<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, 2005

                         Commission File Number 0-17555

                             THE EVEREST FUND, L.P.
             (Exact name of registrant as specified in its charter)

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

<TABLE>
<S>                                                               <C>
1100 North 4th Street, Suite 143, Fairfield, Iowa                   52556
     (Address of principal executive offices)                     (Zip Code)
</TABLE>

       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
                                   -----    -----

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

                               Yes       No   X
                                   -----    -----
<PAGE>
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Following are Financial Statements for the fiscal quarter ending June 30, 2005

<TABLE>
<CAPTION>
                          Fiscal Quarter   Year to Date     Fiscal Year    Fiscal Quarter   Year to Date
                           Ended 6/30/05    to 6/30/05    Ended 12/31/04    Ended 6/30/04    to 6/30/04
                          --------------   ------------   --------------   --------------   ------------
<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>

See accompanying  notes to financial statements


                                                                               2
<PAGE>
                             THE EVEREST FUND, L.P.

                          (AN IOWA LIMITED PARTNERSHIP)

                        STATEMENT OF FINANCIAL CONDITION

                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                 JUNE 30, 2005   DEC 31, 2004
                                                                 -------------   ------------
<S>                                                              <C>             <C>
                       ASSETS
Cash and cash equivalents                                         $25,385,617     $24,898,966
Equity in Cargill Investor Services, Inc. trading accounts:
   Cash                                                             9,175,241       9,890,324
   Net unrealized trading gains on open contracts                   2,821,386       2,213,429
Interest receivable                                                   162,011         122,859
                                                                  -----------     -----------
      TOTAL ASSETS                                                $37,544,254     $37,125,578
                                                                  ===========     ===========

             LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
   Redemptions payable                                            $ 1,298,249     $   483,500
   Commissions payable                                                138,466         141,451
   Advisor's management fee payable                                    60,757          59,145
   Advisor's incentive fee payable                                          0          85,111
   Accrued expenses                                                    27,201          47,319
                                                                  -----------     -----------
      TOTAL LIABILITIES                                             1,524,675         816,526
                                                                  -----------     -----------

PARTNERS' CAPITAL:
   General partners, I shares (0 and 12.32 units outstanding)               0          30,360
   Limited partners, A Shares (14,244.22 and 13,715.42 units
      outstanding)                                                 33,145,508      33,356,576
   Limited partners, I Shares (1,199.96 and 1,185.94 units
      outstanding)                                                  2,874,072       2,922,116
                                                                  -----------     -----------
      TOTAL PARTNERS' CAPITAL                                      36,019,580      36,309,052
                                                                  -----------     -----------
         TOTAL LIABILITIES AND PARTNERS' CAPITAL                  $37,544,254     $37,125,578
                                                                  ===========     ===========
</TABLE>

See accompanying notes to financial statements.


                                                                               3
<PAGE>
                              THE EVEREST FUND L.P.
                          (AN IOWA LIMITED PARTNERSHIP)

                            STATEMENTS OF OPERATIONS
              FOR THE PERIOD JANUARY 1, 2005 THROUGH JUNE 30, 2005

<TABLE>
<CAPTION>
                                               APRIL 1, 2005    JAN 1, 2005          APRIL 1, 2004         JAN 1, 2004
                                                  THROUGH         THROUGH               THROUGH              THROUGH
                                               JUNE 30, 2005   JUNE 30, 2005         JUNE 30, 2004        JUNE 30, 2004
                                               -------------   -------------   ------------------------   -------------
<S>                                            <C>             <C>             <C>                        <C>
TRADING INCOME:
Net realized trading gain (loss)
   on closed contracts                          $  246,241      $(1,145,905)          $(3,621,424)         $(1,288,476)
Change in net unrealized trading gain
   (loss)  on open contracts                     1,891,027          623,722            (2,487,856)          (2,026,376)
Net foreign currency translation gain (loss)        69,253          (44,823)               (9,828)              24,937
Brokerage Commissions                             (482,857)        (982,849)             (498,467)            (997,258)
                                                ----------      -----------           -----------          -----------
   NET TRADING INCOME                            1,723,664       (1,549,855)           (6,617,575)          (4,287,174)
Interest income, net of cash management fees       242,367          455,653               109,207              208,693
                                                ----------      -----------           -----------          -----------
   TOTAL INCOME (LOSS)                           1,966,031       (1,094,202)           (6,508,368)          (4,078,480)
                                                ----------      -----------           -----------          -----------

EXPENSES:
   Management fees                                 171,220          340,241               155,297              329,248
   Incentive fees                                        0                0                     0              155,050
   Administrative expenses                          13,658           33,824                16,667               30,084
                                                ----------      -----------           -----------          -----------
   TOTAL EXPENSES                                  184,878          374,065               171,964              514,382
                                                ----------      -----------           -----------          -----------
NET INCOME (LOSS)                               $1,781,153      $(1,468,267)          $(6,680,332)         $(4,592,862)
                                                ==========      ===========           ===========          ===========

NET INCOME (LOSS) PER UNIT OF
   PARTNERSHIP INTEREST
   A SHARES, OUTSTANDING ENTIRE PERIOD          $   113.12         ($105.11)             ($443.36)            ($299.86)
                                                ==========      ===========           ===========          ===========

NET INCOME (LOSS) PER UNIT OF
   PARTNERSHIP INTEREST
   I SHARES, OUTSTANDING ENTIRE PERIOD          $   134.00          ($68.84)             ($137.75)
                                                ==========      ===========           ===========
                                                                               (June 4 - June 30, 2004)
</TABLE>

See accompanying notes to financial statements.


                                                                               4
<PAGE>
                             THE EVEREST FUND, L.P.
                          (AN IOWA LIMITED PARTNERSHIP)

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL

              FOR THE PERIOD JANUARY 1, 2005 THROUGH JUNE 30, 2005

                                    UNAUDITED

<TABLE>
<CAPTION>
                                              UNITS     LIMITED PTRS     UNITS    LIMITED PTRS   GENERAL PTR
                                            A SHARES      A SHARES     I SHARES     I SHARES       I SHARES       TOTAL
                                           ----------   ------------   --------   ------------   -----------   -----------
<S>                                        <C>          <C>            <C>        <C>            <C>           <C>
PARTNERS' CAPITAL AT JAN 1, 2005           13,715.42     33,356,576    1,198.26     2,922,116     $  30,360    $36,309,052
ADDITIONAL UNITS SOLD                       1,716.55      3,821,400       40.28        90,822                    3,912,222
REDEMPTIONS                                (1,187.75)    (2,646,524)     (38.58)      (58,236)      (27,328)    (2,732,088)
LESS ORGANIZATIONAL AND OFFERING COSTS                                                 (1,339)                      (1,339)
NET PROFIT (LOSS)                                        (1,385,945)                  (79,290)       (3,032)    (1,468,267)
                                           ---------    -----------    --------    ----------     ---------    -----------
PARTNERS' CAPITAL AT JUNE 30, 2005         14,244.22    $33,145,508    1,199.96    $2,874,072     $       0    $36,019,580
                                           =========    ===========    ========    ==========     =========    ===========
NET ASSET VALUE PER UNIT
   JAN 1, 2005                                          $  2,432.05                $ 2,463.97     $2,463.97
NET PROFIT (LOSS) PER UNIT                                  (105.11)                   (68.84)      (246.07)
                                                        -----------                ----------     ---------
NET ASSET VALUE PER UNIT
   JUNE 30, 2005 OR AT REDEMPTION FOR GP                $  2,326.94                $ 2,395.13     $2,217.90
</TABLE>

See accompanying notes to financial statements.


                                                                               5
<PAGE>
                                EVEREST FUND, L.P
                          (AN IOWA LIMITED PARTNERSHIP)
                             SCHEDULE OF INVESTMENTS
                                  JUNE 30, 2005

<TABLE>
<CAPTION>
                                                                                                        % OF
                                                                                      MARKET VALUE   PARTNERS'
                                             EXPIRATION DATES   NUMBER OF CONTRACTS       (OTE)       CAPITAL
                                             ----------------   -------------------   ------------   ---------
<S>                                          <C>                <C>                   <C>            <C>
LONG POSITIONS:
FUTURES POSITIONS
Interest rates                               Sep 05 - Mar 06           1,388          $   836,651        2.32%
Metals                                       Aug 05                       32              (19,200)      -0.05%
Energy                                       Sep 05 - Oct 05             265              287,354        0.80%
Agriculture                                  Sep 05 - Dec 05             485             (373,348)      -1.04%
Currencies                                   Jun 06                      111                5,675        0.02%
Indices                                      Sep 05                       72               44,752        0.12%
                                                                                      -----------      ------
                                                                                          781,883        2.17%

FORWARD POSITIONS
Currencies                                   Sep 05                                      (279,867)      -0.78%
                                                                                      -----------      ------
   Total long positions                                                               $   502,016        1.39%
                                                                                      -----------      ------

SHORT POSITIONS:
FUTURES POSITIONS
Agriculture                                  Sep 05 - Dec 05              70          $    96,180        0.27%
Indices                                      Sep 05                       10                3,300        0.01%
                                                                                      -----------      ------
                                                                                           99,480        0.28%

FORWARD POSITIONS
Currencies                                   Sep 05                                     2,219,890        6.16%
                                                                                      -----------      ------
   Total short positions                                                              $ 2,319,370        6.44%
                                                                                      -----------      ------
TOTAL OPEN CONTRACTS                                                                    2,821,386        7.83%

CASH AND CASH EQUIVALENTS                                                              25,385,617       70.48%
CASH ON DEPOSIT WITH BROKERS                                                            9,175,241       25.47%
LESS LIABILITIES IN EXCESS OF OTHER ASSETS                                             (1,362,664)      -3.78%
                                                                                      -----------      ------
NET ASSETS                                                                            $36,019,580      100.00%
                                                                                      ===========      ======
</TABLE>

See accompanying notes to financial statements.


                                                                               6
<PAGE>
                               EVEREST FUND, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                  JUNE 30, 2005

(1)  GENERAL INFORMATION AND SUMMARY

Everest Fund, L.P. (the "Partnership" or the "Fund") 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 $111,440,306 for 58,527.52 Units of Class A Units sold July 1, 1995
through June 30, 2005 and a total of $3,037,449 for 238.54 Units of Class I
Units sold through June 30, 2005, net of offering costs. 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, (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.


                                                                               7
<PAGE>
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 maturities
of 90 days or less and include money market accounts, securities purchased under
agreements to resell, commercial paper, and U.S. Government and agency
obligations with variable rate and demand features that qualify them as cash
equivalents. These cash equivalents, with the exception of securities purchased
under agreement to resell, are stated at amortized cost, which approximates fair
value. Securities purchased under agreements to resell, with overnight maturity,
are collateralized by U.S. Government and agency obligations, and are carried at
the amounts at which the securities will subsequently be resold plus accrued
interest.

Reclassifications

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

Revenue Recognition

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

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

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 for both Class
A and Class I Units.

Fair Value of Financial Instruments

The financial instruments held by the Company are reported in the statements of
financial condition at market or fair value, or at carrying amounts that
approximate fair value, 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


                                                                               8
<PAGE>
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 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%


                                                                               9
<PAGE>
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 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.

As of June 30, 2005, the Partnership had approximately $36.0 million in net
assets. As of June 30, 2005, JWH's allocation was approximately $36.0 million.
The General Partner may replace or add trading advisors at any time.

A substantial 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.


                                                                              10
<PAGE>
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 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, 2005. 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.


                                                                              11
<PAGE>
<TABLE>
<CAPTION>
                                         6/30/05   6/30/04
                                         -------   -------
<S>                                      <C>       <C>
   Total return:   A Shares               -4.32%   -13.29%
                   I Shares               -2.79%    -6.56%

Ratio to average net assets:
   Total income    A Shares                4.36%   -13.93%
                   I Shares                3.09%

   Expenses, excluding incentive fees:
                   A Shares                1.09%     1.09%
                   I Shares                1.13%

   Incentive fees                          0.00%     0.47%

   Total expenses
                   A Shares                1.09%     1.56%
                   I Shares                1.13%
</TABLE>

The total income and general and expense ratios are computed based upon the
weighted average net assets for the Partnership for the period ended June 30,
2005.

(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, 2004, as filed with the Securities and Exchange
Commission on March 31, 2005, 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, 2005

The Partnership recorded a gain of $1,781,153 or $113.12 per Unit of Class A
Units ($134.00 for Class I Units) for the second quarter of 2005. This compares
to a loss of $6,680,337 or $443.36 per Class A Unit for the second quarter of
2004 ($137.75 for I shares from inception to June 30, 2004). The second quarter
2005 showed a gain of 5.11% for the Class A Units of the fund (a gain of 5.93%
for the Class I Units).

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

Class A Units were negative 6.97% for April 2005 resulting in a net asset value
per unit of $2,059.50 as of April 30, 2005.

The Fund's performance was negative for the month of April. Fixed-income was the
only sector that was positive for the month. However, this positive performance
was not enough to offset the losses in the other sectors. The Fund's
underperformance was driven by the Federal Reserve changing its view on
inflationary pressures. Economic data released in March showed a pickup


                                                                              12
<PAGE>
in inflation within the U.S. due to recent higher energy prices, even as other
reports indicated that an economic slowdown was more pronounced than the markets
had expected. Such divergent statistics, combined with increased speculation
over a possible Chinese yuan revaluation, led to unfavorable and trendless
markets for the Fund.

     The fixed income sector posted positive returns during the month. The
majority of the sector's gains came from the strength in Germany's and Japan's
fixed-income markets. The energy sector was the most unprofitable sector during
the month. Energies which had been trending higher experienced a sudden
turnaround as supplies increased and OPEC boosted output in an effort to lower
prices and to ensure adequate inventories to meet summer fuel demands. Crude oil
prices plunged 15 percent after recording a high on April 4th, as U.S. supplies
jumped. Currencies also contributed to the Fund's underperformance during April.
This was mainly due to the Japanese yen. The Japanese yen strengthened against
the dollar after a state-sponsored newspaper in China said the government may
let the yuan peg trade more freely. A stronger Chinese yuan could make China's
exports less competitive compared with those from Japan and other Asian
countries, giving those nations room to let their currencies appreciate versus
the dollar. Stock indices were also down for the month as volatility dominated
the equity markets around the world. IBM and 3M led the decline after missing
earnings estimates, while energy shares, such as Exxon Mobil Corp., fell along
with oil prices. The metals and agricultural sectors were unprofitable for the
month.

Class I Units were negative 6.71% for April 2005 resulting in a net asset value
per Unit of $2109.44 as of April 30, 2005.

The Fund's Class I under performance for April was driven by the Federal Reserve
changing its view on inflationary pressures. Economic data released in March
showed a pickup in inflation within the U.S. due to recent higher energy prices,
even as other reports indicated that an economic slowdown was more pronounced
than the markets had expected. Such divergent statistics, combined with
increased speculation over a possible Chinese yuan revaluation, led to
unfavorable and trendless markets for the Fund.

Class A Units were up 6.53% for May 2005 resulting in a net asset value per unit
of $2,193.98 as of May 31, 2005.

The currency and fixed-income sectors led profitability with robust gains that
were more than enough to offset lackluster returns in the other sectors. The
substantial gains in currencies came at the expense of the euro and Swiss franc.
France's rejection of the European Union Constitution drove the currency's
weakness. In the fixed-income sector, a slowing European economy, as well as
diminishing fears about inflation in the U.S., were the key factors that also
drove performance for the month.

The currency sector was the Fund's strongest performer for the month, as the
euro fell to a seven-month low against the U.S. dollar and weakened against most
other major currencies. France's rejection of the European Union constitution
was the catalyst for the euro's dramatic move lower. The fixed-income sector was
the Fund's other solid performer, as both European and American bonds rose
during the month. The benchmark German 10-year bund rose to a record high, as
market conjecture grew that the European Central Bank (ECB) would have to cut
interest rates as the European economy slowed. Further supporting the rally in
the German bund was the expected negative economic effects from the rejection of
the European Union Constitution in France. Meanwhile, U.S. Treasuries also


                                                                              13
<PAGE>
rallied as the 10-year note broke 4% for the first time since February. U.S.
fixed-income advanced on diminished inflation fears and on the downgrade of both
GM's and Ford's credit ratings to below investment grade. The Fund's performance
in the metals sector was slightly positive during the month as volatility in
various markets limited the Fund's ability to achieve returns. The Fund was able
to benefit as gold traded near a three-month closing low as the U.S. dollar
strengthened.

The energy sector was negative, as energies weakened for the majority of the
month. Performance in the agriculture sector was negative for the month as
trading in cotton, NY coffee and CBOT wheat affected returns. Global Stock
Indices were negative for the month. Most of the world indices were higher on
the month, which was the cause of the sector's underperformance. Stock indices
rallied worldwide on lower inflation expectations: however, news of Ford's and
GM's credit rating downgrades caused the markets to trade lower before
recovering to end the month stronger.

Overall the Fund's performance was very strong for the month of May as JWH's
systematic trend following approach was able to profit as new trends emerged.

Class I Units were up 6.79% for May 2005 resulting in a net asset value per unit
of $2,252.70 as of May 31, 2005.

In May the Class I result came from the currency and fixed-income sectors with
robust gains that were more than enough to offset lackluster returns in the
other sectors. The substantial gains in currencies came at the expense of the
euro and Swiss franc. France's rejection of the European Union Constitution
drove the currency's weakness. In the fixed-income sector, a slowing European
economy, as well as diminishing fears about inflation in the U.S., were the key
factors that also drove performance for the month. The currency sector was the
Fund's strongest performer for the month, as the euro fell to a seven-month low
against the U.S. dollar and weakened against most other major currencies. The
fixed-income sector was the Fund's other solid performer, as both European and
American bonds rose during the month.

Class A Units were up 6.06% for June 2005 resulting in a net asset value per
unit of $2,326.94 as of June 30, 2005.

The currency and fixed income sectors led profitability on the strength of the
U.S. dollar and the global fixed income markets. These gains were mainly due to
the U.S. Federal Reserve raising interest rates another quarter point to 3.25
percent and reiterating its intention to continue to raise rates at a "measured"
pace. Hindering performance was volatility in the metals and agriculture
sectors.

The currency sector was the Fund's strongest performer for the month. The U.S.
dollar posted its largest quarterly gain against the euro since 2001 and rose
against the yen as the market anticipated the quarter point increase by the
Federal Reserve on June 30th. The dollar also benefited from the yield advantage
against the Japanese yen, Swiss franc and the euro.

The fixed income sector was the Fund's other solid performer, as global bond
markets continued to rally. The majority of the sector's gains came from the
strength in both Germany's and Japan's fixed income markets.

The energy sector was profitable for the month as volatility dominated these
markets. The entire sector rallied during the first half of the


                                                                              14
<PAGE>
month as expectations increased that global demand for oil would reach a record
86.4 million barrels a day in the 4th quarter. As a result, oil for August
delivery hit a record high $60.95 a barrel during the month. However, energy
prices fell towards the end of the month as many speculators booked profits in
addition to an Energy Department report that supplies unexpectedly surged as
refineries increased production of gasoline and other fuels. Most components of
this sector were positive; however the loss from natural gas hindered the
sector's returns.

Metals were negative for the month as volatility also hurt this sector's
performance. Gold rose for the majority of the month as crude oil surged,
boosting the precious metal as a hedge against inflation. However, towards the
later part of the month gold fell as the U.S. dollar strengthened and the U.S.
Federal Reserve raised interest rates. Higher interest rates make holding gold
and silver less attractive because the metals have no fixed returns, unlike
bonds. All components of this sector were negative during the month. Performance
in the agriculture sector was down for the month as trading in cotton, CBOT
wheat and soybeans hindered returns.

Performance was slightly positive in global stock indices during the month.
Overall, stocks fell during the month as the Federal Reserve raised its
benchmark interest rate for the ninth time this year and signaled that more
increases were to come.

In conclusion, performance was positive for the month of June as the Fund
continued to profit from strong trends that started to emerge in May. The fixed
income and currency sectors once again led profitability.

Class I Units were up 6.32% for June 2005 resulting in a net asset value per
unit of $2,395.13 as of June 30, 2005.

In June the Class I gain came again from the currency and fixed income sectors'
profitability on the strength of the U.S. dollar and the global fixed income
markets. These gains were mainly due to the U.S. Federal Reserve raising
interest rates another quarter point to 3.25 percent and reiterating its
intention to continue to raise rates at a "measured" pace. Hindering performance
was volatility in the metals and agriculture sectors. The currency sector was
the Fund's strongest performer for the month.

On June 22, 2005, CIS and Refco Group Ltd., LLC, ("Refco") a provider of
execution and clearing services for exchange-traded derivatives and one of the
world's largest independent derivative brokers, announced that they had entered
into a definitive agreement for Refco to acquire the global brokerage operations
of CIS, the current clearing broker for the Everest Fund. After the closing, the
futures broker for the Fund will be Refco, LLC, a wholly-owned subsidiary of
Refco Group Ltd., LLC and a registered futures commission merchant. The
transaction will close upon receipt of necessary regulatory approvals and
satisfaction of other contractual closing conditions. to The General Partner
will inform the Fund's investors when and if this transaction is finalized. The
General Partner does not anticipate that the change will negatively impact the
Fund's business in any way.

During the reporting period, additional Units sold consisted of 850.37 limited
partnership Units; there were no general partnership Units sold during the
period. Additional Units sold during the period represented a total of
$1,894,841. Investors redeemed a total of 971.42 Units during the period and the
General Partner redeemed no Units. At the end of the period there were 15,444.18
Units outstanding (including zero Units owned by the General Partner).


                                                                              15
<PAGE>
During the fiscal quarter ended June 30, 2005, 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.

                       FISCAL QUARTER ENDED JUNE 30, 2004

The Partnership recorded a loss of $6,680,332 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 Partnership.

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


                                                                              16
<PAGE>
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 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 reporting period, additional Units sold consisted of 1,050.59 limited
partnership Units; there were 11.91 general partnership Units sold during the
period. Additional Units sold during the period represented a total of $
2,221,077. Investors redeemed a total of 1,146.35 Units during the period and
the General Partner redeemed zero Units. At the end of the period 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


                                                                              17
<PAGE>
has no direct market exposure, which provides the General Partner assurance that
the Partnership will not suffer trading losses through the Clearing Broker.

                       FISCAL QUARTER ENDED MARCH 31, 2005

The Partnership recorded a loss of $3,249,420 or $218.23 per Unit of Class A
Units ($202.84 for Class I Units) for the first quarter of 2005. This compares
to a gain of $2,087,470 or $143.50 per Class A Unit for the first quarter of
2004. The first quarter 2005 showed a loss of 8.97% for the Class A Units of the
fund (a loss of 8.23% for the Class I Units).

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

Class A Units were negative 6.29% for January 2005 resulting in a net asset
value per unit of $2,279.03 as of January 31, 2005.

The Fund's performance was negative in January. While both the fixed-income and
agricultural sectors had gains for the month, they weren't enough to offset the
losses in other sectors. The Fund's underperformance was driven by the strength
of the US dollar, which rebounded from last year's weakening trend. The dollar's
sudden turnaround was the dominant factor that drove most market sectors during
the month, and therefore resulted in the overall loss for the program.

A significant portion of January's loss was directly related to the strength of
the US dollar against most major currencies. The weak US dollar trend, which had
dominated the markets during the second half of last year, began to reverse
itself as market expectations of a Yuan revaluation by the Chinese central bank
began to diminish. The largest gain was achieved in the Brazilian real, while
the largest loss occurred in the euro.

Trading in both metals and stock indices were also negative during the month.
The loss in metals was due to the weakness in both gold and silver. Gold, which
recently has had a strong inverse relationship with the US dollar, came under
pressure as the US dollar strengthened throughout the month. The Fund's returns
in the indices sector further hindered performance. The loss in indices resulted
from a sell off in world equity markets as stocks weakened because energy prices
rose during the month. The largest gain in the indices sector was achieved in
the Eurostoxx 50, while the largest loss occurred in the Nasdaq e-mini.

Higher prices in energies led to negative performance in this sector. In
addition to the events in the Middle East, weather dominated the sector's price
action. Oil prices surged as colder-than-expected weather, as well as a
blizzard, moved into the eastern U.S., which accounts for 80 percent of
residential heating oil usage.

Both the agricultural and fixed income sectors provided positive returns. Wheat
helped returns as prices fell to a 20-month low after a report showed that U.S.
exports slowed when the European Union indicated it would subsidize exports of
the grain for the first time since June 2003. Corn slightly boosted returns as
prices fell to the lowest level since June 2001 on slumping demand for record
supplies in the U.S., which is the world's largest producer and exporter of the
grain. In addition, in the fixed income sector the Japanese Government bonds
(JGBs) rose during the month


                                                                              18
<PAGE>
after Japanese government reports showed household spending and industrial
production fell. However, the positive returns in both sectors were not enough
to offset losses in the rest of the fund. The largest gain in the agricultural
sector was achieved in wheat, while the largest loss occurred in cotton. In the
fixed income sector the largest gain was achieved in the JGBs, while the largest
loss occurred in the Australian 10-year bond.

Class I Units for January 2005 were also negative with a loss of 6.03% resulting
in a net asset value per unit of $2,315.40. While both the fixed-income and
agricultural sectors had gains for the month, they weren't enough to offset the
losses in other sectors. The Fund's underperformance was driven by the strength
of the US dollar, which rebounded from last year's weakening trend. The dollar's
sudden turnaround was the dominant factor that drove most market sectors during
the month, and therefore resulted in the overall loss for the program. A
significant portion of January's loss was directly related to the strength of
the US dollar against most major currencies.

The Class I Units are traded with the same program as the Class A Units above.

Class A Units showed a loss of 4.47% resulting in a net asset value per unit of
$2,177.09 as of February 28, 2005. The Fund's performance was negative in
February. While both stock indices and the energy sectors had gains for the
month, it wasn't enough to offset the combined losses in the other sectors
traded. The Fund's underperformance was driven by the apparent end to some
long-term trends in the global fixed-income market and the unfavorable
performance in the currency sector.

A significant portion of February's losses was directly related to the
fixed-income sector as the European, Japanese and U.S. bond markets sold off.
The catalyst for the dramatic move higher in world interest rates was the
cumulative effect of various events and economic data released during the month.

Currencies were the other main contributor to the Fund's losses as the weakness
of the Japanese yen against the U.S. dollar during the first half of February
hurt performance. On February 10th, the U.S. dollar rose to a three-month high
against the yen after a Commerce Department report showed the U.S. trade deficit
narrowed in January from a previous record high. The recent dollar strength
began six days earlier when Chairman Alan Greenspan predicted that the deficit
in the U.S. current account, the broadest measure of trade, may shrink. The
energy sector had positive returns and was the Fund's best performing sector.
Energies rallied as commodity prices surged to a 24-year high due to signs of
growing global demand for everything energy-related. The International Energy
Agency raised its prediction for global consumption, and forecasts of colder
temperatures across Europe and the U.S. which also helped to drive energy prices
even higher. All components of this sector were positive with the largest gain
achieved in London gas oil.

The Fund's three other sectors, indices, metals, and agriculture all had
relatively little effect on overall performance during the month. Indices posted
gains as the Nikkei rallied throughout the month on hopes that quicker U.S.
growth would help Japan start an export-led economic recovery. The metals sector
posted negative returns, as inflation fears in the U.S. pushed gold prices
higher. All components of this sector were negative with the largest loss coming
from silver. Lastly, agriculture was slightly negative, as profits from the
rally in NY coffee caused by forecasts of a


                                                                              19
<PAGE>
dry season in Brazil, was offset by losses in various other agricultural
markets.

For Class I, the Fund showed a loss of 4.21% in February. The net asset value
per unit was $2,217.90 as of February 28, 2005. Stock indices and energy sector
gains for the month did not offset the combined losses in the other sectors
traded. The Fund's underperformance was driven by the apparent end to some
long-term trends in the global fixed-income market and the unfavorable
performance in the currency sector. A significant portion of February's losses
was directly related to the fixed-income sector as the European, Japanese and
U.S. bond markets sold off. The catalyst for the dramatic move higher in world
interest rates was the cumulative effect of various events and economic data
released during the month. Currencies were the other main contributor to the
Fund's losses as the weakness of the Japanese yen against the U.S. dollar during
the first half of February hurt performance.

Class A Units showed a gain of 1.69% resulting in a net asset value per unit of
$2,213.82 as of March 31, 2005. The Fund's performance was positive for the
month of March. The energy sector exhibited strong returns and the agricultural
sector also contributed to the Fund's positive performance. The combined
positive performance in these two sectors was able to offset the losses suffered
in the other sectors. Continuing worries over supply drove profits in energies,
while a strengthening U.S. dollar, as well as increasing inflation fears
dominated performance in most other sectors.

The energy sector was the Fund's best performing sector as crude oil and
gasoline surged to near all-time highs on speculation that rising domestic
demand may outpace U.S. refinery production during peak summer demand resulting
in strained global oil supplies.

The Fund's performance in the agriculture sector was profitable for the month.
The Fund was able to benefit from rising New York coffee prices as production
declined and stocks held by roasters and producers fell to their lowest level in
15 years. These profits combined with profits from cotton and London coffee were
enough to offset the negative returns in other markets within the sector.

Currencies were the most unprofitable sector during the month. The single most
influential factor driving performance in this sector was the U.S. dollar. At
the start of the month, the dollar weakened against other major currencies as
the U.S. trade deficit widened to $58.3 billion, the second-highest level ever.
However, the weakening trend reversed itself as the price of oil soared and the
yield on the benchmark 10-year Treasury note rose to its highest level in seven
months. Furthermore, demand for the greenback increased when the Federal Reserve
raised borrowing costs by a quarter percentage point for a seventh time since
last June and indicated that inflation pressures were picking up. The largest
gain in this sector was achieved in the Japanese yen, while the largest loss
occurred in the Swiss franc.

The Fund was unprofitable in the fixed income sector for the month as European
and Domestic markets sold off and the Japanese bond markets rallied. Increases
in both energy prices and inflation expectations were the catalyst for the
dramatic move higher in most of the world interest rates. The largest gain in
this sector was achieved in the U.S. ten-year note, while the largest loss
occurred in the bund.


                                                                              20
<PAGE>
Precious metals had losses for the Fund during March 2005, as gold and silver
were driven by the volatility in the U.S. dollar during the month. Precious
metals tend to have an inverse relationship with the U.S. dollar. Thus, as the
dollar weakened at the beginning of the month gold and silver strengthened; and
as the dollar rallied, gold sold off when the dollar became a more attractive
asset to hold. All components of this sector were negative, with the largest
loss coming from silver.

The Fund's performance in stock indices was slightly down for the month as
equity markets weakened around the world. Higher bond yields and oil prices made
equities less attractive to investors as inflationary pressures started to weigh
on the global economy.

Class I Units showed a gain of 1.95% resulting in a net asset value per unit of
$2,261.13 as of March 31, 2005. The energy sector exhibited strong returns and
the agricultural sector also contributed to the Fund's positive performance. The
combined positive performance in these two sectors was able to offset the losses
suffered in the other sectors. Continuing worries over supply drove profits in
energies, while a strengthening U.S. dollar, as well as increasing inflation
fears dominated performance in most other sectors. The energy sector was the
Fund's best performing sector as crude oil and gasoline surged to near all-time
highs on speculation that rising domestic demand may outpace U.S. refinery
production during peak summer demand resulting in strained global oil supplies.

The Everest Fund, L.P. Class A experienced a net loss of 8.97% for the first
quarter of 2005. The Class I Units experienced a net loss of 8.23% for the same
period.

During the first quarter, additional Units sold consisted of 906.45 limited
partnership Units; there were zero general partnership Units sold during the
quarter. Additional Units sold during the quarter represented a total of
$2,017,381. Investors redeemed a total of 242.589 Units during the quarter and
the General Partner redeemed 12.32 Units. At the end of the quarter there were
14,405.55 Units outstanding (including 0 Units owned by the General Partner).

During the fiscal quarter ended March 31, 2005, 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.

                       FISCAL QUARTER ENDED MARCH 31, 2004


                                                                              21
<PAGE>
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)
GlobalAnalyticsR 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.

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 Partnership's 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


                                                                              22
<PAGE>
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.

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, 2004.

ITEM 4. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, an evaluation was performed
by the Partnership under the supervision and with the participation of
management, including the President of the Partnership's General Partner, of the
effectiveness of the design and operation of the Partnership's disclosure
controls and procedures. Based on that evaluation, the Partnership's management,
including the President of the Partnership's General Partner concluded that the
Partnership's disclosure controls and procedures are effective in timely
alerting them to material information relating to the Partnership that is
required to be included in the Partnership's periodic filings with the
Securities and Exchange Commission. There have been no significant changes in
the Partnership's internal controls or in other factors that could significantly
affect those internal controls subsequent to the date the Partnership carried
out its evaluation.

                           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


                                                                              23
<PAGE>
determined adversely, would have a material adverse effect on the financial
condition or results of operations of the Partnership.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

          See Part I, Statement of Changes in Partner's Capital

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

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

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

                                   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 10, 2005                   By: Everest Asset Management, Inc.,
                                            its General Partner


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


                                                                              24
<PAGE>
                                  EXHIBIT INDEX

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

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


                                                                              25