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EX-32 - 32 DOC - EVEREST FUND L Pef10k09exhibit32.txt
EX-31 - 31 DOC - EVEREST FUND L Pef10k09exhibit31.txt



        SECURITIES AND EXCHANGE COMMISSION
               Washington, D.C.  20549

                   FORM 10Ka


Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934


For the fiscal year ended       Commission File Number
December 31, 2009                              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

Securities registered pursuant to Section 12(b) of the Act:
None

Securities registered pursuant to Section 12(g) of the Act:
Units of Limited Partnership Interest

Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities
Act.
Yes		No  X
Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the
Act.
Yes  X		No
Note  Checking the box above will not relieve any
registrant required to file reports pursuant to Section 13
or 15(d) of the Exchange Act from their obligations under
those Sections.
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes  X        No  __

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation SK is not contained
herein and will not be contained to the best of the
Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of Form
10K or any amendment to this Form 10-K:   [ X ]


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		Accelerated
filer		Non-accelerated filer
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    No  X

State the aggregate market value of the voting and non-
voting common equity held by non-affiliates computed by
reference to the price at which the common equity was last
sold, or the average bid and asked price of such common
equity, as of the last business day of the registrant's
most recently  completed second fiscal quarter.
15,757,993

Note  If a determination as to whether a particular person
or entity is an affiliate cannot be made without involving
unreasonable effort and expense, the aggregate market value
of the common stock held by non-affiliates may be
calculated on the basis of assumptions reasonable under the
circumstances, provided that the assumptions are set forth
in this Form.

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12,
13 or15(d) of the Securities Exchange Act of 1934
subsequent to the distribution of securities under a plan
confirmed by a court.
Yes 	No

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

Indicate the number of shares outstanding of each of the
registrant  s classes of common stock, as of the latest
practicable date.

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by
reference and the Part of the Form 10-K (e.g., Part I, Part
II, etc.) into which the document is incorporated: (1) Any
annual report to security holders; (2) Any proxy or
information statement; and (3) Any prospectus filed
pursuant to Rule 424(b) or (c) under the Securities Act of
1933. The listed documents should be clearly described for
identification purposes (e.g., annual report to security
holders for fiscal year ended December 24, 1980).  None


                               Part I
Item 1.  Business

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

During its operation, the Partnership has had various
trading advisors.  In December 1990, John W. Henry &
Company, Inc. (JWH) began trading for the Partnership as
one of the Partnership's trading advisors.  In May 1994,
JWH became the sole trading advisor to the Partnership.

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


 In 2009 the Partnership continued previously offered
Class A Units (retail shares) and charged an initial
1% Offering and Organization fee as a reduction to capital.

In 2009 the Partnership retained the JWH Global Analytics Program
( JWH GAP )as its sole trading program. As of December 31, 2009
100% of the Partnership's assets are being traded by
the JWH GAP.

Upon fifteen days written notice, a Class A Limited Partner
may require the Partnership to redeem all or part of his
Units effective as of the close of business (as determined
by the General Partner) on the last day of any month at the
Net Asset Value thereof on such date. Notwithstanding
the above, pursuant to the Amended and Restated Agreement
of Limited Partnership, the General Partner may, in its
sole discretion, and on ten days' notice, require a Limited
Partner to redeem all or part of his Units in the
Partnership as of the end of any month.  There are no
additional charges to the Limited Partner at redemption.
The Partnership's Amended and Restated Agreement of Limited
Partnership contains a full description of redemption and
distribution procedures.

Since commencing trading operations, the Partnership has
engaged in the speculative trading of Commodity Interests
and will continue to do so until its dissolution and
liquidation, which will occur on the earlier of December
31, 2020 or the occurrence of any of the events set forth
in Paragraph 4(a) of the Agreement of Limited Partnership.
Such events are (i) an election to dissolve the Partnership
made by over 50% of the Limited Partnership Units at least
90 days prior to dissolution, (ii) withdrawal, insolvency,
or dissolution of the General Partner (unless a new general
partner is substituted), (iii) decline in the Net Asset
Value of the Partnership at the close of any business day
to less than $300,000, or (iv) any event which will make it
unlawful for the existence of the Partnership to be
continued or requiring termination of the Partnership.

The address of the General Partner and the Partnership is
1100 North 4th Street, Suite 143, Fairfield, Iowa  52556,
and the telephone number at such location is (641) 472-
5500.  The General Partner changed its name as of March 1,
1994 and amended its Certificate of Incorporation, with no
other changes, accordingly.  In accordance with the
provisions of the Commodity Exchange Act and the rules of
the National Futures Association (NFA), the General Partner
is registered as a commodity pool operator and a commodity
trading advisor, JWH is registered as a commodity trading
advisor and the Commodity Broker is registered as a futures
commission merchant, each subject to regulation by the
Commodity Futures Trading Commission (CFTC).  Each is also
a member of the NFA in such capacity.

The General Partner, to the exclusion of the limited
partners of the Partnership (the  Limited Partners ),
manages and conducts the business of the Partnership.  Thus
the General Partner (i) selects and monitors the
independent commodity trading advisor(s) and the Commodity
Broker; (ii) allocates and/or reallocates assets of the
Partnership to or from JWH and/or the advisor(s); (iii)
determines if an advisor or commodity broker should be
removed or replaced; (iv) negotiates management fees,
incentive fees and brokerage commissions; (v) determines
its own compensation with respect to management and
administrative fees; and (vi) performs such other services
as the Partnership may from time to time request, except
that all trading decisions are made by JWH and not the
General Partner. In addition, the General Partner selects
the commodity broker(s) that will clear trades for the
advisor(s). Newedge Financial Inc., part of the Newedge
Group joint venture between Societe Generale and Calyon
currently acts as Everest's commodity broker.


The General Partner is responsible for the preparation of
monthly and annual reports to the Limited Partners; filing
reports required by the CFTC, the NFA, the SEC and any
other federal or state agencies having jurisdiction over
the Partnership's operations; calculation of the Net Asset
Value (meaning the total assets less total liabilities of
the Partnership ( for a more precise definition, see the
Exhibit Form 10 - General Form for Registration of
Securities incorporated by reference hereto ) and
directing payment of the management and incentive fees
payable to JWH  or the advisor(s)under an advisory
agreement(s) entered into with the commodity trading
advisor(s).


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.
The General Partner pays a portion of its fees for actual
commission charges to its Clearing Broker.


In addition, the Partnership reimburses the General Partner
for the actual organization and offering expenses advanced
by it, not to exceed one percent of the Class A Net Asset
Value of Units sold.
Organization and offering expenses shall mean all expenses
incurred by the Partnership or the General Partner in
connection with and in preparation to offer and distribute
the Units to investors, including, but not limited to,
expenses for traveling, printing, engraving, mailing,
salaries of employees while engaged in sales activity,
charges of transfer agents, registrars, trustees, escrow
holder, depositories, experts, expenses of qualification of
the sales of its securities under state law, including
taxes and fees and accountants  and attorneys fees.

Everest pays John W. Henry & Company, Inc., its current
commodity trading advisor, a monthly management fee equal
to 0.167% (approximately 2% annually) of Everest s month-
end Allocated Assets, as defined, and a quarterly incentive
fee equal to 20% of Everest's trading profits allocable to
its trading exclusive of interest income on Allocated
Assets, as defined. The incentive fee is retained by JWH
even though trading losses may occur in subsequent
quarters; however, no further incentive fees are payable
until any such trading losses (other than losses
attributable to redeemed units and losses attributable to
assets reallocated to another advisor) are recouped by
Everest.


The Commodity Broker has agreed to pay Everest interest on
95% of Everest assets (including open trade equity)
deposited with it during a month at the average of 91-day
U.S. Treasury Bills purchased by the Commodity Broker
during each month.  The Commodity Broker will retain all
excess interest, if any, earned on the Everest assets,
above the amount of interest paid to Everest.  The interest
rate to be paid by the Commodity Broker to Everest is a
negotiated rate which has been negotiated between the
Commodity Broker and the General Partner. The actual
interest income on Everest s assets earned by the Commodity
Broker may be greater than or less than the negotiated rate
to be paid by the Commodity Broker to Everest.  The
Commodity Broker will also be responsible for execution and
clearance of futures contracts (and possibly certain other
Commodity Interests).

The Partnership pays no selling commission but does pay an
ongoing compensation fee equal to 3% of the Net Asset Value
of Class A Units sold, unless waived in whole or in part by
the General Partner, to the selling agents in connection
with the sale of the Units.  The General Partner may pay up to
100% of the Partnerships it receives  to the selling agents
as additional selling commission. The Partnership is obligated
to pay its periodic operating expenses and extraordinary
expenses. Although those expenses will vary depending on the
Partnership's size, it is estimated that the periodic
operating expenses will be approximately  $80,000 annually.
Extraordinary expenses for these purposes include expenses
associated with significant non-recurring litigation
including, but not limited to, class action suits and suits
involving the indemnification provisions of the Agreement
of Limited Partnership or any other agreement to which the
Partnership is a party.  By their nature, the dollar amount
of extraordinary expenses cannot be estimated.  All
expenses shall be billed directly and paid for by the
Partnership. The Partnership's operating expenses for the
years 2005-2009 can be found in the table in Item 6 below.

As of December 31, 2009, the General Partner had two
employees. Further, the General Partner, in its capacity as
a CFTC-regulated commodity pool operator, contracts certain
services of research, administration, client support and
management information systems and analysis to Capital
Management Partners, Inc. (Capital). Capital is a CFTC-
regulated introducing broker, and an NFA member.  Capital
is also registered with the Financial Industry Regulatory
Authority, Inc. ( FINRA ) as a broker dealer.  As of
December 31, 2009, Capital had 7 employees.

The Partnership's business constitutes only one segment for
financial reporting purposes; and the purpose of the
Partnership is to trade, buy, sell, spread or otherwise
acquire, hold or dispose of Commodity Interests including
futures contracts, forward contracts, physical commodities
and related options thereon.  The objective of the
Partnership's business is appreciation of its assets
through speculative trading in such Commodity Interests.
Financial information about the Partnership's business, as
of December 31, 2009 is set forth under Items 6 and 7
herein.

For a description of commodity trading and its regulation,
see the Prospectus filed on Form S-18 and the Confidential
Private Placement Memorandum filed as part of the Form 10
and included in the exhibits hereto.

The Current Offering

On July 1, 1995 the Partnership reopened for investment as
a Regulation D, Rule 506 private placement offering an
unlimited amount of limited partnership interests.  On
September 19, 1996 the Commission accepted a Form 10 -
General Form for Registration of Securities submitted by
the Partnership thereby making the Partnership a public
reporting private placement offering.  It also qualified
the Partnership as a  publicly offered security  as defined
in the Employee Retirement Income Security Act of 1974
(ERISA) rules permitting it to accept investment of an
unlimited amount of plan assets as defined in ERISA.
Hitherto, as a private placement the Partnership could
accept ERISA plan assets representing no more than 25% of
the total investment in the Partnership.  The limited
partnership interests are offered by the Selling Agent and
additional selling agents with a Class A minimum
subscription amount of $25,000. (The Class A minimum
subscription amount for employee benefit plans and
individual retirement accounts is $10,000).

Competition

JWH and any other advisor(s) of the Partnership, its or
their respective principals, affiliates and employees are
free to trade for their own accounts and to manage other
commodity accounts during the term of the Advisory
Agreement and to use the same information and trading
strategy which JWH obtains, produces or utilizes in the
performance of services for the Partnership through its
investment in Everest. To the extent that JWH recommends
similar or identical trades to the Partnership and other
accounts which it manages, the Partnership may compete with
those accounts for the execution of the same or similar
trades.

Other trading advisors who are not affiliated with the
Partnership may utilize trading methods which are similar
in some respects to those methods used by JWH, or any other
future Partnership's advisor(s). These other trading
advisors could also be competing with the Partnership for
the same or similar trades as requested by the
Partnership's advisor(s).

Item 1A.	Risk Factors
GENERAL

Trading in Commodity Interests Is Speculative.  Commodity
interest prices are highly volatile.  Price movements for
futures contracts, for example, which may fluctuate
substantially during a short period of time, are influenced
by numerous factors that affect the commodities markets,
including, but not limited to: changing supply and demand
relationships, government programs and policies, national
and international political and economic events, and
changes in interest rates.  See, Risk Factors -- Commodity
Interests Trading May Be Illiquid.

Commodity Interests Trading Is Highly Leveraged.  The low
margin deposits normally required in trading commodity
interests permit an extremely high degree of leverage.
Accordingly, a relatively small price movement in a
commodity interest may result in an immediate and
substantial loss to the investor.  For example, if at the
time of purchase 5% of the price of a futures contract is
deposited as margin, a 5% decrease in the price of the
futures contract would, if the contract were then closed
out, result in a total loss of the margin deposit
(brokerage commission expense would also be incurred).
Like other leveraged investments, any commodity interest
trade may result in losses in excess of the amount
invested.  Although more than the initial margin can be
lost on a trade, the Partnership, and not investors
personally, will be subject to margin calls.

The Partnership's Trading Account May Be Leveraged or de-levereged.
The general partner may, in its sole discretion, periodically
adjust the size of the trading account with JWH by increasing
or decreasing the cash, other assets or notional Partnerships
allocated to it (and thus the amount by which the Partnership's
assets are leveraged).  Because the trading account may be
leveraged, (i) the Partnership may incur greater risk since
the Partnership may experience greater losses, as measured
by a percentage of assets actually allocated to JWH, due to the
notional Partnership's component; (ii) the Partnership's returns
may experience greater volatility compared to the returns
which the Partnership would have achieved on a non-
leveraged basis; and (iii) the Partnership may receive more
frequent and larger margin calls. Because the trading account
may be de-leveraged, the partnership may incur smaller gains
than it would if the JWH trading program had been fully
allocated to.

Commodity Interests Trading May Be Illiquid.  Most U.S.
commodity futures exchanges impose daily limits regulating
the maximum amount above or below the previous day's
settlement price which a futures contract price may
fluctuate during a single day.  During a single trading day
no trades may be executed at prices beyond the daily limit.
Once the price of a particular futures contract has
increased or decreased to the limit point, it may be
difficult, costly or impossible to liquidate a position.
Futures prices in particular contracts have occasionally
moved the daily limit for several consecutive days with
little or no trading.  If this occurs, the Partnership
might be prevented from promptly liquidating unfavorable
positions, which could result in substantial losses.  Those
losses could significantly exceed the margin initially
committed to the trades involved.  In addition, even if
prices have not moved the daily limit or there are no
limits for the contracts traded, trades might not be able
to be executed at favorable prices if little trading in the
contracts is taking place.  It is also possible that an
exchange or the Commodity Futures Trading Commission (CFTC)
may suspend trading in a particular contract, order
immediate settlement of a contract, or order the
liquidation of open positions only.

Exchange for Physical.  JWH may make use of a trading
technique referred to as  exchange for physical  in which a
cash or spot market position (which may be a forward
contract) is exchanged, often outside of regular trading
hours, for a comparable futures position.  The CFTC has
released a study of the exchange for physical market that
recommended that a number of new regulatory restrictions be
applied to it.  If these recommendations or restrictions
are adopted, the ability of JWH to use this market may be
curtailed.

Trading Decisions Based on Technical Analysis.  JWH uses
trading programs that employ technical factors in
identifying price moves.  The success of technical analysis
depends upon the occurrence in the future of price
movements.  Technical systems will not be profitable, and
may in fact produce losses, if there are no market moves of
the kind the system seeks to follow.  Any factor that would
make it more difficult to execute the trades identified,
such as a reduction of liquidity, also would reduce
profitability.  There is no assurance that the trading
systems of JWH will generate profits under all or any
market conditions.

Possible Effects of Other Similar Systems.  Commodity
trading systems, which use market data like JWH uses, are
not new.  If many traders follow similar systems, these
systems may generate similar buy and sell orders at the
same time.  Depending on the liquidity of a market, this
could cause difficulty in executing orders.  The General
Partner believes that, although there has been an increase
in the number of trading systems in recent years, there
also has been an increase in the overall trading volume and
liquidity in the futures markets.  Any increase in the
proportion of Partnerships traded using trend-following systems
could alter trading patterns or affect execution of trades
to the detriment of the Partnership.

No Assurance of JWH'S Continued Services.  JWH has
exclusive responsibility for trading commodity interests
allocated to it.  JWH is dependent on the services of
certain key persons.  The loss of the services of such
persons would make it difficult or impossible for JWH to
continue to provide services to the Partnership. In
addition, the advisory contract between the Partnership and
JWH may be terminated by either party on sixty (60) days
written notice.

Changes in Trading Strategies.  The trading strategies of
most trading advisors are continually developing.  JWH is
free to make any changes in trading strategies.  Changes in
commodity interests traded or leverage used are not
considered changes in trading strategy.

Possible Effects of Speculative Position Limits.  The CFTC
and U.S. exchanges have established speculative position
limits.  These limits control the number of net long or
net short speculative futures or options (on futures)
positions any person may hold or control in futures or
options contracts traded on U.S. exchanges.  JWH controls
the commodity trading of other accounts.  All positions and
accounts owned or controlled by JWH and its principals are
combined with the Partnership's positions established by
JWH for position limit purposes.  In order to avoid
exceeding position limits, it is possible that JWH will
have to modify its trading instructions, and that positions
held by the Partnership will have to be liquidated.  That
could have a negative effect on the operations of the
Partnership and its profitability.  See, Risk Factors
Increase in Amount of Partnerships Managed.  In addition, all
commodity accounts of the General Partner and its
affiliates may also be combined with the Partnership for
position limit purposes.

Increase in Amount of Partnerships Managed. JWH expects to
manage additional Partnerships in the future.  It is not
known if managing additional Partnerships, including
Partnerships raised in this offering, will have any effect
on its performance or trading strategies.  In many cases,
the rates of return achieved by an advisor deteriorate
as assets under management increase.  Increases in
Partnerships managed may affect the number of futures or
options positions an advisor would otherwise hold for
each account it manages because of speculative position
limits imposed by U.S. exchanges.  There is no assurance
that changes in strategies, if any, in response to
increased Partnerships will be successful.  There
can be no guarantee that the investment results of that
portion of the assets allocated to JWH will be similar to
those achieved by it in the past in its other accounts.

Changes in the Number of Available Futures Contracts and
Related Options.  U.S. and foreign exchanges have
established new futures and options contracts in the past
few years. This trend could continue.  If JWH trades these
contracts in the future, there is no assurance that its
trading strategies will produce profits.

Past Performance Is Not Necessarily Indicative of Future
Results.  Although some of the client accounts of JWH have
been profitable in the past, you should take seriously the
warning the CFTC and the NFA require.  PAST PERFORMANCE IS
NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  AN
INVESTMENT IN THE PARTNERSHIP IS SPECULATIVE AND
INVOLVES A SUBSTANTIAL RISK OF LOSS.

Horizon Cash Management, L.L.C.  Horizon is an Investment
Advisor (IA) with Power of Attorney (POA), to manage Everest
Partnership assets on deposit at Northern Trust through
investments in short term interest bearing instruments.
A substantial portion of the Partnership's assets is held
in an omnibus custody account on behalf of the Partnership
at The Northern Trust Company in the name of the Partnership.
The Partnership has entered into an advisory contract with
Horizon pursuant to which Horizon manages such assets in
an attempt to maximize their yield through investment in
various short-term interest bearing instruments including
U.S. Treasury Securities, U.S. Government Agencies
Securities, Bankers Acceptances, Certificates of Deposit,
Time Deposits, Commercial Paper, Loan Participation Notes
and Repurchase Agreements  U.S. Treasury Securities and
U.S. Government Agencies Securities. As a result, the
Partnership's assets managed by Horizon are subject to
potential loss resulting from interest rate fluctuations
and default.

JWH PROGRAMS

Effects of Trading Multiple Investment Programs.  JWH makes
trading decisions for each of its investment programs
independently of trading decisions for the other JWH
investment programs.

Mandatory Closing Out of Offsetting Positions. CFTC rules
require offsetting positions taken by JWH for
clients be closed out.


Swap Transactions.  JWH may periodically enter into
transactions which are characterized as swap transactions
and which may involve interest rates, currencies,
securities interests, commodities, and other items.  Swap
contracts are not traded on exchanges and are not regulated
by the CFTC. Swap transactions are individually negotiated,
non-standardized agreements between two parties to exchange
cash flows measured by different interest rates, exchange
rates or prices, with payments calculated by reference to a
principal amount or quantity.  As a result, the Partnership
will not receive the protection afforded by the Commodity
Exchange Act in connection with this trading activity by
JWH. The absence of regulation could expose the Partnership
to significant losses in the event of trading abuses or
financial failure by participants in the swap markets.  JWH
has not previously traded swaps and has no experience in
that market.  Transactions in these markets also present
certain risks similar to those in the futures, forward and
options markets.  Only the accounts of  eligible swap
participants as defined in Part 35 of CFTC Regulations,
may engage in swaps.

Options Transactions.   JWH may engage in the trading of
options (both puts and calls) on futures on behalf of the
Partnership. The value of an option depends largely upon
the likelihood of favorable price movements in the
underlying futures contract in relationship to the exercise
(or strike) price during the life of the option. Therefore
many of the risks applicable to trading the underlying
futures contract are also applicable to options trading. In
addition, there are a number of other risks associated with
the trading of options. For example, the purchaser of an
option runs the risk of loss of his/her entire investment
(the premium he pays). Similarly, the uncovered writer of
an option is subject to an adverse price movement in the
underlying futures position, any such movement may exceed
the premium income from the option transaction. Spread
positions using options are subject to the same risks
involved in the purchase and writing of options. In
addition, in the event the Partnership were to write
uncovered options as one part of a spread position and such
option were exercised by the purchasing party, the
Partnership would be required to purchase and deliver the
underlying futures contract in accordance with the terms of
the option. Finally, an options trader runs the risk of
market illiquidity preventing offsetting positions for any
particular option. (See Commodity Trading May Be Illiquid
above.)

	Business Interruption Risk.  During both 2004 and
2005, the operations of JWH at its Boca Raton, Florida,
offices were disrupted by hurricanes which required
recovery periods to re-establish communications and other
utilities.  JWH continued its trading operations during
those periods without interruption from back up locations.
Any future business interruption events, whether weather-
related or otherwise, that affect the south Florida area
could similarly disrupt the trading operations of JWH,
despite the back up precautions it has established.  JWH
has a business continuity plan, but it cannot guarantee
that business interruption events will not have an impact
on its operations.

Electronic Trading and Order Routing Systems.  JWH may from
time to time trade on electronic trading and order routing
systems which differ from traditional open outcry pit
trading and manual order routing methods.   Transactions
using an electronic system are subject to the rules and
regulations of the exchanges offering the system or listing
the contract.  Characteristics of electronic trading and
order routing systems vary widely among the different
electronic systems with respect to order matching
procedures, opening and closing procedures and prices,
error trade policies and trading limitations or
requirements.  There are also differences regarding
qualifications for access and grounds for termination and
limitations on the types of orders that may be entered into
the system.  Each of these matters may present different
risk factors with respect to the trading on or using a
particular system.  Each system may also present risks
related to system access, varying response times and
security.  In the case of internet-based systems, there may
be additional risks related to service providers and the
receipt and monitoring of electronic mail.

	Trading through an electronic trading or order routing
system is also subject to risks associated with system or
component failure.  In the event of system or component
failure, it is possible that for a certain time period, it
might not be possible to enter new orders, execute existing
orders or modify or cancel  orders that were previously
entered.  System or component failure may also result in
loss of orders or order priority.  Some contracts offered
on an electronic trading system may be traded
electronically and through open outcry during the same
trading hours.  Exchanges offering an electronic trading or
order routing system and listing the contract may have
adopted rules to limit their liability, the liability of
futures brokers and software and communication system
vendors and the amount that may be collected for system
failures and delays.  These limitation of liability
provisions vary among the exchanges.

	Reliance on Timely and Accurate Market Data.  JWH's
ability to detect market trends and trade them profitably
depends on its access to timely and accurate market price
data throughout the trend identification and trading
processes.  If price data is not available or is delayed,
JWH would be unable to trade for client accounts until
reliable data sources have been restored.  Data
reconciliation procedures are applied each day to confirm
accurate price quotations, and on the subsequent day prices
that were employed in the JWH systems are re-reconciled in
an attempt to identify changes from previously posted
prices.  JWH's traders are required to confirm a price from
multiple sources before executing a trade, and, during
volatile market conditions, traders request confirmation of
high and low prices from the floor before placing a trade.
Inaccurate information may be generated by a data vendor,
or an exchange may transmit inaccurate prices that a vendor
then distributes to JWH, but which are later cancelled or
amended by the exchange.  In addition, JWH may obtain from
third parties, such as clearing firms, information about
price or about contract specifications and changes to them.
Inaccurate price information may cause JWH to enter or
close trades that it would not otherwise have entered or
closed, to trade or fail to trade at times that would have
been indicated by accurate data, or to be completely unable
to place a trade.  Communications or technical failure may
also cause an electronic trading tool to fail, which could
cause JWH to fail to act when a trading stop is reached.
As a result of such potential data problems, client
accounts may be unable to exit positions or miss the
opportunity to establish new positions.  JWH receives price
data electronically. Data providers typically make no
representations or warranties about the accuracy or
timeliness of the data they provide, and assume no
financial liability for lost profits, trading losses or
other consequential damages. Data providers also disclaim
any responsibility for events of force majeure, as well as
for actions (or inaction) of third party information,
hardware and software providers, and for interruption of
means of communication. Because all of the data required
for JWH  s trading is provided from third parties, JWH,
cannot, despite its employment of the precautions described
above, make any assurances that its efforts will detect
erroneous or incomplete data, or prevent client accounts
from incurring losses or missing profit opportunities.

PARTNERSHIP ISSUES

Substantial Charges to Partnership.  The Partnership pays
substantial fees and charges and has substantial operating
costs.  As a result, it must make substantial profits for
your units to increase in value.  These include an
incentive fee to JWH that is based on, among other things,
unrealized appreciation in open commodity interest
positions.  The incentive fee is paid (and retained by JWH)
even if that portion of the Partnership  s assets traded by
it experience subsequent losses or the appreciation is
never realized.  It is therefore possible that the
Partnership may pay an incentive fee in years in which the
Partnership breaks even or experiences losses.

Possible Misallocation of Incentive Fees.  The Partnership
pays quarterly incentive fees on trading profits, if any,
earned by JWH.  Trading profits are calculated on the
overall profits earned by JWH on its allocated assets and
not just on increases in the Net Asset Value of each unit.
As a result, the Partnership might pay incentive fees even
if Partnership units decline in value.  In addition, if, at
the time limited partners purchase units, there is an
accrued incentive fee expense, that accrued expense will
reduce the purchase price of their units.  If the accrual
is reversed because of later losses, the incentive fee will
be misallocated because the reversal of the accrued
incentive fee expense will be allocated equally to all
outstanding units rather than only to those outstanding
during the period when the incentive fee expense accrued.
Similarly, if you buy units after an incentive fee has been
paid and after a later loss attributable to JWH, your units
will not be assessed an incentive fee until there are new
trading profits, even if your units have increased in
value.

There Is No Intrinsic Value to the Partnership's
Investments.  The Partnership must be profitable for it to
provide beneficial diversification to a limited partner's
portfolio.  Trading in commodity interests is a zero-sum
activity in which for every gain there is an equal and
offsetting loss (disregarding transaction costs).  This
differs from a typical securities investment, in which
there is an expectation of consistent yields (in the case
of bonds) or participation over time in general economic
growth (in the case of stocks).  The Partnership could lose
money while stock and bond prices rise.  Stocks and bonds
(except penny stocks) generally have some intrinsic value.
Limited partners generally can realize some value for their
stocks or bonds even if they sell in a down market.  In
trading commodity interests, on the other hand, investors
risk losing all of their investment if prices move against
them.  In general, performance statistics do not reflect
the different risk profiles or tax treatment of traditional
and managed commodity interest investments.  See,  Risk
Factors  Limited Partners Will Be Taxed on Profits whether
or Not Distributed or Realized.

Partnership Trading Is Not Transparent.  JWH makes all of the
trading decisions for the portion of the Partnership's
assets allocated to it.  While the General Partner receives
daily trade confirmations from the commodity broker, only
the monthly performance of the Partnership is reported to
limited partners.  Accordingly, an investment in the
Partnership does not offer limited partners the same
transparency, i.e., an ability to review all investment
positions daily that a personal trading account offers.

Non-Correlated, Not Negatively Correlated, Performance
Objective.  Historically, managed futures have been
generally non-correlated to the performance of other asset
classes such as stocks and bonds.  Non-correlation means
that there is no statistically valid relationship between
the past performance of futures and forward contracts on
the one hand and stocks or bonds on the other hand (as
opposed to negative correlation, where the performance
would be exactly opposite between two asset classes).
Because of this non-correlation, the Partnership cannot be
expected to be automatically profitable during unfavorable
periods for the stock market, or vice versa.  The futures
and forward markets are different from the
securities markets in that for every gain in futures and
forward trading, there is an equal and offsetting loss.  If
the Partnership's investments do not perform in a manner
non-correlated with the general financial markets, or do
not perform successfully, limited partners will obtain no
diversification benefits by investing in the units and the
Partnership may have no gains to offset their losses from
other investments.

Limited Partners Will Not Participate in Management.
Limited Partners will not participate in the management of
the Partnership.  Under principles of limited partnership
law, limited partners  participation in the Partnership's
management could result in unlimited liability for them.
The limited partnership agreement provides that certain
actions may be taken, or approved, by the vote of limited
partners owning more than 50% of the units, but their role
in the Partnership is passive and the profitability of
their investment depends entirely on the efforts of others.

Indemnification of Partnership by Limited Partners.  If
someone signs the subscription agreement and the General
Partner accepts their subscription, they will become a
limited partner.  Under the agreement, they will be
required to indemnify the Partnership for any liability
that it incurs as a result of their actions.

LIQUIDITY

Limited Ability to Liquidate Investment in Units.  Limited
partners cannot immediately liquidate their units.  There
is no market for the units and none is likely to develop.
They may, however, redeem their Class A units, without
penalty, on the last day of any month on fifteen (15) days
prior written notice to the General Partner or such lesser
time as is acceptable to the General Partner Because of
the time delay between your Class A notice to the General
Partner and the end of the month  when their investment is
redeemed, the value of their investment on the date of
redemption may be substantially less than at the time they
notify the General Partner of their request to redeem.

Possible Effect of Redemptions on Unit Values.  The
Partnership will lose money if it has to sell positions at
a loss in order to raise capital so that the Partnership
can pay substantial redemptions.  If a large number of
redemptions occur simultaneously, the need to liquidate
positions could continue even after the redemption date.
The Partnership would have fewer assets to trade after a
high level of redemptions.  This might make it more
difficult for it to recover losses or generate trading
profits.  Market illiquidity could make it difficult to
liquidate positions on favorable terms, and may also result
in losses and thus a decline in the value of Partnership
units.

Automatic Trading Suspension.  Limited Partners should buy
units only if you are looking for a long-term investment.
If the net asset value per unit declines as of the close of
business on any day to a trading suspension level (50% of
the highest prior month-end net asset value per unit, after
adjustment for prior distributions), the Partnership will
liquidate its open positions and notify limited partners.
The Partnership cannot assure limited partners that it can
liquidate its investments without incurring substantial
additional losses or that limited partner will receive any
specific value for the units they own.  See,  Risk Factors
 Commodity Interest Trading May Be Illiquid.

Counterparty Creditworthiness -- U.S. Markets.  Commodity
exchanges provide centralized market facilities for trading
in futures contracts relating to specified commodities.
Each of the commodity exchanges in the United States has an
associated  clearinghouse.  Once trades made between
members of an exchange have been confirmed, the clearing
house becomes substituted for the clearing member acting on
behalf of each buyer and each seller of contracts traded on
the exchange and in effect becomes the other party to the
trade.  Thereafter, each clearing member firm party to the
trade looks only to the clearinghouse for performance.
Clearinghouses do not deal with customers, but only with
member firms, and the  guarantee  of performance under open
positions provided by the clearinghouse does not run to
customers.  If a customer's commodity broker becomes
bankrupt or insolvent, or otherwise defaults on such
broker's obligations to such customer, the customer in
question may not receive all amounts owing to such customer
in respect of his or her trading, despite the clearing
house fully discharging all of its obligations.

A substantial portion of the Partnership's assets are held
in a custodial account and managed by Horizon.  Failure of
this firm might result in losses to the Partnership.

FOREIGN INSTRUMENTS

Counterparty Creditworthiness -- Non-U.S. Markets.  JWH may
trade commodity interests on foreign exchanges and in the
over-the-counter markets.  Unlike U.S. exchange traded
futures contracts where the exchange clearing corporation
acts as the counterparty to each customer transaction, the
over-the-counter markets and some foreign markets are
principals   markets.  This means that the performance of
the contract is the responsibility only of the individual
firm or member on the other side of the trade and not of
any exchange or clearing corporation.  In those
transactions, the Partnership will be subject to the risk
of the inability of, or refusal by, the counterparty to
perform.

Trading on Foreign Exchanges and Currency Exchange Rate
Fluctuations.  Neither existing CFTC regulations nor
regulations of any other U.S. governmental agency apply to
transactions on foreign markets.  If a foreign
clearinghouse default or bankruptcy occurs, the
Partnership's rights and responsibilities are likely to
differ from those existing on U.S. exchanges.  The
Partnership is at risk for fluctuations in the exchange
rate between the currencies in which the commodity interest
is traded and U.S. dollars.  It also is possible that in
the future, U.S. or foreign governments could impose
exchange controls.  There is no restriction on how much of
the Partnership's trading can be conducted on foreign
markets.  The Partnership may pay brokerage commissions in
foreign currencies.  If the exchange rate of those
currencies and the U.S. dollar fluctuates, the commission
rate paid for those trades might increase (decrease).

Possibility of Forward and Cash Trading.  The Partnership
might make spot and forward contracts for certain
commodities, primarily currencies with U.S. or foreign
banks or dealers.  A forward contract is a contractual
right to purchase or sell a commodity, such as a currency,
at or before a specific date in the future at a specific
price.  Because forward contracts are not traded on
exchanges, there is no regulatory protection provided by
any exchange or the CFTC.  There is no limit on daily price
moves for forward contracts.  Banks and dealers are not
required to continue to make markets in any commodity.  In
the past, there have been times when certain banks have
refused to quote prices for forward contracts or have
quoted prices with an unusually wide spread between the
price at which the bank is prepared to buy and that at
which it is prepared to sell. There is a risk that the
banks or dealers through which the Partnership trades could
fail or refuse to perform.

The CFTC is studying questions about the regulation of
 off-exchange instruments such as forward contracts.  A
number of the major U.S. commodity exchanges have also
expressed concerns about these instruments.  The CFTC has
indicated that it would regard marketing of forward
contracts on a retail basis to the U.S. public at large as
a violation of the CEAct.  The CFTC might, in the future,
prohibit the Partnership from trading in the forward
markets.

TAX AND REGULATORY ISSUES

Possibility of Taxation as a Corporation.  General Partner
believes that under current federal income tax law and
regulations the Partnership will be classified as a
partnership and not as an association taxable as a
corporation.  The General Partner will not obtain a
ruling from the Internal Revenue Service (IRS) or an
opinion of counsel to confirm its belief.  If the
Partnership is taxed as a corporation for federal income
tax purposes in any taxable year, its income or losses
will not be passed through to you, and the Partnership
will be subject to tax on its income at the corporate
tax rate.  In addition, any distributions made to
you could be taxable to you as dividend or capital gain
income, and those distributions will not be deductible in
computing taxable income.

Possible Legislative Tax Changes.  All of the statements in
this Memorandum about taxes are based upon the current
Internal Revenue Code (the Code).  Congress and the IRS
regularly revise the Code and the regulations.  Those
revisions could materially affect you and the Partnership.

Unrelated Business Taxable Income (UBTI) for Employee
Benefit Plans.  If the Partnership were a publicly-traded
partnership and limited partners are a tax-exempt entity,
or if they are a tax-exempt entity and debt finance their
investment, their share of gross income less Partnership
deductions is treated as UBTI, and subject to tax.  The
General Partner does not believe that the Partnership is
publicly-traded for this purpose.  However, if it were
decided that the Partnership is publicly-traded, it may not
be an appropriate investment for employee benefit plans,
including individual retirement accounts (IRAs).  In
addition, if investing in commodity interests results in
UBTI, each partner that is a tax-exempt entity would take
into account its share of the Partnership's UBTI and the
deductions attributable to that income (including a $1,000
deduction against UBTI which is generally available to all
tax-exempt entities) in computing its tax liability.
Benefit plan investors should consult with their own legal
and financial advisers about the tax consequences of plan
investments in the Partnership.

Limited Partners Will Be Taxed on Profits whether or Not
Distributed or Realized.  The Partnership is not required,
and the General Partner does not intend, to distribute
profits.  If the Partnership has taxable income for a
fiscal year, the income will be taxable to them based on
their distributive share of Partnership profit even if no
profits have been distributed.  As a result, limited
partners might owe taxes on undistributed profits.  It is
also possible that those profits could be lost by the
Partnership after the end of its fiscal year, so that
limited partners might never receive the profits on which
they are taxed.  However, they may redeem units to pay
taxes, but this would result in a reduction in their
interest in the Partnership's future profits (if any).

Foreign Limited Partners.  If limited partners are not
citizens or residents of the U.S. and are not otherwise
engaged in a trade or business in the U.S., they will
generally not be required to pay U.S. income tax on capital
gains from commodity interest trading.  Interest income
will be taxable to them, if they are a foreign investor,
unless there is an exemption from tax in an appropriate tax
treaty.  If the law requires the General Partner to
withhold a portion of the income they earn because they are
a foreign limited partner, the General Partner may redeem
their units to pay the U.S. Department of Treasury taxes
they owe.  If a limited partner believes amounts were
improperly withheld, they must deal directly with the U.S.
Department of Treasury.

Failure of Commodity Brokerage Firms.  Futures commission
merchants must maintain the Partnership's assets in a
segregated account.  If the Partnership's futures clearing
broker Newedge becomes bankrupt, the Partnership could lose
money.In addition, even if Newedge adequately segregates
the assets of the Partnership, the Partnership may be able
to recover only a pro rata share of the property available
for distribution to all of Newedge's customers.

 Forex Trading Counterparty Creditworthiness.  The
Partnership will enter into an agreement with an equity in
the Newedge Group which will result in such entity acting
as the counter-party to the Partnership  s foreign currency
transactions.  That is, the counterparty will be the seller
of all forex instruments purchased by the Partnership and
the buyer of all forex instruments sold by the Partnership.
The counterparty's financial benefit from entering into
these transactions with the Partnership is derived from its
ability to participate in the foreign exchange interbank
markets, which are only available to large institutional
investors.  The counterparty's compensation will be derived
from a mark-up on the bid/ask spread price quoted to the
Partnership on each transaction, and the counterparty's
ability to offset these transactions in the foreign
exchange interbank market.  In the event that the
counterparty is unable to successfully participate in this
market, the ability of the counterparty to enter into
transactions with the Partnership may be interrupted.  In
addition, the counterparty has entered into similar
agreements with other persons, and thus acts as the
counter-party in transactions effected by these other
persons.  Because the counterparty acts as counter-party in
these transactions, the Partnership is subject to the
additional risk that the counterparty will be unable to
fulfill its obligations to the Partnership.  Moreover, in
the event of a bankruptcy of the counterparty, the
Partnership may be unable to recover assets held at the
counterparty, even if such assets are directly traceable to
the Partnership.  In the event of the counterparty's
bankruptcy, there is no equivalent of the Securities
Investors Protection Corporation insurance as applicable in
the case of securities broker dealers   bankruptcies.

A substantial portion of the Partnership's assets are held
in a custodial account and managed by Horizon.  Failure of
this firm might result in losses to the Partnership.

Possibility of Tax Audit.  The IRS might audit the tax
returns of the Partnership, or adjustments to its returns
might be made as a result of an audit.  Uncertainty
regarding the federal income tax treatment of certain
management and incentive fees paid by the Partnership, or
ongoing fees paid to others, may increase the likelihood of
an audit.  If an audit results in an adjustment, limited
partners may be required to pay additional taxes, interest
and penalties and may be subject to audit.  The IRS is
currently authorized to impose an interest penalty on tax
deficiencies based on prevailing private sector interest
rates.

Risk that Units Will Not Be Considered Publicly-Offered
Securities under the Employee Retirement Income Security
Act of 1974 (ERISA).  The General Partner believes that it
is reasonable to take the position that the units qualify
as publicly-offered securities under Title I of ERISA,
and that the underlying assets of the Partnership will
therefore not be considered for any purposes of ERISA or
Section 4975 of the Code to be assets of employee benefit
plans and IRAs that purchase units.  However, this position
is not binding on the Department of Labor (DOL) and,
therefore, there is no certainty that the units qualify.
If the units are determined not to qualify as such
publicly-offered securities, the General Partner intends
to redeem units held by certain limited partners that are
employee benefit plans or IRAs to the extent necessary to
prevent the underlying assets of the Partnership from
thereafter being considered for purposes of Title I of
ERISA or Section 4975 of the Code to be assets of such
employee benefit plans or IRAs.  However, for any period
that the underlying assets of the Partnership are
considered to be assets of employee benefit plans or IRAs,
the provisions of Title I of ERISA and Section 4975 of the
Code would apply to the operation of the Partnership and
could adversely affect the Partnership's investments and
activities.

Absence of Regulation Applicable to Investment Companies.
The Partnership is not registered as an investment company
or mutual Partnership.  Therefore, the SEC does not
regulate it under the Investment Company Act of 1940
(the 1940 Act).  Although the Partnership has the right
to invest in securities, limited partners are not protected
by the 1940 Act.  The General Partner is, however,
registered with the CFTC as commodity pool operator (CPO),
JWH is registered with the CFTC as a CTA and Newedge
Financial Inc. is registered with the CFTC as a futures
commission merchant (FCM).

Item 1B. N/A

Item 2.	Properties

The Partnership does not utilize any physical properties in
the conduct of its business.  The General Partner uses its
offices to perform its administrative functions.


The address of the General Partner and the Partnership is
1100 North 4th Street, Suite 143, Fairfield, Iowa  52556,
and the telephone number at such location is (641) 472-
5500.



Item 3.	Legal Proceedings

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


Item 4. None  - Removed and reserved by SEC.



                        PART II

Item 5.	Market for Registrant s Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity
Securities.

        (a) There is no established public market for the
Units and none is expected to develop.

        (b) As of December 31, 2009, there were 4,730.89
Class A Units held by Limited Partners. A total of 273.41
Class A units were purchased by Limited Partners during 2009.
A total of 483.17 Units were redeemed by Class A Limited
Partners during 2009.




RECENT SALES OF UNREGISTERED SECURITIES IN 2009 A UNITS


  2009                  1st quarter     2nd quarter    3rd quarter    4th quarter

                                                            
Units Sold               13.34            0             164.3358       95.7348

Value of Units Sold      $50,000          0             $525,000      $289,000



RECENT SALES OF UNREGISTERED SECURITIES IN 2008 A UNITS

  2008                  1st quarter     2nd quarter    3rd quarter     4th quarter
                                                             
Units Sold               0               752.77         406.73           13.57

Value of Units Sold      0            $ 2,178,218      $1,096,049       $82,743




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.

The Seventh Amended and Restated Agreement of Limited
 Partnership for the Partnership contains a full description
of redemption and distribution procedures.

The Agreement of Limited Partnership does not provide for
regular or periodic cash distributions, but gives the
General Partner sole discretion in determining what
distributions, if any, the Partnership will make to its
partners.  The General Partner has not declared any such
distributions to date, and does not currently intend to
declare any such distributions.

 Item 6.	Selected Financial Data


                                   2005        2006        2007        2008        2009
                                 -------      -------    -------      -------     ------
                                                (In thousands, except amounts per Unit)
                                                                      
1. Net trading Gain*               $165      $-1,117     $2,438       $9,192     $ -2,618
2. Interest and other income       $988      $940        $2,323       $453       $138
3. Expenses                        $2,466    $6,089      $995         $2,849     $1,333
4. Net Income                      -2,302    -7,206      3,766        6,796      3,813
5. Income (Loss)
   Per Unit: A Shares              -193.95   -321.57     522.26       1,348.35   -810.50
             I Shares              -122.38   -270.57     630.86       0.00       0.00
            AA Shares              -7.77     -1,342.5    2,703.69     0.00       0.00
            II Shares              -8.08     -1,396.40   2,812.13     0.00       0.00
6. Total Assets                    33,192    19,769      11,976       19,945     14,396
7. Long Term Obligations              0         0          0            0           0
8. Cash Dividend per Unit             0         0          0            0           0
9. Total partners capital          32,539    18,711      11,693       18,713     14,085
10. Increase/decrease in NAV       -3,770    -13,828     -7,018       7,020      4,628

* Certain prior year amounts have been reclassified to conform to the
current year presentation.





Item 6. Management's Discussion and Analysis of Financial
        Condition and Results of Operations.

Liquidity and Capital Resources


We receive our capital resources from investor's contributions.

Net Asset Value of an interest is defined in the Partnership
Agreement to mean the Net Assets allocated to the capital
account represented by such interest on the date of calculation
and includes that interest's pro-rata share of all assets attributable
 to that Class of units less all liabilities attributable to that Class
 of units determined in accordance with the principles specified
 in the Partnership Agreement or, where no principle is specified,
 in accordance with U.S. generally accepted accounting principles
 consistently applied under the accrual basis of accounting

Past performance is not necessarily indicative of future results.
An investment in the partnership is speculative and involves a
substantial Risk of loss.

Off-Balance Sheet Risk

The term "off-balance sheet risk" refers to an unrecorded
potential liability that, even though it does not appear on the
balance sheet, may result in future obligation or loss.  The Partnership
trades in futures and forward contracts and is therefore a party
to financial instruments with elements of off-balance sheet market
 and credit risk.  In entering into these contracts there exists a risk
 to the Partnership, market risk, that such contracts may be significantly
influenced by market conditions, such as interest rate volatility,
resulting in such contracts being less valuable.  If the markets
should move against all of the futures interests positions of the
Partnership at the same time, and if the commodity trading advisors were
unable to offset futures interest positions of the Partnership, the Partnership
could lose all of its assets and the Limited Partners would realize
a 100% loss.  Everest Asset Management, Inc., the General Partner,
 minimizes market risk through diversification of the portfolio
allocations to JWH,  which in turn trades a diversified portfolio,
and maintenance of a margin-to-equity ratio that rarely exceeds 30%.

In addition to market risk, in entering into futures and forward
contracts there is a risk that the counterparty will not be able to
meet its obligations to the Partnership.  The counterparty for futures
contracts traded in the United States and on most foreign
exchanges is the clearinghouse associated with such exchange.
In general, clearinghouses are backed by the corporate members
of the clearinghouse who are required to share any financial
burden resulting from the non-performance by one of their
members and, as such, should significantly reduce this risk.  In
cases where the clearinghouse is not backed by the clearing
members, like some foreign exchanges, it is normally backed
by a consortium of banks or other financial institutions.

In the case of forward contracts, which are traded on the
inter-bank market rather than on exchanges, the counterparty
is generally a single bank or other financial institution, rather
than a group of financial institutions; thus there may be a
greater counterparty risk. Everest Asset Management, Inc.
utilizes only those counterparties that it believes to be
creditworthy for the Partnership.  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.

The Partnership will utilize high grade short-term commercial
paper, which is an unsecured, short-term debt instrument
issued by a corporation with maturities rarely longer than
365 days.  Commercial paper is not usually backed by any
form of collateral, so only firms with high-quality debt
rating will be used.  As commercial paper is not backed by
the full faith and credit of the U.S. Government, if the
issuing corporation defaults on their obligations to the Partnership,
the Partnership bears the risk of loss of the amount expected to be
received.

The Partnership has no Contractual Obligations.

Most U.S. commodity exchanges limit by regulations the
amount of fluctuation in commodity futures contract prices
during a single trading day.  These regulations specify
what are referred to as "daily price fluctuation limits" or
"daily limits".  The daily limits establish the maximum
amount the price of a futures contract may vary either up
or down from the previous day's settlement price at the end
of a trading session.  Once the daily limit has been
reached in a particular commodity, no trades may be made at
a price beyond the limit.  Positions in the commodity could
then be taken or liquidated only if traders are willing to
effect trades at or within the limit during the period from
trading on such day.  Because the "daily limit" rule only
governs price movement for a particular trading day, it
does not limit losses.  In the past, futures prices have
moved the daily limit for numerous consecutive trading days
and thereby prevented prompt liquidation of futures
positions on one side of the market, subjecting commodity
futures traders holding such positions to substantial
losses for those days.

It is also possible for an exchange or the CFTC to suspend
trading in a particular contract, order immediate
settlement of a particular contract, or direct that trading
in a particular contract be for liquidation only.

For the year ended December 31, 2009, Limited Partners
redeemed a total of 483.17 Class A Units for $$1,671,496.
.
During 2009, investors purchased 273.41 Class A Units
for $864,000.


The Partnership trades on recognized global futures
exchanges. In addition, the Partnership trades over the
counter contracts in the form of forward foreign currency
transactions.


See Footnote 4 of the 2009 Financial Statements for procedures
established by the General Partner to monitor and minimize
market and credit risks for the Partnership.  The General
Partner of the Partnership reviews on a daily basis reports
of the performance of the Partnership, including monitoring
the daily net asset value of the Partnership. The financial
situation of the Commodity Broker is monitored on a monthly
basis to monitor specific credit risks.  The Commodity
Broker does not engage in proprietary trading and thus has
no direct market exposure which provides the General
Partner with assurance that the Partnership, will not
suffer trading losses through the Commodity Broker.

Results of Operations

Calendar Year 2009

At December 31, 2009 the Partnership had approximately
$14.1 million in Class A assets .The JWH allocation was
approximately $14.1 million. The balance was being held
in interest-bearing accounts in anticipation of future
allocations to JWH or other traders.

The Partnership recorded a loss  of $3,812,810 or $810.50 per
Class A unit, for the year 2009. That represents a loss of
21.40% for the year.

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


Class A Units were negative 2.49% in January 2009 resulting in
a Net Asset Value per unit of $3,693.33 as of January 31, 2009.

While macro-economic conditions continued to deteriorate in January and
pressure global equity prices, extreme short-term volatility in certain
markets around year-endand uncertainty regarding the impact of future
policy steps upset long-standing trends across multiple market sectors.
The stock market began to focus acutely on the shaping of economic policy
by the new administration. Uncertainty on this front proved to be a clear
negative for the stock market as most major averages posted their worst
January performance on record.

January represented a month of change for many of the markets and sectors
traded by the Fund. While overall market volatility seems to have declined
during the month, January performance was affected by price spikes and
reversals that impacted long-term trends carried over from 2008 creating
a challenging environment for the Fund. The Fund's two largest sector
exposures are in interest rates and currencies which were both hit by
major reversals in January.


Class A Units were positive 0.94% in February 2009 resulting in
a Net Asset Value per unit of $3,728.18 as of February 28, 2009.

The Fund gained 0.94 percent in February as the focus of the markets and
trading conditions were very similar to those that prevailed in January.
The S&P 500 followed up its worst January on record with a near 11 percent
decline in February.


Class A Units were negative 5.53% in March 2009 resulting in
a Net Asset Value per unit of $3,522.05 as of March 31, 2009.

The Fund's performance was negative in March, marking the first meaningful
 month-on-month correction since the Fund's strong 2008 rally. The Fund's
decline in performance coincided with the S&P 500's best monthly return
since 1987. While it is never comforting to incur losses during these
reversal periods it is a natural component of trend-following. The Fund
gained 121% between September 2007 and December 2008 from a broad diversity
of markets and market sectors. It is not unusual or unexpected that we will
experience a period of give-back in some of these markets as new trends
emerge. The advisor's position size is currently light with a margin to
equity ratio of approximately 6-9% (JWH can go as high as 24-28%). In
addition, at the Fund level, the Partnership remained approximately 80%
allocated to JWH with the remaining assets gaining interest income at the
cash management firm.



Class A Units were negative 2.76% in April 2009 resulting in
a Net Asset Value per unit of $3,424.69 as of April 30, 2009.

The Partnership's performance was negative in April. Gains in the energy,
equity and agricultural sectors were not enough to offset losses in
currency, metals and interest rates. The currency sector was the
worst-performing sector for the Partnership. A portion of the losses in
this sector came from trading in the Japanese yen. The Partnership
held a mix of long and short positions in interest rates for most of
April, which resulted in a small net loss on the month. The energy markets
on balance had a positive effect on performance in April with much of
the gains coming from the sustained downtrend in natural gas prices. The
agricultural sector of the portfolio made a positive contribution to
performance in April.  The Partnership's trading in the metal sector was
quiet as exposures were low for most of the month. Gold continues to
trade in a choppy fashion, alternately taking its cues from its status
as a store of value in times of strife and as a hedge against inflation
and as a de facto currency. The changing winds on all these fronts have
made Gold a very difficult market to trade. Similarly, the Partnership
suffered small losses in its trading in the Silver market.

Class A Units were positive 5.10% in May 2009 resulting in
a Net Asset Value per unit of $3,599.32 as of May 31, 2009.

All but one sector in the Partnership made a positive contribution to the
Partnership's gains. Currency trading led the way in May as the U.S.
dollar suffered a significant decline during the month. Trading in the
interest rate sector was also profitable in May. A number of agricultural
markets turned in strong performance in May. Soybeans was the
best-performing market in this sector as it benefited from global macro
factors, such as the weaker U.S. dollar, but also from positive seasonal
supply factors. The coffee market was also quite strong and an important
driver of the Partnership's performance in May. While energies were
hardly left out of the broad commodity market rally in May, the
Partnership's trading suffered small losses making it the lone
unprofitable sector for the month.


Class A Units were negative 4.87% in June 2009 resulting in
a Net Asset Value per unit of $3,423.92 as of June 30, 2009.

In June, the Partnership gave back most of the gains from the previous
month as many of the trends that emerged in May stalled or reversed
direction. The interest rate sector was negative for the month, where
there was at least a temporary reversal in the trend toward higher
global interest rates. Performance in currencies was slightly negative
in June as gains from trading in the British pound were not enough to
offset losses from trading in European currencies and the Japanese yen.
While equity markets worldwide have recovered from the multi-year lows
put in during March, the rally lost momentum in June. The Partnership
suffered losses in its trading of gold and silver. The energy markets
contributed positively to the Partnership's performance in June. The
direction of crude oil has loosely followed the path of equities for
much of the past year. While crude oil is up substantially from the
lows of February and March upside momentum did seem to slow in June.
The Partnership's trading models reduced exposure to the market at
different points during the month which limited overall losses.




Class A Units were negative 5.09% in July 2009 resulting in
a Net Asset Value per unit of $3,249.81 as of July 31, 2009.

The Fund suffered from negative performance in July. The Fund had a substantial
allocation to interest rates and currencies where the markets have been devoid
of trends. The markets continue to consolidate after the large moves of 2008
and while many continue to forecast "the worst is over" after a substantial
move higher in the stock markets, others point out that uncertainty around the
levels of massive consumer debt, estimated at 124% of disposable income,
unencumbered government spending and slow improvement in the real estate
markets are risks for sustained recovery. These conflicting views have left
many market sectors in an extended state of "whipsaw".


Class A Units were negative 3.21% in August 2009 resulting in
a Net Asset Value per unit of $3,145.60 as of August 31, 2009.

In August, the trading environment that prevailed for most of the month was
very similar to what has been in place in prior months. Interest rates, certain
commodity prices and the dollar continue to trade in broad ranges, limiting the
profit opportunities for the Fund's trend-following approach.

The Fund's positions in U.S., European and Japanese stock index futures were
all profitable in August. The energy sector produced the worst performance in
August for the Fund as crude oil and crude oil products finished down on the
month. Gains from natural gas only partially offset the losses from the other
markets in the sector. Trading in the metals sector was dominated by the price
action which continues to trade in a directionless manner albeit at higher
prices. The price of gold changed little month on month as it entered August
trading near $955 per ounce and closed the month trading just $2 lower near
$953. The intra-month swings were significant, however, which created false
signals for the shorter-term models used by the Fund. Trading in gold was
unprofitable in August, while trading in the silver market produced profitable
performance. The Fund was able to generate gains from trading in the
agricultural sector as it continues to profit from the bull market in sugar.
The Fund also benefited from the bear market in certain grain prices.
Position in wheat, corn and sugar were profitable for the month.


Class A Units were positive 1.17% in September 2009 resulting in
a Net Asset Value per unit of $3,182.47 as of September 30, 2009.

The Fund closed out the quarter on a positive note, returning 1.17 percent in
September. While price action was relatively subdued during the month, there
was enough movement for the Fund to capture returns in three of the six market
sectors in the portfolio. The largest gains during September came from the
currency sector. Currency investors are beginning to focus on more traditional
drivers of exchange rates such as expectations for interest rate differentials,
and are focusing on which currency will benefit from future interest rate
increases. Trading in the interest rate sector was slightly positive in
September as positioning and model direction was mixed across the portfolio.
The net effect for September was a market that ground slowly higher. Positions
in Japanese Government Bonds were the best-performing market in the sector.
The metals market was profitable as the Fund gained from rallies in the price
of both gold and silver. The energy markets had a negative impact on the Fund.
Losses from crude oil and the crude oil product markets were modest and due to
the absence of any clear trend during the period. Performance from the
agricultural sector was also negative for the month. There was no significant
theme tying the markets together.


Class A Units were a negative -3.58% in October 2009 resulting in
a Net Asset Value of $3,068.57 as of October 31, 2009.

The Fund suffered losses in October as the rally in certain volatile assets,
including equities, paused after seven consecutive months of positive
returns. The Fund's positions in U.S., European and Japanese equity futures
all suffered small losses in October. The currency sector was also down
slightly for the month; however, performance within the sector was mixed.
Performance from the energy sector was slightly negative as losses from
trading in natural gas offset small gains from the petroleum sector.
The agricultural sector was also negative in October. Cotton and coffee
both contributed positively to performance but these gains were not enough
to offset losses from grains and sugar prices.

Class A Units were a positive 8.97% in November 2009
resulting in a Net Asset Value of $3,343.97 as of November
30, 2009

November was a strong month for performance. The metals sector was
best-performing sector in the portfolio for the month on the back of a
surge in the price of gold. The precious metal rallied 12.7 percent and
closed the month at $1181 per ounce, which represents a year-to-date
gain of more than 30 percent. The speculative demand for gold is being
fueled by concerns about the U.S. budget deficit, the value of the U.S.
dollar and the prospects for future inflation. The move in gold is in
part linked to the value of the U.S. dollar, which declined in November
against both the euro and the yen. Equity prices continued to climba
wall of worry as most indices made yearly highs during November. A
notable laggard has been the Japanese Nikkei, which actually declined
7 percent in November. The energy sector continues to benefit from
the intra-sector divergence between petroleum-based energy prices and
natural gas. Natural gas made new lows during the month as gas in
storage is at all-time highs at the same time end demand remains soft.
On the other hand, crude oil managed to move higher on the month as
industry data showed that inventories were tighter than what was
being priced in the market. The agricultural markets in the Fund
traded in a subdued pattern, but nonetheless profitable.



Class A Units were a negative 10.97% in December 2009
resulting in a Net Asset Value of $2,977.15 as of December
31, 2009.

The market action in the portfolio during December exemplified
the difficult markets encountered during the year. There were gains
from long-term trends, but these gains were offset by sharp reversals
and an extended period of choppy trendless activity.
The currency sector of the Fund was particularly hard hit by a
significant rally in the dollar versus the Japanese yen. The dollar
was recently in a downtrend versus the yen. In fact, in late November
it traded at a fourteen-year low. It opened December trading at 86.41
and surged 7.6 percent to close the month at 93.02. The interest
rate sector was also difficult as trading patterns in a number of
bond markets mirrored the price action in the currency markets.
Unfortunately, trading in precious metals, and gold in particular,
followed a similar pattern. Gold had its largest one-month price
gain in history in November, only to give most of it back in December.
Gold was undermined by the strength of the dollar and position
squaring in less liquid year-end trading.Trading in silver was
also unprofitable. The portfolio suffered small losses in the
energy sector. Crude oil and petroleum-based products continue
to swing back and forth, lacking any clear direction. Natural
gas was more volatile and also experienced trends similar to
the trading patterns that affected much of the Fund. Sugar was
one of the best markets in the Fund for the month and for the
year.In the grain sector most markets continued trading in a
choppy directionless manner.  Overall, this sector produced
positive performance in December.



Results of Operations

Calendar Year 2008


At December 31, 2008 the Partnership had approximately
$18.7 million in Class A assets .The JWH allocation was
approximately $ 14.7 million. The balance was being held
in interest-bearing accounts in anticipation of future
allocations to JWH or other traders.

The Partnership recorded a gain of $6,796,320 or $1,348.35 per
Class A unit, for the year 2008. That represents a gain of
55.28% for the year.


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


Class A Units were positive 8.62% in January 2008 resulting in
a Net Asset Value per unit of $ 2,649.47 as of January 31, 2008.

The Partnership experienced strong positive performance for the month
of January.Fear returned to the markets as the December holiday
season proved to be just a brief respite from the turbulence of
last quarter. An important shift in the markets focus seemed to be
emerging at the start of 2008.Last year the global economy was
relatively strong. The market consternation was idiosyncratic and
related to specific issues affecting the housing and credit
markets in the U.S. In January, the concern was more generalized,
as the market began to adjust for the possibility of a U.S.
recession and a significant slowdown in global growth.

The Partnership was able to provide clients with a strong positive,
uncorrelated return during a difficult month for traditional investments.


Class A Units were positive 10.18% in February 2008 resulting in
a Net Asset Value per unit of $2,919.21 as of February 28, 2009.

Trading performance for the Partnership in February was exceptional. The data
released during the month continues to point to a weakening in the
U.S. economy.  As the severity of the credit crisis and its ramifications
become more apparent, numerous remedies have been enacted or proposed.
Pessimism about the deteriorating state of the economy was often met
with optimism about the prospects of official forms of economic stimulus,
creating an interesting trading dynamic during the month.  Some sectors
were confined to broad ranges, while others experienced explosive moves.
The Partnership benefited from historic movement in the price of many
commodities
as energies, grains, metals and soft commodities all contributed
positively to the Partnerships performance.

As global demand pushed commodity prices to historic levels, the
commodity markets generated the majority of the Partnerships February returns.
While all commodity sectors were profitable, the greatest profits came
from the agriculture markets, particularly from grains and soft
commodities.

The energy sector was also profitable as crude oil surged above $100
per barrel; this indicates the drop in prices at the start of the
year was simply a stall on the way to continued new highs. In addition
to the old themes of strong demand and dollar weakness, the
perception in the market that OPEC would defend levels below $90
per barrel helped to support prices. Natural gas was a significant
contributor to the sectors profits during the month as it rallied
in response to colder weather across much of the country.

Performance from the metals sector was positive for the month.
Februarys return continued the strong performance for
the Partnership since September of 2007 with six consecutive
positive months, four of which returned in excess of 10 percent.
The Partnership benefited from powerful moves in the commodity markets
and also benefited from strong performance from many other parts
of the portfolio.

Class A Units were positive 0.36% in March 2008 resulting in
a Net Asset Value per unit of $2,929.86 as of March 31, 2008.


Currencies were the most profitable sector this month as interest
rate differentials between the U.S. and Europe widened further,
providing a fresh incentive to sell the U.S. dollar. The interest
rate sector was once again at the center of the storm in March as
the U.S. Federal Reserve was active in its effort to restore
confidence in the markets. Performance from this sector was
slightly positive as gains from early March eroded as trends
corrected later in the month. Positions in U.S. and Japanese interest
rates outperformed positions in European rates.

In general, price action in the precious metals keyed off of developments
in the financial markets. Gold soared to record highs above $1,000 per
ounce early in the month as it enjoyed its status as a safe haven and
store of value.  When the markets staged their recovery, gold sold off
sharply. Positions In both precious and base metals were unprofitable
for the month. While crude oil prices forged new ground above $100 per
barrel in March, it was natural gas that supplied a majority of the
profits in the sector. Natural gas rallied more than 7% during the
month as colder-than-expected temperatures and increased demand
are expected to slow the build in natural gas inventories. Positions
in London gas oil were also profitable. Crude oil prices rallied during
the first half of the month only to give back gains at the end of March
as the dollar recovered and forecasts for global growth were revised
lower. The agricultural sector was a significant drag on performance
in March as trading in all component markets was negative. Trading
and price action in the grain markets was largely independent from the
moves in the financial markets and the dollar. Most grain prices were
enjoying a remarkable bull market heading into March and arguably
due for a correction.

While the month contained significant reversals in some trends that
resulted in performance finishing March below the inter-month peak,
the Partnership was pleased with the continued positive results
for the month and the quarter. JWH models performed as expected,
given the volatile price action across multiple market sectors.


Class A Units were negative 5.45 % in April 2008 resulting in
a Net Asset Value per unit of $ 2,770.30  as of April 30, 2008.

The Partnership's performance was negative in April as many of the long-
term trends that have contributed to the positive year-to-date performance
were interrupted or came to an end. In retrospect, the actions taken
by the Federal Reserve Board(the Fed) in the second half of March to
bail out Bear Stearns and add liquidity to the financial system marked
an intermediate turning point in many markets. As volatility subsided
and sentiment improved into April, long held positions were unwound.
The performance of the Partnership during the month was attributable to
widespread trend reversals in most market sectors, including
positions in global equity indices, interest rates, currencies, and
precious metals. Performance in agricultural commodities was mixed
for the month. Price action was relatively tame when compared to the
extreme volatility of the first quarter. The Partnership's performance in
the energy sector was positive in April. Crude oil continued its
march higher bolstered by the positive backdrop of strong
demand and tight supplies, which advanced crude oil prices more than 12
percent for the month.

While the performance of the Partnership was negative in April, it was not
unusual given the significant moves of the last 7 months. Positive
performance from the energy sector served to partially offset significant
reversals in most of the financial markets during April.


Class A Units were positive 4.45% in May 2008 resulting in
a Net Asset Value per unit of $2,893.59 as of May 31, 2008.

The Partnership bounced back in May to produce positive performance for
the month.  The majority of the markets traded were relatively quiet
and directionless with the exception of the energy sector which was
the main driver of monthly trading profits. In the most notable market
activity, crude traded above $135 per barrel, gasoline topped $4.00
at the pump in the U.S. and natural gas rallied more than 11 percent
during the month. The Partnership's trading in energies was profitable
and accounted for a majority of the Partnership's gains for the month.

Outside of the energy markets, the interest rate sector also contributed
to the monthly gains, as the prospect for higher inflation globally and
more stable financial markets outweighed concerns over slowing economic
activity in the U.S. and other developed nations. Global equity markets,
on the surface, were stable in May.  The ranges were relatively tight
and offered few opportunities for trend-followers. The currency markets
were also quiet in May. Trading in the metals markets was also calm in
May as price action was directionless. Trading in the agricultural markets
was mixed and largely uneventful in May.

Overall, the Partnership is pleased with the positive performance achieved
in May. The portfolio's diversification and balance provided the
Partnership the ability to minimize losses in sectors that are not
trending while capitalizing on markets that are trending which is the
foundation of the Partnership's trend following philosophy.


Class A Units were positive 1.34 % in June 2008 resulting in
a Net Asset Value per unit of $2,932.49 as of June 30, 2008.

The Partnership was positive in June marking the ninth month in the past
ten of positive performance. The majority of the gains for the
Partnership came from the commodity markets where the global
demand for energy continues to push prices higher at the same
time major flooding in the Midwest was impacting the outlook for
the future supply of grain. The Partnership's long-term perspective has
allowed it to continue to benefit from the extended bull market in
commodities even as the currency and bond portions of the Partnership
struggle to find clear trends amidst a seemingly ever changing
outlook for both growth and inflation.

June's market headlines were dramatic and spoke to the very real
issues of declining global stock markets, floods, strains in the
financial system and a global energy crisis. The long running
trends in commodity prices once again generated gains for
the Partnership while the turmoil in the world economy had the
effect of disrupting price action in the financial markets
which created challenges for other parts of the Partnership's portfolio.

Class A Units were negative 14.06% in July 2008 resulting in
a Net Asset Value per unit of $2,520.23 as of July 31, 2008.

July was a difficult month for the Partnership as many global markets
experienced abrupt reversals in trend. The Partnership experienced
losses in every market sector it trades. The largest losses came
from the interest rate sector as the markets struggled to find
direction amidst the conflicting effects of both inflationary and
deflationary forces. Losses were also incurred in the energy sector
resulting from dramatic falls in the price of both natural gas and
crude oil during the month. The weakness in the energy markets
spilled into other commodity markets possibly as a function of
asset allocation shifts out of commodities in general. Trading in
currencies was also unprofitable as the dollar responded to the
headlines of the month in a manner similar to the global bond market.

The combination of abrupt price reversals in many major market
sectors and the absence of sustained trends made it a difficult
environment for products employing a long-term trend following
strategy.


Class A Units were positive 7.47% in August 2008 resulting in
a Net Asset Value per unit of $2,708.54 as of August 31, 2008.

The Partnership's performance was positive for the month of August.
A number of major market moves that began last month and contributed
negatively to July's performance followed through in August to serve
as a major source of the Partnership's returns as the portfolio
shifted to reflect new trends in energy, metals and the U.S. dollar.

The Partnership's repositioning after the sharp reversals experienced
in many markets sectors last month led to the significant recovery
in August. The market action and intensity was varied throughout
the many sectors traded as commodities and currencies experienced
sharp moves and increased volatility while other major market
sectors, including equities and bonds, traded quietly through the
turmoil. The JWH GlobalAnalytics program ability to utilize multiple
position signals that vary timing from very short-term to very
long-term allowed for a quick recovery of a good portion of July's
losses.


Class A Units were positive 14.25% in September 2008 resulting in
a Net Asset Value per unit of $3,094.59  as of September 30, 2008.

September was one of the most unstable and volatile periods in the
history of the U.S. financial markets. During the month, the world's
credit markets virtually seized up, commodity prices plunged, some
major stock indices declined by more than 10 percent, while some of
the largest U.S. financial institutions were pushed to extinction.
High volatility across most market sectors was a manifestation of
investor fears and anxiety. The lingering but still powerful
effect of the housing and sub-prime credit crisis continued to
wreak havoc on Wall Street, while at the same time generating
social and political acrimony across the U.S. as the nation
debated the cost and merit of the government's policy response.
Amidst this backdrop, the Partnership thrived while generating
a double-digit return for the month.



Class A Units were a positive 13.62% in October 2008 resulting in
a Net Asset Value of $3,516.01 as of October 31, 2008.

The Partnership's performance was exceptionally strong in October.
The Partnership gained in excess of 13 percent for the month and was
able to navigate through extreme volatility and capitalize on
market moves of historic proportions. Continued weakness in the
credit markets and a global decline in equity prices were themes
that have been in place for much of the summer.

Currency trading was positive during the month as the foreign
exchange markets were roiled by the worldwide financial crisis.
The dollar, reasserting its status as the world's reserve currency,
strengthened appreciably as investors sought a haven from
plunging emerging market stocks, bonds and currencies. Arguably,
the center of the storm shifted from the credit markets to the
equity markets during October as stock prices across the globe
reeled amidst unprecedented volatility. The Partnership's
positions in European, Japanese and U.S. equity index futures
were all profitable in October. Trading in interest rates was
slightly unprofitable in October. The multitude of cross
currents that passed through the markets during the month
affected interest rate trends and led to mixed performance
in specific markets across this part of the Partnership's
portfolio. The Partnership's trading in commodities in general
was profitable in October as many markets suffered record
declines. In addition to poor returns and credit concerns,
investors in long-only commodity indices may be further
disheartened by the rise in commodity correlation with other
assets and their failure to provide much needed diversification.
The energy markets in particular made significant contributions
to the Partnership's performance for the second month running
as the prices of energy of all kinds continue to freefall.
The benchmark crude oil contract dropped 36 percent during
the month. Energies were the best performing sector for the
Partnership with all positions producing positive performance.

Trading in the precious metals markets was mixed in October.
The Partnership's trading in gold was slightly unprofitable
during the month. Silver on the other hand did produce profits
for the Partnership during October as it fell along with other
commodities, unabated by any safe haven flows. Agricultural
markets, like most commodities, also declined in October
while generating profits for the Partnership.


Class A Units were a positive 4.53% in November 2008
resulting in a Net Asset Value of $3,675.46 as of November
30, 2008.

The Partnership's run of strong performance continued in November
as many of the themes that were behind the Partnership's
outstanding October results remain in place. Most trading
sectors contributed positively to performance during the
month as the global economy and world markets remained under
pressure. In November, interest rates were the best-performing
sector for the month as the market began to price in the next
phase of the "less conventional" Federal Reserve Board (the Fed)
policy. Currency trading continued to contribute to the
positive returns with positions in the Japanese yen among the
most profitable in the group. The metals sector was the only
unprofitable sector as precious metals traded in an uneven
fashion during the month.

Class A Units were a positive 3.05% in December 2008
resulting in a Net Asset Value of $3,787.64 as of December
31, 2008.

The performance of the Partnership was positive during this period,
even as certain long-running trends came to an end or were
correcting. The interest rate sector was the best-performing
element of the portfolio this month and was responsible for
more than half of the Partnership's gain. Trading in the currency
sector was slightly profitable. A continuation in the trend
toward a stronger Japanese yen was positive for the Partnership as
well as the continued decline in the value of the British pound.
Trading in the energy sector was also profitable as crude oil
continued its fall for most of the month. Trading performance
from the metals sector was relatively tame in December
with small gains attributable to profits from positions in
precious metals. Erratic price action in gold and silver for an
extended period of time left the Partnership with underweighted
positions or on the sideline for much of the month.
Trading in agricultural commodities was not noteworthy.

Inflation

Inflation does have an effect on commodity prices and the
volatility of commodity markets; however, inflation is not
expected to have an adverse effect on the Partnership's
operations or assets.


Item 7A.  Quantitative and Qualitative Disclosures About
Market Risk

Introduction

Past Results Are Not Necessarily Indicative of Future
Performance

The Partnership is a speculative commodity pool.  The
market sensitive instruments held by it are acquired for
speculative trading purposes, and all or substantially all
of the Partnership's assets are subject to the risk of
trading loss.  Unlike an operating company, the risk of
market sensitive instruments is integral, not incidental,
to the main line of business of the Partnership.

Market movements result in frequent changes in the fair
market value of the open positions of the Partnership and,
consequently, in its earnings and cash flow.  The market
risk of the Partnership is influenced by a wide variety of
factors, including the level and volatility of interest
rates, exchange rates, equity price levels, the market
value of financial instruments, the diversification effects
among the open positions of the Partnership and the
liquidity of the markets in which it trades.

The Partnership can acquire and/or liquidate both long and
short positions in a wide range of different financial and
metals markets.  Consequently, it is not possible to
predict how a particular future market scenario will affect
performance, and the past performance of the Partnership is
not necessarily indicative of its future results.

Value at Risk is a measure of the maximum amount which the
Partnership could reasonably be expected to lose in a given
market sector.  However, the inherent uncertainty of the
Partnership's speculative trading and the recurrence in the
markets traded by the Partnership of market movements far
exceeding expectations could result in actual trading or
non-trading losses far beyond the indicated Value at Risk
or the experience of the Partnership to date (i.e., "risk
of ruin").  In light of the foregoing as well as the risks
and uncertainties intrinsic to all future projections, the
inclusion of the quantification included in this section
should not be considered to constitute any assurance or
representation that the losses of the Partnership in any
market sector will be limited to Value at Risk or by the
attempts of the Partnership to manage its market risk.

Standard of Materiality
Materiality as used in this section, "Qualitative and
Quantitative Disclosures About Market Risk," is based on an
assessment of reasonably possible market movements and the
potential losses caused by such movements, taking into
account the leverage, optionality and multiplier features
of the market sensitive instruments of the Partnership.

Quantifying the Trading Value at Risk of the Partnership

Qualitative Forward-Looking Statements

The following quantitative disclosures regarding the market
risk exposures of the Partnership contain "forward-looking
statements" within the meaning of the safe harbor from
civil liability provided for such statements by the Private
Securities Litigation Reform Act of 1995 (set forth in
Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934). All quantitative
disclosures in this section are deemed to be forward-
looking statements for purposes of the safe harbor, except
for statements of historical fact.

The risk exposure of the Partnership in the various market
sectors traded by the commodity trading advisor is
quantified below in terms of Value at Risk.  Due to the
mark-to-market accounting of the Partnership, any loss in
the fair value of the Partnership's open positions is
directly reflected in the earnings (realized or unrealized)
of the Partnership and cash flow (at least in the case of
exchange-traded contracts in which profits and losses on
open positions are settled daily through variation margin).

Exchange maintenance margin requirements have been used by
the Partnership as the measure of its Value at Risk.
Maintenance margin requirements are set by exchanges to
equal or exceed the maximum losses reasonably expected to
be incurred in the fair value of any given contract in 95%-
99% of any one-day intervals. The maintenance margin levels
are established by dealers and exchanges using historical
price studies as well as an assessment of current market
volatility (including the implied volatility of the options
on a given futures contract) and economic fundamentals to
provide a probabilistic estimate of the maximum expected
near-term one-day price fluctuation.  Maintenance margin
has been used rather than the more generally available
initial margin, because initial margin includes a credit
risk component which is not relevant to Value at Risk.

In the case of market sensitive instruments which are not
exchange traded (almost exclusively currencies in the case
of the Partnership), the margin requirements for the
equivalent futures positions have been used as Value at
Risk.  In those rare cases in which a futures-equivalent
margin is not available, margins of the dealers have been
used.

In quantifying the Value at Risk of the Partnership, 100%
positive correlation in the different positions held in
each market risk category has been assumed.  Consequently,
the margin requirements applicable to the open contracts
have simply been aggregated to determine the aggregate
Value at Risk for each trading category.  The
diversification effects resulting from the fact that the
positions of the Partnership are rarely, if ever, 100%
positively correlated have not been reflected.

The Trading Value at Risk in Different Market Sectors of
the Partnership

The following table indicates the trading Value at Risk
associated with the open positions of the Partnership by
market category as of December 31, 2009. All open position
trading risk exposures of the Partnership have been
included in calculating the figures set forth below. As of
December 31, 2009, the total capitalization of the
Partnership was approximately $14,084,536 , all in Class A
shares.       .



December 31, 2009


of Total
Market Sector                   Value at Risk                    %
Capitalization
                                                             

Commodities		        0.20  			       1.41%
Energies			0.12			       0.83%
Financial Stock Indices         0.12                           0.86%

Interest Rates		        0.21			       1.49%
Metals			        0.00			       0.00%
Currencies			0.07			       0.52%
Total		                0.72 million	               5.11%





December 31, 2008


of Total
Market Sector                  Value at Risk                      %
Capitalization
                                                               

Commodities		        0.18  			       0.96%
Energies			0.22			       1.19%
Financial Stock Indices         0.007                          0.04%

Interest Rates		        0.22			       1.19%
Metals			        0.025			       0.14%
Currencies			0.32			       1.69%
Total		                0.97 million	               5.20%






Material Limitations on Value at Risk as an Assessment of
Market Risk



The face value of the market sector instruments held by the
Partnership is typically many times the applicable
maintenance margin requirement (maintenance margin
requirements generally ranging between approximately 1% and
10% of contract face value) as well as many times the
capitalization of the Partnership.  The magnitude of the
open positions of the Partnership creates a "risk of ruin"
not typically found in most other investment vehicles.
Because of the size of its positions, certain market
conditions that are unusual, but historically recurring
from time to time, could cause the Partnership to incur
severe losses over a short period of time.  The foregoing
Value at Risk table, as well as the past performance of the
Partnership, give no indication of this "risk of ruin."

Non-Trading Risk

The Partnership has non-trading market risk on its foreign
cash balances not needed for margin.  However, these
balances (as well as any market risk they represent) are
immaterial.

The Partnership holds a portion of its assets in cash on
deposit with Newedge Financial Inc. ("Newedge") with
substantially all of the remainder on deposit with Horizon
Cash Management, LLC. (Horizon) in short term, highly
liquid investments. The Partnership has cash flow risk on
these cash deposits because if interest rates decline, so will
the interest paid out by Newedge at the 91-day
Treasury bill rate.  In addition, should short term
interest rates decline, so will the interest earnings for
assets on deposit with Horizon.  The Partnership assets
managed by Horizon are deposited in an account in the
custodial department of the Northern Trust Company, and
invested in U.S. government securities and other interest-
bearing obligations at the direction of Horizon.  Horizon
is responsible for the investment management of the assets
of the Partnership not deposited with Newedge as margin
monies or held in Partnership operating accounts.  Horizon
is registered with the Securities and Exchange Commission
(SEC) as an investment adviser.  Horizon may invest in U.S.
government securities and other instruments as permitted by
the agreement with the Partnership.  Horizon receives an
annual fee of 0.25% payable monthly on the assets it
manages.  However, Horizon only receives its service fee if
the accrued monthly interest income earned on the assets of
the Partnership managed by Horizon exceeds the 91-day U.S.
Treasury Bill rate. As of December 31, 2009, the
Partnership had approximately $14.2 million in cash
on deposit with Newedge and Horizon.

Qualitative Disclosures Regarding Primary Trading Risk
Exposures

The following qualitative disclosures regarding the market
risk exposures of the Partnership, except for (i) those
disclosures that are statements of historical fact and (ii)
the descriptions of how the Partnership and the Trading
Advisor manage the primary market risk exposures of the
Partnership, constitute forward-looking statements within
the meaning of Section 27A of the Securities Act and
Section 21E of the Securities Exchange Act.  The primary
market risk exposures of the Partnership as well as the
strategies used and to be used by the Trading Advisor for
managing such exposures are subject to numerous
uncertainties, contingencies and risks, any one of which
could cause the actual results of the risk controls of the
Partnership to differ materially from the objectives of
such strategies.  Government interventions, defaults and
expropriations, illiquid markets, the emergence of dominant
fundamental factors, political upheavals, changes in
historical price relationships, an influx of new market
participants, increased regulation and many other factors
could result in material losses as well as in material
changes to the risk exposures and the risk management
strategies of the Partnership. There can be no assurance
that the current market exposure and/or risk management
strategies of the Partnership will not change materially or
that any such strategies will be effective in either the
short- or long-term.  Investors must be prepared to lose
all or substantially all of their investment in the
Partnership.

The following were the primary trading risk exposures of
the Partnership as of December 31,2009, by market sector.

Interest Rates.  Interest rate risk is a major market
exposure of the Partnership.  Interest rate movements
directly affect the price of the sovereign bond positions
held by the Partnership and indirectly the value of its
stock index and currency positions.  Interest rate
movements in one country as well as relative interest rate
movements between countries materially impact the
profitability of the Partnership.  The primary interest
rate exposure of the Partnership is to interest rate
fluctuations in the United States and the other G-7
countries.  However, the Partnership also takes positions
in the government debt of smaller nations - e.g.,
Australia.  The General Partner anticipates that G-7
interest rates will remain the primary market exposure of
the Partnership for the foreseeable future.  The changes in
interest rates which have the most effect on the
Partnership are changes in long-term, as opposed to short-
term, rates.  Most of the speculative positions held by the
Partnership are in medium to long-term instruments.
However, since February 2000, the JWH program added a
European short rate, the Euribor, which is closely tied to
the actions of the European Central Bank.  This was done to
add short term interest rate diversification.

Currencies.  The currency exposure of the Partnership is to
exchange rate fluctuations, primarily fluctuations which
disrupt historical pricing relationships between different
currencies and currency pairs.  These fluctuations are
influenced by interest rate changes as well as political
and general economic conditions.  The Partnership trades in
a large number of currencies, including cross-rates - i.e.,
positions between two currencies other than the U.S.
dollar.  However, the Partnership's major exposures have
typically been in the dollar/yen, dollar/Euro, dollar/Swiss
franc, dollar/Australian dollar and dollar/pound positions.
The General Partner does not anticipate that the risk
profile of the Partnership's currency sector will change
significantly in the future.  The currency trading Value at
Risk figure includes foreign margin amounts converted into
U.S. dollars with an incremental adjustment to reflect the
exchange rate risk inherent to the dollar-based Partnership
in expressing Value at Risk in a functional currency other
than dollars.

Stock Indices.  The primary equity exposure of the
Partnership is to equity price risk in the G-7 countries.
The stock index futures traded by the Partnership are by
law limited to futures on broadly based indices. Ordinarily
the primary exposures are in the FTSE (England), Nikkei
(Japan) and All Ordinaries (Australia) stock indices.
However, in February 2000, the JWH firm added the German
DAX Index Futures.  The General Partner anticipates little
trading in non-G-7 stock indices.  The Partnership is
primarily exposed to the risk of adverse price trends or
static markets in the major U.S., European and Japanese
indices.  (Static markets would not cause major market
changes but would make it difficult for the Partnership to
avoid being "whipsawed" into numerous small losses.)

Metals.  The metals market exposure of the Partnership is
to fluctuations in the price of gold and silver (precious
metals) and the base metals of copper, aluminum, zinc, and
nickel at JWH.

Commodities.  The exposure to commodities of the
Partnership from JWH GAP includes corn, soybeans, soybean
meal, soybean oil, wheat, and the softs of coffee, cotton,
and sugar, as well as a full complement of other
agricultural commodities.

Energy.  The exposure of the Partnership to energy
contracts in the JWH GAP is heating oil, unleaded gasoline,
crude oil natural gas and others.

Qualitative Disclosures Regarding Non-Trading Risk Exposure

The following were the only non-trading risk exposures of
the Partnership as of December 31, 2009.

Foreign Currency Balances.  The primary foreign currency
balances of the Partnership are in Japanese yen, Euros,
British pounds and Australian dollars. The Partnership
controls the non-trading risk of these balances by
regularly converting these balances back into dollars (no
less frequently than twice a month).

Cash Position.  The Partnership holds a portion of its
assets in cash at Newedge Financial Inc  and Newedge SNC.
95% of these assets earn interest at the average rate paid
on 91-day U.S. Treasury Bills purchased during the month.
Substantially all of remainder is held at Horizon in short
term liquid investments.

Qualitative Disclosures Regarding Means of Managing Risk
Exposure

The General Partner monitors the performance of the
Partnership and the concentration of its open positions,
and consults with the commodity trading advisor concerning
the overall risk profile of the Partnership.  If the
General Partner felt it necessary to do so, the General
Partner could require the commodity trading advisor to
close out individual positions as well as entire programs
traded on behalf of the Partnership.  However, any such
intervention would be a highly unusual event.  The General
Partner primarily relies on the commodity trading advisor's
own risk control policies while maintaining a general
supervisory overview of the Partnership's market risk
exposures.

Risk Management

JWH attempts to control risk in all aspects of the
investment Process - from confirmation of a trend to
determining the optimal exposure in a given market, and to
money management issues such as the startup or upgrade of
investor accounts.  JWH double checks the accuracy of
market data, and will not trade a market without multiple
price sources for analytical input.  In constructing a
portfolio, JWH seeks to control overall risk as well as the
risk of any one position, and JWH trades only markets that
have been identified as having positive performance
characteristics.  Trading discipline requires plans for the
exit of a market as well as for entry.  JWH factors the
point of exit into the decision to enter (stop loss).  The
size of the JWH positions in a particular market is not a
matter of how large a return can be generated but of how
much risk it is willing to take relative to that expected
return.

To attempt to reduce the risk of volatility while
maintaining the potential for excellent performance,
proprietary research is conducted on an ongoing basis to
refine the JWH investment strategies.  Research may suggest
substitution of alternative investment methodologies with
respect to particular contracts; this may occur, for
example, when the testing of a new methodology has
indicated that its use might have resulted in different
historical performance.  In addition, risk management
research and analysis may suggest modifications regarding
the relative weighting among various contracts, the
addition or deletion of particular contracts from a
program, or a change in position size in relation to
account equity.  The weighting of capital committed to
various markets in the investment programs is dynamic, and
JWH may vary the weighting at its discretion as market
conditions, liquidity, position limit considerations and
other factors warrant.

JWH may determine that risks arise when markets are
illiquid or erratic, such as may occur cyclically during
holiday seasons, or on the basis of irregularly occurring
market events.  In such cases, JWH at its sole discretion
may override computer-generated signals and may at times
use discretion in the application of its quantitative
models, which may affect performance positively or
negatively.

Adjustments in position size in relation to account equity
have been and continue to be an integral part of the JWH
investment strategy.  At its discretion, JWH may adjust the
size of a position in relation to equity in certain markets
or entire programs.  Such adjustments may be made at
certain times for some programs but not for others.
Factors which may affect the decision to adjust the size of
a position in relation to account equity include ongoing
research, program volatility, assessments of current market
volatility and risk exposure, subjective judgment, and
evaluation of these and other general market conditions.

Item 8.	Financial Statements and Supplementary Data

Reference is made to the financial statements and the notes
thereto attached to this report.








THE EVEREST FUND, LIMITED PARTNERSHIP
Supplementary Summarized Quarterly Data
For the four Quarters for 2009 and 2008



                     March 31, 2009  June 30, 2009   September 30, 2009   December 31, 2009
                                                                 
                     Class A          Class A        Class A              Class A
Net Income           $-1,301,369      $-444,619      $-1,106,752          $-960,069

Increase in Net
Asset Value Per Unit $-265.59         $-98.14        $-241.45             $-205.32


Net Asset Value Per Unit
                     $3,522.05        $3,423.92      $3,182.47            $2,977.15

Ending Net Asset Value
                     $17,118,494      $15,757,993    $14,960,078          $14,084,536







                     March 31, 2008   June 30, 2008  September 30, 2008  December 31, 2008
                                                                
                     Class A          Class A        Class A             Class A

Net Income           $2,343,822       $32,626        $864,739            $3,555,133

Increase in Net
Asset Value Per Unit $490.57          $2.63          $162.10             $693.05


Net Asset Value Per Unit
                     $2,929.82        $2,932.49      $3,094.59           $3,787.64

Ending Net Asset Value
                     $13,292,071      $15,168,875    $16,157,162         $18,713,395

            



Item 9.	Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure

None.

Item 9A(T).	Controls and Procedures


Evaluation of Disclosure Controls and
                    Procedures

The General Partner carried out an evaluation, under the
supervision and with the participation of the General
Partner's management, including its principal executive
Officer, Peter Lamoureux, of the effectiveness of the design
and operation of the Partnership's disclosure controls and
procedures as contemplated by Rule 13(a)-15(e) of the Securities
Exchange Act of 1934, as amended. Any control system, no matter
how well designed and operated, can provide only reasonable (not
absolute) assurance that its objectives will be met.
Furthermore, no evaluation of controls can provide absolute
assurance that all control issues and instances of fraud, if any,
have been detected. Based on their evaluation as of December 31, 2009,
the General Partner's principal executive officer and principal
financial officer concluded that the Partnership's disclosure controls
and procedures were effective.


Changes In Internal Control Over Financial Reporting

There was no change in the Partnership's internal control
over financial reporting in the 12 months ended December
31, 2009 that has materially affected, or is reasonably
likely to materially affect, the Partnership's internal
control over financial reporting.


The General Partner's management has conducted the evaluation
of the internal control over financial reporting, as required
by Exchange Act Rules 13a-15 and 15d-15.


Report on Management's Assessment of Internal Control
                     Over Financial Reporting

The management of the General Partner is responsible for
establishing and maintaining adequate internal control over
financial reporting by the Partnership.

      The General Partner's internal control over financial reporting
is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with accounting
principles generally accepted in the United States. The Partnership's
internal control over financial reporting includes those policies and
procedures that (i) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Partnership; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with accounting
principles generally accepted in the United States, and that receipts
and expenditures of the Partnership are being made only in accordance
with authorizations of management of the Partnership; and (iii) provide
reasonable assurance regarding prevention or timely detection
of unauthorized acquisition, use, or disposition of the Partnership's
assets that could have a material effect on the financial statements.

      Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. All
internal control systems, no matter how well designed, have inherent
limitations, including the possibility of human error and the
circumvention of overriding controls. Accordingly, even effective
internal control over financial reporting can provide only reasonable
assurance with respect to financial statement preparation. Also,
projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

      Management assessed the effectiveness of the Partnership's internal
control over financial reporting , based on the framework set forth by
the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) in Internal Control-Integrated Framework.
Based on that assessment, management concluded that, as of
December 31, 2009, the Partnership's internal control over financial
reporting was effective based on the criteria established in
Internal Control-Integrated Framework.

      This annual report does not include an attestation report of
the Partnership's registered public accounting firm regarding
internal control over financial reporting. Management's report
was not subject to attestation by the company's registered public
accounting firm pursuant to temporary rules of the Securities and
Exchange Commission that permit the company to provide only
management's report in this annual report.


Item 9B.	Other Information.

None

                         Part III

Item 10.	Director and Executive Officer of the
Registrant.

The General Partner, Everest Asset Management, Inc., is the
sole General Partner and commodity pool operator of the
Partnership.  It is a Delaware corporation incorporated in
1987, is and has been registered with the CFTC as a
commodity pool operator since July 1, 1988 and is and has
been a member of the National Futures Association since
that date.  Its address is 1100 North 4th Street, Suite 143,
Fairfield, Iowa  52556 and its telephone number at such
location is (641) 472-5500.

The officer and director of the General Partner as of
December 31, 2009 is listed below:

Peter Lamoureux. Mr. Lamoureux, (born in 1950), has
been President, Treasurer and Secretary of the General
Partner since November 1996.  He joined the General Partner
and Capital Management Partners, Inc., a selling agent and
affiliate of the Partnership at that time, in 1991 and has
had primary responsibility for Partnership syndication
since October 1994.  Prior to joining the General Partner,
Mr. Lamoureux was Manager of Refined Products with United
Fuels International, Inc., an energy brokerage firm in
Waltham, Massachusetts.  He received his B.S. in Education
from Rhode Island College, R.I.


The General Partner does not trade commodities for its own
account but its principals may.  Because of their
confidential nature, records of such trading will not be
available to Limited Partners for inspection.

There have been no material criminal, civil or
administrative actions during the preceding five years or
ever against the General Partner or its principal.

Audit Committee Financial Expert

The Board of Directors of Everest Asset Management, Inc.
has determined that Peter Lamoureux, President, Treasurer
and Secretary of the General Partner, qualifies as an audit
committee financial expert in accordance with the
applicable rules and regulations of the U.S. Securities and
Exchange Commission.  Mr. Lamoureux is not "independent" as
that term is defined in Item 7(a)(3)(iv) of Schedule 14A
under the Exchange Act.

Code of Ethics

The General Partner has adopted a code of ethics for its
chief executive officer and persons performing similar
functions.  A copy of the General Partner's code of ethics
may be obtained at no charge by written request to Everest
Asset Management, Inc., 1100 North 4th Street, Suite 143,
Fairfield, Iowa 52356 or by calling 641-472-5500.



Item 11.  Executive Compensation.

The Partnership has no directors or executive officers.  As
a limited partnership, the business of the Partnership is
managed by its General Partner which is responsible for the
administration of the business affairs of the Partnership
and receives the compensation described in Item 1
"Business" hereof. The officers and directors of the
General Partner receive no compensation from the
Partnership for acting in their respective capacities with
the General Partner.

The General Partner is the manager of the Partnership. General Partner
receives .05% management fees monthly.

Item 12.  Security Ownership of Certain Owners and
Management and Related Stockholder Matters.

          (a)  As of December 31, 2009 there were two partners
known to the Partnership to own beneficially more than 5%
of the outstanding Units:
RBRF Limited Partnership  5.47%
Alan L Schoolcraft  15.91%

          (b) As of December 31, 2009, management ownership
was:  by  Peter Lamoureux  with 61.431 class A units. This
represents 1.2985% of class A units of the Partnership.

        (c) As of December 31, 2009, no arrangements were
known to the Partnership, including no pledge by any person
of Units of the Partnership or shares of the General
Partner or the affiliates of the General Partners, such
that a change in control of the Partnership may occur at a
subsequent date.

Item 13.  Certain Relationships and Related Transactions.

          (a)    None other than the compensation
arrangements described herein.

          (b)    None.

             (c)    None.

The Partnership filed Registration Statements on Form S-18
and Form 10, therefore this information is not required to
be included.

Item 14.  Principal Accounting Fees and Services

Audit Fees

For the year ended December 31,2009 the aggregate fee
billed by Donahue Associates, LLC, Independent
Registered Public Accountant, for professional services
rendered for the audit of the financial statements included
in this annual report was $13,700.

For the year ended December 31,2008 the aggregate fee
billed by McGladrey and Pullen, LLP, Independent
Registered Public Accountant, for professional services
rendered for the audit of the financial statements included
in this annual report was $55,000.


Audit Related Fees

 None.

Tax Fees


The audit committee pre-approved all fees for the
Everest Partnership, L.P. for fiscal year 2009 and 2008.

For the year ended December 31, 2009, the aggregate fees
billed by Donahue Associates, LLC for federal and state tax return
preparation totaled $5,000.

For the year ended December 31, 2008, the aggregate fees
billed by RSM McGladrey, Inc.( an associated entity of
McGladrey & Pullen, LLP) for federal and state tax return
preparation totaled $20,000.



All Other Fees

None.




Part IV


Item 15.  Exhibits, Financial Statement, Schedules.

     (a) The following documents are included herein:

         (1)     Financial Statements:

                 	a. Report of Independent Registered
Public Accounting Firm:

Donahue Associates, LLC for 2009
McGladrey & Pullen for 2008

b. Statements of Financial Condition, December 31, 2009 and 2008..

c. Statements of Operations, Years Ended December 31, 2009 and 2008.

d. Statements of Changes in Partners' Capital, Years Ended
December 31, 2009 and 2008.

e. Statements of Cash Flows, Years Ended December 31, 2009 and 2008.

f. Schedule of Investments, December 31, 2009

g. Schedule of Investments, December 31, 2008


Notes to Financial Statements.

Acknowledgment


  (2)  All financial statement schedules have been omitted
because the information required by the schedules is not
applicable, or because the information required is
contained in the financial statements included herein or
the notes thereto.

        (3)  Exhibits:

                See the Index to Exhibits annexed hereto.

See form 8-K
               None

Exhibits:

		    See The Index to Exhibits annexed hereto.

	(c)	Financial Statement Schedules

		None.

                        SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Partnership has duly
caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Date:	 October 25, 2010		The Everest Fund, L.P.


                              By:  Everest Asset Management, Inc.
                                        (General Partner)
                              By:  /s/ Peter Lamoureux
                              Peter Lamoureux, President
                              Secretary, Treasurer, and Director

Pursuant to the requirements of the Securities Exchange Act
of 1934, this report has been signed below by the following
persons on behalf of the Partnership and in the capacities
and on the date indicated.

Date:	October 25, 2010

                            By:  /s/ Peter Lamoureux
                            Peter Lamoureux, President,
                            Secretary, Treasurer, and
Director
                           Index to Exhibits:

Exhibit
No.             Description



3.4      Amended and Restated Agreement of Limited
Partnership dated as of May 1, 1995.

Advisory Contract between the Partnership, the General
         Partner and John W. Henry & Company, Inc. dated
         December 1, 1990.

10.6	   Amendment to Advisory Contract between the
Partnership, the General Partner and John W. Henry &
Company, Inc. dated April 1, 1995.

10.9	   Certificate of Limited Partnership for Everest
Futures Fund II L.P. dated March 15, 1996.


 Limited Partnership Agreement for Everest Futures Fund
         II L.P. dated as of March 29, 1996.

Confidential Private Placement Memorandum and Disclosure
         Document dated August 21, 1996.



Notes to the Exhibits:

Exhibits 3.4, 10.5, 10.6, 10.9, 10.10 and 28.1 are
incorporated by reference to the Partnership's Form 10
accepted on September 19, 1996.

The Exhibits referenced above bear the exhibit numbers
corresponding to those indicated in the Partnership's
Registration Statements.

Number of Attached Exhibits

None.


Yours truly,


Peter Lamoureux
President


39

73

EVEREST FUND, L.P.
 (An Iowa Limited Partnership)

ACKNOWLEDGEMENT
119







                 The Everest Fund, L.P.
              (an Iowa Limited Partnership)


                      FINANCIAL REPORT

                   For the Years Ending
            December 31, 2009 and December 31, 2008






                 The Everest Fund, L.P.
              (an Iowa Limited Partnership)


                  Table of Contents


Page(s)

I.	  Report of Independent Registered Public Accounting Firm    1-2

II.	  Financial Statements

                     Statements of Financial Condition	              3

                     Statements of Operations		              4

                     Statements of Changes in Partners' Capital	      5

                     Statements of Cash Flows			      6

                     Condensed Schedules of Investments		      7

III.	 Notes to the Financial Statements	       	              8-18






DONAHUE ASSOCIATES, LLC
Certified Public Accountants



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the General Partner
The Everest Fund, L.P.

We have audited the accompanying statement of financial condition, including
the condensed schedules of investments, of The Everest Fund, L.P. as of
December 31, 2009, and the related statements of operations, changes in
partners' capital and cash flows for the year then ended.  These financial
statements are the responsibility of management.Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and
significant estimates made by management, and evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of The Everest Fund, L.P. as
of December 31, 2009, and the results of its operations and its cash flows for
the year then ended in conformity with accounting principles generally accepted
in the United States of America.



Donahue Associates LLC
Monmouth Beach, New Jersey
March 6, 2010





McGladrey & Pullen
Certified Public Accountants


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




To the General Partner of
The Everest Fund, L.P.


We have audited the accompanying statement of financial condition, including
the condensed schedule of investments, of The Everest Fund, L.P.
(the "Partnership") as of December 31, 2008, and the related statements of
operations, changes in partners' capital (net asset value) and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States).  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of The Everest Fund, L.P.
as of December 31, 2008, and the results of its operations, its cash flows
and changes in its partners' capital (net asset value) for the year then
ended in conformity with U.S. generally accepted accounting principles.

We were not engaged to examine management's assessment of the effectiveness
of The Everest Fund, L.P.'s internal control over financial reporting as of
December 31, 2008, included in the accompanying Management's Annual Report
on Internal Control over Financial Reporting and, accordingly,  we do not
express an opinion thereon.


/S/ McGladrey & Pullen, LLP

Chicago, Illinois
March 30, 2009





                                The Everest Fund, L.P.
                            (an Iowa Limited Partnership)
                           Statements of Financial Condition
                      As of  December 31, 2009  and December 31, 2008




ASSETS                                            2009           2008
                                                --------       --------
Equity in broker trading accounts:


 Cash and cash equivalents                     $13,926,125    $19,223,344
 Net unrealized gain (loss) on open contracts      150,734        659,646
                                              ------------    -----------
 Total Equity at broker trading accounts       $14,076,859    $19,882,990

 Cash and cash equivalents                         271,494         42,444
   Interest receivable                              47,952         19,985
                                              ------------    -----------

           Total Assets                        $14,396,305    $19,945,419
                                              ============    ===========


LIABILITIES

     Management fees payable                       $23,342        $26,278
     Incentive fees payable                              0        885,100
     Brokerage commissions & fees payable           73,529         87,955
     Accounts payable & accrued expenses            70,229         99,809
     Redemptions payable                           144,670        132,882
                                              ------------    -----------
        Total Liabilities                         $311,770     $1,232,024


PARTNERS' CAPITAL




 Limited partners, Class A shares: 4,730.89
             and 4,940.65 units outstanding     14,084,535     18,713,395
                                              ------------    -----------

     Total Liabilities & Partners' Capital     $14,396,305    $19,945,419
                                              ============    ===========



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





                         The Everest Fund, L.P.
                     (an Iowa Limited Partnership)

                       Statements of Operations
              For the Years Ended December 31, 2009 and 2008

                                                2009             2008
Trading gains (losses):                        -------          ------
   Net realized trading gains (losses)       ($2,069,031)     $8,926,247
   Change in unrealized gains (losses)          (507,342)        377,274
   Foreign currency translation                         0        (65,372)
   Brokerage commissions & fees                  (42,097)        (46,283)
                                             ------------    ------------
           Net gain (loss) from trading      ($2,618,470)     $9,191,866

Net investment income:
  Income:
    Interest income                              138,455         448,528
    Dividend income                                   21             876
    Other income (loss)                             (36)           3,845
                                             -----------    -------------
           Total income                         $138,440        $453,249


Expenses:
   Management fees- general partner             $935,444        $820,394
   Management fees- advisors                     260,245         231,992
   Advisor incentive fees                              0       1,651,810
   Professional fees                             127,908         111,284
   Administrative expenses                         9,183          33,315
                                             -----------    ------------
          Total administrative expenses        1,332,780       2,848,795
                                             -----------    ------------

          Net investment income (loss)       (1,194,340)     (2,395,546)
                                             -----------    ------------

Net income (loss)                           ($3,812,810)      $6,796,320
                                            ============    ============


Net income (loss) per unit of partner interest ($810.85)       $1,348.35




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








                     The Everest Fund, L.P.
                 (an Iowa Limited Partnership)

           Statement of Changes in Partners' Capital
     For the Years Ended December 31, 2009 and December 31, 2008




                                         Partners'  Units         Net Asset
                                         Equity    Outstanding   Value Per Unit
                                         --------  ------------  -------------

Partners' equity at December 31, 2007  $11,693,007    4,793.61

              Addition                   3,356,910    1,173.08


              Redemptions               (3,099,704)  (1,026.04)


              Offering costs               (33,138)


              Net income                  6,796,320
                                       ------------  ----------


Partners' equity at December 31, 2008   $18,713,395   4,940.65     $3,787.64


              Additions                     864,000     273.41


              Redemptions               (1,671,496)   (483.17)


              Offering costs                (8,554)


              Net loss                  (3,812,810)
                                       ------------  ----------

Partners' equity at December 31, 2009   $14,084,535   4,730.89    $2,977.14
                                       ============  ==========






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







                     The Everest Fund, L.P.
                  (an Iowa Limited Partnership)
                    Statements of Cash Flows
           For the Years Ended December 31, 2009 and 2008




                                                2009            2008
Cash flows from (for)  operating activities    -------         -------
    Net income (loss)                       ($3,812,810)      $6,796,320
 Net changes to reconcile net income
(loss) to net cash provided (used) by
 operating activities:
    Unrealized gain (loss) on open contracts    508,912         (377,274)
    Interest receivable                         (27,967)          25,421
    Incentive fees payable                     (885,100)         885,100
    Brokerage commissions & fees payable        (14,426)          37,115
    Management fees payable                      (2,936)          12,423
    Accounts payable & accrued expenses         (29,580)           7,080
       Net cash provided (used) by          ------------      -----------
       operating activities                 ($4,263,907)      $7,386,185


Cash flows from (for)  financing activities:
  Partner additions, net of offering costs     $855,446       $3,323,772
  Redemptions paid                           (1,659,708)      (3,092,432)
                                            ------------      -----------
     Net cash provided (used) by
      financing activities                     (804,262)         231,340
                                            ------------      -----------

     Net change in cash & cash equivalent
     position                               ($5,068,169)      $7,617,525



Cash & cash equivalent balance at
                      January 1st            19,265,788       11,648,263
                                            ------------     ------------
Cash & cash equivalent balance at
                      December 31st         $14,197,619      $19,265,788
                                           =============     ============


Supplemental disclosures of cash flow information:
     Redemptions payable                       $144,670         $132,882
       Cash & cash equivalents consist of:
       Cash in broker trading accounts      $13,113,057      $19,223,344
       Cash & cash equivalents                1,084,562           42,444
                                           -------------     ------------
    Total cash & cash equivalents           $14,197,619      $19,265,788
                                           =============     ============






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









                             The Everest Fund, L.P.
                           (an Iowa Limited Partnership)

                          Condensed Schedule of Investments
                              As of December 31, 2009


                                          Number    Percent of   Gain (Loss)
                            Expiration      of       Partners'     on Open
                               Date      Contracts   Capital     Contracts
                            ----------  ----------  ----------  ------------

Long U.S. Futures Contracts
  Interest rates        Mar 10- Sept 10      55       -0.16%     ($22,705)
  Energy                     Apr-10          10       -0.15%      (21,390)
  Agriculture                Mar-10         116        1.06%      149,918
  Indices                    Mar-10          14        0.21%       29,410
                                                     ---------   ----------
     Total Long Futures Contracts                      0.96%     $135,233
                                                     ---------   ----------

Short U.S. Futures Contracts
  Metals                     Mar-10          26       -0.05%       (7,078)
  Agriculture            Mar 10- Apr 10       8       -0.21%      (29,800)
  Currencies                 Mar-10          88        0.16%       23,110
  Indices                    Mar-10          43        0.21%       29,269
                                                     ---------   ----------
     Total Short Futures Contracts                     0.11%      $15,501
                                                     ---------   ----------

Total Futures Contracts                                1.07%     $150,734
                                                     ==========  ==========







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







                             The Everest Fund, L.P.
                           (an Iowa Limited Partnership)

                        Condensed Schedule of Investments
                             As of December 31, 2008



                                                                 Unrealized
                                          Number    Percent of   Gain (Loss)
                            Expiration      of       Partners'     on Open
                               Date      Contracts   Capital     Contracts
                            ----------  ----------  ----------  ------------

Long U.S. Futures Contracts
     Interest rates    Mar 09 - Sept 09    135       2.73 %      $513,553
     Metals                 Feb 09           6       0.13 %        23,440
     Agriculture            Mar 09           6       0.00 %          (475)
     Currencies        Mar 09 - Dec 09      79       0.20 %        36,638
                                                    ---------    -----------
    Total Long Futures Contracts                     3.06 %      $573,156
                                                    ---------    -----------

Short U.S. Futures Contracts
     Interest rates         Mar 09           4      (0.01)%       $(1,563)
     Energy            Mar 09 - April 09    48       0.26 %        48,923
     Agriculture            Mar 09          56       0.15 %        28,206
     Currencies             Mar 09          16       0.06 %        10,800
     Indices                Mar 09           1       0.00 %           124
                                                    ---------    -----------
   Total Short Futures Contracts                     0.46 %       $86,490
                                                    ---------    -----------

Total Futures Contracts                              3.52 %      $659,646
                                                    =========    ===========





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





                       The Everest Fund, L.P.
                    (an Iowa Limited Partnership)
                   NOTES TO THE FINANCIAL STATEMENTS
     For the Years Ended December 31, 2009 and December 31, 2008

1.	Organization and Business

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.


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
toss, 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. Fair value of
non-exchange-traded contracts is based on third party quoted dealer
values on the Inter-bank 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.


Summary of Significant Accounting Policies, continued

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 year-end balances are translated at the year-end currency rates.
Realized and unrealized foreign exchange gains or losses are included
in trading income 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.

Recent Accounting Pronouncements:
Financial Accounting Standards Board ("FASB") Accounting Standard
Codification ("ASC") 820, Fair Value Measurements and Disclosures
("ASC 820" and formerly referred to as FAS-157), establishes a framework
for measuring fair value in GAAP, clarifies the definition of fair value
within that framework, and expands disclosures about the use of fair
value measurements. ASC 820 is effective for fiscal years beginning
after November 15, 2007. ASC 820-10-65, Transition and Open Effective
Date Information, deferred the effective date of ASC 820, for
non-financial assets and liabilities that are not on a recurring basis
recognized or disclosed at fair value in the financial statements, to
fiscal years, and interim periods, beginning after November 15, 2008.
The Partnership has adopted the guidance within ASC 820 for non-financial
assets and liabilities measured at fair value on a nonrecurring basis at
January 1, 2009 and will continue to apply its provisions prospectively
from January 1, 2009. The application of ASC 820 for non-financial assets
and liabilities did not have a significant impact on earnings nor the
financial position of the Partnership.


Summary of Significant Accounting
Policies, continued


FASB ASC 815, Derivatives and Hedging ("ASC 815"), ASC 815-10-65,
Transition and Open Effective Date Information ("ASC 815-10-65" and
formerly referred to as FAS-161) includes a requirement for enhanced
disclosures about an entity's derivative and hedging activities and
thereby improves the transparency of financial reporting. ASC 815 is
effective prospectively for fiscal years beginning after November
15, 2008. The application of ASC 815 did not have a significant
impact on earnings nor the financial position of the Partnership.

FASB ASC 855, Subsequent Events ("ASC 855" and formerly referred to
as FAS-165), modified the subsequent event guidance. The three
modifications to the subsequent events guidance are: 1) To name
the two types of subsequent events either as recognized or
non-recognized subsequent events, 2) To modify the definition of
subsequent events to refer to events or transactions that occur
after the balance sheet date, but before the financial statement
are issued or available to be issued and 3) To require entities to
disclose the date through which an entity has evaluated subsequent
events and the basis for that date, i.e. whether that date represents
the date the financial statements were issued or were available to
be issued. The adoption of FASB ASC 855, did not have a material
affect on the Partnership's financial position.

3.  Fair Value of Financial Instruments


Effective January 1, 2008, the Partnership adopted FASB ASC 820
( formerly Statement of Financial Accounting Standard No. 157,
Fair Value Measurement), issued by the FASB. ASC 820 defines fair
value 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 and sets out a fair value
hierarchy.  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).  Inputs are broadly defined under ASC 820 as
assumptions market participants would use in pricing an asset or
liability. The three levels of the fair value hierarchy under ASC
820 are described below:

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.




Fair Value of Financial Instruments continued
The following section describes the valuation techniques used by the
Partnership to measure different financial instruments at fair value
and includes the level within the fair value hierarchy in which the
financial instrument is categorized. Fair value of exchange-traded
contracts is based upon exchange settlement prices. Fair value of
non-exchange-traded contracts is based on 3rd  party-quoted dealer
values on the Inter-bank market. These financial instruments are
classified in Level 1 of the fair value hierarchy.   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 December 31, 2009:




                                     Fair Value Measurements Using
                                     -----------------------------
                               Quoted Prices in    Significant     Significant
                               Active Markets for  Other           Unobservable
                               Identical Assets   Observable Inputs  Inputs
                       Total    (Level I)           (Level II)      (Level III)
                     --------- ----------------  ----------------   ----------
Assets
 Cash and equivalents   $12,841,563  $ 12,841,563      $      -      $   -
                       ------------  --------------

Investments
  Long Futures
    Contracts               135,233       135,233

  Short Futures
    Contracts                15,501        15,501
                       ------------  --------------
                            150,734       150,734        -             -
                       ------------  --------------  -------------  -----------

Total assets at fair
value                   $12,992,298   $12,992,298         $  -        $   -
                       ============  ==============  =============  ============



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
December 31, 2008:



                                    Fair Value Measurements Using
                                     -----------------------------
                               Quoted Prices in    Significant     Significant
                               Active Markets for  Other           Unobservable
                               Identical Assets   Observable Inputs  Inputs
                       Total    (Level I)           (Level II)      (Level III)
                     --------- ----------------  ----------------   ----------
Assets
 Cash and equivalents   $18,547,687  $  18,547,687      $      -      $   -
                       ------------  --------------

Investments
  Long Futures
    Contracts               573,156        573,156

  Short Futures
    Contracts                86,490         86,490
                       ------------  --------------
                            659,646        659,646         -             -
                       ------------  --------------  -------------  -----------

Total assets at fair
value                  $ 19,207,333    $19,207,333         $  -        $   -
                       ============  ==============  =============  ============





Fair Value of Financial Instruments continued

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


                                                                   2009
                                                                  --------
Speculative
Instruments        Location - Statement of Financial Condition   Fair Value



Futures Contracts  Net unrealized gain (loss) on open contracts   $150,734




                                                                   2009
                                                                  --------
Speculative
Instruments           Location- Statement of Operations          Fair Value


Futures Contracts     Net realized trading gains (losses)       ($2,069,031)


Futures Contracts     Change in unrealized gains (losses)         ($507,342)





4.  Limited Partner 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).

Limited Partners may cause any or all of their Class A units to be redeemed
as of the end of any month at the month end net asset value on fifteen
days' prior written notice to the Partnership, (for Class I Units, as of
the end of any quarter on forty-five days' notice), or such lesser period
as is acceptable to the Partnership. Although the Agreement does not permit




Limited Partner Agreement continued

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

John W. Henry & Company, Inc. (JWH) serves as the Partnership's commodity
trading advisor.  JWH receives a monthly management fee equal to 0.167%
(2% annually) of the Partnership's month-end net asset value, (as defined),
and a quarterly incentive fee of 20% of the Partnership's new net trading
profits, (as defined).The incentive fee is retained by JWH even though
trading losses may occur in subsequent quarters; however, no further
incentive fees are payable until any such trading losses (other than
losses attributable to redeemed units and losses attributable to assets
reallocated to another advisor) are recouped by the Partnership.

Effective 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.

Effective June 2004, the General Partner charges the Partnership a monthly
management fee equal to 0.229% of the Partnership's Class I 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.

Beginning in mid-October 2005, the Partnership engaged Calyon Financial, Inc.
("CFI") as the Partnership's futures and options on futures broker, and
engaged, Calyon Financial, SNC ("CFS") as the Partnership's foreign currency
or forwards currency broker, (collectively referred to as the "Clearing
Brokers").  On January 2, 2008 Calyon Financial, Inc. and SNC changed their
company title to Newedge Financial, Inc. Newedge Financial, Inc. further
changed their name to Newedge USA, LLC, as a result of a merger on
September 1, 2008 between Newedge Financial, Inc. and Newedge USA, LLC. The
agreements 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 NFA 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.

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



Agreements and Related Party Transactions  continued

The Partnership earns interest on 95% of the Partnership's average monthly cash
balance on deposit with its Brokers at a rate equal to the average 91-day
Treasury Bill rate for US Treasury Bills issued during that month.

The Partnership has also entered into an investment advisory agreement with
Horizon Cash Management L.L.C. ("HCM").  At December 31, 2009 and 2008
approximately 93.3% and 93%, respectively of the partnership's capital
were funds deposited with a commercial bank and invested under the direction
of HCM. HCM receives 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 HCM
exceeds the 91-day U.S. Treasury bill rate.

6.  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.

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.



Financial Instruments, Off-Balance Sheet Risks and Contingencies, continued

The unrealized gain (loss) on open futures and forward contracts is comprised
of the following:



                                                   2009
                                 ----------------------------------
                                 Futures     Forwards      Total
                                ---------   ----------   ----------
Gross unrealized gains          $179,328      $52,379     $231,707

Gross unrealized losses          (44,095)     (36,878)     (80,973)
                                ---------   ----------   ----------
Net unrealized gains (losses)   $135,233      $15,501     $150,734
                                =========   ==========   ==========


                                                   2008
                                 ----------------------------------
                                 Futures     Forwards      Total
                                ---------   ----------   ----------
Gross unrealized gains          $573,631       $88,053    $661,684

Gross unrealized losses            (475)       (1,563)     (2,038)
                                ---------   ----------   ----------
Net unrealized gains (losses)   $573,156       $86,490    $659,646
                                =========   ==========   ==========

The Partnership's policy is to continuously monitor its exposure to market
and counterparty risk through the use of a variety of financial, position
and credit exposure reporting and control procedures.  In addition, the
Partnership has a policy of reviewing the credit standing of each
clearing broker or counter party with which it conducts business.

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



7.  Financial Highlights

The following financial highlights show the Partnership's financial
performance for the years ended December 31, 2009 and December 31, 2008.



                                      2009
                                     --------
                                     Class A
                                     --------
Total return before distributions*  (21.40) %
                                    =========
Ratio to average net assets:
Net investment loss:                 (7.51) %
                                    =========

Management fees                       5.88 %
Incentive fees                        0.00 %
Other expenses                        2.50 %
                                    ---------
Total expenses                        8.38%
                                    =========


                                       2008
                                     --------
                                     Class A
                                     --------
Total return before distributions*   55.28 %
                                    =========
Ratio to average net assets:
Net investment loss:                (17.72) %
                                    =========
Management fees                       5.75 %
Incentive fees                       11.58 %
Other expenses                        2.64 %
                                    ---------
Total expenses                       19.97 %
                                   ==========



 (*)	Total return is calculated for all shareholders throughout the year.
  An individual shareholder's return may vary from these returns based on
the timing of share transactions.




Financial Highlights, continued


Per Unit Performance:
(for units outstanding through the entire period)


                                         Class A
                                        -----------
Net asset value - December 31, 2007      $2,439.29
                                        -----------
  Total income                            1,911.61
  Total expenses                           (563.26)
                                        -----------

Increase in net assets                    1,348.35
                                        -----------

Net asset value - December 31, 2008
         (before final redemptions)**    $3,787.64
                                        ===========

  Total income                             (529.92)
  Total expenses                           (280.58)
                                        -----------
Increase in net assets                     (810.50)
                                        -----------
Net asset value - December 31, 2009
   (before final redemptions)**          $2,977.14
                                        ===========



 (**)	Total return is calculated for all shareholders throughout the year.
An individual shareholder's return may vary from these returns based on the
timing of share transactions.


8. Concentrations of Credit
The Partnership has a significant amount of its assets on deposit with the
clearing futures FCM, which are not insured, at December 31, 2009 and
December 31, 2008.  In the event of the insolvency of the clearing FCM,
recovery of the Partnership's assets may be limited to a pro rata share
of available funds not covered by insurance.

The Partnership may, from time to time, have cash deposits at banks that
are in excess of insured amounts.

9. Subsequent Events
The Company has made a review of material subsequent events from December
31, 2009 through the date of this report and found no material subsequent
events reportable during this period.