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, 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 March 31, 1998



                                          Fiscal Quarter  Year to Date Fiscal Year    Fiscal Quarter Year to Date
                                          Ended 3/31/98   To 3/31/98   Ended 12/31/97 Ended 3/31/97  to 3/31/97
                                          -------------- ------------------------------------------------------
<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

                                                        Mar 31, 1998   Dec 31, 1997
                                                        -------------  -------------
<S>                                                     <C>            <C>
ASSETS
Cash and cash equivalents                                 34,688,154     31,204,067
Equity in commodity trading accounts:
   Net unrealized trading gains on open contracts            548,701      1,821,509
   Amount Due from broker                                  6,426,985      6,314,239

Interest receivable                                          108,688        121,916
                                                        -------------  -------------
      Total assets                                        41,772,528     39,461,731
                                                        =============  =============


LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
   Accrued expenses                                           19,000         29,000
   Commissions payable                                       191,491        161,748
   Advisor's management fee payable                          136,254        128,722
   Advisor's incentive fee payable                                 0        393,681
   Redemptions payable                                       511,961         64,160
   Deferred Partnership offering proceeds                          0        633,394
   Selling and Offering Expenses Payable                      15,600         11,953
                                                        -------------  -------------
      Total liabilities                                      874,307      1,422,658

Minority Interest                                            416,615        389,459


Partners' Capital:
   Limited partners (21,310.24 and 18,064.98 units        40,076,724     37,274,229
     outstanding at 3/31/98 and 12/31/97, respectively)
      (see Note 1)
   General partners (215.29 units and 181.93 units           404,883        375,385
     outstanding at 3/31/98 and 12/31/97, respectively)
      (see Note 1)                                      -------------  -------------
      Total partners' capital                             40,481,607     37,649,614
                                                        -------------  -------------
      Total liabilities, minority interest,
        and partners' capital                            $41,772,528    $39,461,731
                                                        =============  =============

Net asset value per outstanding unit of Partnership
  interest                                                 $1,880.63      $2,063.34
                                                        =============  =============
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
                                                       For the period January 1, 1998 through March 31, 1998


                                                         Jan 1, 1998    Jan 1, 1998   Jan 1, 1997   Jan 1, 1997
                                                           through        through       through       through
                                                        Mar 31, 1998   Mar 31, 1998  Mar 31, 1997  Mar 31, 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                (1,841,338)    (1,841,338)      291,376       291,376
   Change in unrealized gain (loss)
     on open positions                                    (1,259,696)    (1,259,696)      (55,681)      (55,681)
   Net foreign currency translation gain (loss)              (57,875)       (57,875)      (74,572)      (74,572)
   Brokerage Commissions                                    (601,549)      (601,549)     (211,224)     (211,224)
                                                        -------------  ------------- ------------- -------------
 Total trading income (loss)                              (3,760,457)    (3,760,457)      (50,100)      (50,100)

    Interest income, net of cash management fees             528,132        528,132       176,515       176,515
                                                        -------------  ------------- ------------- -------------
 Total income (loss)                                      (3,232,325)    (3,232,325)      126,415       126,415

General and administrative expenses
    Advisor's management fees                                384,372        384,372       141,461       141,461
    Advisor's incentive fees                                       0              0           146           146
    Administrative expenses                                  (12,699)       (12,699)       15,024        15,024
                                                        -------------  ------------- ------------- -------------
  Total general and administrative expenses                  371,673        371,673       156,630       156,630

  Minority Interest                                           37,844         37,844             0             0
                                                        -------------  ------------- ------------- -------------
Net income (loss)                                         (3,566,153)    (3,566,153)      (30,215)      (30,215)
                                                        =============  ============= ============= =============

PROFIT (LOSS) PER UNIT OF
  PARTNERSHIP INTEREST                                      ($182.71)      ($182.71)        $8.17         $8.17
                                                        =============  ============= ============= =============
                                                        (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 March 31, 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)                                                        (3,530,624)      (35,529)   (3,566,154)

Additional Units Sold                                       4,128.21      8,053,427        65,027     8,118,453
(see Note 1)
Redemptions (see Note 1)                                     (882.95)    (1,720,307)            0    (1,720,307)
                                                        -------------  ------------- ------------- -------------
Partners' capital at March 31, 1998                        21,310.24    $40,076,724      $404,883   $40,481,607
                                                        =============  ============= ============= =============

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)                                     (182.71)      (182.71)
                                                                       ------------- -------------
Net asset value per unit
   March 31, 1998                                                         $1,880.63     $1,880.63

* 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 
                                                        Mar 31, 1998   Mar 31, 1997
                                                        -------------  -------------
<S>                                                     <C>            <C>

Net profit (loss)                                         (3,566,153)       (30,215)
   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                                   1,272,808         56,863
     Interest receivable                                      13,228        (22,873)
     Decrease (Increase) in equity in commodity trading     (112,746)       795,066
     Accrued liabilities                                    (366,406)      (293,840)                          
     Redemptions payable                                     447,801         53,668
     Deferred Offering Proceeds                             (633,394)      (825,703)
     Selling and Offering Expenses Payable                     3,647         95,028
     Increase in minority interest                            27,156         98,957
                                                        -------------  -------------
     Net cash provided by (used in)
       operating activities                               (2,914,059)       (73,049)

Cash flows from financing activities:
   Units Sold                                              8,118,453      9,016,805
   Partner redemptions                                    (1,720,307)      (118,591)

                                                        -------------  -------------
   Net cash provided by (used in)
     financing activities                                  6,398,146      8,898,214
                                                        -------------  -------------
Net increase (decrease) in cash                            3,484,087      8,825,165

Cash at beginning of period                               31,204,067      8,832,835
                                                        -------------  -------------
Cash at end of period                                    $34,688,154    $17,658,000
                                                        =============  =============
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, 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 $40,930,727 for 23,228 Units sold July
1, 1995 through March 31, 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

    
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.  


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 March 31, 1998:


COMMODITY GROUP                        UNREALIZED GAIN/(LOSS)


FOREIGN CURRENCIES                       795,798

STOCK INDICES                               0.00

METALS                                      0.00

INTEREST RATE INSTRUMENTS               (247,097)


TOTAL                                    548,701


The range of maturity dates of these exchange traded open
contracts is June of 1998 to March of 1999.  The average open
trade equity for the period of January 1, 1998 to March 31, 1998
was $923,419.
                                                        
The margin requirement at March 31, 1998 was $5,586,237.  To
meet this requirement, the Partnership had on deposit with the
Clearing Broker $120,884 in segregated funds, $2,846,777 in
secured funds and $4,008,025 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, 1996, as filed
with the Securities and Exchange Commission on March 27, 1997,
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, 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.

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 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 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 14, 1998               By:     Everest Asset Management, Inc.,
                                         its General Partner

                                         By:   /s/Peter Lamoureux
                                                  Peter Lamoureux
                                                  President