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, 1997

                
                     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, 1997



                                                      Fiscal Quarter Year to Date   Fiscal Year  Fiscal QuarterYear to Date
                                                      Ended 6/30/97   To 6/30/97   Ended 12/31/96Ended 6/30/96  to 6/30/96
                                                      -------------- -------------------------------------------------------
<S>                                                   <C>            <C>           <C>           <C>           <C>
Statement of
Financial Condition                                         X                            X

Statement of
Operations                                                  X              X

Statement of Changes
in Partners' Capital                                                       X

Statement of
Cash Flows                                                                 X

Notes to Financial
Statements                                                  X


               EVEREST FUTURES FUND, LP
      COMBINED STATEMENTS OF FINANCIAL CONDITION
                      UNAUDITED

                                                      Jun 30, 1997   Dec 31, 1996
                                                      -------------  -------------
<S>                                                   <C>            <C>
ASSETS
Cash and cash equivalents                               18,205,822      8,832,835
Equity in commodity trading accounts:
   Net unrealized trading gains on open contracts          540,622        172,918
   Amount Due from broker                                4,954,090      3,414,868

Interest receivable                                         96,514         57,780
                                                      -------------  -------------
      Total assets                                      23,797,047     12,478,401
                                                      =============  =============


LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accrued expenses                                          9,500         17,922
   Commissions payable                                      94,212         47,977
   Advisor's management fee payable                         77,444         38,578
   Advisor's incentive fee payable                               0        325,736
   Redemptions payable                                     228,844          9,966
   Deferred Partnership offering proceeds                        0        825,703
   Selling and Offering Expenses Payable                    14,808              0
                                                      -------------  -------------
      Total liabilities                                    424,809      1,265,882

Minority Interest                                          255,980        127,625


Partners' Capital:
   Limited partners (13,572.34 and 6,018.75 units       22,886,280     10,973,945
     outstanding at 6/30/97 and 12/31/96, respectively)
      (see Note 1)
   General partners (136.38 units and 60.85 units          229,978        110,949
     outstanding at 6/30/97 and 12/31/96, respectively)
      (see Note 1)                                    -------------  -------------
      Total partners' capital                           23,116,258     11,084,894
                                                      -------------  -------------
      Total liabilities, minority interest,
        and partners' capital                          $23,797,047    $12,478,401
                                                      =============  =============

Net asset value per outstanding unit of Partnership
  interest                                               $1,686.24      $1,823.29
                                                      =============  =============
In the opinion of management, these statements reflect 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
                      UNAUDITED


                                                       Apr 1, 1997    Jan 1, 1997   Apr 1, 1996   Jan 1, 1996
                                                         through        through       through       through
                                                      Jun 30, 1997   Jun 30, 1997  Jun 30, 1996  Jun 30, 1996
                                                      -------------  ------------- ------------- -------------
<S>                                                   <C>            <C>           <C>           <C>
REVENUES

Gains on trading of commodity futures                                                   N/A           N/A
  and forwards contracts, physical
  commodities and related options:
  Realized gain (loss) on closed positions              (1,911,883)    (1,620,507)
   Change in unrealized gain (loss)
     on open positions                                     421,110        365,429
   Net foreign currency translation gain (loss)             74,323           (248)
   Brokerage Commissions                                  (321,783)      (533,007)
                                                      -------------  -------------
 Total trading income (loss)                            (1,738,234)    (1,788,334)

    Interest income, net of cash management fees           284,920        461,435
                                                      -------------  -------------
 Total income (loss)                                    (1,453,314)    (1,326,898)

General and administrative expenses
    Advisor's management fees                              209,630        351,091
    Advisor's incentive fees                                     0            146
    Administrative expenses                                 14,122         29,146
                                                      -------------  -------------
  Total general and administrative expenses                223,752        380,383

  Minority Interest                                              0              0
                                                      -------------  -------------
Net income (loss)                                       (1,677,066)    (1,707,281) 
                                                      =============  =============

PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                    ($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, 1997 through June 30, 1997



                                                                          Limited       General
                                                            Units*       Partners      Partners         Total
                                                      -------------  ------------- ------------- -------------
<S>                                                   <C>            <C>           <C>           <C>
Partners' capital at Jan 1, 1997                          6,018.75    $10,973,945      $110,949   $11,084,894

Net profit (loss)                                                      (1,690,288)      (16,993)   (1,707,281)

Additional Units Sold                                     7,784.34     14,000,300       136,022    14,136,322
(see Note 1)
Redemptions (see Note 1)                                   (230.75)      (397,677)            0      (397,677)
                                                      -------------  ------------- ------------- -------------
Partners' capital at June 30, 1997                       13,572.34    $22,886,280      $229,978   $23,116,258
                                                      =============  ============= ============= =============

Net asset value per unit
   January 1, 1997(see Note 1)                                           1,823.29      1,823.29

Net profit (loss) per unit (see Note 1)                                   (137.05)      (137.05)
                                                                     ------------- -------------
Net asset value per unit
   June 30, 1997                                                        $1,686.24     $1,686.24

* 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, 1997
                                                        through 
                                                      Jun 30, 1997
                                                      -------------
<S>                                                   <C>

Net profit (loss)                                       (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                                  (367,704)
     Interest receivable                                   (38,734)
     Decrease in equity in commodity trading accounts   (1,539,222)
     Accrued liabilities                                  (249,057)
     Redemptions payable                                   218,878
     Deferred Offering Proceeds                           (825,703)
     Selling and Offering Expenses Payable                  14,808
     Increase in minority interest                         128,355
                                                      -------------
     Net cash provided by (used in)
       operating activities                             (4,365,658)

Cash flows from financing activities:
   Units Sold                                           14,136,322
   Partner redemptions                                    (397,677)

                                                      -------------
   Net cash provided by (used in)
     financing activities                               13,738,645
                                                      -------------
Net increase (decrease) in cash                          9,372,987

Cash at beginning of period                              8,832,835
                                                      -------------
Cash at end of period                                  $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, 1997

                           
(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 interests ("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 $23,668,818 for 14,270 Units sold July
1, 1995 through June 30, 1997.

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"), 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.
("CISFS"), 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. 

Upon ten days written notice, 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 upon redemption.  The
Partnership's Amended and Restated Agreement of Limited
Partnership contains a full description of redemption and
distribution procedures.  The Partnership may redeem its sole
limited partnership interest in Everest II effective as of the
end of one business day after such redemption request has been
made.  Everest II's Limited Partnership Agreement contains a
full description of that partnership's 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 termination of Everest II shall occur on the first to occur
of the following: (i) December 31, 2025; (ii) withdrawal,
insolvency or dissolution of a General Partner or any other
event that causes a General Partner to cease to be a general
partner unless (a) at the time of such event there is at least
one remaining general partner of Everest II to carry on the
business of Everest II, or (b) within ninety (90) days after
such event, all partners agree in writing to continue the
business of Everest II and to the appointment of  one or more
managing general partners of Everest II, or any event which will
make it unlawful for the existence of Everest II to continue.


(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting and reporting policies of the Partnership conform
to generally accepted accounting principles and to general
practices within the commodities industry.  The following is a
description of the more significant of those policies which the
Partnership follows in preparing its financial statements.  All
references to the "Partnership" herein shall mean Everest
Futures Fund, L.P. or its affiliate, Everest Futures Fund II,
L.P. as the context requires. 


Financial Accounting Standards Board ("FASB") Interpretation No.
39 Reporting
   
Reporting in accordance with FASB Interpretation No. 39 ("FIN
39") is not applicable to the Partnership and the provisions of
FIN 39 do not have any effect on the Partnership's financial
statements.  
   

Revenue Recognition

Commodity futures contracts, forward contracts, physical
commodities and related options are recorded on the trade date. 
All such transactions are reported on an identified cost basis. 
Realized gains and losses are determined by comparing the
purchase price to the sales price when the trades are offset. 
Unrealized gains and losses reflected in the statements of
financial condition represent the difference between original
contract amount and market value (as determined by exchange
settlement prices for futures contracts and related options and
cash dealer prices at a predetermined time for forward
contracts, physical commodities and their related options) as of
the last business day of the quarter end.

The Partnership earns interest on 100 percent of the
Partnership's average monthly cash balance on deposit with the
Clearing Broker equal to between 20% and 50% of the Partnership
assets at a rate equal to the average 90-day Treasury bill rate
for U.S. Treasury bills issued during that month.  The balance
of the Partnership's assets are held in an account at Citibank,
N.A. invested in a range of government securities, Eurodollar,
CD's and commercial paper, at the discretion of Horizon Cash
Management, LLC, an investment advisor. 


Commissions

The Partnership pays the Clearing Broker brokerage commissions
equal to 0.5% of Partnership Beginning Net Asset Value each
month.  This amounts to approximately 6% annually of the
Partnership's average Net Asset Value ("NAV").  Of this amount,
the General Partner will receive approximately 83% of the fees
paid equal to approximately 5% of the Partnership's average NAV.
The General Partner pays CISI a monthly co-general partner fee
of 1/12 of 0.40% of the month-end NAV of Everest II.  


Foreign Currency Transactions

Trading accounts on foreign currency denominations are
susceptible to both movements on underlying contract markets as
well as fluctuation in currency rates.  Foreign currencies are
translated into U.S. dollars for closed positions at an average
exchange rate for the quarter while quarter-end balances are
translated at the quarter-end currency rates.  The impact of the
translation is reflected in the statement of operations.


Statements of Cash Flows

For purposes of the statements of cash flows, cash represents
cash on deposit in the Partnership's bank accounts and at
Horizon Cash Management LLC.

     
(3) FEES

Management fees are accrued and paid monthly and incentive fees
are accrued monthly and paid quarterly.  Trading decisions for
the period of these financial statements were made by John W.
Henry & Company, Inc. ("JWH"), the Partnership's commodity
trading advisor.  Pursuant to an agreement between the
Partnership and JWH, JWH receives 0.33% of the month-end net
asset value of the Partnership under its management.  The
Partnership pays JWH a quarterly incentive fee of 15% of trading
profits achieved on the NAV of the Partnership allocated by the
General Partner to JWH's management.

The Partnership pays an annual administrative fee of $30,000 to
CISI.
      

(4) INCOME TAXES

No provision for Federal Income Taxes has been made in the
accompanying financial statements as each partner is responsible
for reporting income (loss) based on the pro rata share of the
profits or losses of the Partnership. 


(5) FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

The Partnership was formed to speculatively trade Commodity
Interests.  It has commodity transactions and cash on deposit at
its Clearing Broker. In the event that volatility of trading of
other customers of the Clearing Broker impaired the ability of
the Clearing Broker to satisfy its 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 of at least 4% of the
funds required to be segregated pursuant to the Commodity
Exchange Act.  The Clearing Broker has controls in place to make
certain that all customers maintain adequate margin deposits for
the positions which they maintain at the Clearing Broker.  Such
procedures should protect the Partnership from the off-balance
sheet risk as mentioned earlier.  The Clearing Broker does not
engage in proprietary trading and thus has 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
Partnership 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 non-performance 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 Partnership holds futures and futures options positions on
the various exchanges throughout the world.  The Partnership
holds foreign exchange forward contracts with CISFS.  CISFS acts
as a broker to these transactions and deals only with bank
counterparties having assets in excess of $100,000,000.  As
defined by SFAS 105, futures positions 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 CTA 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
CTA who makes all of the trading decisions.  The CTA trades a
program diversified among the various futures contracts in the
financials and metals group.  The CTA trades on U.S. and
non-U.S. exchanges.  Cash was on deposit with the Clearing
Broker and CISFS 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, 1997:

     COMMODITY GROUP              UNREALIZED GAIN/(LOSS)

FOREIGN CURRENCIES                     (717,151)
                            
STOCK INDICES                            23,945
                            
ENERGIES                                   0.00

METALS                                  531,896
         
INTEREST RATE INSTRUMENTS               701,932
                         
TOTAL                                   540,622
 

The range of maturity dates of these exchange traded open
contracts is July of 1997 to June of 1998.  The average open
trade equity for the period of January 1, 1997 to June 30, 1997
was $124,257.

The margin requirement at June 30, 1997 was $3,573,518.  To meet
this requirement, the Partnership had on deposit with the
Clearing Broker $2,656,988 in segregated funds and $2,837,724 in
secured funds.  


(6) FINANCIAL STATEMENT PREPARATION

The interim financial statements are unaudited but reflect all
adjustments that are, in the opinion of management, necessary to
a fair statement of the results for the interim periods
presented.  These adjustments consist primarily of normal
recurring accruals.

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, 1997
           
The Partnership recorded a loss of $1,677,066 or $145.22 per
Unit for the second quarter of 1997.  This compares to a gain of
$195,430.48 or $30.96 per Unit for the second quarter of 1996. 

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.
 Gains were realized in coffee as prices soared amid increasing
concerns about adequate supply.  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 and agricultural commodities
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.  After reaching a
20-year high in May, coffee prices fell steadily in June on news
of higher world exports and concerns about the impact of high
prices on demand.  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 material credit exposure to a counterparty which is a
foreign commodities exchange or to any counterparty dealing in
over the counter contracts.

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, 1996
                 
The Partnership recorded a gain of $195,430.48 or $30.96 per
Unit for the second quarter of 1996.  Favorable positions in
global currency and physical commodity markets generated profits
in the first and third months of the quarter.  The second month
of the quarter saw losses in metals and global interest rates. 
Overall, the second quarter ended positively for the
Partnership's account managed by John W. Henry & Co., Inc.   

In April, crude oil prices continued to surge upwards as
refiners pushed to replenish record-low inventory levels.  The
currency markets saw relatively high U.S. bond yields which
attracted investors to the U.S. dollar, thus strengthening the
dollar against the German mark and Swiss franc.  The Partnership
recorded a profit of $143,922.62 or $24.88 per Unit in April.

In May, crude oil prices succumbed to political pressures and
the expected impact on world oil supplies of the
long-anticipated U.N./Iraq oil agreement.  In the currency
markets, the British pound declined to a two-year low against
the U.S. dollar early in the month, but rallied back by the end
of the month well ahead of the dollar as well as the German
mark.  The Partnership recorded a loss of $111,199.25 or $17.94
per Unit in May.

In June, the metals markets were impacted by repercussions from
the Sumitomo copper trading losses and by an increase in the
world supply of gold; the result of selling by central banks. 
Crude oil prices reflected continued inventory shortages and the
renewal of tension in the Middle East.  The U.S. dollar reached
a 28-month high against the Japanese yen early in the month, but
ended lower at month's end as investors turned to higher
yielding European currencies.  The Partnership recorded a profit
of $162,707.11 or $24.02 per Unit in June.

During the quarter, additional Units sold consisted of 7,198.77
limited partnership units and 100 general partner units. 
Additional Units sold during the quarter represented a total of
$7,329,302.40.  There were no Units redeemed during the quarter.
At the end of the quarter there were 7,298.77 Units outstanding
(including 100 Units owned by the General Partner).

During the fiscal quarter ended June 30, 1996, the Partnership
had no credit exposure to a counterparty which is a foreign
commodities exchange which was material or to any counterparty
dealing in over the counter contracts.


                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.

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.  In agricultural
markets, a two-month bull trend in coffee prices continued as
unfavorable weather and labor strife in South America threatened
supply.  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.  Agricultural
markets recorded profits resulting from persistent supply
concerns.  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 material credit exposure to a counterparty which is a
foreign commodities exchange  or to any counterparty dealing in
over the counter contracts.


                    Part II.  OTHER INFORMATION


Item 1.  Legal Proceedings

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


Item 2.	Changes in Securities

        None
        

Item 3.	Defaults Upon Senior Securities

        None


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

        None

        
Item 5. Other Information
        
        None

        
Item 6. Exhibits and Reports on Form 8-K

        a)  Exhibits

            None

        b)  Reports on Form 8-K

            None
                


                            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 14, 1997              By: Everest Asset Management, Inc.
                                       its General Partner


                                   By: /s/ Peter Lamoureux
                                           Peter Lamoureux
                                           President