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, 2015 | 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 o

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



|Large accelerated filer o | Accelerated filer o            
|------------------------- | -------------------------------
|                          |                                
|Non-accelerated filer o   | Small Reporting Company Filer x



Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes o
No x







Table
of Contents

|Part I:                                                                                                                     | Financial Information                                                                 |     |   
|--------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------- | --- | --
|                                                                                                                            |                                                                                       |     |   
|Item 1.                                                                                                                     | Financial Statements                                                                  |     | 3 
|                                                                                                                            |                                                                                       |     |   
|Statements of Financial Condition March 31, 2015 (Unaudited) and December 31, 2014 (Audited)                                |                                                                                       | 3  
|                                                                                                                            |                                                                                       |    
|Condensed Schedule of Investments March 31, 2015 (Unaudited)                                                                |                                                                                       | 4  
|                                                                                                                            |                                                                                       |    
|Condensed Schedule of Investments December 31, 2014 (Audited)                                                               |                                                                                       | 5  
|                                                                                                                            |                                                                                       |    
|Statements of Operations For the Three Months Ended March 31, 2015 and 2014 (Unaudited)                                     |                                                                                       | 6  
|                                                                                                                            |                                                                                       |    
|Statements of Changes in Partners’ Capital (Net Asset Value) For the Three Months Ended March 31, 2015 and 2014 (Unaudited) |                                                                                       | 7-8
|                                                                                                                            |                                                                                       |    
|Statements of Cash Flows For the Three Months Ended March 31, 2015 and 2014 (Unaudited)                                     |                                                                                       | 9  
|                                                                                                                            |                                                                                       |    
|Notes to Financial Statements March 31, 2015                                                                                |                                                                                       | 10 
|                                                                                                                            |                                                                                       |     |   
|Item 2.                                                                                                                     | Management’s Discussion and Analysis of Financial Condition and Results of Operations |     | 18
|                                                                                                                            |                                                                                       |     |   
|Item 3.                                                                                                                     | Quantitative and Qualitative Disclosures about Market Risk                            |     | 19
|                                                                                                                            |                                                                                       |     |   
|Item 4.                                                                                                                     | Controls and Procedures                                                               |     | 19
|                                                                                                                            |                                                                                       |     |   
|Part II:                                                                                                                    | Other Information                                                                     |     | 19
|                                                                                                                            |                                                                                       |     |   
|Item 1.                                                                                                                     | Legal Proceedings                                                                     |     | 19
|                                                                                                                            |                                                                                       |     |   
|Item 1A.                                                                                                                    | Risk Factors                                                                          |     | 19
|                                                                                                                            |                                                                                       |     |   
|Item 2.                                                                                                                     | Unregistered Sales of Equity Securities and Use of Proceeds                           |     | 20
|                                                                                                                            |                                                                                       |     |   
|Item 3.                                                                                                                     | Defaults upon Senior Securities                                                       |     | 20
|                                                                                                                            |                                                                                       |     |   
|Item 4.                                                                                                                     | Submission of Matters to a Vote of Security Holders                                   |     | 20
|                                                                                                                            |                                                                                       |     |   
|Item 5.                                                                                                                     | Other Information                                                                     |     | 20
|                                                                                                                            |                                                                                       |     |   
|Item 6.                                                                                                                     | Exhibits                                                                              |     | 20

2





PART
I. FINANCIAL INFORMATION

Item
1 Financial Statements

Following
are Financial Statements for the three months ended March 31, 2015

EVEREST
FUND, L.P.

(An
Iowa Limited Partnership)

STATEMENTS
OF FINANCIAL CONDITION

March
31, 2015 (UNAUDITED) AND DECEMBER 31, 2014 (AUDITED)



|                                                                              |  | UNAUDITED          |           |  | AUDITED               |  
|----------------------------------------------------------------------------- |  | ------------------ | --------- |  | --------------------- | -
|                                                                              |  | March 31,
    2015 |           |  | DECEMBER 31,
    2014 |  
|ASSETS                                                                        |  |                    |           |  |                       |  
|                                                                              |  |                    |           |  |                       |  
|Equity in broker trading
    accounts:                                        |  |                    |           |  |                       |  
|Cash and
    investments in marketable securities                             |  |                    | 17,868    |  |                       |  
|Cash in broker trading
    accounts                                           |  |                    | 6,736,357 |  |                       |  
|Net
    unrealized trading gains(losses) on open contracts                    |  |                    | 159,314   |  |                       |  
|                                                                              |  |                    | 6,913,539 |  |                       |  
|Other Assets                                                                  |  |                    |           |  |                       |  
|                                                                              |  |                    |           |  |                       |  
|Investments in marketable
    securities                                      |  |                    | 0         |  |                       |  
|Interest
    receivable                                                       |  |                    | 3         |  |                       |  
|                                                                              |  |                    |           |  |                       |  
|TOTAL
    ASSETS                                                              |  | $                  | 6,913,542 |  |                       | $
|                                                                              |  |                    |           |  |                       |  
|LIABILITIES AND PARTNERS’ CAPITAL                                             |  |                    |           |  |                       |  
|LIABILITIES:                                                                  |  |                    |           |  |                       |  
|Management fee payable                                                        |  | $                  | 11,395    |  |                       | $
|General partner fees
    payable                                              |  |                    | 32,092    |  |                       |  
|Redemptions payable                                                           |  |                    | 246,051   |  |                       |  
|Incentive fee payable                                                         |  |                    | 0         |  |                       |  
|Accounts
    payable & accrued expenses                                       |  |                    | 44,637    |  |                       |  
|                                                                              |  |                    |           |  |                       |  
|TOTAL
    LIABILITIES                                                         |  |                    | 334,175   |  |                       |  
|                                                                              |  |                    |           |  |                       |  
|PARTNERS’ CAPITAL
    (Net Assets)                                            |  |                    |           |  |                       |  
|                                                                              |  |                    |           |  |                       |  
|Limited partners, A
    Shares (2,678.5155 and 2,797.98423 units outstanding) |  |                    |           |  |                       |  
|                                                                              |  |                    | 6,579,367 |  |                       |  
|                                                                              |  |                    |           |  |                       |  
|TOTAL
    PARTNERS’ CAPITAL                                                   |  |                    | 6,579,367 |  |                       |  
|                                                                              |  |                    |           |  |                       |  
|TOTAL
    LIABILITIES AND PARTNERS’ CAPITAL                                   |  | $                  | 6,913,542 |  |                       | $



The
accompanying notes are an integral part of this statement.

3





EVEREST
FUND, L.P.

(AN
IOWA LIMITED PARTNERSHIP)

CONDENSED
SCHEDULE OF INVESTMENTS

March
31, 2015

UNAUDITED

|                          |  | EXPIRATION      |  | NUMBER OF |     |  | MARKET      |   |         | % OF PARTNERS’ | 
|------------------------- |  | --------------- |  | --------- | --- |  | ----------- | - | ------- | -------------- | 
|                          |  | DATES           |  | CONTRACTS |     |  | VALUE (OTE) |   |         | CAPITAL        | 
|                          |  |                 |  |           |     |  |             |   |         |                | 
|LONG POSITIONS:           |  |                 |  |           |     |  |             |   |         |                | 
|FUTURES POSITIONS         |  |                 |  |           |     |  |             |   |         |                | 
|Interest
    rates        |  | Dec 15 – Jun 16 |  |           | 318 |  |             | $ | 122,262 |                | 
|Metals                    |  | Jun 15          |  |           | 2   |  |             |   | 7,388   |                | 
|Agriculture               |  | May 15          |  |           | 1   |  |             |   | -2,040  |                | 
|Currencies                |  | Dec 16          |  |           | 29  |  |             |   | 0       |                | 
|Indices                   |  | Jun 15          |  |           | 54  |  |             |   | 494     |                | 
|                          |  |                 |  |           |     |  |             |   | 128,104 |                | 
|                          |  |                 |  |           |     |  |             |   |         |                | 
|Total long positions      |  |                 |  |           |     |  |             |   | 128,104 |                | 
|                          |  |                 |  |           |     |  |             |   |         |                | 
|SHORT POSITIONS:          |  |                 |  |           |     |  |             |   |         |                | 
|FUTURES POSITIONS         |  |                 |  |           |     |  |             |   |         |                | 
|Metals                    |  | Jun 15 - Jul 15 |  |           | 25  |  |             |   | -23,389 |                | 
|Agriculture               |  | May 15 – Jun 15 |  |           | 31  |  |             |   | 36,171  |                | 
|Currencies                |  | Jun 15          |  |           | 26  |  |             |   | 18,428  |                | 
|                          |  |                 |  |           |     |  |             |   | 31,210  |                | 
|                          |  |                 |  |           |     |  |             |   |         |                | 
|Total
    short positions |  |                 |  |           |     |  |             |   | 31,210  |                | 
|                          |  |                 |  |           |     |  |             |   |         |                | 
|TOTAL
    OPEN CONTRACTS  |  |                 |  |           |     |  |             |   | 159,314 |                | 



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

4





THE
EVEREST FUND, L.P.

(an
Iowa Limited Partnership)

CONDENSED
SCHEDULE OF INVESTMENTS

December
31, 2014

AUDITED



|                                  |  | Expiration      |  | Number       |     |  | Market |  |         | % of Partners’ | 
|--------------------------------- |  | --------------- |  | ------------ | --- |  | ------ |  | ------- | -------------- | 
|                                  |  | Date            |  | of Contracts |     |  | Value  |  |         | Capital        | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Long U.S. Futures Contracts       |  |                 |  |              |     |  |        |  |         |                | 
|Interest
    rates                |  | Mar 15 - Mar 16 |  |              | 213 |  |        |  | 92,900  |                | 
|Metals                            |  | Mar 15          |  |              | 2   |  |        |  | -7,250  |                | 
|Agriculture                       |  | Mar 15          |  |              | 12  |  |        |  | -4,130  |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Indices                           |  | Mar 15 - Mar 16 |  |              | 56  |  |        |  | 36,019  |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Total
    Long Futures Contracts  |  |                 |  |              |     |  |        |  | 117,539 |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Forward Positions                 |  |                 |  |              |     |  |        |  |         |                | 
|Currencies                        |  |                 |  |              |     |  |        |  | 57,949  |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Total Long Positions              |  |                 |  |              |     |  |        |  | 175,489 |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Short U.S. Futures
    Contracts  |  |                 |  |              |     |  |        |  |         |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Metals                            |  | Mar 15 - Apr 15 |  |              | 12  |  |        |  | 28,422  |                | 
|Energy                            |  | Feb 15 - Mar 15 |  |              | 12  |  |        |  | 83,414  |                | 
|Agriculture                       |  | Feb 15 - Mar 15 |  |              | 34  |  |        |  | 21,018  |                | 
|Currencies                        |  | Mar 15          |  |              | 48  |  |        |  | 32,489  |                | 
|Indices                           |  | Mar 15          |  |              | 3   |  |        |  | -9,554  |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Total
    Short Futures Contracts |  |                 |  |              |     |  |        |  | 155,789 |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Forward Positions                 |  |                 |  |              |     |  |        |  |         |                | 
|Currencies                        |  |                 |  |              |     |  |        |  | -14,919 |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Total
    Short Positions         |  |                 |  |              |     |  |        |  | 140,869 |                | 
|                                  |  |                 |  |              |     |  |        |  |         |                | 
|Total
    Futures Contracts       |  |                 |  |              |     |  |        |  | 316,358 |                | 



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

5





EVEREST
FUND, L.P.

(AN
IOWA LIMITED PARTNERSHIP)

STATEMENTS
OF OPERATIONS

FOR
THE THREE MONTHS ENDED March 31, 2015 AND 2014

UNAUDITED





|                                                       |  | THREE MONTHS ENDED |          |  | THREE MONTHS ENDED |  
|------------------------------------------------------ |  | ------------------ | -------- |  | ------------------ | -
|                                                       |  | March 31,
    2015 |          |  | March 31,
    2014 |  
|                                                       |  |                    |          |  |                    |  
|TRADING INCOME (LOSS)                                  |  |                    |          |  |                    |  
|Net realized
    trading gain (loss)                   |  | $                  | 372,961  |  |                    | $
|Change in net unrealized
    trading gain (loss)       |  |                    | -153,066 |  |                    |  
|Brokerage
    Commissions                              |  |                    | -4,330   |  |                    |  
|                                                       |  |                    |          |  |                    |  
|NET TRADING INCOME
    (LOSS)                          |  |                    | 215,565  |  |                    |  
|                                                       |  |                    |          |  |                    |  
|Interest
    income, net of cash management fees       |  |                    | 134      |  |                    |  
|                                                       |  |                    |          |  |                    |  
|TOTAL
    INCOME                                       |  |                    | 215,699  |  |                    |  
|                                                       |  |                    |          |  |                    |  
|EXPENSES:                                              |  |                    |          |  |                    |  
|General partner management
    fees                    |  |                    | 99,109   |  |                    |  
|Advisor Management
    fees                            |  |                    | 34,642   |  |                    |  
|Incentive fees                                         |  |                    | 0        |  |                    |  
|Professional fees                                      |  |                    | 18,184   |  |                    |  
|Administrative
    expenses                            |  |                    | 1,094    |  |                    |  
|                                                       |  |                    |          |  |                    |  
|TOTAL
    EXPENSES                                     |  |                    | 153,029  |  |                    |  
|                                                       |  |                    |          |  |                    |  
|NET
    INCOME                                         |  | $                  | 62,670   |  |                    | $
|                                                       |  |                    |          |  |                    |  
|NET
    INCOME (LOSS) PER UNIT OF PARTNERSHIP INTEREST |  | $                  | 23.40    |  |                    | $

The
accompanying notes are an integral part of these statements.

6





EVEREST
FUND, L.P.

(An
Iowa Limited Partnership)

STATEMENT
OF CHANGES IN PARTNERS’ CAPITAL

FOR
THE THREE MONTHS ENDED March 31, 2015

UNAUDITED



|                               |  | UNITS    |           |  | LIMITED PTRS |   |           |       | 
|------------------------------ |  | -------- | --------- |  | ------------ | - | --------- | ----- | 
|                               |  | A SHARES |           |  | A SHARES     |   |           | TOTAL | 
|                               |  |          |           |  |              |   |           |       | 
|BALANCES, January 1, 2015      |  | $        | 2,797.984 |  |              | $ | 6,810,207 |       | 
|Additional Units Sold          |  |          | 0         |  |              |   | 0         |       | 
|Redemptions                    |  |          | -119.469  |  |              |   | -293,510  |       | 
|Less Offering Costs            |  |          | —         |  |              |   | 0         |       | 
|Net
    profit (Loss)          |  |          | —         |  |              |   | 62,670    |       | 
|                               |  |          |           |  |              |   |           |       | 
|BALANCES, MARCH
    31, 2015   |  | $        | 2,678.515 |  |              | $ | 6,579,367 |       | 
|                               |  |          |           |  |              |   |           |       | 
|Net asset value per unit       |  |          |           |  |              |   |           |       | 
|January 1, 2015                |  | $        | 2,433.97  |  |              |   |           |       | 
|Net
    profit (loss) per unit |  |          | 22.38     |  |              |   |           |       | 
|                               |  |          |           |  |              |   |           |       | 
|Net asset value per unit       |  |          |           |  |              |   |           |       | 
|MARCH 31, 2015                 |  | $        | 2,456.35  |  |              |   |           |       | 



The
accompanying notes are an integral part of these statements.

7





EVEREST
FUND, L.P.

(An
Iowa Limited Partnership)

STATEMENT
OF CHANGES IN PARTNERS’ CAPITAL

FOR
THE THREE MONTHS ENDED March 31, 2014

UNAUDITED



|                               |  | UNITS    |          |  | LIMITED PTRS |   |           |       | 
|------------------------------ |  | -------- | -------- |  | ------------ | - | --------- | ----- | 
|                               |  | A SHARES |          |  | A SHARES     |   |           | TOTAL | 
|                               |  |          |          |  |              |   |           |       | 
|BALANCES, January 1, 2014      |  | $        | 3,072.20 |  |              | $ | 6,331,720 |       | 
|Additional Units Sold          |  |          | 0        |  |              |   | 0         |       | 
|Redemptions                    |  |          | -36.47   |  |              |   | -69,351   |       | 
|Less Offering Costs            |  |          | —        |  |              |   | 0         |       | 
|Net
    profit (Loss)          |  |          | —        |  |              |   | -634,338  |       | 
|                               |  |          |          |  |              |   |           |       | 
|BALANCES, MARCH 31,2014        |  | $        | 3,035.73 |  |              | $ | 5,628,031 |       | 
|                               |  |          |          |  |              |   |           |       | 
|Net asset value per unit       |  |          |          |  |              |   |           |       | 
|January 1, 2014                |  | $        | 2,060.97 |  |              |   |           |       | 
|Net
    profit (loss) per unit |  |          | -207.04  |  |              |   |           |       | 
|                               |  |          |          |  |              |   |           |       | 
|Net asset value per unit       |  |          |          |  |              |   |           |       | 
|MARCH 31, 2014                 |  | $        | 1,853.93 |  |              |   |           |       | 



The
accompanying notes are an integral part of these statements.

8





EVEREST
FUND, L.P.

(An
Iowa Limited Partnership)

STATEMENTS
OF CASH FLOWS

FOR
THE THREE MONTHS ENDED March 31, 2015 AND 2014

UNAUDITED





|                                                                                                   |  | THREE MONTHS ENDED |           |  | THREE MONTHS ENDED |  
|-------------------------------------------------------------------------------------------------- |  | ------------------ | --------- |  | ------------------ | -
|                                                                                                   |  | March 31, 2015     |           |  | March 31, 2014     |  
|                                                                                                   |  |                    |           |  |                    |  
|CASH FLOWS FROM OPERATING
    ACTIVITIES:                                                          |  |                    |           |  |                    |  
|Net income
    (loss)                                                                              |  | $                  | 62,670    |  |                    | $
|Net changes to reconcile
    net income(loss) to net cash provided (used) by operating activities: |  |                    |           |  |                    |  
|Unrealized gain (loss)
    on open contracts                                                       |  |                    | 157,043   |  |                    |  
|Interest receivable                                                                                |  |                    | 93        |  |                    |  
|Incentive fees payable                                                                             |  |                    | 0         |  |                    |  
|General partner fees
    payable                                                                   |  |                    | 1,452     |  |                    |  
|Redemption Payable                                                                                 |  |                    | 246,051   |  |                    |  
|Management fees payable                                                                            |  |                    | 25        |  |                    |  
|Accounts
    payable & accrued expenses                                                            |  |                    | -967      |  |                    |  
|                                                                                                   |  |                    |           |  |                    |  
|Net
    cash provided (used) in operating activities                                               |  |                    | 466,367   |  |                    |  
|                                                                                                   |  |                    |           |  |                    |  
|Cash flows from (for)
    financing activities:                                                    |  |                    |           |  |                    |  
|Cash Redemptions paid                                                                              |  |                    | -293,510  |  |                    |  
|Partner
    addition of units, net of offering costs                                               |  |                    | 0         |  |                    |  
|                                                                                                   |  |                    |           |  |                    |  
|Net
    cash provided (used) by financing activities                                               |  |                    | -293,510  |  |                    |  
|                                                                                                   |  |                    |           |  |                    |  
|Net increase (decrease)
    in cash and cash equivalents                                           |  |                    | 172,857   |  |                    |  
|Cash and cash equivalents                                                                          |  |                    |           |  |                    |  
|Beginning of period                                                                                |  |                    | 6,581,368 |  |                    |  
|End of Period                                                                                      |  |                    | 6,754,225 |  |                    |  
|End of period cash
    and cash equivalents consist of:                                            |  |                    |           |  |                    |  
|Cash in Banks                                                                                      |  |                    | 17,868    |  |                    |  
|Cash in broker trading
    accounts                                                                |  |                    | 6,736,357 |  |                    |  
|Cash
    and cash equivalents                                                                      |  |                    | 0         |  |                    |  
|                                                                                                   |  |                    |           |  |                    |  
|CASH
    AND CASH EQUIVALENTS, at end of period                                                    |  | $                  | 6,754,225 |  |                    | $





The
accompanying notes are an integral part of these statements.

9





The
Everest Fund, L.P.

(an
Iowa Limited Partnership)

Notes
to the Financial Statements

March
31, 2015



(1)
GENERAL INFORMATION AND SUMMARY

The
Everest Fund, L.P., formerly Everest Futures Fund, L.P. (an Iowa Limited Partnership), (the “Partnership”) is a limited
partnership organized in June 1988, under the Iowa Uniform Limited Partnership Act (the “Act”) for the purpose of
engaging in the speculative trading of commodity futures and options thereon and forward contracts (collectively referred to as
“Commodity Interests”). The sole General Partner of the Partnership is Everest Asset Management, Inc. (the “General
Partner”).

On
July 1, 1995, the Partnership recommenced its offering under a Regulation D, Rule 506 private placement. The private placement
offering is continuing at a gross subscription price per unit equal to net asset value (NAV) per unit, plus an organization and
offering cost reimbursement fee payable to the General Partner, and an ongoing compensation fee equal to 3% of the net asset value
of Class A Units sold. The Class A Units (retail shares) continue to be charged an initial 1% Offering and Organization fee as
a reduction to capital.

Currently,
R.J. O’Brien and Associates, LLC (“RJO”), 222 South Riverside Plaza, Suite 900, Chicago, Illinois 60606, serves
as the Fund’s clearing broker to execute and clear Fund’s futures and equities transactions and provide other brokerage-related
services. RJO Professional FX is a division of RJO. RJO Professional FX may execute foreign exchange or other over the counter
transaction with the Fund as principal. RJO is a subsidiary of R.J. O’Brien Holdings Corporation. RJO is registered with
the U.S. Commodity Futures Trading Commission (“CFTC”) as a Futures Commission Merchant (“FCM”) and is
a member of the National Futures Association (“NFA”) in several capacities, including as a Forex Dealer Member (“FDM”)
and is a member of certain principal U.S. contracts markets. RJO is a full clearing member of the CME Group, the Intercontinental
Exchange, NYSE Liffe U.C., and the CBOE Futures Exchange (“CFE”).

(2)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue
Recognition

Commodity
futures contracts, forward contracts, physical commodities, and related options are recorded on the trade-date basis and realized
gains or losses are recognized when contracts are liquidated. All such transactions are recorded on the identified cost basis
and marked to market daily. Unrealized gains or losses on open contracts (the difference between contract trade price and market
price) are reported in the statement of financial condition as a net unrealized gain or loss, as there exists a right of offset
of unrealized gains or losses in accordance with the Financial Accounting Standards Board Interpretation No. 39 - “Offsetting
of Amounts Related to Certain Contracts.” Any change in net unrealized gain or loss from the preceding period is reported
in the statement of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices.

10





Fair
value of non-exchange-traded contracts is based on third party quoted dealer values on the Interbank market.

Use
of Estimates

The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. Cash and Cash Equivalents Cash equivalents represent short-term highly liquid investments
with maturities of 90 days or less at the date of acquisition. The Partnership maintains deposits with high quality financial
institutions in amounts that are in excess of federally insured limits; however, the Partnership does not believe it is exposed
to any significant credit risk.

Redemptions
Payable

Pursuant
to the provisions of FASB ASC 480, Distinguishing Liabilities from Equity, redemptions approved by the General Partner prior to
month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end.

Fair
Value of Financial Instruments

The
financial instruments held by the Company are reported in the statements of financial condition at fair value, or at carrying
amounts that approximate fair value, due to their highly liquid nature and short-term maturity.

Foreign
Currency Translation The Partnership’s functional currency is the U.S. dollar, however, it transacts business in currencies
other than the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated at the prevailing exchange
rates as of the date of the statement of financial conditions. Gains and losses on investment activity are translated at the prevailing
exchange rate on the date of each respective transaction while period end balances are translated at the period end currency rates.
Realized and unrealized foreign exchange gains or losses are included in trading income or 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.

The
Partnership files U.S. federal and state tax returns.

(3)	FAIR
VALUE OF FINANCIAL INSTRUMENTS

Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The Financial Accounting Standards Board has defined a hierarchy for fair
value measurements. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets
or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy
are described below:

11





Level
1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to
access at the measurement date.

Level
2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly;
and fair value is determined through the use of models or other valuation methodologies. A significant adjustment to a Level 2
input could result in the Level 2 measurement becoming a Level 3 measurement.

Level
3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for
the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances
and may require significant management judgment or estimation.

The
table below demonstrates the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value
on a recurring basis as of March 31, 2015 and March 31, 2014:



|                                                   |  | Level 1 |         |  | Level 2 |   |   | Level 3 | 
|-------------------------------------------------- |  | ------- | ------- |  | ------- | - | - | ------- | 
|                                                   |  |         |         |  |         |   |   |         | 
|Assets at March 31, 2015:                          |  |         |         |  |         |   |   |         | 
|                                                   |  |         |         |  |         |   |   |         | 
|Open positions in futures and
    option contracts |  | $       | 159,314 |  |         |   |   |         | 
|                                                   |  |         |         |  |         |   |   |         | 
|Total assets at fair value                         |  | $       | 159,314 |  |         | $ | 0 |         | 
|                                                   |  |         |         |  |         |   |   |         | 
|                                                   |  | Level 1 |         |  | Level 2 |   |   | Level 3 | 
|                                                   |  |         |         |  |         |   |   |         | 
|Assets at March 31, 2014:                          |  |         |         |  |         |   |   |         | 
|                                                   |  |         |         |  |         |   |   |         | 
|Open positions in futures and option contracts     |  | $       | 241,456 |  |         |   |   |         | 
|                                                   |  |         |         |  |         |   |   |         | 
|Total assets at fair value                         |  | $       | 241,456 |  |         | $ | 0 |         | 

12





(4)
LIMITED PARTNERSHIP AGREEMENT

The
Limited Partners and General Partner share in the profits and losses of the Partnership in proportion to the number of units or
unit equivalents held by each. However, no Limited Partner is liable for obligations of the Partnership in excess of their capital
contribution and profits, if any, and such other amounts as they may be liable for pursuant to the Act. Distributions of profits
are made solely at the discretion of the General Partner.

Responsibility
for managing the Partnership is vested solely in the General Partner. The General Partner has delegated complete trading authority
to an unrelated party (see Note 5).

Although
the Agreement does not permit redemptions for the first six months following a Limited Partner’s admission to the Partnership,
the Agreement does permit the Partnership to declare additional regular redemption dates.

The
Partnership will be dissolved on December 31, 2020, or upon the occurrence of certain events, as specified in the Limited Partnership
agreement.

(5)
AGREEMENTS AND RELATED PARTY TRANSACTIONS

EMC
Capital Management, Inc. (EMC), 2201 Waukegan Road, Suite West 240, Bannockburn, IL 60015; telephone: 847-267-8700, serves as
the Partnership’s Commodity Trading Advisor (CTA).

EMC
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. The incentive fee is retained by EMC even
though trading losses may occur in subsequent quarters; however, no further incentive fees are payable until any such trading
losses (other than losses attributable to redeemed units and losses attributable to assets reallocated to another advisor) are
recouped by the Partnership.

Effective
November 2003, the General Partner charges the Partnership a monthly management fee equal to 0.50% of the Partnership’s
Class A beginning-of-month net asset value.

From
the monthly management fee the General Partner deducts the round turn trading costs and related exchange fees (between $5.80 to
$10.70 per round turn trade on domestic exchanges, and higher for foreign exchanges) and pays the selling agents and certain other
parties, if any, up to 50% of the fee retained by the General Partner. The General Partner may replace or add trading advisors
at any time.

The
clearing agreements with the clearing brokers provide that the clearing brokers charge the Partnership brokerage commissions at
the rate of between $5.80 to $10.70 per round-turn trade, plus applicable exchange, give up fees and National Futures Association
fees for futures contracts and options on futures contracts executed on domestic exchanges and over the counter markets. For trades
on certain foreign exchanges, the rates may be higher.

13





The
Partnership also reimburses the clearing brokers for all delivery, insurance, storage or other charges incidental to trading and
paid to third parties.

The
Partnership earns interest on 95% of the Partnership’s average monthly cash balance on deposit with its clearing brokers
at a rate equal to the average 91-day Treasury Bill rate during that month.

A
substantial portion of the Partnership’s assets are held in a cash account a Everest’s futures broker R.J. O’Brien,
the FCM. As is standard in the industry Everest receives 90% of the 3 month T-bill rate on its cash that is unused for trading.
The Partnership’s assets at RJO cash account are subject to potential loss resulting from interest rate fluctuations and
default.

(6)
DERIVATIVE INSTRUMENTS

In
the normal course of business, the Partnership engages in trading derivatives by purchasing and selling futures contracts and
options on future contracts for its own account. All such trading is effectuated as speculative as opposed to hedging. Effective
January 1, 2009, the Partnership adopted the provisions of Accounting Standards Codification 815, Derivatives & Hedging, which
requires enhanced disclosures about the objectives and strategies for using derivatives and quantitative disclosures about the
fair value amounts, and gains and losses on derivatives.

See
below for such disclosures.

Fair Value
of Derivative Instruments



|                        |  |                                                |  | 2015       |         |  | 2014       |  
|----------------------- |  | ---------------------------------------------- |  | ---------- | ------- |  | ---------- | -
|Speculative Instruments |  | Location- Statement of Financial
    Condition |  | Fair Value |         |  | Fair Value |  
|                        |  |                                                |  |            |         |  |            |  
|Futures Contracts       |  | Net unrealized gain (loss) on open contracts   |  | $          | 159,314 |  |            | $



|                        |  |                                     |  | 2015       |          |  | 2014       |  
|----------------------- |  | ----------------------------------- |  | ---------- | -------- |  | ---------- | -
|Speculative Instruments |  | Location- Statement of Operations   |  | Fair Value |          |  | Fair Value |  
|                        |  |                                     |  |            |          |  |            |  
|Futures Contracts       |  | Net realized trading gains (losses) |  | $          | 368,631  |  |            | $
|Futures Contracts       |  | Change in unrealized gains (losses) |  | $          | -153,066 |  |            | $

14





Asset
Derivatives



|Balance Sheet Location                             |  | Fair Value |         |  | #of contracts |  |     |     |  | 
|-------------------------------------------------- |  | ---------- | ------- |  | ------------- |  | --- | --- |  | 
|                                                   |  |            |         |  |               |  |     |     |  | 
|Agricultural                                       |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading gains
    on open contracts |  |            | -2,040  |  |               |  | 1   |     |  | 
|Currencies                                         |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading gains on open contracts     |  |            | 0       |  |               |  | 29  |     |  | 
|Metals                                             |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading gains on open contracts     |  |            | 7,388   |  |               |  | 2   |     |  | 
|Interest rates                                     |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading gains on open contracts     |  |            | 122,262 |  |               |  | 318 |     |  | 
|Indices                                            |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading
    gains on open contracts |  |            | 494     |  |               |  | 54  |     |  | 
|                                                   |  |            | 128,104 |  |               |  | 404 |     |  | 
|                                                   |  |            |         |  |               |  |     |     |  | 
|Liability
Derivatives                              |  |            |         |  |               |  |     |     |  | 
|                                                   |  |            |         |  |               |  |     |     |  | 
|Balance Sheet Location                             |  | Fair Value |         |  | #of contracts |  |     | Net | 
|                                                   |  |            |         |  |               |  |     |     | 
|Agricultural                                       |  |            |         |  |               |  |     |     |  | 
|Net unrealized
    trading gains on open contracts |  |            | 36,171  |  |               |  | 31  |     |  | 
|Currencies                                         |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading
    gains on open contracts |  |            | 18,428  |  |               |  | 26  |     |  | 
|Energy                                             |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading
    gains on open contracts |  |            | 0       |  |               |  | 0   |     |  | 
|Metals                                             |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading
    gains on open contracts |  |            | -23,389 |  |               |  | 25  |     |  | 
|Interest rates                                     |  |            |         |  |               |  |     |     |  | 
|Net unrealized trading
    gains on open contracts |  |            | 0       |  |               |  | 0   |     |  | 
|Indices                                            |  |            |         |  |               |  |     |     |  | 
|Net
    unrealized trading gains on open contracts |  |            | 0       |  |               |  | 0   |     |  | 
|                                                   |  |            | 31,210  |  |               |  | 82  |     |  | 



Trading Revenue for
the Three Months Ended March 31, 2015

Line Item in Income Statement



|                                                      |  |   |         
|----------------------------------------------------- |  | - | --------
|Realized                                              |  | $ | 368,631 
|Change in unrealized                                  |  | $ | -153,066
|                                                      |  | $ | 215,565 
|                                                      |  |   |         
|Includes net foreign currency translation gain (loss)

15





Trading
Revenue for the Three Months Ended March 31, 2014

Line Item
in Income Statement





|Realized             |  | $ | -368,201 | 
|-------------------- |  | - | -------- | 
|Change in unrealized |  | $ | -144,122 | 
|                     |  | $ | -512,322 | 





Includes
net foreign currency translation gain (loss)

Total average
of futures contracts bought and sold

Three months
ended March 31, 2015





|Total           |  | $ | 215,565 | 
|--------------- |  | - | ------- | 
|3 month average |  | $ | 122,877 | 



Total
average of futures contracts bought and sold

Three months
ended March 31, 2014





|Total           |  | $ | -368,201 | 
|--------------- |  | - | -------- | 
|3 month average |  | $ | -122,734 | 





For
the three months ended March 31, 2015, the monthly average of futures contracts bought and sold was approximately $122,877.

(7)
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES

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

The
purchase and sale of futures and options on futures contracts requires margin deposits with a Futures Commission Merchant (“FCM”).
Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all
customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property such
as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s
segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated
funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited.

16





For
derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Partnership is exposed to a market
risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. As both
a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable
changes in the price of the contract underlying the option.

In
the case of forward contracts, over-the-counter options contracts or swap contracts, which are traded on the interbank or other
institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather
than a clearinghouse backed by a group of financial institutions; thus, there likely will be greater counterparty credit risk.
The Partnership trades only with those counterparties that it believes to be creditworthy. All positions of the Partnership are
valued each day on a mark-to-market basis. There can be no assurance that any clearing member, clearinghouse or other counterparty
will be able to meet its obligations to the Partnership.

(8)
FINANCIAL HIGHLIGHTS

The
following financial highlights show the Partnership’s financial performance for the three months ended March 31, 2015 and
March 31, 2014.



|                                   |  | March 31, 2015 |       |   | March 31, 2014 | 
|---------------------------------- |  | -------------- | ----- | - | -------------- | 
|                                   |  | Class A        |       |   | Class A        | 
|                                   |  |                |       |   |                | 
|Total return before distributions* |  |                | 0.92  | % |                | 
|Ratio to average net assets:       |  |                |       |   |                | 
|Net investment Income
    (loss)** |  |                | -8.97 | % |                | 
|Management fees                    |  |                | 5.82  | % |                | 
|Incentive fees                     |  |                | 0.00  | % |                | 
|Other expenses                     |  |                | 3.16  | % |                | 
|                                   |  |                |       |   |                | 
|Total expenses**                   |  |                | 8.98  | % |                | 



*Not annualized

**Annualized

17





Interim
Financial Statements

The
statements of financial condition, including the consolidated schedule of investments, as of March 31, 2015, the statements of
operations for the three months ended March 31, 2015 and 2014, the statements of cash flows and changes in partners’ capital
(net asset value) for the three months ended March 31, 2015 and 2014 and the accompanying notes to the financial statements are
unaudited.

Certain
information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted
accounting principles may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements
and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation
of financial position as of March 31, 2015, results of operations for the three months ended March 31, 2015 and 2014, cash flows
and changes in partners’ capital (net asset value) for the three months ended March 31, 2015 and 2014. The results of operations
for the full three months ended March 31, 2015 and 2014 are not necessarily indicative of the results to be expected for the full
year or any other period. These financial statements should be read in conjunction with the audited financial statements and the
notes thereto included in our form 10-k as filed with the Securities and Exchange Commission.

| | Item
                           2. | Management’s
                                         Discussion and Analysis of Financial Condition and Results of Operation
| | ---------------------------------- | -----------------------------------------------------------------------------------------------------------------------------



Each
months ended March 31, 2015 compared to each months ended March 31, 2014.



Class
A Units were positive 3.44% in January 2015 resulting in a Net Asset Value per unit of $2,517.72 as of January 31, 2015.

Class
A Units were negative 3.80% in January 2014 resulting in a Net Asset Value per unit of $1,982.56 as of January 31, 2014.

The
Everest Fund continued to have gains in currencies, and energies in January. But the largest gains came in interest rates. There
were no significant losing market segments. With the S&P 500 being negative (-2.68%), it was nice to provide meaningful diversification
for the month of January.

Class
A Units were negative 2.33% in February 2015 resulting in a Net Asset Value per unit of $2,459.13 as of February 28, 2015.

Class
A Units were negative 2.83% in February 2014 resulting in a Net Asset Value per unit of $1,926.45 as of February 28, 2014.

The
Fund had gains in stock indices but they were not enough to offset losses in every other sector in February. Long standing trends
in interest rates, currencies and energies came to a halt in February, interrupting the 8 consecutive months of positive performance
for the Fund. The same markets are finding direction and positions are lighter while EMC systems determine whether the trends
will continue in the same direction or have reached the limit and might reverse.

18





Class
A Units were negative 0.11% in March 2015 resulting in a Net Asset Value per unit of $2,456.35 as of March 31, 2015.

Class
A Units were negative 3.76% in March 2014 resulting in a Net Asset Value per unit of $1,853.93 as of March 31, 2014.



The
Fund had essentially a break even month in March with gains in currencies and interest rates offset by losses in metals and softs.
The previously trending markets of currencies, energies and interest rates are still struggling to find direction. The Fund was
both in positive and negative territory during the month and EMC did a good job handling the fluctuations.

| | 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, 2014.



| | Item
                           4. | Controls
                                         and Procedures
| | ---------------------------------- | ----------------------------------------------------------------



As
of March 31, 2015 an evaluation was performed by the company under the supervision and with the participation of management, including
the President of the Company, of the effectiveness of the design and operation of the Company’s disclosure controls and
procedures. Based on that evaluation, the Company’s management, including the President, concluded that the Company’s
disclosure controls and procedures are effective in timely alerting them to material information relating to the Company that
is required to be included in the Company’s period filings with the Securities and Exchange Commission. There have been
no significant changes in the company’s internal controls or in other factors that could significantly affect those internal
controls subsequent to the date the company carried out its evaluation.

Part
II. OTHER INFORMATION

| | Item
                           1. | Legal
                                         Proceedings
| | ---------------------------------- | ----------------------------------------------------------

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

| | Item
                           1A. | Risk
                                         Factors
| | ----------------------------------- | -----------------------------------------------------

19





There
has been no material change with respect to risk factors since the “Risk Factors” were disclosed in the Form 10K of
the Partnership dated December 31, 2014.

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

RECENT
SALES OF UNREGISTERED SECURITIES A UNITS



|                    |  | Three months         |   |  | Three months         |  
|------------------- |  | -------------------- | - |  | -------------------- | -
|                    |  | ended March 31, 2015 |   |  | ended March 31, 2014 |  
|Units Sold          |  |                      | 0 |  |                      |  
|Value of Units Sold |  | $                    | 0 |  |                      | $





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

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 and Reports on Form 8-K                                        





| | a) | Exhibits
| | -- | --------





|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      





|b) | Reports
on Form 8-K
|-- | -------------------
|   |                    
|   | none               

20





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 15, 2015 | By:               
|                   |                   
|                   |                   
|                   | By:               
|                   |                   
|                   |                   

21