party (note 4).

The Trading Partnership bears all expenses incurred in connection with its
trading activities, including commodity brokerage commissions and fees payable
to the trading advisor, as well as legal, accounting, auditing, printing,

<PAGE>

mailing and extraordinary expenses. The Partnership bears all of its
administrative expenses.

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 ten days' prior written notice. The
Partnership will be dissolved at December 31, 2020, or upon the occurrence of
certain events, as specified in the Limited Partnership Agreement.

(4)  OTHER AGREEMENTS

All Commodity Interests trading decisions for the Trading Partnership are made
by JWH. JWH receives from the Trading Partnership a monthly management fee
equal to 0.33% (4% annually) of the Trading Partnership's month-end net asset
value, as defined, and a quarterly incentive fee of 15% (20% prior to April 1,
1995) of the Trading 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 Trading Partnership.

The Clearing Broker charges the Trading Partnership monthly brokerage
commissions equal to 0.50% (1.0833% prior to April 1, 1995) of the Trading
Partnership's beginning-of-month net asset value, as defined. Effective
November 1, 1995, the General Partner receives a management fee from the
Clearing Broker of approximately 83% of the brokerage commission charged by
the Clearing Broker. Prior to November 1, 1995, no management fee was received
by the General Partner. From this management fee, CISI receives a co-general
partner fee from the General Partner equal to 1/12 of .25% of the month-end
net asset value, as defined. Prior to January 1, 1999, CISI received 1/12 of
 .40% of the month-end net asset value.

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)    FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

The Partnership was formed to speculatively trade commodity interests. The
Partnership's commodity interest transactions and related cash balances are on
deposit with the Clearing Broker or CIS Financial Services, Inc. ("CISFS" or
"Forward Currency Broker" and collectively, the "Brokers") at all times. In
the event that volatility of trading of other customers of the Brokers
impaired the ability of the Brokers to satisfy the obligations to the
Partnership, the Partnership would be exposed to off-balance sheet risk. Such
risk is defined in Statement of Financial Accounting Standards No. 105 (SFAS
105) as a credit risk. To mitigate this risk, the Clearing Broker, pursuant to
the mandates of the Commodity Exchange Act, is required to maintain funds
deposited by customers, relating to futures contracts in regulated
commodities, in separate bank

<PAGE>

accounts which are designated as segregated customers' accounts. In addition,
the Clearing Broker has set aside funds deposited by customers relating to
foreign futures and options in separate bank accounts which are designated as
customer secured accounts. Lastly, the Clearing Broker is subject to the
Securities and Exchange Commission's Uniform Net Capital Rule which requires
the maintenance of minimum net capital at least equal to 4% of the funds
required to be segregated pursuant to the Commodity Exchange Act. The Clearing
Broker and Forward Currency Broker both have controls in place to make certain
that all customers maintain adequate margin deposits for the positions which
they maintain at each Broker. Such procedures should protect the Partnership
from the off-balance sheet risk as mentioned earlier. Neither the Clearing
Broker or the Forward Currency Broker engage in proprietary trading and thus
have no direct market exposure.

The counterparty of the Partnership for futures contracts traded in the United
States and most non-U.S. exchanges on which the fund trades is the Clearing
House associated with the exchange. In general, Clearing Houses are backed by
the membership and will act in the event of nonperformance by one of its
members or one of the members' customers and as such should significantly
reduce this credit risk. In the cases where the Partnership trades on
exchanges on which the Clearing House is not backed by the membership, the
sole recourse of the Partnership for nonperformance will be the Clearing
House. The Forward Currency Broker is the counterparty for the Partnership's
forward transactions. CISFS policies require that they execute transactions
only with top rated financial institutions with assets in excess of
$100,000,000.

The Partnership holds futures and futures options positions on the various
exchanges throughout the world and forward positions with CISFS which
transacts with various top rated banks throughout the world. As defined by
SFAS 105, futures and foreign currency contracts are classified as financial
instruments. SFAS 105 requires that the Partnership disclose the market risk
of loss from all of its financial instruments. Market risk is defined as the
possibility that future changes in market prices may make a financial
instrument less valuable or more onerous. If the markets should move against
all of the futures positions held by the Partnership at the same time, and if
the markets moved such that the trading advisor was unable to offset the
futures positions of the Partnership, the Partnership could lose all of its
assets and the partners would realize a 100% loss. The Partnership has a
contract with one trading advisor who makes the trading decisions on behalf of
the Partnership. That trading advisor trades a program which is diversified
among the various futures contracts in the financials and metals group on
exchanges both in the U.S. and outside the U.S. Such diversification should
greatly reduce this market risk.

The following chart discloses the dollar amount of the unrealized gain or loss
on open contracts related to Commodity Interests for the Partnership as of
June 30, 2000:

<TABLE>
<CAPTION>

COMMODITY GROUP                                      UNREALIZED GAIN/(LOSS)
<S>                                                  <C>

FOREIGN CURRENCIES                                             (369,273)

STOCK INDICES                                                   (14,734)

METALS                                                         (208,179)

INTEREST RATE INSTRUMENTS                                        96,921
                                                             ----------
TOTAL                                                          (495,265)

</TABLE>

<PAGE>

                                                  PART I. FINANCIAL INFORMATION


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ending June 30, 2000


<TABLE>
<CAPTION>

                             Fiscal Quarter         Year to Date         Fiscal Year          Fiscal Quarter        Year to Date
                              Ended 6/30/00        Ended 6/30/00        Ended 12/31/99        Ended 6/30/99         Ended 6/30/99
                             --------------        -------------        --------------        --------------        -------------
<S>                          <C>                   <C>                  <C>                   <C>
Statement of
Financial Condition                 X                                          X

Statement of
Operations                          X                    X                                           X                     X

Statement of Changes
in Partners' Capital                                     X

Statement of
Cash Flows                                               X                                                                 X

Notes to Financial
Statements                          X


</TABLE>


<PAGE>

                                          EVEREST FUTURES FUND, LP
                                  COMBINED STATEMENTS OF FINANCIAL CONDITION
                                                  UNAUDITED


<TABLE>
<CAPTION>

                                                                             Jun 30, 2000        Dec 31, 1999
                                                                             ------------        ------------
<S>                                                                          <C>                 <C>
ASSETS
Cash and cash equivalents                                                    $ 17,358,957        $ 16,410,917
Equity in commodity trading accounts:
   Cash on deposit with brokers                                                 6,062,327           5,281,725
   Net unrealized trading gains (losses) on open contracts                       (495,265)            670,107
Investments, at fair value                                                     16,620,999          18,867,562
Interest receivable                                                               219,976             618,294
                                                                             ------------        ------------

      TOTAL ASSETS                                                           $ 39,766,994        $ 41,848,605
                                                                             ============        ============



LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accrued expenses                                                          $     14,354        $     29,962
   Commissions payable                                                            201,901             192,660
   Advisor's management fee payable                                               131,652             138,225
   Advisor's incentive fee payable                                                      0                   0
   Redemptions payable                                                            336,255           1,055,043
   Selling and Offering Expenses Payable                                              687                   0
                                                                             ------------        ------------

      Total liabilities                                                           684,849           1,415,890

Minority Interest                                                                 360,827             452,105


Partners' Capital:
   Limited partners (27,459.47 and 22,615.30 units                             38,443,430          39,632,760
     outstanding at 6/30/00 and 12/31/99, respectively)
      (see Note 1)
   General partners (198.49 units outstanding at                                  277,888             347,850
     6/30/00 and 12/31/99, respectively)                                     ------------        ------------
      (see Note 1)
      Total partners' capital                                                  38,721,318          39,980,610
                                                                             ------------        ------------

      TOTAL LIABILITIES, MINORITY INTEREST,
        AND PARTNERS' CAPITAL                                                $ 39,766,993        $ 41,848,605
                                                                             ============        ============


Net asset value per outstanding unit of Partnership
  interest                                                                   $   1,400.01        $   1,752.48
                                                                             ============        ============


</TABLE>


These Statements of Financial Condition, in the opinion of management, reflects
all adjustments necessary to fairly state the financial condition of Everest
Futures Fund. (See Note 6)

See accompanying notes to the financial statements.

<PAGE>


                                          EVEREST FUTURES FUND, L.P.
                                     COMBINED STATEMENTS OF OPERATIONS
                           For the period January 1, 2000 through June 30, 2000
                                                  UNAUDITED


<TABLE>
<CAPTION>

                                                            Apr 1, 2000        Jan 1, 2000         Apr 1, 1999        Jan 1, 1999
                                                              through            through             through            through
                                                           Jun 30, 2000        Jun 30, 2000       Jun 30, 1999       Jun 30, 1999
                                                           ------------        ------------       ------------       ------------
<S>                                                        <C>                 <C>                <C>                <C>
Trading Income (loss)

   Net realized trading gain (loss) on closed contracts    $   (372,720)       $ (7,364,136)      $  4,302,360       $  5,561,691
   Change in unrealized trading gain (loss)
     on open contracts                                       (3,297,916)         (1,165,372)         3,425,765           (919,312)
   Change in net unrealized gain (loss) on investments          (16,524)             30,972            (20,389)           (22,541)
   Net foreign currency translation gain (loss)                 (82,456)           (272,045)            (6,783)           (69,381)
   Brokerage Commissions                                       (669,028)         (1,363,312)          (766,949)        (1,560,988)
                                                           ------------        ------------       ------------       ------------

 Total trading income (loss)                                 (4,438,645)        (10,133,893)         6,934,005          2,989,469

    Interest income, net of cash management fees             630,228.84           1,194,228            613,504          1,217,614
                                                           ------------        ------------       ------------       ------------

 Total income (loss)                                         (3,808,416)         (8,939,665)         7,547,509          4,207,083

GENERAL AND ADMINISTRATIVE EXPENSES
    Advisor's management fees                                   433,281             878,907            536,366          1,054,547
    Advisor's incentive fees                                          0                   0                  0                  0
    Administrative expenses                                      18,096              (3,730)            36,575             52,286
                                                           ------------        ------------       ------------       ------------

  Total general and administrative expenses                     451,376             875,176            572,941          1,106,833

  Minority Interest                                              39,174              91,281            (72,834)           (33,827)
                                                           ------------        ------------       ------------       ------------

NET INCOME (LOSS)                                          $ (4,220,618)       $ (9,723,561)      $  6,901,734       $  3,066,424
                                                           ============        ============       ============       ============


PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                     $    (151.95)       $    (352.47)      $     281.62       $     130.45
                                                           ============        ============       ============       ============

                                                           (see Note 1)        (see Note 1)


</TABLE>


These Statements of Operations, in the opinion of management, reflects all
adjustments necessary to fairly state the financial condition of Everest
Futures Fund. (See Note 6)

See accompanying notes to the financial statements.

<PAGE>

                                      EVEREST FUTURES FUND, LP
                            COMBINED STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                          For the period January 1, 2000 through June 30, 2000
                                             UNAUDITED

<TABLE>
<CAPTION>
                                                                      Limited        General
                                                       Units*        Partners       Partners         Total
                                                       ------        --------       --------         -----
<S>                                              <C>            <C>              <C>            <C>
Partners' capital at Jan 1, 2000                    22,615.30     $39,632,760       $347,850      $39,980,610

Net profit (loss)                                                  (9,653,600)       (69,962)      (9,723,562)

Additional Units Sold (see Note 1)                   8,395.22      14,043,699              0       14,043,699

Redemptions (see Note 1)                            (3,551.05)     (5,579,429)             0       (5,579,429)
                                                 -------------  --------------   ------------   --------------
Partners' capital at June 30, 2000                  27,459.47     $38,443,430       $277,888      $38,721,319
                                                 =============  ==============   ============   ==============

Net asset value per unit
   January 1, 2000 (see Note 1)                                      1,752.48       1,752.48

Net profit (loss) per unit (see Note 1)                               (352.47)       (352.47)
                                                                --------------   ------------

Net asset value per unit
   June 30, 2000                                                    $1,400.01      $1,400.01

* Units of Limited Partnership interest.

</TABLE>

This Statement of Changes in Partners' Capital, in the opinion of management,
reflects all adjustments necessary to fairly state the financial condition of
Everest Futures Fund. (See Note 6)

See accompanying notes to the financial statements.

<PAGE>

                                  EVEREST FUTURES FUND, LP
                              COMBINED STATEMENTS OF CASH FLOWS
                                          UNAUDITED

<TABLE>
<CAPTION>
                                                                                Jan 1, 2000        Jan 1, 1999
                                                                                  through            through
                                                                               Jun 30, 2000        Jun 30, 1999
                                                                               ------------        ------------
<S>                                                                            <C>                 <C>
Cash flows from operating activities:
   Net income (loss)                                                           $ (9,723,562)       $  3,066,425
   Adjustments to reconcile net income (loss) to net
       cash provided by (used in) operating activities:
     Decrease (increase) in net unrealized trading
       gain (loss) on open contracts                                              1,165,372             921,615
     Decrease in net unrealized gain (loss) on investments                          (30,972)             22,541
     Decrease (Increase) in investments                                           2,277,535          (9,468,511)
     Increase in interest receivable                                                398,318              29,607
     Increase (decrease) in commission payable                                        9,241               5,791
     Increase (decrease) in management and incentive
        fee payable                                                                  (6,573)                124
     Increase (decrease) in redemptions payable                                    (718,788)            226,029
     Increase (decrease) in accrued expenses                                        (15,608)             (7,114)
     Increase (decrease) in selling and offering expenses                               687              15,489
     Increase (decrease)  in minority interest                                      (91,278)             33,826
                                                                               ------------        ------------

     Net cash provided by (used in)
       operating activities                                                      (6,735,627)         (5,154,178)

Cash flows from financing activities:
   Units Sold                                                                    14,043,699           2,205,158
   Partner redemptions                                                           (5,579,429)         (5,537,917)
                                                                               ------------        ------------

   Net cash provided by (used in)
     financing activities                                                         8,464,269          (3,332,759)
                                                                               ------------        ------------

Net increase (decrease) in cash                                                   1,728,642          (8,486,937)

Cash and cash equivalents at beginning of period                                 21,692,642          49,909,388
                                                                               ------------        ------------
Cash and cash equivalents at end of period                                     $ 23,421,284        $ 41,422,451
                                                                               ============        ============

</TABLE>

These Statements of Cash Flows, in the opinion of management, reflects all
adjustments necessary to fairly state the financial condition of Everest
Futures Fund. (See Note 6)

See accompanying notes to the financial statements.



<PAGE>

The range of maturity dates of these exchange traded open contracts is July of
2000 to March of 2001. The average open trade equity for the period of
January, 2000 to June 30, 2000 was $2,911,370.

The margin requirement at June 30, 2000 was $4,096,456. To meet this
requirement, the Partnership had on deposit with the Clearing Broker $458,207
in segregated funds, $3,191,975 in secured funds and $1,916,880 in
non-regulated funds.

Cash was on deposit with the Clearing Broker in each time period of the
financial statements which exceeded the cash requirements of the Commodity
Interests of the Partnership.




(6) 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, 1999, as filed with the Securities and
Exchange Commission on March 28, 2000, 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.



            Item 2. Management's Discussion and Analysis of Financial
                       Condition and Results of Operation

                       FISCAL QUARTER ENDED JUNE 30, 2000



The Partnership recorded a loss of $4,221,518 or $151.95 per Unit for the
second quarter of 2000. This compares to a gain of $6,901,733 or $281.62 per
Unit for the second quarter of 1999.

At June 30, 2000, John W. Henry & Company, Inc. (JWH) was managing 100% of the
Partnership's assets using its Financial and Metals Portfolio. Effective in
the near future, a portion of the Partnership's assets will be re-allocated
from John W. Henry Company's Financial and Metals Portfolio to Triolgy Capital
Management. Exact allocations will be reported in the 3rd quarter report.

In April, volatility in stocks led to a stronger U.S. dollar versus Euro and
profits for the Partnership. Despite an interest rate increase by European
central banks, the dollar reached an all time high versus the Euro. Additional
profits were accrued in long dollar positions against the British, Swiss, and
Australian currencies. Stock index trading suffered, especially in Japan.
Despite the metals being up slightly, trading in non-financial markets was
down. The Partnership recorded a gain of $739,206 or $25.36 per unit in April.

<PAGE>

In May, mixed inflationary signals set the scene for two major trend
reversals. The U.S. interest rate market had a volatile change of direction as
rates headed lower and the Euro abruptly reversed its long term down trend
versus the U.S. dollar. After having been profitable for the majority of May,
the Trust closed lower when both trends reversed. Trading in U.S. bonds was
down sharply, as was Euro denominated interest rate trading. After hitting
all-time lows against the dollar in April, the Euro appreciated and profits
accumulated in April by the Partnership were given back. Short positions in
the Nikkei made the stock index sector the only positive performing financial
area. Trading in metals was flat. The Partnership recorded a loss of
$1,053,813 or $37.30 per unit in May.

In June, uncertainty regarding an economic slowdown in the U.S. and an
interest rate rise in Europe provided a conflicting climate for trading. These
events created problems in the currency sector, which was the worst performing
area in June. The concentration of trading losses occurred in the Euro. The
Partnership's positions in interest rates, metals and stock indices were
unprofitable as well. The Partnership recorded a loss of $3,906,010 or $140.01
per Unit in June.

During the quarter, additional Units sold consisted of 6.34 limited
partnership units; and 0 general partnership units. Additional Units sold
during the quarter represented a total of $10,000. Investors redeemed a total
of 1,496.46 Units during the quarter. At the end of the quarter there were
27,657.95 Units outstanding (including 198.49 Units owned by the General
Partner).

During the fiscal quarter ended June 30, 2000, the Partnership had no material
credit exposure to a counter-party which is a foreign commodities exchange or
to any counter-party dealing in over the counter contracts which was material.



                       FISCAL QUARTER ENDED JUNE 30, 1999



The Partnership recorded a gain of $6,901,733 or $281.62 per Unit for the
second quarter of 1999. This compares to a loss of $4,450,695 or $193.22 per
Unit for the second quarter of 1998.

In the first month of the quarter the Partnership posted a gain resulting
primarily from a rising Japanese stock market and continued appreciation of
the U.S. dollar versus the Euro and Swiss franc. The Partnership posted a gain
during the second month of the quarter resulting primarily from the declining
price of gold and the continued decline of the Euro currency. During the third
month of the quarter, the Partnership posted a gain as it continued to benefit
from the freefall in gold prices and the declining Euro currency. Overall, the
second quarter of fiscal 1999 ended positively for the Partnership accounts
managed by JWH. At June 30, 1999, John W. Henry & Company, Inc. was managing
100% of the Partnership's assets using its Financial and Metals Portfolio.

In April, currencies were the most favorable sector for the Partnership.  The
continued flight to quality to the U.S. dollar provided opportunities for the
Partnership to profit from long U.S.dollar positions versus the Euro and Swiss
franc. As the conflict in Kosovo persisted, the flow of money into the U.S.
dollar continued. Trading in the Japanese yen and Australian dollar was also
profitable. Confidence in the Japanese stock market restored performance in
the Nikkei 225 as the index was up approximately 20% year to date. A long
position in the Nikkei helped the Partnership generate profits as did long
positions in the S&P 500 Index and Hang Seng Index.

<PAGE>

During April, the unprofitable trading sectors were primarily interest rates
and precious metals. As Europe cut interest rates mid-month, the Partnership's
position went from short to long. Short U.S. bond positions generated a small
profit by month end. Short gold positions were also unprofitable. In the
interim, this position turned profitable as the United Kingdom decided to sell
off over 50% of its gold reserves putting severe pressure on the price of
gold. All in all, the Partnership posted a gain of $789,066 or $32.13 per Unit
in April.

In May, gold fell below $270 per ounce, a 20 year low. The Partnership
benefited from this price decline since it held short gold positions during
the month. The interest rate rumors in the U.S., coupled with the inflation
fears caused the continuation of the decline in the U.S. 10-year and 30-year
bonds. The Partnership held short positions in this sector during May,
resulting in profits for the period. In addition, the Partnership held long
positions in the Japanese government bond that were profitable.

For the third consecutive month, currencies continued to provide gains for the
Partnership. Profit opportunities came from long U.S. dollar positions versus
the Euro and Swiss franc. During May, the Euro fell to its lowest level versus
the U.S. dollar since its inception at the beginning of the year. Pressure on
the Euro surrounded the conflict in Kosovo, as investors saw the dollar as a
safe haven. Small gains also came from the Japanese yen. Overall, the
Partnership posted a gain of $2,713,185 or $110.34 per Unit in May.

In June, the rumor of the Fed raising interest rates in the U.S. became a
reality. The Partnership's short positions in the 10-year and 30-year bonds
provided profits and strong gains were posted as European bond prices
continued to erode. A big reason was the weakening Euro, which declined 13%,
depreciating in a straight line against the U.S. dollar since its inception
January 1, 1999. Short positions in the German Bund, the German Bobl and U.K.
Gilt provided the lion's share of performance. Currencies also provided gains
for the Partnership for the fourth consecutive month. Once again, the profit
opportunities came from long U.S. dollar positions versus the Euro and Swiss
franc. Pressure on the Euro which initially resulted from the conflict in
Kosovo, also seemed attributable to investors losing confidence in the Euro.

During June, the Partnership continued to profit from its short positions in
the gold market. Long positions in the Nikkei stock index had been profitable
for the Partnership for the entire year, as the percentage gain in this index
for 1999 was 26.64%. Overall, the Partnership posted a gain of $3,399,483 or
$139.15 per Unit in June.

During the quarter, additional Units sold consisted of 1,054.35 limited
partnership units; there were no general partnership units sold during the
quarter. Additional Units sold during the quarter represented a total of
$853,934. Investors redeemed a total of 954.20 Units during the quarter. At
the end of the quarter there were 23,803.80 Units outstanding (including
198.49 Units owned by the General Partner).

During the fiscal quarter ended June 30, 1999, the co-General Partner of the
trading subsidiary, CISI, experienced the following officer changes: Shaun D.
O'Brien replaced former Vice President and Treasurer Richard A. Driver; James
Clemens replaced Henry W. Gjersdal as Assistant Secretary; Lillian Lundeen
replaced Bruce H. Barnett as Assistant Secretary.

<PAGE>

As of June 30, 1999, the Partnership had a balance of $5,740,204 on deposit
with CISFS. CISFS is an affiliate of the Clearing Broker and is the broker for
the Partnership on forward contracts in foreign currencies. Forward currency
contracts are defined as over-the-counter and require separate disclosure
should the total exposure to any entity dealing in over-the-counter products
exceed 10%. The balance on deposit at CISFS represents 10.03% of the total
assets of the Partnership and requires this separate disclosure as an off
balance sheet credit risk to the Partnership.



                       FISCAL QUARTER ENDED MARCH 31, 2000



The Partnership recorded a loss of $5,502,945 or $200.52 per Unit for the
first quarter of 2000. This compares to a loss of $3,835,309 or $151.17 per
Unit for the first quarter of 1999.

In the first month of the quarter the Partnership posted a loss resulting
primarily from volatility in the currency sector. The Partnership posted a
loss for the second month of the quarter resulting primarily from trading in
global interest rates. During the third month of the quarter currency
destabilization and massive capital shifts out of the U.S. dollar resulted in
a loss for the Partnership. Overall, the first quarter of fiscal 2000 ended
negatively for the Partnership accounts managed by JWH-Registered Trademark-.
At March 31, 2000, John W. Henry & Company, Inc. was managing 100% of the
Partnership's assets using its Financial and Metals Portfolio.

January 2000 marked the turning of the millennium. This coupled with the
build-up to Y2K came and went without a hitch. However, the currency sector
was all but quiet as extreme volatility prompted large swings in the price of
the U.S. dollar relative to the Japanese yen. Within the first couple of days
of the New Year, the Japanese banks intervened and started pouring money into
the dollar. This abrupt reversal in the dollar/yen relationship resulted in a
reversal of the Partnership positions from long yen to short yen within a
matter of days. Similarly, yen trading relative to the euro and Swiss franc
contributed to Partnership losses. Short Australian dollar positions proved
difficult and also resulted in losses. Stock indices, namely the Nikkei fell
in response to volatility in the tech sector, which is factored into that
index. Long positions hurt the Partnership performance. Despite realizing
profits from short U.S. bond and long Japanese Government Bond positions, the
Partnership posted overall losses. All in all, the Partnership posted a loss
of $1,624,691 or $71.22 per Unit in January.

Changing expectations regarding economic growth and inflation created a
difficult trading environment in February. The strategic news item was the
U.S. Federal Reserve's decision to buy back part of the debt, which led to a
powerful rally in the U.S. 30-year bond. The decision by the Fed created havoc
in the Partnership interest rate portfolio, which was dominated by short
positions. Losses were taken in North American, Asian, and European interest
rates. The yield on the 10-year U.S. government bond currently exceeds that of
the 30-year, creating an inverted yield curve, which is a very unusual
occurrence. Currency trading was mixed. Profitable long U.S. dollar positions
were bolstered by the

<PAGE>

revised 4th quarter Gross National Product number, which reflected a robust
economy. However, gains in the dollar were offset by losses incurred by long
Europe/short Japan positions. Precious metals trading suffered as gold prices
rallied and then fell sharply. On March 2, the General Partner received a
letter from Verne Sedlacek, President of John W. Henry & Company, Inc.
detailing modifications to the Financial and Metals trading program. All
changes are designed to add balance to the program without giving up any
upside potential. Most noteworthy are the dramatic reductions in precious
metals and Far Eastern interest rate trading as well as the addition of
offshore stock indices, base metals, and the expansion of non-dollar currency
trading. JWH remains steadfast in their commitment to research. Overall, the
Partnership posted a loss of $2,925,475 or $97.24 per Unit in February.

In March, profit taking in U.S. tech stocks led to massive capital shifts out
of the dollar and into yen. These events destabilized currency and stock
markets worldwide. The appreciation of the yen contributed the majority of the
losses to the Partnership in that long positions in dollar and euro versus the
yen both suffered. Marginal gains in dollar positions against Europe and
Australia's currencies proved inadequate in offsetting these losses.
Performance in precious, as well as industrial metals was down slightly.
Positive performance in March came from the interest rate sector. The 7%
correction in tech stocks coupled with the U.S. Treasury's continued buying of
longer dated bonds led to positive performance in our bond position. The
European Central Bank's decision to raise short term interest rates led to
purchasing European bonds, which assisted our position as well. Overall, the
Partnership posted a loss of $952,778 or $32.06 per Unit in March.

During the quarter, additional Units sold consisted of 8,388.88 limited
partnership units; there were no general partnership units sold during the
quarter. Additional Units sold during the quarter represented a total of
$14,033,699. Investors redeemed a total of 2,054.59 Units during the quarter.
At the end of the quarter there were 29,148.08 Units outstanding (including
198.49 Units owned by the General Partner).

During the fiscal quarter ended March 31, 2000, the Partnership had no credit
exposure to a counterparty which is a foreign commodities exchange or to any
counterparty dealing in over the counter contracts which was material.



                       FISCAL QUARTER ENDED MARCH 31, 1999



The Partnership recorded a loss of $3,835,309 or $151.17 per Unit for the
first quarter of 1999. This compares to a loss of $3,566,153 or $182.71 per
Unit for the first quarter of 1998.

In the first month of the quarter the Partnership posted a loss resulting
primarily from volatility in the currency sector as well as Japanese interest
rates. The Trust posted a gain for the second month of the quarter resulting
primarily from trading in precious metals and currencies. During the third
month of the quarter concerns about the military conflict in Kosovo mounted.
As a result the global markets experienced increased volatility, namely in
precious metals and interest rates, and the Partnership posted a small loss.
Overall, the first quarter of fiscal 1999 ended negatively for the Partnership
accounts managed by JWH. At March 31, 1999, John W. Henry & Company, Inc. was
managing 100% of the Partnership's assets using its Financial and Metals
Portfolio.

<PAGE>

Currencies were the most volatile sector for the month of January; namely
short positions in the British pound and long positions in the Japanese yen.
The anxiously awaited Euro began trading and started out the year on a
positive note as short positions rendered small profits for the Partnership.
The only profitable interest rate market was in Germany where the Partnership
maintained a long German bund position, thereby taking advantage of falling
German rates. Short positions in the Japanese government bond and Australian
bond positions created losses for the Partnership. The Nikkei stock index
provided the majority of the loss in the stock indices, as short positions
were unprofitable. All in all, the Partnership posted a loss of $2,750,493 or
$107.54 per Unit in January.

In February, long silver positions in the precious metals sector were
profitable and the Nikkei stock index provided gains amidst a falling and then
rising market. Currency trading rendered gains from short positions in the
Euro, British pound and Swiss franc as each currency declined against the U.S.
dollar. These gains were able to cover losses in the Australian dollar and
Japanese yen. Interest rates were the only unprofitable sector for the
Partnership. The Partnership was able to take advantage of rising interest
rates in the U.S. 10-year notes and 30-year bonds. However, long Japanese
government bond and German bund positions recorded more significant losses.
Overall, the Partnership posted a gain of $331,060 or $13.35 per Unit in
February.

In March, silver and gold positions were extremely volatile as the Partnership
recorded losses from long silver positions and short gold positions. Short
bond positions in Australia and in the United Kingdom were unprofitable as
interest rates in both began to rise. However, long Japanese government bond
positions were the largest loser in this sector as bond prices plummeted.
Currencies were the most favorable sector for the Partnership. A flight to
quality in the U.S. dollar has provided opportunities for the Partnership to
profit from long U.S. dollar positions versus the Euro and Swiss franc. The
conflict in Kosovo has exacerbated the crisis-related selling of the Euro and
the flow of money into the U.S. dollar. The Nikkei stock index moved sharply
higher during March and the Partnership profited from long positions. Long
positions in the Australian All-Ordinaries index were also profitable.
Overall, the Partnership posted a loss of $1,415,876 or $56.98 per Unit in
March.

During the quarter, additional Units sold consisted of 658.43 limited
partnership units; there were no general partnership units sold during the
quarter. Additional Units sold during the quarter represented a total of
$1,351,224. Investors redeemed a total of 1,674.39 Units during the quarter.
At the end of the quarter there were 24,560.57 Units outstanding (including
198.49 Units owned by the General Partner).

During the fiscal quarter ended March 31, 1999, the Partnership had no credit
exposure to a counterparty which is a foreign commodities exchange or to any
counterparty 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, 1999.

<PAGE>

                    PART II.  OTHER INFORMATION


<TABLE>

<S>      <C>
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 is 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

                           Exhibit 27   Financial Data Schedule

                  b)       Reports on Form 8-K

                                    None

</TABLE>


<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 FUTURES FUND, L.P.

Date: August 14, 2000             By:  Everest Asset Management, Inc.,
                                       its General Partner

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