<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 March 31, 2004

                         Commission File Number 0-17555

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

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

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

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

                                 Not Applicable

         (Former name, former address and former fiscal year, if changed since
          last report.)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                             Yes     X      No

<PAGE>

         PART 1. FINANCIAL INFORMATION

Item 1. Financial Statements

Following are Financial Statements for the fiscal quarter ending March 31, 2004

<TABLE>
<CAPTION>
                                   Fiscal Quarter          Year to Date      Fiscal Year       Fiscal Quarter    Year to Date
                                   Ended 3/31/04            to 3/31/04     Ended 12/31/03       Ended 3/31/03     to 3/31/03
                                   -------------            ----------     --------------       -------------     ----------
<S>                                <C>                     <C>             <C>                 <C>               <C>
Statement of
Financial Condition                      X                                       X

Statement of
Operations                               X                       X                                    X               X

Statement of Changes
in Partners' Capital                                             X

Schedule of Investments                                          X

Notes to Financial
Statements                               X
</TABLE>

<PAGE>

                             THE EVEREST FUND, L.P.
                          (AN IOWA LIMITED PARTNERSHIP)
                        STATEMENT OF FINANCIAL CONDITION
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                                 March 31, 2004    Dec 31, 2003
                                                                 --------------    ------------
<S>                                                              <C>               <C>
ASSETS
Cash and cash equivalents                                           9,885,930       17,674,473
Equity in commodity trading accounts:
      Cash on deposit with brokers                                  3,450,823        4,480,683
      Net unrealized trading gains on open contracts                2,157,113        1,670,155
Investments, at fair value                                         21,210,653       10,720,039
Interest receivable                                                    62,498           44,466
                                                                  -----------      -----------

            TOTAL ASSETS                                           36,767,016       34,589,817
                                                                  ===========      ===========

LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
      Accrued expenses                                                 22,580           26,280
      Commissions payable                                             147,377          143,319
      Advisor's management fee payable                                 59,345           56,183
      Advisor's incentive fee payable                                 155,050                0
      Redemptions payable                                             550,248          898,770
      Pending Partner additions                                             0                0
      Selling and Offering Expenses Payable                             9,660            4,425
                                                                  -----------      -----------

            Total liabilities                                         944,261        1,128,977

Partners' Capital:
      Limited partners (14926.06 and 14828.57 units
          outstanding at 3/31/04 and 12/31/03, respectively)       35,821,757       33,459,902

      General partners (0.42 units outstanding)                           998              938

                                                                  -----------      -----------
            Total partners' capital                                35,822,755       33,460,840
                                                                  -----------      -----------

            TOTAL LIABILITIES
                AND PARTNERS' CAPITAL                             $36,767,016      $34,589,817
                                                                  ===========      ===========

Net asset value per outstanding unit of Partnership
    interest                                                      $  2,399.95      $  2,256.45
                                                                  ===========      ===========
</TABLE>

See accompanying notes to financial statements.

<PAGE>

                             THE EVEREST FUND, L.P.
                          (AN IOWA LIMITED PARTNERSHIP)
                            STATEMENTS OF OPERATIONS
              FOR THE PERIOD JANUARY 1, 2004 THROUGH MARCH 31, 2004
                                    UNAUDITED

<TABLE>
<CAPTION>
                                                        Jan 1, 2004     Jan 1, 2004     Jan 1, 2003     Jan 1, 2003
                                                          through         through         through         through
                                                       March 31, 2004  March 31, 2004  March 31, 2003  March 31, 2003
                                                       --------------  --------------  --------------  --------------
<S>                                                    <C>             <C>             <C>             <C>
REVENUES

Gains on trading of commodity futures and forwards
    contracts, physical commodities and related
    options:
    Realized gain (loss) on closed positions              2,332,948       2,332,948      14,974,835      14,974,835
      Change in unrealized trading gain (loss)
          on open contracts                                 461,480         461,480      (7,148,551)     (7,148,551)
      Net foreign currency translation gain (loss)           34,765          34,765          17,257          17,257
      Brokerage Commissions                                (498,791)       (498,791)       (751,970)       (751,970)
                                                        -----------     -----------     -----------     -----------

  Total trading income (loss)                             2,330,401       2,330,401       7,091,571       7,091,571

        Interest income, net of cash management fees         99,486          99,486         163,596         163,596
                                                        -----------     -----------     -----------     -----------

  Total income (loss)                                     2,429,888       2,429,888       7,255,167       7,255,167

GENERAL AND ADMINISTRATIVE EXPENSES
        Advisor's management fees                           173,951         173,951         304,652         304,652
        Advisor's incentive fees                            155,050         155,050         518,566         518,566
        Administrative expenses                              13,417          13,417          11,196          11,196
                                                        -----------     -----------     -----------     -----------

  Total general and administrative expenses                 342,418         342,418         834,415         834,415

NET INCOME (LOSS)                                         2,087,470       2,087,470       6,420,752       6,420,752
                                                        ===========     ===========     ===========     ===========
PROFIT (LOSS) PER UNIT OF
    PARTNERSHIP INTEREST                                $    143.50     $    143.50     $    311.51     $    311.51
                                                        ===========     ===========     ===========     ===========
</TABLE>

See accompanying notes to financial statements.

<PAGE>

                             THE EVEREST FUND, L.P.
                          (AN IOWA LIMITED PARTNERSHIP)
                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL
              FOR THE PERIOD JANUARY 1, 2004 THROUGH MARCH 31, 2004
                                    UNAUDITED

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

Net profit (loss)                                                     2,087,410          60     2,087,470

Additional Units Sold                                      924.18     2,201,716           0     2,201,716

Redemptions                                               (826.69)   (1,927,270)               (1,927,270)
                                                        ---------   -----------   ---------   -----------

Partners' capital at March 31, 2004                     14,926.48   $35,821,757   $     998   $35,822,755
                                                        =========   ===========   =========   ===========

Net asset value per unit
      January 1, 2004                                                  2,256.45    2,256.45

Net profit (loss) per unit                                               143.50      143.50
                                                                    -----------   ---------

Net asset value per unit
March 31, 2004                                                      $  2,399.95   $2,399.95
</TABLE>

See accompanying notes to financial statements.

<PAGE>

                             THE EVEREST FUND, L.P.
                          (AN IOWA LIMITED PARTNERSHIP)
                             SCHEDULE OF INVESTMENTS
                                 MARCH 31, 2004

<TABLE>
<CAPTION>
                                                                          CARRYING
                                    NUMBER OF        PRINCIPAL          VALUE/ VALUE
                                    CONTRACTS        (NOTIONAL)            (OTE)
                                    ---------        ----------         ------------
<S>                                 <C>             <C>                 <C>
LONG POSITIONS:
FUTURES POSITIONS (8.18%)
Interest rates                        1,308         $174,312,307          1,331,324
Metals                                  150            6,238,200            442,570
Energy                                  260            9,034,134            203,664
Agriculture                             570           12,082,890            887,306
Currencies                              140           34,347,250            (29,750)
Indices                                  68            5,778,320             95,051
                                                    ------------        -----------
                                                     241,793,101          2,930,165
FORWARD POSITIONS (3.85%)
Currencies                                            74,965,558          1,378,670
                                                    ------------        -----------
    Total long positions                            $316,758,659          4,308,835
                                                    ============        ===========
SHORT POSITIONS:
FUTURES POSITIONS (0.36%)
Interest rates                            6         $  7,907,777            (25,583)
Metals                                   --                    0                  0
Energy                                   --                    0                  0
Agriculture                              78            2,439,400            164,855
Currencies                               --                    0                  0
Indices                                  20              601,478            (10,691)
                                                    ------------        -----------
                                                      10,948,655            128,581

FORWARD POSITIONS (-6.37%)
Currencies                                            65,758,736         (2,280,304)
                                                    ------------        -----------
   Total short positions                            $ 76,707,391         (2,151,723)
                                                    ============        ===========
TOTAL OPEN CONTRACTS (6.02%)                                            $ 2,157,112
</TABLE>

SECURITIES HELD

<TABLE>
<CAPTION>
MATURITY OVER 60 DAYS (59.21%)                            COUPON        MATURITY         COST
                                                          ------       ----------    ------------
<S>                                                        <C>         <C>           <C>
FED HM LN BK BOND                                          1.45%        7/22/2005    $    246,250
FED HM LN BK BOND                                          1.80%       11/18/2005       1,200,000
FED HM LN BK BOND                                          1.50%       12/22/2004       2,800,000
IHC HEALTH SERVICES INC LP NT                              1.92%        6/30/2004       1,300,000
FED HM LN BK BOND                                          1.80%        1/26/2006       2,600,000
FED HM LN BK BOND                                          1.59%        1/26/2006         400,535
FED HM LN BK BOND                                          1.59%        8/12/2005       4,600,000
FED HM LN BK BOND                                          2.00%         3/9/2006       3,000,000
FED HM LN BK BOND                                          2.00%        3/16/2006         999,688
FED HM LN BK BOND                                          2.00%        2/27/2006         501,131
FED HM LN BK BOND                                          2.25%        3/28/2006         650,000
FED HM LN BK BOND                                          2.00%        2/27/2006         501,424
FED HM LN BK BOND                                          1.75%         4/3/2007       2,411,625

                                                                                     ------------
  Total securities maturity over 60 days                                             $ 21,210,653

CASH AND CASH EQUIVALENTS (27.60%)                                                      9,885,930
CASH ON DEPOSIT WITH BROKERS (9.63%)                                                    3,450,823
LESS LIABILITIES IN EXCESS OF OTHER ASSETS (-2.46%)                                      (881,763)
                                                                                     ------------
NET ASSETS (100.0%)                                                                  $ 35,822,755
                                                                                     ============
</TABLE>

<PAGE>

                               EVEREST FUND, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2004

(1) GENERAL INFORMATION AND SUMMARY

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

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

The initial public offering of the Partnership's units of limited partnership
interest ("Units") commenced on or about December 6, 1988. On February 1, 1989,
the initial offering period for the Partnership was terminated, by which time
the Net Asset Value of the Partnership was $2,140,315.74. Beginning February 2,
1989, an extended offering period commenced which terminated on July 31, 1989,
by which time a total of 5,065.681 Units of Limited Partnership Interest were
sold. Effective May 1995 the Partnership ceased to report as a public offering.
On July 1, 1995 the Partnership recommenced the offering of its Units as a
Regulation D, Rule 506 private placement, which continues to the present with a
total of 102,418,092 for 54,482.80 Units sold July 1, 1995 through March 31,
2004. On March 29, 1996, the Partnership transferred all of its assets to, and
became the sole limited partner of, Everest Futures Fund II, L.P. (Everest II).
In July 2000, the Partnership redeemed approximately 50% of its assets from
Everest II. Effective as of the close of business August 31, 2000, the
Partnership liquidated its remaining investment in Everest II.

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

On September 13, 1996 the Securities and Exchange Commission accepted for filing
a Form 10 -- Registration of Securities for the Partnership. Public reporting

<PAGE>

of Units of the Partnership sold as a private placement commenced at that time
and has continued to the present.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash and Cash Equivalents

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

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.

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 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.

<PAGE>

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).

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. 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% 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

<PAGE>

to redeemed units and losses attributable to assets reallocated to another
advisor) are recouped by the Partnership.

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

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

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

Effective November 2003, CIS charges the Partnership monthly brokerage
commissions equal to 0.50% of the Partnership's 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. 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 March 31, 2004, the Partnership had approximately $35.8 million in net
assets. As of March 31, 2004 JWH's allocation was approximately $35.8 million.
The General Partner may replace or add trading advisors at any time.

A portion of assets are deposited with a commercial bank and invested under the
direction of Horizon Cash Management, Inc. (Horizon). Horizon will receive a
monthly cash management fee equal to 1/12 of .25% (.25% annually) of the average
daily assets under management if the accrued monthly interest income earned on
the Partnership's assets managed by Horizon exceeds the 91-day U.S. Treasury
bill rate.

(5) TRADING ACTIVITIES AND RELATED RISKS

The Partnership engages in the speculative trading of U.S. and foreign futures
contracts, options on U.S. and foreign futures contracts, and forward contracts
(collectively derivatives). These derivatives include both financial and
non-financial contracts held as part of a diversified trading strategy. The
Partnership is exposed to both market risk, the risk arising from changes in the
market value of the contracts; and credit risk, the risk of failure by another
party to perform according to the terms of a contract.

<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.

The notional amounts of open contracts at March 31, 2004, as disclosed in the
Schedule of Investments, do not represent the Partnership's risk of loss due to
market and credit risk, but rather represent the Partnership's extent of
involvement in derivatives at the date of the statement of financial condition.

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 three months ended March 31, 2004. Total return is calculated as the
change in a theoretical limited partner's investment over the entire period. An
individual partner's total returns and ratios may vary from the total return
based on the timing of contributions and withdrawals.

<TABLE>
<S>                                       <C>
  Total return                            6.36%

Ratio to average net assets:
    Net income                            6.12%

General and administrative expenses:
  Expenses                                0.55%
  Incentive fees                          0.45%
 Total general and
    Administrative expenses               0.99%
</TABLE>

The net investment income and general and administrative expenses ratios are
computed based upon the weighted average net assets for the Partnership for the
period ended March 31, 2004.

<PAGE>

(7) FINANCIAL STATEMENT PREPARATION

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

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

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

                       FISCAL QUARTER ENDED MARCH 31, 2004

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

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

<PAGE>

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

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

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

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,

<PAGE>

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, 2003

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

The Partnership continued to employ John W. Henry & Company, Inc.'s Strategic
Allocation Program (JWH SAP) as its core manager, and Mount Lucas Management
Corporation's MLM Index (Unleveraged) (MLM) for an overlay program. In January
the fund gained 16.02%. JWH was up 14.43%, with MLM adding 1.55%. JWH's
investment style took advantage of uncertainty in the energy markets, a
weakening dollar, and a poor global economic outlook. All sectors of the program
made a positive contribution in January. MLM had profits in energies primarily,
followed by financials and currencies. Although the media had focused on the
impending war with Iraq and the strike in Venezuela and the effect these events
were having on crude oil prices, the best performing part of the energy sector
was natural gas. The Partnership posted a gain of $6,842,542 or $331.95 per Unit
in January.

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

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

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

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

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

<PAGE>

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

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

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

See Footnote 5 of the Financial Statements for procedures established by the
General Partner to monitor and minimize market and credit risks for the
Partnership. In addition to the procedures set out in Footnote 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
                 ABOUT MARKET RISK

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

<PAGE>

                           PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 2. Changes in Securities

                  None

Item 3. Defaults Upon Senior Securities

                  None

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

                  None

Item 5. Other Information

                  None

Item 6. Exhibits and Reports on Form 8-K

         a)       Exhibits

                  None

         b)       Reports on Form 8-K

                  None

<PAGE>

                                   SIGNATURES

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

                                EVEREST FUND, L.P.

Date: May 10, 2004              By:  Everest Asset Management, Inc.,
                                      its General Partner

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

<PAGE>
                                  EXHIBIT INDEX


Exhibit Number     Description of Document                          Page Number
--------------     -----------------------                          -----------

31                 Certification by Chief Executive Officer
                   and Chief Financial Officer Pursuant to
                   Section 302 of the Sarbanes-Oxley Act of 2002         E- 1-2

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