SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549



                               FORM 10-Q



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



                For the quarterly period ended March 31, 1999



                        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 March 31, 1999



                                                        Fiscal Quarter Year to Date   Fiscal Year  Fiscal QuarterYear to Date
                                                        Ended 3/31/99   to 3/31/99   Ended 12/31/98Ended 3/31/98  to 3/31/98
                                                        -------------- -------------------------------------------------------
<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

                                                        Mar 31, 1999   Dec 31, 1998
                                                        -------------  -------------
<S>                                                     <C>            <C>
ASSETS
Cash and cash equivalents                                 39,287,326     46,220,386
Equity in commodity trading accounts:
   Net unrealized trading gains on open contracts          1,455,059      5,802,585
   Amount Due from broker                                 10,019,654      4,919,607

Interest receivable                                          189,198        277,999
                                                        -------------  -------------
      Total assets                                        50,951,236     57,220,577
                                                        =============  =============


LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accrued expenses                                            4,875         27,364
   Commissions payable                                       208,692        225,131
   Advisor's management fee payable                          168,353        188,693
   Advisor's incentive fee payable                                 0              0
   Redemptions payable                                       753,357      1,024,873
   Deferred Partnership offering proceeds                          0              0
   Selling and Offering Expenses Payable                       5,946              0
                                                        -------------  -------------
      Total liabilities                                    1,141,223      1,466,061

Minority Interest                                            517,750        556,759


Partners' Capital:
   Limited partners (24,362.08 and 25,378.05 units        48,893,898     54,769,377
     outstanding at 3/31/99 and 12/31/98, respectively)
      (see Note 1)
   General partners (198.49 units and 198.49 units           398,364        428,380
     outstanding at 3/31/99 and 12/31/98, respectively)
      (see Note 1)                                      -------------  -------------
      Total partners' capital                             49,292,263     55,197,757
                                                        -------------  -------------
      Total liabilities, minority interest,
        and partners' capital                            $50,951,236    $57,220,577
                                                        =============  =============

Net asset value per outstanding unit of Partnership
  interest                                                 $2,006.97      $2,158.14
                                                        =============  =============
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, 1999 through March 31, 1999


                                                         Jan 1, 1999    Jan 1, 1999   Jan 1, 1998   Jan 1, 1998
                                                           through        through       through       through
                                                        Mar 31, 1999   Mar 31, 1999  Mar 31, 1998  Mar 31, 1998
                                                        -------------  ------------- ------------- -------------
<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                 1,246,011      1,246,011    (1,841,338)   (1,841,338)
   Change in unrealized gain (loss)
     on open positions                                    (4,300,755)    (4,300,755)   (1,259,696)   (1,259,696)
   Net foreign currency translation gain (loss)              (61,964)       (61,964)      (57,875)      (57,875)
   Brokerage Commissions                                    (785,947)      (785,947)     (601,549)     (601,549)
                                                        -------------  ------------- ------------- -------------
 Total trading income (loss)                              (3,902,655)    (3,902,655)   (3,760,457)   (3,760,457)

    Interest income, net of cash management fees             595,829        595,829       528,132       528,132
                                                        -------------  ------------- ------------- -------------
 Total income (loss)                                      (3,306,826)    (3,306,826)   (3,232,325)   (3,232,325)

General and administrative expenses
    Advisor's management fees                                512,899        512,899       384,372       384,372
    Advisor's incentive fees                                       0              0             0             0
    Administrative expenses                                   15,585         15,585       (12,699)      (12,699)
                                                        -------------  ------------- ------------- -------------
  Total general and administrative expenses                  528,483        528,483       371,673       371,673

  Minority Interest                                                0              0        37,844        37,844
                                                        -------------  ------------- ------------- -------------
Net income (loss)                                         (3,835,309)    (3,835,309)   (3,566,153)   (3,566,153)
                                                        =============  ============= ============= =============

PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                      ($151.17)      ($151.17)     ($182.71)     ($182.71)
                                                        =============  ============= ============= =============
                                                        (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, 1999 through March 31, 1999



                                                                            Limited       General
                                                              Units*       Partners      Partners         Total
                                                        -------------  ------------- ------------- -------------
<S>                                                     <C>            <C>           <C>           <C>
Partners' capital at Jan 1, 1999                           25,378.05     54,769,377      $428,380   $55,197,757

Net profit (loss)                                                        (3,805,294)      (30,016)   (3,835,310)

Additional Units Sold                                         658.43      1,351,224             0     1,351,224
(see Note 1)
Redemptions (see Note 1)                                   (1,674.39)    (3,421,409)            0    (3,421,409)
                                                        -------------  ------------- ------------- -------------
Partners' capital at March 31, 1999                        24,362.09    $48,893,898      $398,364   $49,292,263
                                                        =============  ============= ============= =============

Net asset value per unit
   January 1, 1999(see Note 1)                                             2,158.14      2,158.14

Net profit (loss) per unit (see Note 1)                                     (151.17)      (151.17)
                                                                       ------------- -------------
Net asset value per unit
   March 31, 1999                                                         $2,006.97     $2,006.97

* 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, 1999    Jan 1, 1998
                                                          through        through 
                                                        Mar 31, 1999   Mar 31, 1998
                                                        -------------  -------------
<S>                                                     <C>            <C>

Net profit (loss)                                         (3,835,309)     1,521,115
   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                                   4,347,526     (2,255,004)
     Interest receivable                                      88,801        (65,942)
     Decrease (Increase) in equity in commodity trading   (5,100,047)       211,448
     Accrued liabilities                                     (59,268)       (35,180)
     Redemptions payable                                    (271,516)       163,399
     Deferred Offering Proceeds                                    0       (825,703)
     Selling and Offering Expenses Payable                     5,946         34,002
     Increase in minority interest                           (39,009)       224,300
                                                        -------------  -------------
     Net cash provided by (used in)
       operating activities                               (4,862,874)    (1,027,565)

Cash flows from financing activities:
   Units Sold                                              1,351,224     21,892,209
   Partner redemptions                                    (3,421,409)      (604,060)

                                                        -------------  -------------
   Net cash provided by (used in)
     financing activities                                 (2,070,185)    21,288,149
                                                        -------------  -------------
Net increase (decrease) in cash                           (6,933,059)    20,260,584

Cash at beginning of period                              $46,220,386      8,832,835
                                                        -------------  -------------
Cash at end of period                                    $39,287,327    $29,093,419
                                                        =============  =============
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
  
                                MARCH 31, 1999
     

(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 $54,370,309 for 30,389  Units sold July
1, 1995 through March 31, 1999.



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

   

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.  



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



All Commodity Interests trading decisions for the Trading
Partnership are made by JWH.  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 .25% 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 March 31, 1999:



COMMODITY GROUP			               UNREALIZED GAIN/(LOSS)
     

FOREIGN CURRENCIES                                    534,330
     
STOCK INDICES                                         682,070
     
METALS                                                 28,190
     
INTEREST RATE INSTRUMENTS                             210,469
     
    TOTAL                                           1,455,059



The range of maturity dates of these exchange traded open
contracts is April of 1999 to March of 2000.  The average open
trade equity for the period of January 1, 1999 to March 31, 1999
was $3,690,907.
                                               
The margin requirement at March 31, 1999 was $7,212,491.  To
meet this requirement, the Partnership had on deposit with the
Clearing Broker $4,487,457 in segregated funds, $2,508,546 in
secured funds and $4,478,709 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, 1998, as filed
with the Securities and Exchange Commission on March 29, 1999,
as part of its Annual Report on Form 10-K.
                                                              
The results of operations for interim periods are not
necessarily indicative of the operating results to be expected
for the fiscal year.
                                

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

                   Fiscal Quarter ended March 31, 1999


The Partnership recorded a loss of $3,835,309 or $151.17 per
Unit for the first quarter of 1999.  This compares to a loss of
$3,566,153 or $182.71 per Unit for the first quarter of 1998.    

In the first month of the quarter the Partnership posted a loss
resulting primarily from volatility in the currency sector as
well as Japanese interest rates. The Trust posted a gain for the
second month of the quarter resulting primarily from trading in
precious metals and currencies.  During the third month of the
quarter concerns about the military conflict in Kosovo mounted. 
As a result the global markets experienced increased volatility,
namely in precious metals and interest rates, and the
Partnership posted a small loss. Overall, the first quarter of
fiscal 1999 ended negatively for the Partnership accounts
managed by JWH.  At March 31, 1999, John W. Henry & Company,
Inc. was managing 100% of the Partnership's assets using its
Financial and Metals Portfolio.

Currencies were the most volatile sector for the month of
January; namely short positions in the British pound and long
positions in the Japanese yen.  The anxiously awaited Euro began
trading and started out the year on a positive note as short
positions rendered small profits for the Partnership.  The only
profitable interest rate market was in Germany where the
Partnership maintained a long German bund position, thereby
taking advantage of falling German rates.  Short positions in
the Japanese government bond and  Australian bond positions
created losses for the Partnership.  The Nikkei stock index
provided the majority of the loss in the stock indices, as short
positions were unprofitable.  All in all, the Partnership posted
a loss of $2,750,493 or $107.54 per Unit in January.

In February, long silver positions in the precious metals sector
were profitable and the Nikkei stock index provided gains amidst
a falling and then rising market.  Currency trading rendered
gains from short positions in the Euro, British pound and Swiss
franc as each currency declined against the U.S. dollar.  These
gains were able to cover losses in the Australian dollar and
Japanese yen.  Interest rates were the only unprofitable sector
for the Partnership.  The Partnership was able to take advantage
of rising interest rates in the U.S. 10-year notes and 30-year
bonds.  However, long Japanese government bond and German bund
positions recorded more significant losses.  Overall, the
Partnership posted a gain of $331,060 or $13.35 per Unit in
February.

In March, silver and gold positions were extremely volatile as
the Partnership recorded losses from long silver positions and
short gold positions.  Short bond positions in Australia and in
the United Kingdom were unprofitable as interest rates in both
began to rise.  However, long Japanese government bond positions
were the largest loser in this sector as bond prices plummeted. 
Currencies were the most favorable sector for the Partnership. 
A flight to quality in the U.S. dollar has provided opportunities
for the Partnership to profit from long U.S. dollar positions versus
the Euro and Swiss franc.  The conflict in Kosovo has exacerbated
the crisis-related selling of the Euro and the flow of money into the
U.S. dollar.  The Nikkei stock index moved sharply higher during March
and the Partnership profited from long positions.  Long positions in
the Australian All-Ordinaries index were also profitable.  Overall, the
Partnership posted a loss of $1,415,876 or $56.98 per Unit in March.

During the quarter, additional Units sold consisted of 658.43
limited partnership units; there were no general partnership
units sold during the quarter.  Additional Units sold during the
quarter represented a total of $1,351,224.  Investors redeemed a
total of 1,674.39 Units during the quarter.  At the end of the
quarter there were 24,560.57 Units outstanding (including 198.49
Units owned by the General Partner).

During the fiscal quarter ended March 31, 1999, 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.   


Year 2000 Issue

CIS surveyed major applications in 1996 to see if they were Year
2000 compliant.  Systems identified with Year 2000 issues were
targeted for replacement or modification.  Replacement and
modification projects are currently underway.  In addition, CIS
has dedicated resources to assess our work processes and verify
that it will be able to handle the changes in the next
millennium.  This process addresses software applications as
well as key vendor, bank and customer relationships.

During 1997, CIS participated in developing the industry-wide
test plan with the Futures Industry Association, with whom it
continues to work closely.  CIS has participated in BETA
testing, which began in September 1998, and is participating
again with the FIA in "street wide" testing during the second
quarter of 1999.

In addition, CIS has begun developing various "contingency
plans" in the event that mission critical systems should fail. 
This development is proceeding on schedule.  

CIS is taking this issue seriously and has a goal of maintaining
reasonable procedures in order to eliminate as much risk as
possible to its customers (including the Partnership), its
counterparties and itself.  Despite the best efforts of CIS,
CISFS and CISI, there can be no assurance that the above steps
will be sufficient or that all potential problems have been
identified in order to avoid any adverse impact to the
Partnership.  CIS and its affiliates make no representations or
warrants related to Year 2000 readiness or compliance, including
but not limited to business interruption, whether from failures
in their own computer systems, those of the Advisors, or any
other third party.
                           

                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.    

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.

                           
	Item 3.        Quantitative and Qualitative Disclosures
                       About Market Risk


There has been no material change with respect to market risk
since the "Quantitative and Qualitative Disclosures About Market
Risk" was made in the Form 10K of the Partnership dated December
31, 1998.
                        
 

                        Part II.  OTHER INFORMATION


Item 1.	Legal Proceedings

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

         

Item 2.	Changes in Securities



                  	None

         

Item 3.	Defaults Upon Senior Securities

         

                        None



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



                  	None



Item 5.        	Other Information



                        None

         

Item 6.        	Exhibits and Reports on Form 8-K



             	a)  	Exhibits



                        None



               	b)	Reports on Form 8-K



                        None 





                             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: May 13, 1999            By:     Everest Asset Management, Inc.,
                                       its General Partner





                              By:      /s/ Peter Lamoureux
                                       Peter Lamoureux, President