SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C.  20549

                                 FORM 10-Q


              Quarterly report pursuant to Section 12(b) or (g)
                   of the Securities Exchange Act of 1934

                For the quarterly period ended, June 30, 1998

                       Commission File Number 0-17555

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

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

508 North Second St., Suite 302, Fairfield, Iowa          52556
(Address of principal executive offices)                (Zip Code)
     

    Registrant's telephone number, including area code:   (515)472-5500 

                               Not Applicable
             (Former name, former address and former fiscal year,
                     if changed since last report.)

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

                                Yes  X   No


<TABLE>
             Part I.  Financial Information


Item 1.  Financial Statements

Following are Financial Statements for the fiscal quarter ending June 30, 1998



                                                        Fiscal Quarter Year to Date   Fiscal Year  Fiscal QuarterYear to Date
                                                        Ended 6/30/98   To 6/30/98   Ended 12/31/97Ended 6/30/97  To 6/30/97
                                                        -------------- -------------------------------------------------------
<S>                                                     <C>            <C>           <C>           <C>           <C>
Statement of
Financial Condition                                           X                            X

Statement of
Operations                                                    X              X                           X             X

Statement of Changes
in Partners' Capital                                                         X

Statement of
Cash Flows                                                                   X                                         X

Notes to Financial
Statements                                                    X


                EVEREST FUTURES FUND, LP
                COMBINED STATEMENTS OF FINANCIAL CONDITION
                UNAUDITED

                                                        Jun 30, 1998   Dec 31, 1997
                                                        -------------  -------------
<S>                                                     <C>            <C>
ASSETS
Cash and cash equivalents                                 33,224,801     31,204,067
Equity in commodity trading accounts:
   Net unrealized trading gains on open contracts         (1,728,835)     1,821,509
   Amount Due from broker                                 11,295,520      6,314,239

Interest receivable                                          151,512        121,916
                                                        -------------  -------------
      Total assets                                        42,942,998     39,461,731
                                                        =============  =============


LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accrued expenses                                           12,000         29,000
   Commissions payable                                       170,271        161,748
   Advisor's management fee payable                          143,472        128,722
   Advisor's incentive fee payable                                 0        393,681
   Redemptions payable                                       318,379         64,160
   Deferred Partnership offering proceeds                          0        633,394
   Selling and Offering Expenses Payable                       9,362         11,953
                                                        -------------  -------------
      Total liabilities                                      653,483      1,422,658

Minority Interest                                            435,211        389,459


Partners' Capital:
   Limited partners (24,551.68 and 18,064.98 units        41,428,700     37,274,229
     outstanding at 6/30/98 and 12/31/97, respectively)
      (see Note 1)
   General partners (252.22 units and 181.93 units           425,604        375,385
     outstanding at 6/30/98 and 12/31/97, respectively)
      (see Note 1)                                      -------------  -------------
      Total partners' capital                             41,854,304     37,649,614
                                                        -------------  -------------
      Total liabilities, minority interest,
        and partners' capital                            $42,942,998    $39,461,731
                                                        =============  =============

Net asset value per outstanding unit of Partnership
  interest                                                 $1,687.41      $2,063.34
                                                        =============  =============
This Statement of Financial Condition, in the opinion of management, reflects all adjustments necessary
to fairly state the financial condition of Everest Futures Fund. (See Note 6)



                      EVEREST FUTURES FUND, L.P.
                      COMBINED STATEMENTS OF OPERATIONS
                      For the period January 1, 1998 through June 30, 1998


                                                         Apr 1, 1998    Jan 1, 1998   Apr 1, 1997   Jan 1, 1997
                                                           through        through       through       through
                                                        Jun 30, 1998   Jun 30, 1998  Jun 30, 1997  Jun 30, 1997
                                                        -------------  ------------- ------------- -------------
<S>                                                     <C>            <C>           <C>           <C>
REVENUES

Gains on trading of commodity futures
  and forwards contracts, physical
  commodities and related options:
  Realized gain (loss) on closed positions                (1,676,222)    (3,517,559)   (1,911,883)   (1,620,507)
   Change in unrealized gain (loss)
     on open positions                                    (2,254,704)    (3,514,400)      421,110       365,429
   Net foreign currency translation gain (loss)              (97,256)      (155,131)       74,323          (248)
   Brokerage Commissions                                    (605,990)    (1,207,538)     (321,783)     (533,007)
                                                        -------------  ------------- ------------- -------------
 Total trading income (loss)                              (4,634,172)    (8,394,629)   (1,738,234)   (1,788,334)

    Interest income, net of cash management fees             526,422      1,054,554       284,920       461,435
                                                        -------------  ------------- ------------- -------------
 Total income (loss)                                      (4,107,750)    (7,340,075)   (1,453,314)   (1,326,898)

General and administrative expenses
    Advisor's management fees                                396,075        780,447       209,630       351,091
    Advisor's incentive fees                                       0              0             0           146
    Administrative expenses                                   (6,726)       (19,425)       14,122        29,146
                                                        -------------  ------------- ------------- -------------
  Total general and administrative expenses                  389,350        761,022       223,752       380,383

  Minority Interest                                           46,404         84,248             0             0
                                                        -------------  ------------- ------------- -------------
Net income (loss)                                         (4,450,695)    (8,016,849)   (1,677,066)   (1,707,281)
                                                        =============  ============= ============= =============

PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                      ($193.22)      ($375.93)     ($145.22)     ($137.05)
                                                        =============  ============= ============= =============
                                                        (see Note 1)   (see Note 1)


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



                EVEREST FUTURES FUND, LP
  COMBINED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
  For the period January 1, 1998 through June 30, 1998



                                                                            Limited       General
                                                              Units*       Partners      Partners         Total
                                                        -------------  ------------- ------------- -------------
<S>                                                     <C>            <C>           <C>           <C>
Partners' capital at Jan 1, 1998                           18,064.98    $37,274,229      $375,385   $37,649,614

Net profit (loss)                                                        (7,936,782)      (80,066)   (8,016,850)

Additional Units Sold                                       8,349.91     15,484,728       130,285    15,615,013
(see Note 1)
Redemptions (see Note 1)                                   (1,863.20)    (3,393,475)            0    (3,393,475)
                                                        -------------  ------------- ------------- -------------
Partners' capital at June 30, 1998                         24,551.68    $41,428,700      $425,604   $41,854,304
                                                        =============  ============= ============= =============

Net asset value per unit
   January 1, 1998(see Note 1)                                             2,063.34      2,063.34

Net profit (loss) per unit (see Note 1)                                     (375.93)      (375.93)
                                                                       ------------- -------------
Net asset value per unit
   June 30, 1998                                                          $1,687.41     $1,687.41

* Units of Limited Partnership interest.

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


           EVEREST FUTURES FUND, LP
           COMBINED STATEMENTS OF CASH FLOWS
           UNAUDITED



                                                         Jan 1, 1998    Jan 1, 1997
                                                          through        through 
                                                        Jun 30, 1998   Jun 30, 1997
                                                        -------------  -------------
<S>                                                     <C>            <C>

Net profit (loss)                                         (8,016,849)    (1,707,281)
   Adjustments to reconcile net profit
     (loss) to net cash provided by
     (used in) operating activities:
   Change in assets and liabilities:
     Unrealized gain (loss) on open
       futures contracts                                   3,550,344       (367,704)
     Interest receivable                                     (29,596)       (38,734)
     Decrease (Increase) in equity in commodity trading   (4,981,281)    (1,539,222)
     Accrued liabilities                                    (387,408)      (249,057)                          
     Redemptions payable                                     254,219        218,878
     Deferred Offering Proceeds                             (633,394)      (825,703)
     Selling and Offering Expenses Payable                    (2,591)        14,808
     Increase in minority interest                            45,752        128,355
                                                        -------------  -------------
     Net cash provided by (used in)
       operating activities                              (10,200,804)    (4,365,658)

Cash flows from financing activities:
   Units Sold                                             15,615,013     14,136,322
   Partner redemptions                                    (3,393,475)      (397,677)

                                                        -------------  -------------
   Net cash provided by (used in)
     financing activities                                 12,221,538     13,738,645
                                                        -------------  -------------
Net increase (decrease) in cash                            2,020,734      9,372,987

Cash at beginning of period                               31,204,067      8,832,835
                                                        -------------  -------------
Cash at end of period                                    $33,224,801    $18,205,822
                                                        =============  =============
This Statement of Cash Flows, in the opinion of management, reflects all adjustments 
necessary to fairly state the financial condition of Everest Futures Fund. (See Note 6)

</TABLE>



                          EVEREST FUTURES FUND, L.P.

                        NOTES TO FINANCIAL STATEMENTS
   
                                JUNE 30, 1998
   

(1)  GENERAL INFORMATION AND SUMMARY


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

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

The public offering of the Partnership's units of limited partnership
interest ("Units") commenced on or about December 6,1988.  On
February 1, 1989, the initial offering period for the Partnership was
terminated, by which time the Net Asset Value of the Partnership was
$2,140,315.74.  Beginning February 2, 1989, an extended offering period
commenced which terminated on July 31, 1989, by which time a total of
5,065.681 Units of Limited Partnership Interest were sold.  Effective
May, 1995 the Partnership ceased to report as a public offering.  On
July 1,1995 the Partnership recommended the offering of its Units as
a Regulation D, Rule 506 private placement, which continues to the
present with a total of,$48,427,286 for 27,487 Units sold July 1, 1995
through June 30, 1998.
                                      
On February 29, 1996, the Partnership amended its Agreement of Limited
Partnership permitting the Partnership to conduct its trading business
by investing in other partnerships and funds and in subsidiary partnerships
or other limited liability entities.

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

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

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


(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

    
Basis of Presentation

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


Cash Equivalents


Cash equivalents represent short-term highly liquid investments with
maturities of three months or less at time of purchase and include money
market accounts, securities purchased under agreements to resell,
commercial paper, and U.S. government and agency obligations with variable
rate and demand features, that qualify them as cash equivalents.  Securities
purchased under agreements to resell, with overnight maturity, are
collateralized by U.S. government and agency obligations and are carried
at the amounts at which the securities will subsequently be resold plus
accrued interest.


Revenue Recognition


Realized and unrealized trading gains and losses on commodity and forward
contracts, which represent the difference between cost and selling price
or quoted market value, are recognized currently.  All trading activities
are accounted for on a trade-date basis.

 
Deferred Partnership Offering Proceeds


Proceeds received during the month from the continuing offering of the
Partnership's units of limited partnership interest are deferred pending
investment on the first day of the following month.


Foreign Currency Translation

   
Effective March 29, 1996, assets and liabilities denominated in foreign
currencies are translated at the prevailing exchange rates as of the
valuation date.  Gains and losses on investment activity are translated
at the prevailing exchange rate on the date of each respective transaction
while year-end balances are translated at the year-end currency rates.
Prior to March 29,1996, assets and liabilities denominated in foreign
currencies,and gains and losses on investment activity were translated at
the respective month-end exchange rates as of the valuation date.
Realized and unrealized foreign exchange gains or losses are included in
"Trading income and (expense)" in the combined statements of operations.


Income Taxes


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


Use of Estimates


The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of increase and decrease in net assets from operations
during the period.  Actual results could differ from those estimates.


Reclassifications


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


Minority Interest


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


(3)    THE LIMITED PARTNERSHIP AGREEMENT


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

Responsibility for managing the Partnership is vested solely in the General
Partner; however, the General Partner has delegated complete trading
authority to an unrelated party (note 4). 

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

Limited Partners may cause any or all of their Units to be redeemed as of
the end of any month at net asset value on ten days' prior written notice.
The Partnership will be dissolved at December 31, 2020, or upon the
occurrence of certain events,as specified in the Limited Partnership
Agreement.


(4)  OTHER AGREEMENTS


JWH receives from the Trading Partnership a monthly management fee equal to
0.33% (4% annually) of the Trading Partnership's month-end net asset value,
as defined, and a quarterly incentive fee of 15% (20% prior to April 1, 1995)
of the Trading Partnership's new net trading profits, as defined.  The
incentive fee is retained by JWH even though trading losses may occur in
subsequent quarters; however, no further incentive fees are payable until
any such trading losses (other than losses attributable to redeemed units
and losses attributable to assets reallocated to another advisor) are
recouped by the Trading Partnership.

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

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


(5)    FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK


The Partnership was formed to speculatively trade commodity interests.
The Partnership's commodity interest transactions and related cash balances
are on deposit with the Clearing Broker or CIS Financial Services, Inc.
("CISFS" or "Forwards Currency Broker" and collectively, the "Brokers") at
all times. In the event that volatility of trading of other customers of
the Brokers impaired the ability of the Brokers to satisfy the obligations
to the Partnership, the Partnership would be exposed to off-balance sheet
risk.  Such risk is defined in Statement of Financial Accounting Standards
No. 105 (SFAS 105) as a credit risk.  To mitigate this risk, the Clearing
Broker, pursuant to the mandates of the Commodity Exchange Act, is required
to maintain funds deposited by customers, relating to futures contracts in
regulated commodities, in separate bank accounts which are designated as
segregated customers' accounts.  In addition, the Clearing Broker has set
aside funds deposited by customers relating to foreign futures and options
in separate bank accounts which are designated as customer secured accounts.
Lastly, the Clearing Broker is subject to the Securities and Exchange
Commission's Uniform Net Capital Rule which requires the maintenance of
minimum net capital at least equal to 4% of the funds required to be
segregated pursuant to the Commodity Exchange Act.  The Clearing Broker and
Forwards Currency Broker both have controls in place to make certain that
all customers maintain adequate margin deposits for the positions which they
maintain at each Broker.  Such procedures should protect the Partnership
from the off-balance sheet risk as mentioned earlier.  Neither the Clearing
Broker or the Forwards Currency Broker engage in proprietary trading and thus
have no direct market exposure.

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

The Partnership holds futures and futures options positions on the various
exchanges throughout the world and forwards positions with CISFS which
transacts with various top rated banks throughout the world.  As defined by
SFAS 105, futures and foreign currency contracts are classified as financial
instruments.  SFAS 105 requires that the Partnership disclose the market risk
of loss from all of its financial instruments. Market risk is defined as the
possibility that future changes in market prices may make a financial
instrument less valuable or more onerous.  If the markets should move against
all of the futures positions held by the Partnership at the same time, and
if the markets moved such that the trading advisor was unable to offset the
futures positions of the Partnership, the Partnership could lose all of its
assets and the partners would realize a 100% loss.  The Partnership has a
contract with one trading advisor who makes the trading decisions on behalf
of the Partnership.  That trading advisor trades a program which is
diversified among the various futures contracts in the financials and metals
group on exchanges both in the U.S. and outside the U.S.  Such
diversification should greatly reduce this market risk.  Cash was on deposit
with the Clearing Broker in each time period of the financial statements
which exceeded the cash requirements of the Commodity Interests of the
Partnership.
     
The following chart discloses the dollar amount of the unrealized gain or
loss on open contracts related to Commodity Interests for the Partnership as
of, June 30, 1998: 


COMMODITY GROUP			               UNREALIZED GAIN/(LOSS)


FOREIGN CURRENCIES                                   (2,126,121)

STOCK INDICES                                          (192,898)

METALS                                                 (414,975)

INTEREST RATE INSTRUMENTS                             1,005,159

TOTAL                                                (1,728,835)


The range of maturity dates of these exchange traded open contracts is July
of 1998 to June of 1999.  The average open trade equity for the period of
January 1, 1998 to June 30, 1998 was $516,718.
                 
The margin requirement at June 30, 1998 was $7,773,582.  To meet this
requirement, the Partnership had on deposit with the Clearing Broker
$1,682,835 in segregated funds, $4,557,435 in secured funds and $3,326,415
in non-regulated funds.

                                          
(6) FINANCIAL STATEMENT PREPARATION

                                                               
The interim financial statements are unaudited but reflect all adjustments
that are, in the opinion of management, necessary for a fair statement of
the results for the interim periods presented.  These adjustments consist
primarily of normal recurring accruals.  These interim financial statements
should be read in conjunction with the audited financial statements of the
Partnership for the year ended December 31, 1997, as filed with the
Securities and Exchange Commission on March 27, 1998, as part of its Annual
Report on Form 10-K. 
                                                               

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


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

                  
                        Fiscal Quarter ended June 30, 1998


The Partnership recorded a loss of $4,450,695 or $193.22 per Unit for the
second quarter of 1998.  This compares to a loss of $1,677,066 or $145.22
per Unit for the second quarter of 1997. 

During the first and third months of the quarter, the Partnership experienced
losses primarily as a result of unprofitable positions in currencies,
interest rates and metals, while during the second month gains were recorded
primarily due to gains in the currency, interest rate and metals markets.
At June 30, 1998, John W. Henry & Company, Inc. was managing 100% of the
Partnership's assets using its Financial and Metals Portfolio.

In April, positions in nearly all markets traded were unprofitable.
Positions in the U.S. 30-year bond and Euro dollar markets resulted in
losses for interest rate futures. Unprofitable positions in the German
mark and Swiss franc offset gains in other currencies traded. Silver
prices fell following reports that a major investment company had sold a
third of its holdings.  Losses in silver and copper offset profits in gold.
The Partnership recorded a loss of $3,302,362 or $153.41 per Unit in April.

In May gains were recorded reflecting profitable positions in interest rates,
metals and currencies.  The strongest gains overall came from positions in
the Japanese yen, Japanese Government bond and silver.  Silver prices slumped
as investors who bought on hopes of rising value lost patience and took
profits.  Gains were also recorded in positions in the Australian dollar as
a nervous market dealt with rumors of further currency devaluations in Asia;
the Australian currency fell to a 12-year low against the U.S. dollar.  The
Partnership recorded a gain of $979,024 or $44.64 per Unit in May. 

In June losses were recorded due largely to unprofitable positions in global
interest rates and metals.  Unprofitable positions in the Japanese Government
bond led losses in global interest rates as the yield rose from record lows
following intervention to support the yen.  A marginal gain in the Japanese
yen failed to offset losses in the British pound and Swiss franc.  Positions
in gold and silver also resulted in losses as the prices of both metals
remained coupled to movements in the Japanese yen.  The Partnership recorded
a loss of $2,127,357 or $84.45 per Unit in June. 

During the quarter, additional Units sold consisted of 4,221.68 limited
partnership units; and 36.93 general partnership units. Additional Units
sold during the quarter represented a total of $7,496,559.  Investors
redeemed a total of 980.24 Units during the quarter.  At the end of the
quarter there were 24,803.90 Units outstanding (including 252.22 Units owned
by the General Partner). 

During the fiscal quarter ended, June 30, 1998, the Partnership had no credit
exposure to a counterparty which is a foreign commodities exchange or to any
counterparty dealing in over the counter contracts which was material. 

See Footnote 5 of the Financial Statements for procedures established by the
General Partner to monitor and minimize market and credit risks for the
Partnership.  In addition to the procedures set out in Footnote 5, the
General Partner reviews on a daily basis reports of the Partnership's
performance, including monitoring of the daily net asset value of the
Partnership.  The General Partner also reviews the financial situation of
the Partnership's Clearing Broker on a monthly basis.  The General Partner
relies on the policies of the Clearing Broker to monitor specific credit
risks.  The Clearing Broker does not engage in proprietary trading and thus
has no direct market exposure which provides the General Partner assurance
that the Partnership will not suffer trading losses through the Clearing
Broker. 


                       Fiscal Quarter ended June 30, 1997


The Partnership recorded a loss of $1,677,066 or $145.22 per Unit for the
second quarter of 1997.

During the first two months of the quarter the Partnership experienced
losses primarily as a result of losses in precious metals and foreign
exchange. The third month experienced gains due to profitable positions in
metals, interest rates and stock indices.  Overall, the second quarter of
fiscal 1997 ended negatively for the Partnership's accounts managed by
John W. Henry & Company, Inc.   At June 30, 1997, John W. Henry & Company,
Inc. was managing 100% of the Partnership's assets. 

In April, yields on the U.S. Treasury 30-year bond soared to a nine-month
high, only to fall by month end resulting in losses in interest rates.
The U.S. dollar continued its rise in the weeks leading up to the meeting
of the G-7 finance ministers, reaching new highs against the Japanese yen
and the German mark. In precious metals, both gold and silver prices
declined as investors' concerns over U.S. inflation subsided.  However, the
Partnership recorded a loss of $564,694.80 or $51.83 per Unit in April.     

Worldwide political events upset currency markets in May.  The British pound
rallied sharply, but briefly, hitting its highest intraday level since August
1992 after a surprise decision by Britain's newly elected Labour Government
to give the Bank of England more autonomy in setting interest rates.  In
Japan, official warnings of intervention to cap the U.S. dollar's rise
against the Japanese yen and a report that the Bank of Japan might raise a
key interest rate pushed the dollar to a 4 1/2 month low against the Japanese
currency.  Surprising strength in the polls by French socialists and sharp
disagreement in Germany over the use of gold reserves to meet criteria for
European union membership threw the future of that monetary union in doubt.
Trading in stock indices generated gains, while trading in metals was mixed.
The Partnership recorded a loss of $2,033,600.89 or $161.18 per Unit in May.

In June, gold prices fell to a four-year low as the U.S. dollar strengthened
and inflation indicators remained favorable. Positions in both gold and
silver were profitable.  Continued uncertainty surrounding the European
currency union benefited bond markets outside the EMU circle of nations.
In the currency markets, the Swiss monetary authority's determination to
keep the franc from appreciating against major currencies succeeded in
pushing the price of that currency down.  The Partnership recorded a gain
of $921,229.59 or $67.79 per Unit in June. 

During the quarter there were 2,980.95 additional Units sold, including
27.86 Units sold to the General Partner.  Additional Units sold during the
quarter represented a total of $5,119,517.05.  Investors redeemed a total
of 166.75 Units during the quarter.  At the end of the quarter there were
13,708.72 Units outstanding (including 136.38 Units owned by the General
Partner). 

During the fiscal quarter ended June 30, 1997, the Partnership had no credit
exposure to a counterparty which is a foreign commodities exchange or to any
counterparty dealing in over the counter contracts which was material.


                    Fiscal Quarter ended March 31, 1998


The Partnership recorded a loss of $3,566,153 or $182.71 per Unit for the
first quarter of 1998.  This compares to a loss of $30,215 but a gain of
$8.17 per Unit for the first quarter of 1997 (see discussion for the fiscal
quarter ended March 31, 1997 for further explanation).  

During the first two months of the quarter, the Partnership experienced
losses primarily as a result of unprofitable positions in currencies and
interest rates, while during the third month losses were recorded primarily
due to losses in metals positions and in the global interest rate market.
At March 31, 1998, John W. Henry & Company, Inc. was managing 100% of the
Partnership's assets using its Financial and Metals Portfolio.

In January, performance was negatively impacted by sharp reversals in
Japanese financial markets and in gold.  Investor optimism over efforts to
revive ailing Asian economies boosted the Japanese yen against the U.S.
dollar and gave support to the Nikkei; positions in both resulted in losses
for the Partnership.  Benign inflation news in Europe and the U.S. boosted
bond markets in both regions, resulting in gains for the Partnership.
These gains were offset by losses in stock indices and in gold prices.
Overall, the Partnership recorded a loss of $1,416,522 or $76.35 per Unit
in January. 

In February, losses were incurred in nearly all currencies traded.  Trading
was also unprofitable in U.S. Treasury bonds, interest rates and gold.  The
purchase of large quantities of silver by a major investor caused the prices
of the precious metal to soar in world markets, before succumbing to some
profit taking at month end; positions in silver resulted in gains for the
Partnership.  Profitable positions in most European bonds failed to offset
losses in other long- and short-term interest rates.  The Partnership
recorded a loss of $1,566,571 or $79.17 per Unit in February.  

In March, the U.S. dollar rose against most of its major counterparts,
gaining strength from the flight of international capital from a
deteriorating Japanese economy and the purchase of dollars to buy U.S.
Treasury bonds as yields in key European bond markets hit post-war lows.
Positions in the Swiss franc and the German mark resulted in gains for the
Partnership. Positions in the U.S. 30-year bond led losses in the global
interest rate market.  Inflation concerns, fueled by rising oil prices,
propelled gold prices sharply higher.  Positions in gold were unprofitable,
as were positions in silver, which became more volatile during the month.
The Partnership recorded a loss of $583,060 or $27.19 per Unit in March. 

During the quarter, additional Units sold consisted of 4,128.21 limited
partnership units; and 33.34 general partnership units. Additional Units
sold during the quarter represented a total of $8,118,453.  Investors
redeemed a total of 882.95 Units during the quarter.  At the end of the
quarter there were 21,525.53 Units outstanding (including 215.29 Units
owned by the General Partner).   
			
During the fiscal quarter ended March 31, 1998, the Partnership had no
credit exposure to a counterparty which is a foreign commodities exchange
or to any counterparty dealing in over the counter contracts which was
material. 


                       Fiscal Quarter ended March 31, 1997


The Partnership recorded a loss of $30,215 but a gain of $8.17 per Unit for
the first quarter of 1997.

During the first month of the quarter, the Partnership experienced gains
primarily as a result of profits in foreign exchange rates, while during
the next two months losses were recorded due in part to the direction of
U.S interest rates. Overall, the first quarter of fiscal 1997 ended
negatively for the Partnership's accounts managed by John W. Henry &
Company, Inc., although investors who held Units for the entire quarter
did make a profit in the quarter. 

In January, the U.S. dollar continued to dominate world currencies,
reflecting both sound economic fundamentals and a policy, shared by both
the U.S. central bank and Treasury administration officials, in support of
a strong dollar.  The Japanese yen suffered from problems in the Japanese
banking sector.  Rising unemployment and weak economic numbers in Germany
once again drove the German mark down against the U.S. dollar.  Trading in
the British pound grew increasingly volatile as prospects for an interest
rate increase in Britain weakened. Gold prices reached a three year low at
mid-month.  The Partnership recorded a profit of $462,923 or $70.99 per Unit
in January.   

In February, the U.S. dollar reached new highs against the German mark,
Japanese yen and Swiss franc.  The Federal Reserve chairman hinted of a
possible hike in interest rates which sent the dollar soaring. Volatility
in global interest rate markets continued to be fueled by speculation on the
direction of interest rates.  Early in the month, central banks in Germany,
England and the U.S announced their decisions to keep rates stable.  In
commodity markets, gold prices rose as demand was rekindled by the lowest
spot prices since 1993.  The Partnership recorded a loss of $334,934 or
$44.81 per Unit in February. 

In March, speculation over the direction of U.S. interest rates unsettled
financial markets around the world.  Rising U.S. interest rates, unease
over first quarter corporate earnings and lofty stock evaluations resulted
in turmoil in U.S equity markets.  In Europe, renewed speculation about a
delay in the European Union's plans for economic and monetary union pushed
the German mark higher against the U.S. dollar.  The Partnership recorded
a loss of $158,204 or $18.01 per Unit in March. 

During the quarter, additional units sold consisted of 4,831.23 limited
partnership units and 47.67 general partner units. Additional units sold
during the quarter represented a total of $9,016,805.  Investors redeemed a
total of 63.99 Units during the quarter.  At the end of the quarter there
were 10,894.50 Units outstanding (including 108.52 Units owned by the General
Partner).  

During the fiscal quarter ended March 31, 1997, the Partnership had no
credit exposure to a counterparty which is a foreign commodities exchange
or to any counterparty dealing in over the counter contracts which was
material. 


	Item 3.        Quantitative and Qualitative Disclosures
				About Market Risk

                                  Not Applicable.

 

Part II.  OTHER INFORMATION


Item 1.	Legal Proceedings


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

         
Item 2.	Changes in Securities

        None

         
Item 3.	Defaults Upon Senior Securities

        None

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

        None

Item 5. Other Information

        None
         
Item 6. Exhibits and Reports on Form 8-K

        a)      Exhibits

        None

        b)      Reports on Form 8-K

        None 



                               SIGNATURES
                                

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

                                                        
                                     EVEREST FUTURES FUND, L.P.


Date: August 12, 1998                By: Everest Asset Management, Inc.,
                                         its General Partner
             
                                     By: /s/ Peter Lamoureux
                                             Peter Lamoureux
                                             President